scholarly journals The impact of ICT on Financial Sector Policy Reforms in Post-Financial crisis era in Ghana:

2020 ◽  
Vol 9 (2) ◽  
pp. 82-100
Author(s):  
Julius Yaw Asamoah ◽  
Linda Owusu-Agyei
Keyword(s):  
Developing Countries ◽  
Financial Crisis ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Financial Sector ◽  
Sub Saharan Africa ◽  
Starting Point ◽  
Better Regulation ◽  
Policy Measures ◽  
The Impact

Ghana, like most other developing countries, is not isolated from the global financial crisis through the impact of such a crisis on economies. This paper examines the financial sector reforms and its effect on the Ghanaian economy, within the developing country context in general and in sub-Saharan Africa (SSA) in particular. The paper seeks to enhance the understanding of relevant policy measures and reflects on what else could be done. The article further studies the effect of change in the institutional environment on bank governance practices primarily to improve the industry’s supervision and regulation, related to the post-crisis exit strategies. This paper discusses the development of ICT infrastructure and application as a basis for the main dimension of Ghana’s digital transformation in financial services. This paper is, therefore, motivated by the lack of empirical studies that examines how the impact of the banking reforms play a substantial role in promoting innovative digital payment systems to replace cash transactions. From the perspective of institutional theory, the study looked at why (and how) a number of policy measures have a significant impact on the financial performance of banks? And how the applications of e-finance in ICT and financial practices, provides several benefits within the banking sector improve the sector’s image and leads to a broader, faster and more efficient market? The application of Koppenjan and Groenewegen (2005) ‘s four-layer model ‘levels of institutional analysis’ perspective seems to be the most useful starting point, which provides the basis for an improved understanding of revealing the inefficient delivery of Ghanaian banking industry in the past. A combination of a review of secondary and empirical data, interviewed used in the analysis. Findings indicate that the financial and banking sector reforms help the industry   advance digital banking culture and impact on the general expansion of the financial and the infusion of financial inclusion in Ghana. These conclusions would be particularly useful in a similar picture in other developing countries, as well as by the bank authorities to create their future policy. It also joins the debate on the impact of the banking reform, a key turning point towards better regulation to refine crisis prevention and resolution mechanisms.

scholarly journals The Impact of the Global Financial Crisis on China's Banking Sector

2017 ◽  
Vol 35 (1) ◽  
pp. 5-30
Author(s):  
Michiel Haasbroek ◽  
Jörn-Carsten Gottwald
Keyword(s):  
Financial Crisis ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Financial Sector ◽  
Chinese Economy ◽  
Initial Reaction ◽  
Top Down ◽  
Bottom Up ◽  
The Global Financial Crisis ◽  
The Impact

The banking sector had long been left at the fringes of China's reform policies. Major initiatives of the 1990 and early 2000s helped to balance the need for modernization and internationalization with the objective of preserving political control. When the Global Financial Crisis (GFC) erupted in 2007, it hit the Chinese economy but predominantly in its export sector and much less in its financial sector. Yet when exports collapsed and factories closed in the winter of 2008/2009, the Chinese leadership implemented an ambitious stimulus program and used its leverage over the financial sector to re-start economic growth. These factors – GFC and domestic stimulus – created a series of intended and unintended outcomes. Financial reform in China entered a new stage signalling a profound change in China's banking sector. These changes follow two sometimes contradictive, sometimes mutually reinforcing reform dynamics of top-down policies and bottom-up innovation. In this article we follow an institutional approach and discuss the intensified participation of China's big banks in the Go Out strategy, followed by a shift in the pattern of lending. One factor in this change is the rise of shadow banking and particularly an explosive growth in internet-based financial services. Thus, while the initial reaction to the GFC re-emphasized direct, top-down state involvement in the banking sector, the outcomes of the GFC, China's policies and business innovations have facilitated profound bottom-up changes.

scholarly journals Impact of Global Financial Crisis on IDB Member Countries: The Case of Gulf Cooperation Council and Sub-Saharan Africa

2008 ◽  
Vol 47 (4II) ◽  
pp. 583-601
Author(s):  
Zafar Iqbal
Keyword(s):  
Developing Countries ◽  
Financial Crisis ◽  
Global Economy ◽  
Global Financial Crisis ◽  
Foreign Minister ◽  
Sub Saharan Africa ◽  
Fuel Prices ◽  
Sub Saharan ◽  
The Global Financial Crisis ◽  
The Impact

The year 2008 witnessed three major crises (food, energy, global financial and economic crises) and their impacts were increasingly felt worldwide. Since the eruption of global financial crisis from September 2008, international financial markets have become more turbulent, and the global economic slowdown is expected to deepen further. Virtually no country, developing or developed, has escaped from the impact of the global financial turbulence, although countries that entered the crisis with less integration into the global economy have generally been less affected. There is an increasing concern that the ongoing global financial turbulence is likely to transform into human crisis, particularly in the developing world. Although, it will take sometime to assess the full impact of the these crises on developed as well as developing countries, various preliminary estimates have been reported about the losses due to these crises. For example, Kuwait Foreign Minister revealed in Arab Economic Summit that Arab investors lost $2.5 trillion just in four months (September to December 2008) due to credit crunch.1 Similarly, according to the latest estimate by the Asian Development Bank, the global financial market losses reached $50 trillion in 2008, which is equivalent to one year of world GDP.2 Like other developing countries, the impacts of these crises have also been increasingly felt in IDB member countries. Firstly, a large number of member countries were affected due to high food and fuel prices and since September 2008, they are being affected directly and indirectly by the global financial crisis although the channels of transmission are different from those operating in relatively more developed member countries.

