Theorizing Monetary Constitutionalism in Indonesia through Constitutional Pluralism
Teoretisasi Konstitusionalisme Moneter di Indonesia dalam Bingkai Pluralisme Konstitusi
DOI:
https://doi.org/10.31078/jk2221Keywords:
Constitution, Constitutionalism, Constitutional Pluralism, Monetary ConstitutionalismAbstract
Monetary constitutionalism is an evolving contemporary concept for understanding monetary issues through constitutionalism. Lacking expert consensus on its definition and scope, this paper critically examines extant views and proposes a novel theorization for future research. It employs a doctrinal method, tracing and critically reviewing expert opinions on monetary constitutionalism. The paper argues that the constitutional approach in the monetary field faces an impasse, due to adherence to classical constitutionalism, characterized by methodological nationalism and excessive political focus. Employing constitutional pluralism, this paper offers a new theorization to address diverse constitutional issues in the monetary sector. This framework is then applied to the 1945 Constitution’s financial regulations, particularly the central bank. Monetary constitutionalism principles thus guide Bank Indonesia, the Financial Services Authority (OJK), and the Deposit Insurance Corporation (LPS) in exercising their independence and upholding a self-enforcing monetary constitution.
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