Prof. Dr. Ridwan Dewayanto RusliSM, MSCEP, Dipl.-Chem.
Fakultät für Wirtschafts- und Rechtswissenschaften Schmalenbach Institut für Wirtschaftswissenschaften (WI)
- International finance and strategy, public- and industrial economics. TH Köln: Courses in international finance and management accounting, global strategy and M&A. Previously at NTU & University of Luxembourg: Public economics and industrial organization. MIT Sloan School: Sponsor of finance case studies.
Public- and industrial economics, international finance, energy- and environmental policy. Focus on (i) state-owned firm and public-private partnership financing and regulation, (ii) international corporate finance and M&A, (iii) energy, infrastructure, natural resource and environmental policy, (iv) social welfare and agency theory.
The Indonesian transboundary haze game: Countering free-riding and local capture
Rusli, Ridwan D., Forthcoming, Hg.: Chapter 13 in Pollution Across Borders: Transboundary Fire, Smoke and Haze in Southeast Asia, Editor Prof. Euston Quah, Nanyang Technological University, Singapore
We identify solution strategies and policies to abate man-made forest fires in Indonesia, mitigate the resulting transboundary haze pollution and enforce zero-burning regulation. Bargaining for abatement and enforcement exhibits characteristics of a repeated game-of-chicken with cross-border free-riding and local capture problems. The combined free-riding and capture problems must be tackled by shifting the incentives of the Indonesian central government, local bureaucrats and business elites, plantation and forestry companies, farmers and residents. Neighbouring country governments can offer technical and financial incentives to the Indonesian central and local governments, residents and farmers, while asserting control over regional plantation companies with business and financial interests in their jurisdictions.
The logic of energy policy: The case of upstream oil, gas, coal and downstream oil sectors in Southeast Asia
Rusli, Ridwan D., April 2013, Hg.: Co-editors Hong, Mark and Amy Lugg, Asan Institute of Policy Studies (AIPS) and Institute of Southeast Asian Studies (ISEAS)
This chapter describes a systematic approach to energy policy in Southeast Asia. It analyzes the interdependence between two out of the three main objectives of energy policy, namely economic competitiveness and energy security. The focus is on the Southeast Asian upstream oil, gas and coal as well as downstream oil refining and distribution industries. The framework takes on a holistic approach to the making of energy policy. It can be extended to other alternative energy sources and fuel types, to the downstream gas and coal processing, transport and distribution infrastructure sectors. This framework can also be applied to more specifically target the interdependence between economic competitiveness, energy security and environmental sustainability. The analysis starts with an examination of country-specific geographic, demographic, economic and socio-political determinants of energy policy. These provide the basis for selecting an optimal set of industrial, sector, trade, investment and fiscal policy instruments, as well as a feasible implementation program. The derived policy grid is compared to the actual energy policies of selected Southeast Asian countries. It is observed that all governments have relatively detailed energy sector policy blueprints, albeit with variations across sub-sectors especially in relation to the relatively recent alternative energy and climate change sub-sectors. However, the implementation of these energy policy programs in some countries is hampered by institutional and socio-political constraints, and the need for governments to pursue more rigorously commercial strategies.
Review of Vlado Vivoda: Energy security in Japan, challenges after Fukushima
Rusli, Ridwan D., 2016, Hg.: Singapore Economic Review, 61:4, 2016
The study of Japan's energy security challenges post-Fukushima is not only critical to this highly industrialized nation that possesses almost no indigenous resources, but also of great relevance to other countries exposed to imported energy feedstocks, whose energy mix include nuclear power generation, and whose industries are regulated and affected by political and institutional inertia. The author argues that Japanese energy policy is embedded in the country's specific political, economic and social context. While energy transitions are inherently difficult and costly, the implementation of new energy policies is further constrained by existing interests and institutions. This path dependency makes it more difficult for government and industry to engineer major shifts in energy mix and develop new energy technologies in a shorter time period.
Reinterpreting social processes: How system theory can help to understand organizations and the example of Indonesia’s decentralization
Duek, Ana, Brodjonegoro, Bambang, and Ridwan D. Rusli, 2010, Hg.: Emergence: Complexity & Organization, 12:4
The complexity of social systems is characterized by the possible occurrence of simultaneous or sequential processes of structural change. This paper is focused on certain types of structural change: (i) those produced by assembly and disassembly and (ii) those resulting from decisional and/ or behavioral processes, including both bottom-up and top-down processes. These general concepts from system theory are applied to the case of Indonesia’s decentralization. The well-known story of Indonesia’s remarkable transition to a democratic society and decentralized nation is presented here in an alternative manner that has allowed us to identify types of structural changes in empirical events. Ultimately, this analysis offers a better explanation of the intrinsic complexity of any social organization and demonstrates an approach to similar problems.
