scholarly journals Republic of the Philippines Diagnostic Review of Consumer Protection in the Banking Sector

10.1596/25882 ◽  
2014 ◽  
Author(s):  
Keyword(s):  
Consumer Protection ◽  
Banking Sector ◽  
The Philippines

The relationship between financial development and effectiveness of monetary policy: new evidence from ASEAN-3 countries

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Zulkefly Abdul Karim ◽  
Danie Eirieswanty Kamal Basa ◽  
Bakri Abdul Karim
Keyword(s):  
Monetary Policy ◽  
Money Supply ◽  
Financial Development ◽  
Open Economy ◽  
Banking Sector ◽  
Financial System ◽  
The Philippines ◽  
Output Growth ◽  
Content Type ◽  
The Relationship

Purpose This paper aims to investigate the relationship between financial development (FD) and monetary policy effectiveness (MPE) on output and inflation in ASEAN-3 countries (Singapore, Malaysia and the Philippines). Design/methodology/approach This study uses an open economy structural vector autoregressive model to generate MPE. Then, an autoregressive distributed lagged (ARDL) model is used to analyze the effect of FD on MPE across countries. Findings The findings revealed that FD plays a different role in MPE across countries. In Malaysia, a more developed financial system tends to reduce the MPE on output, whereas in Singapore, results show that the more developed financial system (stock market capitalization) tends to increase MPE on output. However, in the Philippines, the main results show that the effect of FD (liquid liabilities) upon MPE on output is depending on the policy variable (interest rates or money supply). Originality/value This paper fills this gap by providing the first study of ASEAN-3 countries in examining how effective is a monetary policy in response to the development of the financial market across the country. Second, this paper considers two FD indicators, namely, the banking sector and capital market development in investigating its effect on MPE on output and inflation. Third, the authors construct the MPE in each country using a structural (identified) VAR model by aggregating the response of output growth and inflation rate on monetary policy changes (interest rate and money supply) using impulse–response function. Regarding this, the results of this study provide new empirical evidence and insight into the long debate on the relationship between FD and the MPE.

An Overview of Competition Policy Practice

2016 ◽  
Author(s):  
Xavier Vives
Keyword(s):  
European Union ◽  
United Kingdom ◽  
Consumer Protection ◽  
Competition Policy ◽  
Foreign Exchange Market ◽  
Banking Sector ◽  
The European Union ◽  
Policy Practice ◽  
The United Kingdom ◽  
Mediterranean Countries

This chapter examines the competition policy practice in different jurisdictions, focusing on the European Union, the United Kingdom, the United States, and a number of emerging and developing economies (Brazil, China, India, Mexico, Russia, and southern Mediterranean countries). It begins with a discussion of the concerns of the competition authorities in the European Union and the United Kingdom about the banking sector and proceeds by considering practice in the main competition policy areas that have been active in banking: mergers, cartels and restrictive agreements, and state aid. Among other issues, it reviews the tensions between the prudential and the competition authorities, the recent cases of international cartels on Libor and foreign exchange market, and some landmark cases in the European Union. It also looks at consumer protection, with a new impulse from behavioral ideas, and the convergence in aims between consumer protection and competition policies.

Another rating upgrade is likely for Hungary soon

2016 ◽  
Keyword(s):  
Monetary Policy ◽  
Interest Rates ◽  
Banking Sector ◽  
Credit Rating ◽  
Emerging Market ◽  
Investor Sentiment ◽  
Central Banks ◽  
The Philippines ◽  
Content Type ◽  
Investment Grade

Significance Hungary thereby regains investment-grade status, albeit at the lowest level, from being downgraded to 'junk' because of doubts about the government's policies and the high public debt burden. Hungary's improving creditworthiness, underpinned by its current account surplus and deleveraging in the banking sector, contrasts with the increasing strain on Poland's credit rating. Political risk has become a major driver of investor sentiment towards emerging markets. Impacts Emerging market assets have become more vulnerable as investors reprice US monetary policy. Futures markets are now assigning a 51% probability to another rise in US interest rates at or before the Federal Reserve's July meeting. Central Europe's government bond markets are being supported by the persistently dovish monetary policy stance of its central banks. This contrasts with Latin America, where inflationary pressures are forcing many central banks to raise rates. Brazil, Turkey, Poland and the Philippines are among several countries where political uncertainty is a key determinant of asset prices.

