Banking Systems in Romania and Iceland: Two Different Worlds but Similar Development
Journal Title: Journal of Economic Development, Environment and People - Year 2017, Vol 6, Issue 2
Abstract
The novelty of this article is the comparative analysis of the Romanian and Icelandic banking systems. The study results reveal that despite the fact that Romania and Iceland are two different worlds, there are several similarities between the banking systems of these countries. They include a late development of banking systems, foreigners contributing a great deal to the development of the banking systems in the early stage of evolution. After the Second World War until the 1990s specialized banks operated in both countries. The banking systems of both countries prior to the 1990s were dominated by politics. Liberalization of banking and capital occurred both in Romania and Iceland after 1990; the bank privatization process took place during a similar period (1999-2006, Romania; 1998-2002, Iceland). Before privatization, banks in both countries lacked experience in a new banking “arena”. The global financial crisis greatly affected the two banking systems. Despite similarities, the evolution of the two banking systems was also marked by differences, notably the ownership origin of banks after privatization (foreign dominance in Romania; domestic owners in Iceland) and different business models developed by banks in the pre-crisis period.
Authors and Affiliations
Claudia Gabriela Baicu, Mar Wolfgang Mixa
FROM PERFORMANCE MEASUREMENT TO STRATEGIC MANAGEMENT MODEL: BALANCED SCORECARD
In Today’s competitive markets, one of the main conditions of the surviving of enterprises is the necessity to have effective performance management systems. Decisions must be taken by the management according to the per...
THE IMPORTANCE OF NATURAL RESOURCES IN THE ALBANIAN ECONOMY
Natural resources plays a very important role in ensuring the livelihood of rural communities. Besides providing food, they can be a precursor to poverty reduction and economic growth. Decentralization of natural resourc...
CHARACTERISTIC OF IN-WORK POVERTY – A COMPARISON BETWEEN ROMANIA AND EUROPEAN UNION
The aim of this article is to analyse the characteristics of the working poor in Romania compared to other European Member States. In-work poverty is an important aspect in the discussions regarding the effectiveness of...
RECYCLING OF THE MSW IN THE SLOVAK REPUBLIC
Mariana Dubravská ABSTRACT The Paper aims at recycling of the MSW in the condition of Slovak Republic. Waste management is facing big criticism in Slovakia. It is one of the environmental policies that is written in po...
The Effect of Government Spending on Education to Human Capital in ACEH Province
This study was conducted to examine the effect of government spending on education, poverty, income per capita and the dummy of the main and newly established regions to education in Aceh Province. The data used in this...