What Has Not Changed

2019 ◽  
pp. 209-239
Author(s):  
Huw Macartney
Keyword(s):  
Financial Crisis ◽  
Business Models ◽  
Banking Sector ◽  
Value Added ◽  
Financial Sector ◽  
Quantitative Easing ◽  
The Real ◽  
Anglo American ◽  
The Impact

This chapter begins by explaining that financialization since the financial crisis has continued. The chapter then shows how the real culture of banking has not changed as a result. It examines the business models of the largest Anglo-American banks and the impact of Quantitative Easing to show the disconnect between the banks and their respective economies. It then examines rising household indebtedness, and the lending practices of the banks that exploit the heavily indebted. Finally it explores pay in the financial sector, showing that fixed and variable remuneration remain out of proportion to the value-added of the banking sector, and disproportionately high compared to pay in most other sectors. The conclusion we should draw is that bank culture has actually changed very little.

Fiscal and Monetary Policies in Reaction to the Financial Tsunami by the Taiwanese Government

2011 ◽  
Vol 14 (01) ◽  
pp. 153-169 ◽  
Author(s):  
Hsiao-Yin Chen ◽  
Cheng-Few Lee ◽  
Tzu Tai ◽  
Kehluh Wang
Keyword(s):  
Financial Crisis ◽  
Financial Market ◽  
Global Financial Crisis ◽  
The United States ◽  
Insurance Companies ◽  
Monetary Policies ◽  
Policy Measures ◽  
The Global Financial Crisis ◽  
The Impact ◽  
Taiwanese Government

The main purpose of this paper is to investigate the impact of the 2007 financial tsunami on the Taiwanese financial market. We find that, although significant for banks, security firms, and insurance companies, the effect was relatively lower if compared with that in Europe and the United States. In addition, we present fiscal and monetary policies issued by the Taiwanese government in reaction to the global financial crisis. These policy measures focused on stabilizing the financial market, reducing the level of unemployment, and creating more lending opportunities in support of Taiwanese companies. We also discuss the policy measures of the US government and other Asian countries in relation to the global financial crisis. Finally, we provide some suggestions to improve financial supervision and enhance financial reforms in Taiwan.

scholarly journals How effective have measures by Central Banks been in mitigating the impact of financial crisis

2021 ◽  
Vol 4 (2) ◽  
pp. 76-87
Author(s):  
Ibrahim Rimintsiwa
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Complex Form ◽  
Central Banks ◽  
Important Lesson ◽  
Area Of Interest ◽  
Policy Measures ◽  
The Impact

During the global financial crisis, central banks around the globe implemented a series of unconventional monetary policy measures such as quantitative easing among others to avert the impact of financial crisis on financial system. There exist numerous studies on this area of interest, with each guided by a specific view of the problem and selectively chosen empirical observations with regard to the different developments. This paper reviewed literature to ascertain the effectiveness of conventional monetary policy measures and unconventional monetary measures used in mitigating the impact of the 2007/2008 global financial crisis, specifically by the major central banks including the Federal Reserve, European Central Bank and Bank of England. The study used systematic quantitative assessment technique (SQAT) to determine a high quality of papers that have been reviewed in the study. The result proved that conventional monetary policy measures are still potent to deliver their desired objectives but inadequate in times of acute crisis. Empirical evidences proved that central banks have not practically abandoned the core elements of their pre-crisis monetary policy. Through a complex form of strengthening and reassessment, they have instead complimented, extended and somewhat improved their measures to mitigate the impact of the financial crisis. An important lesson of the crisis is that there is opportunity to reinforce central banks with macro prudential supervision and regulation. This should be seen as complementary to the existing monetary policy measure in order to deliver the twin objectives of price and financial stability.

scholarly journals The Impact of the Global Financial Crisis on the Management of Banking Risks

Equilibrium ◽  
2010 ◽  
Vol 5 (2) ◽  
pp. 33-45
Author(s):  
Alina Manta ◽  
Roxana Nanu
Keyword(s):  
Financial Crisis ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Absorption Capacity ◽  
External Financing ◽  
Financial Soundness ◽  
Global Liquidity ◽  
The Global Financial Crisis ◽  
External Sector ◽  
The Impact

The international macroeconomic and financial environment has undergone major negative changes since the global financial crisis. The magnitude and intensity of the economic and financial crisis have been underestimated by authorities worldwide. The uncertainties surrounding future developments remain high. In Romania, the main challenges posed by the external sector refer to the worsening perception of risks, including contagion effects from the adverse regional developments, the contraction of external markets, the less readily available external financing and the replacement of global liquidity risk by solvency risk. In spite of this, the banking sector continued to report positive financial soundness indicators, displaying and noticeable financial results. Stress testing analyses indicate a solid absorption capacity of moderate shocks. On the other hand, we proposed ourselves to quantify the degree of correlation between the European and Romanian banking systems through the solvency indicator using the trend analysis.

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