Liberalisation of Financial Markets: The Developing Country Experience

2009 ◽  
Vol 34 (2) ◽  
pp. 274-290
Author(s):  
Ram Pratap Sinha
Keyword(s):  
Financial Markets ◽  
Empirical Studies ◽  
Financial Sector ◽  
Financial Fragility ◽  
Sector Reform ◽  
Role Of The State ◽  
Financial Sector Reform ◽  
Market Liberalisation ◽  
The Impact

Tis article encompasses various aspects of financial market liberalisation including the historical evidences of market deregulation, empirical studies on the impact of such liberalisation on economic growth and development. The article also discusses the problem of financial fragility connected with financial sector reform and briefly reviews the theoretical underpinnings. Finally the article discusses the role of the state in mitigating the problems connected with financial sector liberalisation.

scholarly journals The impact of financial sector reforms on foreign direct investment in an emerging economy: empirical evidence from Ghana

2020 ◽  
Vol 2 (4) ◽  
pp. 271-284
Author(s):  
Kofi Kamasa ◽  
Isaac Mochiah ◽  
Andrews Kingsley Doku ◽  
Priscilla Forson
Keyword(s):  
Foreign Direct Investment ◽  
Empirical Evidence ◽  
Direct Investment ◽  
Least Squares Method ◽  
Financial Sector ◽  
Ordinary Least Squares ◽  
Sector Reform ◽  
Content Type ◽  
Financial Sector Reform ◽  
The Impact

Purpose This paper aims to empirically investigate the impact that financial sector reforms have on foreign direct investment (FDI) in Ghana. Design/methodology/approach Composite financial sector reform index was constructed, which was made up of various forms of reform policies that were implemented from 1987 to 2016. The auto regressive distributed lag bounds test was used to establish cointegration between variables. Having controlled for other covariates that affect FDI such as trade openness, exchange rate, gross domestic product per capita, inflation and by using the fully modified ordinary least squares method, the estimations are robust as it uses a semi-parametric correction to avoid for any possible issues of endogeneity and serial correlation. Findings Results from the paper reveal that financial sector reform deepening boost FDI with a 2.167% increase in FDI following from a unit percentage improvement of the financial sector reforms. Considering the various categories of reforms, the results reveal that competitive reforms have the highest impact on FDI followed by privatization reforms with positive and significant elasticity coefficients of 2.174% and 0.726%, respectively. Behavioral reforms revealed a positive effect on FDI, albeit insignificant. Originality/value The paper contributes to policy by providing empirical evidence on the effect of financial sector reform on FDI inflows in Ghana. As far as the review of literature is concerned, this paper provides the foremost empirical evidence on the subject with sole emphasis on Ghana. Thus, this paper suggests the deepening of the financial sector reforms, improving competition and maintaining macroeconomic stability.

scholarly journals The Impact Of The Financial Sector Reforms On Savings, Investments And Growth Of Gross Domestic Product (GDP) In Ghana

2011 ◽  
Vol 7 (10) ◽  
Author(s):  
Gordon Newlove Asamoah
Keyword(s):  
Financial Institutions ◽  
Financial Liberalization ◽  
Financial Sector ◽  
Sector Reform ◽  
Reform Program ◽  
Financial Sector Reform ◽  
The Government ◽  
Investment Models ◽  
Recovery Program ◽  
The Impact

As part of reforms initiated in the mid 1980s, Ghanas financial sector was subjected to a major and extensive restructuring under two financial sector adjustment programs (FINSAP 1 and 2) and the reform for Non- bank financial institutions credit. Having determined that restructuring of the financial system was indispensable to the success of the Economic Recovery Program (ERP) begun in 1983, the government, embarked upon a financial sector reform program (FINSAP) in 1988. Against this background therefore there has been a wave of financial sector reforms partly in response to international political pressures and strive for globalization. This study was to examine financial liberalization as it was carried out in Ghana and to make an assessment of the impact of this policy on savings, investment and the growth of income (GDP) in the Ghanaian economy. This study attempted to investigate the question: How does financial liberalization affect interest rate, savings, investment and GDP in Ghana? Regression Analysis and savings-investment models were used to evaluate how the financial sector impacts on economic growth.

scholarly journals The Effect of Using Social Media in the Modern Marketing Communication on the Shaping an External Employer’s Image

Energies ◽  
2021 ◽  
Vol 14 (14) ◽  
pp. 4177
Author(s):  
Agnieszka Izabela Baruk ◽  
Grzegorz Wesołowski
Keyword(s):  
World Literature ◽  
Statistical Tests ◽  
Empirical Studies ◽  
Communication Channels ◽  
Primary Data ◽  
Survey Method ◽  
Marketing Communication ◽  
Chi Square ◽  
The Impact