State-Owned Firms and Private debt
Picard, Pierre M., and Ridwan D. Rusli, 2018, Hg.: Journal of Public Economic Theory (forthcoming)
We study the role of private debt financing in reducing government transfers and information costs in a state-owned firm. We show that debt contracts allow the government to reduce socially costly subsidies by letting undeperforming state-owned firms default. When the firm has private information, the government uses debt to reduce the firms` information rents. The option of default and privatize allows the government to stop subsidizing the firm. We identify the conditions under which information costs outweigh privatization costs and a positive debt level benefits governments.
PhD Thesis in Microeconomics
Financing and Regulation for Developing Country Natural Resource and Energy Industries
Rusli, Ridwan D., 2013, Hg.: mimeo
This thesis summarizes my PhD research on the institutional and political economy aspects of the resource, energy and infrastructure industries in developing countries. The papers that constitute this thesis relate to my previous work on natural resource and energy policy as well as my research in public finance and fiscal decentralization. In the first paper Pierre M. Picard and I use a contract-theoretical model to study the role of private debt financing in disciplining a state-owned firm. In the second paper we model and examine the impact of price caps on the welfare of build-operate-transfer concessions. In the third paper, written with James Cust, we use a panel regression to analyze direct and fiscal spillovers related to resource extraction across Indonesian districts.
The economic spillovers from resource extraction: a partial resource blessing on the subnational level?
Cust, James, and Ridwan D. Rusli, 2014, Hg.: Economic Governance Centre, NTU, Discussion paper 2014-02
We examine the economic consequences of resource extraction and associated revenue windfalls, measured at the subnational level. Our analysis focuses on variations across Indonesian districts and municipalities to estimate the spillover effects on economic activity, measured in terms of local GDP. Two important channels are identified: direct spillover effects from extraction activity, and the fiscal spillovers from local government spending associated with revenue windfalls from extraction activity. We use Indonesia`s fiscal sharing rules to quantify and disentangle these two channels by application of an instrumental variable. We show that the main economic gains accrue via transfers to, and spending by, local government. While direct project-level investments and production contribute to measures of overall GDP, these are found to be largely driven by the value of oil extraction, with only limited evidence for a direct impact on non-oil GDP. In contrast to other works, it appears that regionally decentralized government spending can be growth-enhancing over the decade surveyed. We argue that resource endowments do contribute to increased economic activity at the subnational level in Indonesia, but may lower the overall growth effect of spending.
State-owned firms: Private debt, cost revelation and welfare
Picard, Pierre M., and Ridwan D. Rusli, 2012, Hg.: CREA Discussion Paper, 2012-10, Nov 2012
We study the role of private debt financing in reducing information costs in a state-owned firm. We show that debt contracts allow the government to avoid socially costly subsidies by letting unprofitable state-owned firms default. When the firm has private information, the government uses debt to reduce the firms` information rents. The option of default and privatize allows the government to stop subsidizing the firm. We identify the conditions under which information costs outweigh privatization costs and a positive debt level benefits governments.
The natural resources industry in decentralized Indonesia: how has decentralization impacted the mining, oil and gas industries?
Duek, Ana, and Ridwan D. Rusli, 2010, Hg.: CREA Discussion Paper, 2010-25, Dec 2010
Indonesia’s decentralisation laws have granted local governments more authority for generating higher own revenues and running more tailored decentralised public services. There is evidence, though, that inefficient and ineffective local governance continues to predominate after decentralisation. Regional autonomy, as defined in the decentralisation laws, has left some matters ambiguous, requiring more detailed implementing regulations. In the natural resource sector, in particular, the implementation of these laws has generated uncertainty for most social actors. Traditional as well as new formal and informal rules of conduct among a wide array of social actors continue to influence the management and allocation of the economic and social benefits of natural resources at the local level. All this has resulted in central-local policy inconsistencies and coordination issues, new hierarchies along geographic-political divisions, the wider spread of corruption, serious fiscal and environmental issues and adverse effects on the investment climate of the country.
Integrated Financing for Asian E&P Independents
APAC Oil & Gas Assembly, Singapore
How are IOCs and Independents Building a Future for APAC Exploration?
