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Schmit, L.T. 1991. Rural Credit between Subsidy and Market. Adjustment of the

village units of Bank Rakyat Indonesia in sociological perspective. Leiden:

Development Studies No. 11.

Schwarz, A. 1994. Nation in Waiting. Indonesia in the 1990s. Sydney: Allen & Unwin.

Sikorski, T. M. 1994. "Limits to Financial Liberalization: The Experience of Indonesia and the Philippines." Savings and Development 28(4).

Snodgrass, D.R. and R.H. Patten 1991. “Reform of Rural Credit in Indonesia:

Introducing Bureaucracies to Behave Competitively.” in Perkins, D.H. and M.

Roemer, eds. 1991. Reforming Economic Systems in Developing Countries.

Harvard Institute for International Development, pp. 341-364.

The Formal – Semiformal – Informal Sectors The financial system in Indonesia consists of financial institutions and services which are conventionally classified as formal, semiformal and informal.

The formal financial sector, which is regulated by the banking law and supervised by the central bank, consists of state and private commercial banks, and Bank Perkreditan Rakyat (BPR). Between 1988 and 1993, the number of bank branches increased from 1,640 to 5,838, and the number of BPR from 178 to 1,709.

Commercial banks operate in mainly urban areas, while only few have established mobile services for villagers. BPR operate on subdistrict level and are often referred to as rural banks. However, most of the new ones were established in urban and market centers and are not accessible to most villagers. The transformation of BRI village units into viable profit centers through market-oriented savings and credit schemes is a major success story of financial sector deregulation. The 3,213 units at subdistrict centers and 1,225 village posts reached about 11 million savers and 2 million borrowers, though many units do not yet reach the village level and serve a wealthier clientele close to urban centers.

The semiformal financial sector is not subject to the banking law but regulated and supervised by government agencies other than the central bank. It consists of mainly three types of financial institutions: Badan Kredit Desa (BKD), Lembaga Dana Kredit Pedesaan (LDKP), and Koperasi Unit Desa (KUD).

BKD are tiny village and rice banks in Java, which are supervised by the village head and BRI. The 5,345 units often consist of only a table in the village office.

LDKP operate either on subdistrict or village level, are regulated by provincial government law and are supervised by regional development banks. Among 1,978 of these institutions are the Badan Kredit Kecamatan (BKK) in Java with 510 units and 3,015 village posts, the Kredit Usaha Rakyat Kecil (KURK) in East Java with 222 units, the Lembaga Perkreditan Kecamatan (LPK) in West Java with 109 units, the Lembaga Kredit Pedesaan (LKP) in Lombok with 59 units, the Lumbung Pitih Nagari (LPN) in West Sumatra with 193 units, and the Lembaga Perkreditan Desa (LPD) in Bali with 631 units.

KUD are the officialized village cooperatives, which have been promoted to "village conglomerates" (Infobank 138/1991) and are involved in all sectors of the rural economy. By the end of 1988, only 104 of 7,873 KUD were self-reliant. Two years later, 2,092 of 8,535 KUD were categorized as self-reliant, but the vast majority would have had to close down if they were stripped of subsidies and preferential access to business deals with the government. KUDs were further shaken by corruption and bad debts and virtually exempted from financial deregulation. Subsidized credit to cooperatives boosted from Rp 340 billion in 1988 to Rp 2.5 trillion in 1993.

The informal financial sector operates outside of any regulation and supervision of state agencies. It consists of professional moneylenders, financial arrangements tied to land, labor and traded goods, financial arrangements between friends and relatives, and financial self-help groups. It was estimated that about 60 % of financial transactions in rural areas fall within this sector. However, the lack of empirically substantiated information makes it impossible to determine the relative importance of existing forms of informal finance within the financial system. The most recent empirical study found relatives and neighbors, professional moneylenders, rotating savings and credit associations and itinerant traders to be the most important sources of informal credit in rural areas.

