I will start with the analysis of what is legal transplant.? and an example of legal transplant that has good result implementation on certain state.
International institutions in order to protect the global financial system have developed norms and create regulatory framework to address national credit crisis systematically as the result of the Asian financial crisis at the end of the 1990s. Indonesia became the hardest hit country because the crisis not only had economic but also significant and far-reaching politic and social implication. The international financial institutions, such as IMF used their leverage to spur not only substantive and procedural legal reforms but also the creation of entirely new state agency including a new Commercial Court. it needs some assessment of the result of this legal transplant, especially the diffusion of law in Indonesia, such as, how transplanted law has shaped Indonesian economic law, such as anti-monopoly law, bankruptcy law, corporate law, and investment law. Does the reformation of the economic law alone can improve the entire legal and judicial system of Indonesia, without other elements such as socio-cultural and political factors.?
Hello koesrianti,
a plethora of sociopolitical economic parameter can influence the outcome, mere IMF and their measures can by no means guarantee success , in some case their attitudes and decisions have turned out be destructive rather than productive.
I believe the reform in Indonesia post 1990s was a "forced" one. Law reform will take place upon domestic legislative intervention. Thus, the law passed is domestic law. It is meant to regulate and to ensure integrity and good governance in the financial management. Thus, the law is there and whether the law is effective or not to change culture and behaviour depends on the stakeholders on whom the law applies. Enforcement is important if the law has penal sanction. If it is purely procedural, the SOP must be strictly adhered to. I believe that law may be able to influence social and political characteristics of a nation if the spirit and intention of the law is thoroughly observed.
Thank you Ali Rahimi and Nik Ahmad Kamal for your though. Very inspiring.
After reading several research materials, I do agree that the legal transplant of International Financial Institutions, such as, IMF was a 'forced' one. Indonesia has the 'transplanted' law, but there are other problems, such as, culture of 'receiving' state (Indonesia) and the implementation of the law.
I am not really sure that Indonesia has adapted with the transplanted law already.
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