Journal articles on the topic 'Financial Sector Reforms'
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Maurya, Nagendra Kumar. "Power Sector Reforms and Performance Assessment of Power Sector Utilities of Uttar Pradesh." Indian Journal of Public Administration 66, no. 1 (February 27, 2020): 77–96. http://dx.doi.org/10.1177/0019556120906073.
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A series of power sector reforms were undertaken by the state government aimed at introducing a set of regulatory reforms and at unbundling of what was originally an integrated State Electricity Board. The reforms aimed at segregating production, distribution and regulation functions. Ratification of the Electricity Act 2003 led to a further deepening of the reform process by dismantling monopoly in the power sector. The paper provides an overview of the impact of power sector reforms on the operational and financial performance of the power sector utilities of Uttar Pradesh. Utilising the data obtained from the Uttar Pradesh Power Corporation Ltd. and the Bureau of Public Enterprises, Uttar Pradesh, the paper highlights the status of transmission and distribution losses, aggregate technical and commercial losses, plant load factor, operating and financial performance of the state power utilities of Uttar Pradesh between 2002–2003 and 2015–2016 (the latest point of time for which data is available). In addition to other financial indicators, liquidity, asset management, leverage and profitability ratios have been calculated to analyse the financial performance. The paper concludes that the state power-utilities are yet to cover a long distance to become financially and commercially viable. However, the positive impact of the reform measures has been abundantly visible since the financial year 2012–2013.
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Okwu, Andy Titus, Olusola Babatunde Falaiye, Rowland Tochukwu Obiakor, and Ajibola Joseph Olusegun. "Do banking sector reforms cause economic growth?: Empirical evidence from Africa’s largest economy." Corporate Ownership and Control 13, no. 1 (2015): 553–64. http://dx.doi.org/10.22495/cocv13i1c5p3.
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This paper employed time series data on relevant empirical diagnostics to examine banking sector growth-led nexus within the context of Africa’s largest economy, Nigeria. Diagnostics established stationarity of banking sector indicators and control variables at first difference. Findings showed no causal relationships between banking sector reforms and economic growth in the short-run and that, though liberalisation in particular did not Granger-cause growth of the economy during the study period, banking sector reforms caused growth of the real sector of the Nigerian economy. Hence, the caveat was that long-run growth effects of banking sector reforms on real sectors of economies are functions of policy targets of such banking or financial sectors reform strategies. Consequently, articulation of banking and financial sectors reforms within long-run rather than short-run perspectives and complementarity of liberalisation were recommended.
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Kamasa, Kofi, Isaac Mochiah, Andrews Kingsley Doku, and Priscilla Forson. "The impact of financial sector reforms on foreign direct investment in an emerging economy: empirical evidence from Ghana." Journal of Humanities and Applied Social Sciences 2, no. 4 (June 27, 2020): 271–84. http://dx.doi.org/10.1108/jhass-11-2019-0077.
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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.
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Krinichansky, K. V., and B. B. Rubtsov. "Financial sector regulation on the agenda of economic Policy reforms." Finance: Theory and Practice 26, no. 5 (November 8, 2022): 6–21. http://dx.doi.org/10.26794/2587-5671-2022-26-5-6-21.
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The aim of the research is to identify trends that set the agenda of the structural reforms of OECD countries, as well as of the organization’s partner countries, in the context of the place of financial sector reforms in it.The authors apply the following methods: content-analysis of sources, monitoring of directions and instruments of economic policy in the financial sector, analysis of approaches used by international organizations in order to determine reform priorities (benchmarking), and decomposition of the components of the financial sector reform agenda. The paper shows that the agenda of financial liberalization, formulated in the 1970s, is mostly exhausted, although a certain gap remains between countries with developed and emerging markets in terms of the financial liberalization index. Financial regulatory reforms focused on the goal of building a more resilient global financial system, formulated in the aftermath of the 2007–2009 crisis, are affecting all countries and are also ending. Reforms are now coming to the fore, focusing on areas of the structural transformation agenda such as inclusive growth and an environmental perspective.The paper concludes that the main components of financial reforms in an inclusive context are financial inclusion, financial and digital literacy. In terms of the environmental agenda, the countries are focusing on the tasks of directing financial resources to the implementation of the UN sustainable development goals, introducing ESG investment principles for financial institutions, and developing and implementing principles for issuing green financial instruments.