Financial self-help groups are either rotating savings and credit associations (Roscas), in which members contribute regularly a stipulated amount that falls to one or several members by means of lot or according to an agreed order of rotation, or savings and credit groups, which build up a joint loan fund through capital shares, savings and net income from financial intermediation, intermediate between net savers and net borrowers, and provide loans at explicit interest rates and on explicit demand of their members. For Indonesia, there are only few empirical studies which deal explicitly with financial self-help groups. Clifford Geertz’ study of the arisan, the Indonesian Rosca, is still a major reference for more recent publications. Regarding savings and credit groups (in Indonesia usually referred to as simpan-pinjam groups), I am aware of only one empirical study (Bongartz). Most of the latter groups are modern institutions, which were usually established with the support of non-government organizations in the 1970s and 1980s.


Bongartz, H. 1989. Self-Help Organizations in Rural Java. Saarbrücken, Fort Lauderdale: Breitenbach Publishers.

Bouman, F.J.A. and H.A.J. Moll 1992. “Informal Finance in Indonesia.” in Adams, D.W. and D.A. Fitchett, eds. 1992. Informal Finance in Low-Income Countries.

Boulder: Westview Press, pp. 209-223.

Bundschu, I. 1995. “Ländliche Genossenschaften in Indonesien.” Zeitschrift für das gesamte Genossenschaftswesen 45(3): 198-211.

Chaves, R.A. and C. Gonzales-Vega 1996. “The Design of Successful Rural Financial Intermediaries: Evidence from Indonesia.” World Development 24(1): 65Geertz, C. 1962. “The Rotating Credit Association: A ‘Middle Rung’ in Development.” Economic Development and Cultural Change 10(3): 241-263 Ghate, P. 1992. Informal Finance. Some Findings From Asia. Manila: Oxford University Press/Asian Development Bank.

Hafid, A., J.M. Colter, P. Suharto, ed. 1987. Lembaga Dana dan Kredit Pedesaan. Ringkasan Seminar. Jakarta: Lembaga Pengembangan Perbankan Indonesia.

Hamer, T. 1988. Probleme der indonesischen Genossenschaftsstruktur und genossen- schaftliches Prüfwesen. Marburg/Lahn: Institut für Kooperation in Entwick- lungsländern, Philipps Universität Marburg, Studien und Berichte Nr. 21.

Holloh, D. and S. M. Soetjipto 1991. "Opening a Lookout on Self-Help Groups in PPHBK." Yogyakarta: Bank Indonesia and GTZ.

Holloh, D. 1994. "Community Financial Institutions in Bali. Some Empirical Findings." Arbeitspapier, Arbeitsstelle für Entwicklungsländerforschung, Universität Köln, Köln 1994.

Holloh, D. 1995. "Finanzielle Selbsthilfegruppen in Indonesien: Zwischen Finanzsystem- entwicklung und Armuts- bekämpfung durch Hilfe zur Selbsthilfe."

Vortrag im Rahmen des Südostasien-Forums, Johann Wolfgang Goethe Universität Frankfurt, 26. Januar 1995, Arbeitsstelle für Entwicklungsländerforschung, Universität Köln, Köln 1995.

Holloh, D. 1996. "Financial Self-Help Groups: 'Target Groups' for Rural Development and Finance? Perceptions and Empirical Evidence from Indonesia."

Arbeitspapier, Arbeitsstelle für Entwicklungsländerforschung, Universität Köln, Köln 1996.

Hospes, O. 1992. “Evolving Forms of Informal Finance in an Indonesian Town.” in Adams, D.W. and D.A. Fitchett, eds. 1992. Informal Finance in Low-Income Countries. Boulder: Westview Press, pp. 225- 238.

Hospes 1994. “The Agrarian Question of Financial Landscapes: The Case of Ambon.” in Bouman, F.J.A. and O. Hospes 1994. Financial Landscapes Reconstructed: The Fine Art of Mapping Development. Boulder, Colorado: Westview Press, pp. 223-248.

Hospes 1996. People That Count. Changing Savings and Credit Practices in Ambon, Indonesia. Amsterdam: Thesis Publishers.

Ismawan, B. and Kartjono 1985. “Kemandirian Kelompok Swadaya Masyarakat dan Peranannya dalam Penciptaan Peluang Kerja dan Berusaha di Pedesaan.” in

Mubyarto, ed. 1985. Peluang Kerja dan Berusaha di Pedesaan. Yogyakarta:

BPFE, pp. 21-81.

Kern, J.R. 1986. “The Growth of Decentralized Rural Credit Institutions in Indonesia.” in MacAndrews,C., ed. 1986. Central Government and Local Development in Indonesia. Singapore: Oxford University Press, pp. 101-131.

