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Asian financial crisis is begun in 1997 in Thailand and it quickly spread to its surrounding countries. It is happened as there is lack of financial market discipline and moral hazard of economic agents. The essential indications of financial crisis which must be paid attention is overwhelmed liquidation in long term and It is followed by asset bubble effects, Financial institution and investor agents’ behavior, and the quick change of essential economic variable.
South Korea which has become one of the affected countries has to take efforts in overcoming the crisis. Restructuring phages are based on the private or corporate and financial restructuring simultaneously. This is performed by the government (government-led restructuring), consistently framework, as well as integrated and careful development. South Korean’s response policy covers six areas; immediate financial and corporate restructuring, strengthening of financial supervisory system, streamlining of insolvency procedures, advancement of corporate governance system, macroeconomic policy adjustment and strengthening of social safety net, and active participation in international financial architecture discussion. The measurement of Financial sector restructuring is to close 16.5% of the total of institutional financial and funding disbursement which is equal to 12% of income domestic brute. The strengthening of financial monitoring system is as well to be done independently in order to reinforce and ensure that the restructuring is still ongoing. Macro policy, such as interest rate policy, fiscal, and currency exchange are adjusted to the condition. The existence of social security network becomes essential for it supports community affected by the crisis.
It is therefore can be seen that South Korea perform private sector and financial restructuring as well as to build knowledge economy. Funding is poured through high-tech investment, and encourage more activities in research and development. Business activities is done according to global standard. Private sector’s accountability and transparency and governance is mainly improved. For addition, trust fortification is also required to support economics strengthening. Indonesia has not yet done it entirely. Lesson learned from South Korea, it is necessary to set a consistent framework to avoid moral hazard by building a monitoring institution/organization, establishing a regulation focusing on good governance system. Furthermore; it encompasses early warning system, social security networks, and reformation on labor system. Those are achieved for knowledge economy.
- Guest Lecture Master of Science and Doctoral Program, FEB: “Asian Financial Crisis and Korean Structural Reform Policy – Lessons for Indonesia” by Dr. Okyu Kwon (KAIST Graduate School of Finance, Former Deputy Prime Minister and Minister of Finance and Economy, Korea)
Source: angl
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FEB UGM strengthens its Asian network by signing an Memorandum of Understanding with Sung Kyun Kwan University (SKKU) Korea. The MOU signing is held on Wednesday, April 28, 2010. SKKU Korea is represented by Mr. Ghon Rhee, the Dean of Business School whereas and Prof. Marwan Asri, MBA, Ph.D. as the Dean of FEB UGM. In this occasion, Dr. Eko Suwardi, M.Sc. and Wihana Kirana Jaya, Ph.D. are as well attend it.
Both institution agreed to set a collaboration in the field of academic staff and student exchange program, joint research, information exchange on the academic publication, and other academic collaborations. There will be more opportunities for FEB academia to be able to collaborate with as such collaboration is less offered in Asia. Through this collaboration, it is expected that there will be positive impacts for both institution and FEB UGM will keep expanding its cooperation with other leading universities particularly in Asia.
Mr. Ghon Rhee, he as well visits FEB UGM with master students of SKKU Korea. There are 28 master students join one day lecture at Master of Management FEB UGM. The lectures are delivered by Prof. Djamaludin Ancok with his lecture of Cross Cultural/Leadership in Indonesian Enterprises and by Dr. Tri Widodo, M.Ec.Dev with his lecture of Indonesia in East Asia "Flying Geese Paradigm".
Source: kui
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FEB UGM received the visit of Avans University, The Netherlands on November 19, 2009. The delegations from Avans University are welcome by Vice Dean for Administration, Finance and Human Resource, Mr. Eko Suwardi, M.Sc., Ph.D and Head of International Office, Ms. Novita Ade Ferianty, S.S., M.Ed. The delegations from Avans University are Mrs. Engelin Calin (Dean of School of Health), Mr. Francis Borsten (Senior Lecturer in Physiotherapy), Mr. Clemens van den Broek (Senior Lecturer in Business and Economics), and Mr. Peter H. van Bragt (Senior Policy Advisor in International Affairs).
