Record Details

BANKING SYSTEMS IN ROMANIA AND ICELAND: TWO DIFFERENT WORLDS BUT SIMILAR DEVELOPMENT

The Journal of Economic Development, Environment and People

View Archive Info
 
 
Field Value
 
Title BANKING SYSTEMS IN ROMANIA AND ICELAND: TWO DIFFERENT WORLDS BUT SIMILAR DEVELOPMENT
 
Creator Baicu, Claudia Gabriela
Mixa, Mar Wolfgang
 
Subject Economic Development
Romanian banking system, Icelandic banking system, global financial crisis, Romania, Iceland
G21, G28, O11
 
Description The novelty of this paper 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.      
 
Publisher Spiru Haret University
 
Contributor —
 
Date 2017-06-30
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
—
 
Format application/pdf
text/html
 
Identifier http://ojs.spiruharet.ro/index.php/jedep/article/view/2124
10.26458/jedep.v6i2.534
 
Source Journal of Economic Development, Environment and People; Vol 6, No 2 (2017); 24-44
2285-3642
 
Language eng
 
Relation http://ojs.spiruharet.ro/index.php/jedep/article/view/2124/pdf
http://ojs.spiruharet.ro/index.php/jedep/article/view/2124/html
 
Rights Copyright (c) 2017 Claudia Gabriela Baicu, Mar Wolfgang Mixa
http://creativecommons.org/licenses/by-nc-sa/4.0