World NOC Congress Asia, Bangkok
Indonesia Oil and Gas Policy: Challenges and Opportunities
Indonesia Oil and Gas Summit, Bali
On the regulation and financing of public and private projects and firms
Real World Leadership Series, Nanyang Technological University, Singapore
Indonesia Oil & Gas
Asia Oil and Gas Awards 2013, Bangkok
Global Gas Fundamentals
Asian Natural Resources Conference, HSBC, Hong Kong
On the welfare impact of price caps on build-operate-transfer (BOT) concession contracts
Public Economic Theory Conference, Catholic University Lissabon
Comparing the Growth, E&P and Funding Strategies of IOCs, Independents and Service Companies Operating in the Asian Continent
Asia Oil & Gas Assembly, Hong Kong
State owned firms: Private debt, cost revelation and welfare
Workshop on Procurement and Infrastructure, Toulouse School of Economics, World Bank & ANR
State owned firms: Private debt, cost revelation and welfare
Doctoral Seminar, Oxford Centre for the Analysis of Resources Rich Economies (OXCARRE), University of Oxford
State owned firms: Private debt, managerial commitment and welfare
State owned firms: Private debt, managerial commitment and welfare’, Indiana University Bloomington
Environmental Trends in Chinese and Asian Coal Trade
Asian Coal Supply Chain Logistics, Singapore
Clean Energy – A Disruptive Technology?
Asian Youth Energy Summit, National University of Singapore
Oil & Gas, Natural Resources: Valuation and Hedging for M&A and Financing
Massachusetts Institute of Technology, Cambridge
Asian Oil, Gas and Coal Sector: Comparative Energy Policy and Priorities for Southeast Asia
Institute for Southeast Asian Studies, Singapore
China Energy Sector – A Brief Overview
Massachusetts Institute of Technology, Cambridge
Indonesian Oil, Gas and Chemical Sector
Bandung Institute of Technology, School of Business and Management
China Oil & Gas Sector Investment Matrix
Massachusetts Institute of Technology (MIT) Forum for the Future of Energy in China, Shanghai
China Coal Sector Investment and Consolidation Considerations
MIT Forum for the Future of Energy in China, Shanghai
M&A and Investment Activity in Canadian Oil Sands
1st World Heavy Oil Conference, Beijing
Mining and Resources Sector Acquisition- and Project Financings
12th Coaltrans Asia Conference, Bali
Indonesia Infrastructure Funding – Public Private Partnerships
Indonesia Infrastructure Summit 2005, Jakarta
ASEAN Energy Sector – Opportunities for Growth
ASEAN Finance Ministers’ Forum, New York
Department of Economics, Nanyang Technological University, Singapore
Lecturer and visiting research fellow in public economics and industrial organization, Applied Economics Master's program.
Director, Exergy Advisory Pte Ltd, Singapore
Finance, strategy and energy consulting (Asia); Senior Advisor, M&A, PricewaterhouseCoopers (SE Asia, 2016-2017); Senior Advisor, Northstar Pacific private equity (Indonesia/SE Asia, 2008-2012); Non-executive Directorships, Petrocom Energy Ltd (Hong Kong/China, 2008-2010) and 2-the-Point Pte Ltd (Singapore/Zürich, 2008-2010).
Samudra Energy Ltd, Singapore/Jakarta
Oil & gas exploration and production, Director (2010-2016), CEO (2012-2015).
University of Luxembourg
Research and teaching in public economics and industrial organization, PhD thesis on Financing and Regulation for Developing Country Natural Resource and Energy Industries (Defense May 2013).
Lee Kuan Yew School of Public Policy, National University of Singapore
Research fellow, Asia Competitiveness Institute; research in political economy of Indonesian natural resource and infrastructure industries.
Credit Suisse Investment Banking
Corporate finance and mergers & acquisitions; MD, Head of Natural Resources and Co-Head of Energy, Asia Pacific.
UBS Investment Bank, Lehman Brothers, Goldman Sachs
Corporate finance and mergers & acquisitions; governments, public- and private companies; energy, natural resources, chemicals, infrastructure and pharmaceutical industries; West-/East Europe & Asia Pacific (Frankfurt, London, Zürich, Singapore),
Lurgi AG and Lurgi Öl Gas Chemie
Chemical process engineering and EPC, Europe and Asia.
Massachusetts Institute of Technology
MSC in Chemical Engineering Practice (Feb 1993), Rosemary Wojtovicz Fellowship, tutor in engineering thermodynamics and chemical reaction engineering. SM (MBA, Feb 1993) with concentration in finance and operations management, research in operations management, MIT Sloan School of Management, Scholarship of the Technical University of Berlin.
The LEK Partnership, Munich
Technical University of Berlin
Diplom Chemiker (MSc in Chemistry), summa cum laude (Apr 1989), Klaus Koch Foundation Scholarship, research in theoretical- and physical organic chemistry, tutor in mathematics; Energy and Process Engineering undergraduate (1983-1984).