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Andilile, James, and Saganga Mussa Kapaya. "A Review of the Impact of Reforms on Financial Viability and Sustainability of Tanzania’s Power Sector." Applied Economics and Finance 8, no. 6 (November 5, 2021): 47. http://dx.doi.org/10.11114/aef.v8i6.5398.
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In Tanzania, reforms were mooted in the 1990s to solve two intertwined problems; the financing of investment and reducing the fiscal drain on the government to the sector. This study deploys the ARDL Model and paired-sample t-statistic tests, with profitability and liquidity data from 1989 to 2020 to examine the impact of the reforms on sectoral financial condition in Tanzania. The results suggest that both profitability and liquidity did not significantly improve after reforms. Apart from commercialization policy, other variables were not statistically significant with privatization and liberalization law exerting a negative pressure on liquidity. The findings, therefore, appear to contradict the theoretical view that the reforms improve the financial condition of both the sector and the governments. The outcome can be explained by unfinished reforms manifested by continued politicization of the sector hence underpricing and underinvestment. To ensure sectoral financial viability and sustainability we recommend that the reform policies such as commercialization, corporatization, and independent regulation should be prioritized. These findings will add value to policymakers in Tanzania and beyond which are reforming their power sectors by recognizing that efficient pricing and investment are key for a viable and sustainable financial condition of the sector.
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Ibhagui, Oyakhilome. "Financial Reforms, Capital Investment and Financial Intermediation in China." South Asian Journal of Macroeconomics and Public Finance 9, no. 1 (December 12, 2019): 58–86. http://dx.doi.org/10.1177/2277978719875624.
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China has witnessed remarkable changes in its capital investment and financial system since initiating economic and financial sector reforms more than three decades ago. However, there is a dearth of studies examining what impact these reforms have had on financial intermediation, measured by credit growth, in the country. This article addresses this vacuum and investigates the effect of financial sector and capital investment reforms on credit growth in China between 1986 and 2016. We examine how real interest rate (the financial reform indicator) and gross fixed capital formation (the economic capital investment indicator) are linked with financial intermediation in China. Our empirical results suggest that although gross fixed capital formation positively influences credit growth, there is no evidence that real interest rates influence credit growth in China. The main message is that credit has grown in China, not because of financial intermediation but because of the increased need to finance growing fixed capital investment. JEL Classification: E43, E44, F65
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Munasib, Abdul, Devesh Roy, and Xing Chen. "Financial Reforms and International Trade." B.E. Journal of Economic Analysis & Policy 14, no. 4 (October 1, 2014): 1237–81. http://dx.doi.org/10.1515/bejeap-2013-0104.
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Abstract We provide evidence that financial reforms (over 1976–2005) significantly affected exports, in particular, of industries with higher external capital dependence and low asset tangibility. The coverage of reforms is comprehensive, encompassing the banking sector, interest rates, equity and international capital markets. Our methodology improves upon existing studies by controlling for time-varying unobserved exporter characteristics and unobserved country-specific industry characteristics. We find significant effects of various reforms with diverse impacts by intensity. Further, event studies that incorporate possible anticipated and lagged effects of commencement of reform policies confirm the findings.
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International Monetary Fund. "Financial Sector Reforms and Monetary Policy." IMF Working Papers 91, no. 127 (1991): i. http://dx.doi.org/10.5089/9781451854947.001.
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Varma, Jayanth R. "Indian Financial Sector Reforms: A Corporate Perspective." Vikalpa: The Journal for Decision Makers 23, no. 1 (January 1998): 27–38. http://dx.doi.org/10.1177/0256090919980105.
