Under the current volatile global economy with many uncertainties, making a good policy to ensure sustainable and inclusive economic growth is challenging. Policymakers must innovate and shape opportunities and understand the pitfalls associated with the innovations. Then, innovations must be strategically implemented for success.
On December 8, 2022, GraSPP hosted a research seminar, “Public Policy Innovation: Economic Recovery & Central Bank Digital Transformation,” with the excellent speaker, Dr. Perry Warjiyo, Governor of Bank Indonesia. Governor Perry played a leading role in the G20’s Finance Track jointly with Finance Minister Sri Mulyani for Indonesia to accomplish the G20 Presidency 2022. About 50 students and professionals filled our lecture hall to listen to his talk and have a candid dialogue with him.
Following Dean Keisuke Iida’s welcome remarks to the participants, Governor Perry discussed public policy innovation by presenting Indonesia’s unorthodox policy mix under challenging times and the potential of “Central Bank Digital Transformation” to ensure sustainable and inclusive economic growth. He emphasized the significant role of synergy and innovation in being an excellent policymaker. Governor Perry’s candid talk style fascinated and inspired us on the importance of a solid understanding of economic theory.
This GraSPP Research Seminar, one of its Economic Policy, Finance & Development Series, was made possible by Bank Indonesia’s co-hosting and the assistance provided by a team of student volunteers, Aliev Aibek Askerbekovich, Zolzaya Enkhtur, Hiroki Ito, Sengamphone Sayaphone, Yijin Wang, and Ka Ying Wong.
Toshiro Nishizawa, Professor, Graduate School of Public Policy
“The lecture was informative for learning Bank Indonesia Governor’s idea on policy mix and acquiring the latest information on cross-border payments and Central Bank Digital Currency.” Aki Fukuchi
“I got inspired by Governor Perry Warjiyo’s lecture on implementing monetary policy in Indonesia.” Apryogi Hardoko
“I learned so much about how to be a good policymaker. I also learned how the Government of Indonesia successfully maintained the economy during the pandemic and what digital currency offered by the central bank could support the economy in the future.” Restu Rinayanti
“Effective collaboration among policymakers creates Pareto optimum. Harmonizing fiscal and monetary policy is vital to delivering financial stability and economic growth. A good public policy shall be conceptual yet innovative.” Santi Setiawati
“Thank you for your interesting lecture, Governor Perry. You made an almost-hour presentation which flew very fast. I felt like much more I would like to hear from you. I am very excited to read your books. Governor Perry convinced me as a central banker that communicating what we are doing to the public is an essential job. I learned that the Governor put effort into this task and was very active in delivering what Bank Indonesia offers to the public. This again reminded me of the role of a good central banker.” Sayaphone Sengamphone
“What the energy and charm of Governor Perry!” Sherry Sakamoto
“Bapak Perry, thank you very much for your answer regarding crowdfunding. While I agree with you that many regulations need reform to ensure the transparent conduct of crowdfunding, I still have faith in Indonesians’ generosity and empathy that this sector could contribute majorly to the grand scheme of the macroeconomy. Four points need to be implemented by central bankers anywhere in the world: price stability for growth, consistency regarding interest rates, market intervention when the situation calls for it, and communication with the general public to form expectations.” Striratna Nityahayu
“I am thankful for Governor Perry’s openness and close interaction with youth. I learned about the important role played by Indonesia in developing the trans-ASEAN payment system with a national central bank digital currency. I am impressed by the actions taken by Bank Indonesia and the Government in overcoming COVID challenges.” Tekebayev Zhanadil
“My takeaways are the three principles of being a good central banker, and I also learned about Indonesian progress in digitalization.” Yijin Wang
“Thank you, Governor Perry, for taking the time to lecture us. I appreciate the time you spent with us discussing Bank Indonesia’s policy and practices. Your insights are truly motivational. It was my pleasure to be part of this excellent learning experience on Bank Indonesia’s policymaking, which gave me many learnings and motivations. I found insights into monetary policymaking. Governor Perry described three main approaches in monetary policymaking: price stability, consistency, and communication. Moreover, cooperation with other policymakers is also crucial with practical policy implications. Lastly, being creative is one of the essential factors in policymaking in the fast-changing world. I was pleased to see Bank Indonesia’s progress in its policymaking.” Zolzaya Enkhtur