Purpose

This study aims to analyze the causes and implications of legal uncertainty in the issuance of conventional municipal bonds in Indonesia and to draw lessons from Vietnam’s approach in providing better legal certainty.

Design/methodology/approach

This study adopts a normative legal method with a legislative approach and applies a comparative approach. Data sources involve primary and secondary legal materials from both Indonesia and Vietnam.

Findings

The legal uncertainty is caused by a lack of coherence and consistency in legislation. Based on Vietnam’s experience, Indonesia can gain valuable insights related to providing strong legal certainty for parties involved in issuing or investing through conventional municipal bonds.

Research limitations/implications

This study focuses on the comparative legal analysis of conventional municipal bonds in Indonesia with Vietnam.

Practical implications

This research provides recommendations for the refinement of legislation regarding conventional municipal bonds to the government.

Social implications

This study is related to legal certainty as a strategy to attract investment through municipal bonds and to ensure the municipal bond issuance process is transparent and efficient.

Originality/value

This study provides a comparative perspective on the issuance of municipal bonds in Indonesia, with a special focus on Vietnam, emphasizing the urgency of harmonization in legal regulation and the sustainability of legal certainty.

中文翻译：

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市政债券发行的法律不确定性：印度尼西亚和越南的案例研究

目的

本研究旨在分析印度尼西亚发行传统市政债券时法律不确定性的原因和影响，并借鉴越南提供更好法律确定性的方法的经验教训。

设计/方法论/途径

本研究采用规范性法律方法和立法方法并运用比较方法。数据来源包括印度尼西亚和越南的主要和次要法律材料。

发现

法律的不确定性是由于立法缺乏连贯性和一致性造成的。根据越南的经验，印度尼西亚可以获得宝贵的见解，为参与通过传统市政债券发行或投资的各方提供强有力的法律确定性。

研究局限性/影响

本研究的重点是印度尼西亚与越南传统市政债券的比较法律分析。

实际影响

这项研究为完善有关政府传统市政债券的立法提供了建议。

社会影响

本研究与法律确定性相关，作为通过市政债券吸引投资并确保市政债券发行过程透明和高效的策略。

原创性/价值

本研究提供了印度尼西亚市政债券发行的比较视角，特别关注越南，强调法律监管协调的紧迫性和法律确定性的可持续性。