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Until the early 90s⁄ corporate finance managers in India were given very little freedom in the choice of key financial policies as the government regulated the pricing of debt and equity instruments and directed the flow of credit. Financial sector reform over the last six years has exposed managers to complex financial choices amidst increased volatility of interest rates and exchange rates, and made them accountable to an increasingly competitive financial marketplace. Nevertheless, the slow pace of financial liberalization so far has given Indian corporates the luxury of learning slowly and adapting gradually. Gradualism has also meant that there is a large unfinished agenda of financial sector reforms. According to Jayanth Varma⁄ Indian companies should now prepare themselves for further changes that lie ahead. The East Asian crisis is a warning for the Indian corporate sector to pursue more prudent and sustainable financial policies.
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Ogawa, Sumiko, Joonkyu Park, Diva Singh, and Nita Thacker. "Financial Interconnectedness and Financial Sector Reforms in the Caribbean." IMF Working Papers 13, no. 175 (2013): 1. http://dx.doi.org/10.5089/9781484307830.001.
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Ongaro, Edoardo, and Walter Kickert. "EU-driven public sector reforms." Public Policy and Administration 35, no. 2 (April 10, 2019): 117–34. http://dx.doi.org/10.1177/0952076719827624.
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This paper is the introduction article to the special issue on EU-driven public sector reforms. European Union (EU) governance has dramatically changed since the outburst of the financial, economic and fiscal crises in 2007–2008. The dramatically changed circumstances have led to heightened EU influence in the field of the organization of the public sector of Member States, leading to major reforms of the public sector of Member States under conditions of radical fiscal consolidation. We call these ‘EU-driven public sector reforms’. The Greek, Hungarian, Irish and Italian cases of reform of the public sector in recent years, accounted for in this special issue, are different instances, with diverse outcomes, of this phenomenon. This article reviews the theoretical perspectives that can be employed for the study of EU-driven public sector reforms – these include notably the policy of conditionality; Europeanization; and a combination of learning, leadership and multiple streams theories – and the evidence about the features, doctrinal contents and effects of such reforms arising from the four case studies in the special issue.
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Khan, Muhammad Arshad, and Abdul Qayyum. "Trade Liberalisation, Financial Sector Reforms, and Growth." Pakistan Development Review 45, no. 4II (December 1, 2006): 711–31. http://dx.doi.org/10.30541/v45i4iipp.711-731.
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The relationship between trade liberalisation, financial reforms and economic growth has been well-documented in the economic literature. A considerable body of literature suggests a strong and positive link between trade liberalisation, financial development and economic growth. It has been argued that trade and financial liberalisation policies reduce the inefficiency in the production process and positively influence economic growth. This argument is strengthened by the fact that countries with more open trade and financial policies may grow faster than those with restricted trade and financial policies. An increasing openness is expected to have positive impacts on economic growth [Jin (2000); Fry (1995, 1997); Darrat (1999); Levine (1997); Mckinnon (1973); Shaw (1973) and World Bank (1989)]. There is growing consensus among the researchers that both liberalisation policies are expected to exert positive impacts on economic growth.
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Kalsie, Anjala, and Chand Tandon. "Capital Account Convertibility and Financial Sector Reforms." Review of Professional Management- A Journal of New Delhi Institute of Management 7, no. 1 (June 1, 2009): 44. http://dx.doi.org/10.20968/rpm/2009/v7/i1/100892.
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Galbis, Vicente. "Sequencing of Financial Sector Reforms: A Review." IMF Working Papers 94, no. 101 (1994): i. http://dx.doi.org/10.5089/9781451852462.001.
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Rena, Ravinder. "Indian economy: financial sector reforms and development." International Journal of Business and Emerging Markets 1, no. 4 (2009): 387. http://dx.doi.org/10.1504/ijbem.2009.023923.
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Leung, Suiwah. "Banking and Financial Sector Reforms in Vietnam." Asean Economic Bulletin 26, no. 1 (April 2009): 44–57. http://dx.doi.org/10.1355/ae26-1d.
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Rangarajani, C. "Rationale of Reforms in the Financial Sector." Indian Economic Journal 46, no. 3 (March 1999): 48–54. http://dx.doi.org/10.1177/0019466219990304.