King, D.Y. 1983. “Associational Activity and Political Participationof Villagers in West Java, Indonesia.” Southeast Asian Journal of Social Science 11(1): 62-91.

Koch, E. 1983. “Tendenzen des Indonesischen Genossenschaftswesens.” Internationales Asienforum 14(2/3): 209-230.

May, U. 1992. “Credit, Consensus, and Power: The Local Association as a Modern Institution of Socialization.” Working Paper No. 167, Sociology of Development Research Centre, University of Bielefeld.

Mubyarto and E.S. Hamid, ed. 1986. Kredit Pedesaan di Indonesia. Yogyakarta:


Mubyarto, L. Soetrisno, G. Sumodiningrat 1985. “Kredit Pedesaan dan Peranannya Dalam Penciptaan Peluang Bekerja Berusaha.” in Mubyarto, ed.

1985. Peluang Kerja dan Berusaha di Pedesaan. Yogyakarta: BPFE, pp. 423-477.

Partadireja, A. 1974. “Rural Credit: The Ijon System.” Bulletin of Indonesian Economic Studies 10: 54-71.

Patten, R.H. and J.K. Rosengard 1991. Progress With Profits. The Development of Rural Banking in Indonesia. San Francisco: ICS Press.

Prabowo, D. 1989. “The Role of Informal Financial Intermediation in the Mobilization of Household Savings and Allocations in Indonesia.” Washington D.C.: Seminar on Informal Financial Markets in Development.

Rahardjo, M.D. 1991. “Development Policies in Indonesia and the Growth of Cooperatives.” Prisma 23: 3-11.

Rhyne, E. 1991. “The microenterprise finance institutions of Indonesia and their implications for donors.” GEMINI Working Paper No. 20, Bethesda: GEMINI.

Riedinger, J.M. 1994. “Innovation in rural finance: Indonesia’s Badan Kredit Kecamatan Program.” World Development 22(3): 301-313.

Robinson, M.S. 1992. “Rural financial intermediaries: Lessons from Indonesia.” Development Discussion Paper, Cambridge: Harvard Institute for International Development.

Schrader, H. 1991. "Rotating Savings and Credit Associations Institutions in the ‘Middle Rung’ of Development?" Working Paper No. 148, Sociology of Development Research Centre, University of Bielefeld.

Schrader, H. 1994. "Formal and Informal Finance in Indonesia."Working Paper No. 213, Sociology of Development Research Centre, University of Bielefeld.

Schrader, H. 1994. Changing Financial Landscapes in India and Indonesia.

Sociological Aspects of Monetisation and Market Integration. Habilitations- schrift, Universität Bielefeld.

Snodgrass, D.R. and R.H. Patten 1991. “Reform of Rural Credit in Indonesia:

Introducing Bureaucracies to Behave Competitively.” in Perkins, D.H. and M.

Roemer, eds. 1991. Reforming Economic Systems in Developing Countries.

Harvard Institute for International Development, pp. 341-364.

Soedjono, I. 1977. “Kebijaksanaan Koperasi. Beberapa Masalah dan Prospeknya.” Prisma 7(6): 3-16.

Tjondronegoro, S.M.P. 1984. Social Organization and Planned Development in Rural Java. Singapore: Oxford University Press.

Verhagen, K.C.W. 1987. Self-Help Promotion: A Challenge to the NGO Community. Amsterdam: Cebemo and Royal Tropical Institute.

Widjaya, H. and N.H. Sturgess 1979. “Land Leasing in East Java.“ Bulletin of Indonesian Economic Studies XV(2).

Williams, G. and M. Johnston 1983. “The Arisan: A Tool for Economic and Social Development?” Prisma 29: 66-73.

Wiradi, G. 1978. “Rural Development and Rural Institutions.” Agro-Economic Survey, Bogor.

World Bank 1983. “Indonesia. Rural Credit Study.” World Bank Report No. 4566IND, Jakarta.

World Bank 1988. “Indonesia Rural Credit Sector Review.” Washington, D.C.: The World Bank.

Yaron, J. 1992. “Successful Rural Finance Institutions.” World Bank Discussion Paper No. 150, Washington D.C.: The World Bank.

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