The aim of this article was to determine the significance of modern marketing communication channels used in the process of shaping the external image of an enterprise as an employer. An analysis of the world literature on marketing, management, marketing communication and human resource management was used to prepare the theoretical part. The results of the analysis indicate a cognitive and research gap regarding the use of modern communication channels for building the external image of an enterprise in the role of an employer. In order to reduce the gap, empirical studies were conducted among young Polish potential employees, in which the survey method was used to gather primary data. The collected data were subjected to statistical analysis, during which the following methods and statistical tests were applied: the analysis of average values, exploratory factor analysis, Kruskal–Wallis test (KW), Pearson chi-square independence test and V-Cramer coefficient analysis. The results of the analyses conducted indicate, inter alia, that statistically significant diversity was identified in the case of non-professional media in terms of respondents’ opinions on whether the employer’s image created by modern media is better than the employer’s image created on the basis of classical marketing communication channels. In the case of professional and non-professional media, the age of the respondents was not a differentiating feature. Moreover, neither for professional media nor for non-professional media were statistically significant dependencies identified between respondents’ opinions on the impact of actions undertaken by enterprises on shaping their positive external image as an employer and respondents’ opinions on whether the employer’s image created on the basis of modern marketing communication channels is more beneficial than the employer’s image created on the basis of classical marketing communication channels. The results obtained on the basis of the research have a cognitive and applicability value, characterized by originality. Until now, the importance of using modern marketing communication channels in shaping the employer’s external image has not been analysed. This also applies to enterprises operating on the energy market.

scholarly journals Financial system and growth and economic development

VUZF Review ◽  
2021 ◽  
Vol 6 (2) ◽  
pp. 160-170
Author(s):  
Małgorzata Hala
Keyword(s):  
Economic Growth ◽  
Economic System ◽  
Financial Institutions ◽  
Financial System ◽  
Financial Sector ◽  
Real Sector ◽  
The Real ◽  
State And Local ◽  
The Impact

The aim of the article is to present the role of the financial system in economic growth and development. The first part presents the traditional understanding of the relationship between the economic system and economic growth. The second part presents the experience of financial crises and their impact on the conversation on the mutual relations between the financial sector and the real sector. The third part shows the role of the state in the financial system. The article describes the arrangement of interrelated financial institutions, financial markets and elements of the financial system infrastructure.  It shows what part of the economic system the financial system is, and whether it enables the provision of services allowing the circulation of purchasing power throughout the economy. The article presents the important role of the financial system, the role related to the transfer of capital from entities with savings to entities that need capital for investments. It shows the financial system as a set of logically related organizational forms, legal acts, financial institutions and other elements enabling entities to establish financial relations in the real sector and the financial sector, and this system forms the basis of activity for entities using money, enabling the conclusion of various economic transactions, in which money performs various functions. The article also presents the concept of a financial crisis as a situation in which there are rapid changes in the financial market, usually associated with insufficient liquidity or insolvency of banks or financial institutions, and as a result, a decrease in production or its deepening. The article also includes issues related to the impact of public authorities (state and local authorities) on the financial system in the economy.

scholarly journals The Financial Implications of the Coronavirus COVID-19 Pandemic: A Review

2021 ◽  
Vol 39 (68) ◽  
Author(s):  
Ilmir Nusratullin ◽  
Nikolay Mrochkovskiy ◽  
Raul Yarullin ◽  
Natalia Zamyatina ◽  
Oksana Solntseva
Keyword(s):  
Financial Markets ◽  
Government Regulation ◽  
Financial Sector ◽  
Developed Countries ◽  
Securities Markets ◽  
Bank Deposits ◽  
Economic Shock ◽  
Spread Of Infection ◽  
The Impact ◽  
Increased Pressure

The COVID-19 pandemic in 2020 was a real shock to the entire global community. It hit both the health systems of the infected countries and the economies. Border closures, quarantines for citizens and disruption of production caused economic shock to many organizations. First, the tourism and transport industry suffered, followed by agriculture and mining, and then all other industries. However, the economic crisis also caused some problems in the financial sector: increased risks of non-compliance with loans, cash outs of bank deposits, increased pressure on the insurance market, panic in commodity and securities markets. The purpose of this study is to examine the impact of COVID-19 on the financial system of developed countries. As part of this study, a review of scientific research in the field of pandemics and finances was conducted, how the spread of infection affected the economy, banking, financial markets, and government regulation in the financial sector as a whole.

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