scholarly journals Juridical Analysis of Protection of Bank Customers from Skimming Action Reviewed from Consumer Protection Law

2019 ◽  
Vol 6 (4) ◽  
pp. 546
Author(s):  
Nor Hazrina ◽  
Yulfasni Yulfasni ◽  
Delfianti Delfianti
Keyword(s):  
Consumer Protection ◽  
Banking Sector ◽  
Service Providers ◽  
Legal Protection ◽  
Primary Data ◽  
Literature Study ◽  
Banking Services ◽  
Consumer Protection Act ◽  
Automatic Teller Machine ◽  
The Right

Today technology is growing rapidly including in the banking sector, banks as service providers continue to provide services to facilitate customer transactions, one of which is in the form of an ATM machine (Automatic Teller Machine), besides that customers as consumers in banking services also have the right to get comfort and security for funds entrusted by the customer to the bank, and also the bank is obliged to provide protection and safeguard against crime by third parties with skimming mode, as stipulated in the consumer protection law. The method in this research is normative juridical research. Research data were collected through literature study and interviews with resource persons to obtain primary data and literature studies to obtain primary data. The focus of this research is to find out how the Protection of Bank Customers From the Act of Skimming Viewed from the Consumer Protection Regulation. The results of the study indicate that the form of legal protection for bank customers from acts of skimming in terms of the Consumer protection Act that is legal protection and direct protection, and if there is a skimming action that is detrimental to the customer, and it is proven that there is no element of negligence from the customer, the bank will provide compensation for the amount of money lost.

scholarly journals Diffuse interest groups and regulatory policy change: Financial consumer protection in Turkey

2021 ◽  
Author(s):  
Mehmet Kerem Coban
Keyword(s):  
Interest Groups ◽  
Policy Change ◽  
Consumer Protection ◽  
Regime Change ◽  
Banking Sector ◽  
Regulatory Policy ◽  
Retail Banking ◽  
Policy Regime ◽  
State Actor ◽  
Regulatory Forbearance

This article examines why and how a regulation on retail banking fees, commissions, and charges emerged in Turkey after a long period of regulatory forbearance. The article shows that when regulatory forbearance caused stasis, and the “statist”, exclusionary policymaking context limited consumer groups’ access to the policymaking process, consumer groups challenged the policy regime of the banking sector and the regulator by appealing to another state actor, the Ministry of Customs and Trade. The Ministry took advantage of an opportunity structure to pass a new consumer protection law which assigned a de facto mandate on the regulatory agency to regulate fees, commissions, and charges. The article argues that the regulatory policy change was a product of a policy regime change with the Ministry emerging as a veto player, as it redefined the institutional arrangements in the policymaking process, and imposed its preferences and its stricter policy approach. As such, the article contributes to our understanding of the conditions of how diffuse interest groups can trigger regulatory policy change, but more importantly policy regime change.

scholarly journals Standard Contract on Banking Sector: Regulation and Description in Internal Banking Regulations

2021 ◽  
Vol 10 (2) ◽  
pp. 251
Author(s):  
Desak Putu Dewi Kasih ◽  
Putu Devi Yustisia Utami
Keyword(s):  
Consumer Protection ◽  
Financial Services ◽  
Banking Sector ◽  
Action Plan ◽  
Financial Service ◽  
Conceptual Approach ◽  
Services Sector ◽  
Standard Contract ◽  
Banking Regulations ◽  
Legal Consequences

This study aims to determine the regulations regarding standard contracts in the banking sector after the existence of the authority of the Otoritas Jasa keuangan, to find out the legal consequences of violations of the provisions of standard contracts carried out by banking financial services and to determine efforts to prevent violations of standard contracts by banking financial services. This is normative legal research with with statutory approach and a conceptual approach. The results show that the regulation regarding the standard contract after the existence of the OJK as a financial service consumer protection agency is regulated through the Financial Services Authority Regulation (POJK) No.1/POJK.07/2013 concerning Consumer Protection in the Financial Services Sector and in the Financial Services Authority Circular Letter (SEOJK) No. 13 /SEOJK.07 / 2014 regarding the Standard contract. The legal consequences of violating the provisions of the standard contract are not regulated in the POJK and the SEOJK. When it compared with the provisions of article 18 paragraph (3) of the Consumer Protection Law which explicitly states that violations of article 18 paragraphs (1) and (2) result in standard clauses being null and void, POJK and SEOJK only require financial service actors to make action plan, hence it is deemed to have no clear legal consequences. One of the efforts that must be made by banking financial service actors to prevent violations of the provisions of the standard contract is by making standard contract regulations independently and elaborating them in the internal banking regulations.