The purpose of the visit is to further discuss the collaboration which is going to establish with FEB UGM. As Mr. Peter H. van Bragt said that FEB UGM’s reputation in Europe, especially in the Netherlands, as one of best university in Indonesia has become an important asset for Avans University.
The Collaboration covers several fields: faculty exchange program, undergraduate exchange program, and community services (KKN) for undergraduate students. Avans University is interested in sending its undergraduate students to participate community services held by LPPM UGM together with UGM students.
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The mission of FEB UGM to be the foremost faculty of Economics and Business in the South East Asia in 2013 is realized by sending its academics staffs to have international exposure. Faculty management of FEB UGM sends 5 delegations to National University of Singapore (NUS) to present university visit on November 16-18, 2009 .
Faculty Management appoints Dr. Hardo Basuki, M.Soc.Sc. as the Director of Undergraduate Program FEB to be the delegation head of FEB UGM. Four academic staffs join NUS university visit, they are as follows:
1. Paminto Adhi, SE., M.Si. (Head of Administrative Office of FEB UGM)
2. Sigit Hardiyanto, S.T. (Department Head of Information Technology FEB UGM)
3. Arif Surachman, S.I.P. (Sub Department Head of Library FEB UGM)
4. Bondan Wijanarko, S.IP., M.Si (Sub Department Head of General Affairs FEB UGM)
NUS is well-known by its advanced development of library and IT unit. It is therefore necessary for FEB UGM to learn from NUS and seeking the possibility to develop them in FEB. Sigit Hardiyanto, S.T. as the Department Head of IT at FEB UGM comments that the visit brought many lessons which can be developed and it would require hard work and support from the Faculty Management. Sub Department Head of FEB Library, he consents to Sigit Hardiyanto’s comments.
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Danone has once again launched the 7th business competition program "The Trust Challenge" for students in Indonesia. Activities will begin with a road show at the UGM campus on Tuesday, November 3, 2009 at 13.00-15.30 hrs in the Master of Management building.
In a press release sent Friday (30/10), Nutricia's HR Director, Maezar Maolana, said "The Trust Challenge" offers an opportunity for students to design a business strategy for Danone. "This competition is a good opportunity for students to know the corporate culture and management of Danone," he explained.
He further added "The Trust Challenge" is a competition to recruit the best candidates available in nine countries where Danone operates. Then, finalists from the countries that participate will be competing in Paris on 14-15 April 2010.
During the six years since the competition has been held, more than 300 students from various countries have joined Danone, either through an internship or a permanent contract. Last year, Indonesia has incised a proud achievement. "The Kalinga team from Universitas Gadjah Mada achieved to win as world champion, defeating representatives from ten other countries that competed," he said.
To provide more opportunities for students, according to Maezar Maolana, in addition to six universities, UGM, ITB, UI, UNPAD, IPB, and Airlangga University, in 2010 Danone also plans to invite several other universities, namely UNDIP, Udayana University, USU and UNHAS.
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The Faculty of Economics and Business Universitas Gadjah Mada enlarges its international cooperation by signing an MoU with College of Business Administration, California State University, Long Beach (CBA CSU LB) USA. The visit was on Friday, October 23th, 2009. The Dean of CBA CSU LB, Prof. Michael Solt and Prof. Marwan Asri, MBA., Ph.D., dean of FEB UGM agreed to pour out their cooperation in a Letter of Intent (LoI).
Mentioned that both parties agree to establish a collaboration in terms of student exchange and summercamp progrmas, and faculty interaction. Faculty interaction includes guest lecture, collaborative research, and study material development. The implemetation of the cooperation will be held in the year 2010.
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