Abstract

State activism is strengthening in the Indonesian economy. One major aspect of this recent strengthening is the government’s mobilisation of public entities to provide patient capital for development projects. Joko Widodo’s government (2014–2019) has injected a significant amount of capital into these development ‘financiers’ across diverse sectors. This strategy has served as the government’s response to the shrinking external development finance, the underdeveloped domestic capital market, and the limitations of Indonesia’s former development model. Along with a notable expansion in the size of development financiers, significant transformation of missions, targets, and policy tools has occurred over a short time span. More precisely, Indonesia’s major development financiers have begun to focus on accelerating strategic infrastructure development and industrialisation and supporting state enterprises in related areas. On top of dealing with immediate development challenges, the growth and transformation of development financiers have also had an effect of expanding the government’s policy space. The Indonesian government now has a greater capacity to autonomously mobilise public capital to fund development projects.

摘要

国家行动主义正在印尼经济中得到加强。最近这种加强的一个主要方面是政府动员公共实体为发展项目提供耐心的资金。佐科·维多多（Joko Widodo）的政府（2014-2019）向各个领域的这些发展“融资人”注入了大量资金。该策略已成为政府对外部开发资金萎缩，国内资本市场不发达以及印度尼西亚以前的发展模式的局限性的回应。随着发展融资机构规模的显着扩大，在短时间内，任务，目标和政策工具也发生了重大变化。更确切地说，印度尼西亚的主要发展金融家已开始将重点放在加快战略基础设施发展和工业化以及为相关领域的国有企业提供支持方面。除了应对眼前的发展挑战外，发展金融家的成长和转型也扩大了政府的政策空间。印尼政府现在具有更大的能力来自主调动公共资金来资助发展项目。