scholarly journals The efficiency of Islamic Banks in the Southeast Asia (SEA) Region

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Mohammad Abdul Matin Chowdhury ◽  
Razali Haron
Keyword(s):  
Southeast Asia ◽  
Banking Sector ◽  
The Philippines ◽  
Malmquist Productivity Index ◽  
Productivity Index ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Individual Country ◽  
Long Run ◽  
Global Banking

AbstractThe Islamic banking sector has become a crucial part of the global banking industry. Despite the Islamic banking industry’s encouraging growth in the Southeast Asia (SEA) region, prior studies mostly focused on Islamic banks’ efficiency in the individual country. To fill the literature gap, this study aims to measure the efficiency and productivity growth of Islamic banks in the SEA region. This study adopted the DEA technique and the Malmquist productivity index to evaluate 31 Islamic banks’ performance in SEA from 2014 to 2019. The results evidenced an improvement in efficiency and progress in productivity for the banks in the region. The findings documented better efficiency and gradual progress in productivity for Islamic banks in Indonesia, consistent efficiency for Malaysia, a significant improvement for Brunei; hence, both Thailand and the Philippines Islamic bank depicted a drop-in efficiency for 2019. The findings trigger bank managers to acknowledge the inefficiencies and their sources. Investors and policymakers may find the findings useful in observing the banks’ performance; thus, taking effective mechanism and policies to promote competent and sustainable SEA Islamic banks in the long run.

scholarly journals Troubles with the Chf Loans in Croatia: The Story of a Case Still Waiting to Be Closed

2021 ◽  
Vol 14 (2) ◽  
pp. 75
Author(s):  
Ana Kundid Novokmet
Keyword(s):  
Interest Rate ◽  
Central Bank ◽  
Consumer Protection ◽  
Financial Stability ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Supply And Demand ◽  
Holistic Approach ◽  
Negative Consequences ◽  
Credit Boom

In numerous Central and Eastern European (CEE) countries, the global financial crisis as well as the unpegging of the foreign exchange rate of the Swiss franc (CHF) against the euro amplified the repayment troubles of households with the outstanding CHF-linked debt. In Croatia, the CHF loans were approved mainly as mortgages to unprotected and subprime household borrowers without sufficient credit capacity for long-term euro-linked loans, which also contained a possibility of an incremental interest rate change, i.e., the so-called administrative interest rate. This article aims to disclose the reasons behind the credit boom of these loans, the unsustainable CHF debt hardship that the household sector consequently faced, and how it was/could have been resolved, with the Croatian banking sector at the center of the research. Although the CHF case of Croatia has some specificities concerning the prudential regulation and government-sponsored loan conversion, the findings about the supply and demand determinants of the CHF credit boom, as well as a critical assessment of the Croatian government and central bank interventions, might be useful for timely noticing universal threats from the exotic currency-linked loans for the systemic risk and financial stability, and for minimizing the negative externalities from probable debt relief measures. Based on the descriptive and univariate statistics conducted on Bloomberg and the Croatian National Bank (CNB) data, it was found that interest rate differentials and carry trading behavior were the main reasons for the rapid CHF credit growth in Croatia. Nevertheless, according to the financial experts’ opinions obtained via a questionnaire survey, and the court verdicts reached since, the financial consumer protection when contracting these loans was severely violated, which implies that the central bank must enhance its consumer protection role. By adopting a single-country and holistic approach, this is the first paper that deals with the socioeconomic dynamic of the CHF credit default issues in Croatia, which might be interesting as a case study or for making comparison with other CEE countries that have been coping with negative consequences of Swiss francization.

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