International Financial Management

10th Edition
by Jeff Madura

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 3
Pasar Keuangan Internasional
Tujuan :
Bab ini akan menjelaskan tentang:
A. Pasar Valuta Asing
B. Pasar Uang Internasional
C. Pasar Kredit Internasional
D. Pasar Obligasi Internasional
E. Pasar Saham Internasional

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 Pasar Valuta Asing

1. Mengizinkan pertukaran dari satu mata uang ke mata

uang yang lain.
2. Menetapkan suatu tingkat pertukaran dari satu mata
uang dengan mata uang yang lainnya.

Fungsi Pasar Valuta Asing :

a. Transfer daya beli
b. Penyediaan kredit
c. Mengurangi risiko valuta asing

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 Sejarah Nilai Tukar Uang

1. Standar Emas (1876 – 1913)

2. Perjanjian Tingkat Kurs Tetap
a. Perjanjian Bretton Woods 1944
b. Perjanjian Smithsonian 1971
3. Sistem Kurs Mengambang

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 Transaksi Pertukaran Mata Uang Asing

1. Over the counter (OTC)

2. Pelaku valuta asing menggunakannya sebagai
perantara
3. Pasar Spot : Transaksi pertukaran yang dekat dengan
Kurs Tunai.

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 Pasar Spot

1. Struktur Pasar Spot : Elektronik

2. Penggunaan Dolar di Pasar Spot : Umumnya diterima
dengan perantara pertukaran.
3. Struktur Pasar Spot
4. Likuiditas Pasar Spot : Semakin banyak pembeli dan
penjual, pasar menjadi semakin likuid.

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 Karakteristik Bank yang Menyediakan
Pertukaran Uang
1. Persaingan Kurs
2. Hubungan istimewa dengan bank
3. Kecepatan pertukaran
4. Nasihat menegnai kondisi pasar terkini
5. Nasihat peramalan

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 Rumus Selisih Kurs Antarmata Uang

Kurs Jual  Kurs Beli

Selisih Kurs 
Kurs Jual

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 Faktor yang Mempengaruhi Selisih Kurs

1. Biaya pemesanan
2. Biaya persediaan
3. Persaingan
4. Volume
5. Risiko mata uang

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 Mengartikan Kurs Mata Uang Asing
1. Kurs Langsung
1 USD : 7.800 IDR

2. Kurs Tidak Langsung

IDR : USD 0,0001

3. Kurs Lintas Mata Uang

Jika Peso 0,07 dan dolar Kanada 0,7 maka nilai peso dalam
Kanada yaitu :
1 dolar Kanada : 10 peso
1 peso : 0,1 dolar Kanada

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 Forward, Futures, and Option Markets
1. Forward Contracts: Perjanjian antara pelaku valuta
asing dengan perusahaan multinasional bahwa
spesifikasi dari mata uang untuk ditukarkan, tingkat
pertukaran, dan tanggal dimana transaksi akan terjadi.
Futures Contracts: serupa dengan perjanjian yang akan
datang tetapi terjual pada pertukaran

2. Option Contracts
a. Currency Call Option: menyediakan hak untuk membeli mata
uang pada spesifikasi ketepatan harga dengan spesifikasi
periode waktu.
b. Currency Put Option: menyediakan hak untuk menjual mata
uang pada spesifikasi ketepatan harga dengan spesifikasi
periode waktu.
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 Pasar Uang Internasional`

1. Perusahaan atau Pemerintah membutuhkan

pembiayaan jangka pendek pada mata uang berbeda
dari mata uang asalnya.
2. Alasan adanya pasar uang internasional:
a. Dapat digunakan untuk meminjam dana guna
membayar impor dalam mata uang asing.
b. Dapat meminjam mata uang asing dengan tingkat
bunga yang lebih rendah.

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 Asal Usul dan Perkembangan Pasar Uang
Internasional
1. Pasar Uang di Eropa: simpanan dolar di bank-bank
Eropa (dan juga di tempat lain) dikenal dengan nama
Eurodollar atau Eurocurrency
2. Pasar Uang di Asia: berpusat di Hong Kong dan
Singapura

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 Standarisasi Aturan Bank Global

1. Undang-undang satu Eropa

2. Kesepakatan Basel
3. Kesepakatan Basel II

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 Pasar Kredit Internasional

1. Pasar Eurocredit : pinjaman dapat diberikan dalam

dolar atau mata uang lain dan umumnya jatuh tempo
dalam 5 tahun.
2. London Interbank Offered Rate (LIBOR) : suku
bunga pinjaman antarbank
3. Pinjaman sindikasi

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 Pasar Obligasi Internasional

1. Obligasi asing: Dijual oleh peminjam asing ke Negara

di mana obligasi ditempatkan.
2. Eurobonds: obligasi yang dijual di negara-negara
selain Negara asal mata uang yang digunakan dalam
obligasi tersebut.

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 Eurobonds

1. Fitur :
a. Bearer Bond
b. Pembayaran kupon tahunan
c. Konversi atau opsi beli
2. Denominasi
3. Penjamin Emisi
4. Pasar Sekunder

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 Pasar Modal Internasional

1. Penerbitan Saham di Pasar Luar Negeri

2. Penerbitan Saham Asing di AS
a. Penawaran saham Yankee
b. American Depository Receipts (ADR)

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 Bagan Arus Kas Asing dari Sebuah MNC

19
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 TERIMA KASIH

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