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Yah, Neba Cletus. "The Political Economy of Financial Reforms in Cameroon." Jurnal Ekonomi dan Studi Pembangunan 12, no. 2 (May 28, 2020): 127. http://dx.doi.org/10.17977/um002v12i22020p127.
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The aim of this study is to analyse the factors that influence the adoption of financial sector reforms in Cameroon. The Abiad et al. (2008) technique is used to construct a financial reform index for Cameroon and the ordered logit model employed to identify its drivers for the period 1973-2017. The results show that financial reforms in Cameroon follow a progressive and constant pace and stands at the level of 88% in relative terms in 2017. The process of financial reforms is driven by the level of financial development, institutional quality, trade openness and economic crisis.
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Ahn, Choong Yong, and Baekin Cha. "Financial Sector Restructuring in South Korea: Accomplishments and Unfinished Agenda." Asian Economic Papers 3, no. 1 (January 2004): 1–21. http://dx.doi.org/10.1162/1535351041747987.
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South Korea has undertaken major and far-reaching actions to rebuild and improve its financial sector since the financial crisis of 1997. Various measures to clean up the balance sheets of financial institutions have helped to normalize the financial system earlier than expected and have significantly eased the credit crunch. Despite the many significant changes in the South Korean economy brought about by financial reform, the country must continue with further improvements if it expects to build a stronger and more competitive financial industry that can thrive in the international market. To sustain the momentum of its initial reform effort, South Korea should institute additional financial reforms, eliminate moral hazard, and establish new market-based rules.
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Nyamita, Micah Odhiambo, and Elijah Wanamboe Wekesa. "A Review of Economic Status and Public Sector Financial Management Reforms in Kenya." Journal of Economics and Public Finance 1, no. 1 (November 2, 2015): 47. http://dx.doi.org/10.22158/jepf.v1n1p47.
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<em>Practical concerns relating to successful public financial management ultimately determines whether or not there is good governance at all public sector institutions</em><em>. Although there is growing literature on national public financial management in general, the researchers feel that less attention has been focused on the financial management reforms in Kenya. This paper, therefore, reviewed literature on public sector financial management reforms in Kenya, starting with the current economic status in Kenya. The exceptionality of this paper was the use of a significant body of literature focusing on 15 articles concerning the public sector financial management reforms and economic status in Kenya. The findings could assist in creating awareness on the main themes of public sector financial management reforms within the Kenyan public sector and help the national policy makers to develop measures of enhancing performance within the sector.</em>
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Raza, Ali, Muhammad Usman ., and Muhammad Akram . "Analysis of Financial Sector Reforms and Impacts: Reflections from Pakistan." Information Management and Business Review 3, no. 2 (August 15, 2011): 91–102. http://dx.doi.org/10.22610/imbr.v3i2.921.
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The purpose of this paper is to examine all efforts made by the Government of Pakistan in order to uplift the efficiency of financial sector through financial restructuring institutions such as banks, as well as to recognize the impact of these reforms on various financial indicators. Results of this study suggested that financial sector performance was very much better after the completion of first generation reforms but many new reforms are still required for macroeconomic stability and economic growth of Pakistan. This was the first attempt made by researcher in which detailed discussion was provided about financial sector reforms and it will help out the policy makers while developing policies for future and it will enhance the knowledge of economists and all other beneficiaries as well. Moreover, discussion for further reforms and gap for future studies was also provided.
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Abdel-Baki, Monal. "An empirical investigation of the role of the Egyptian banking sector in attenuating the virulence of financial crises." Corporate Ownership and Control 7, no. 4 (2010): 14–24. http://dx.doi.org/10.22495/cocv7i4sip3.
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The aim of this paper is to compare the relative efficacy of Egyptian public, private and foreign banks in alleviating adverse macroeconomic meltdowns inflicted by financial crises by employing the Pedroni Fully Modified Ordinary Least Squares (FMOLS) method. The research contrasts two financial reforms: the liberalization phase of 1991-2003 to the Banking Reform Plan (2004-2009). The results of the study reveal that financial reforms have rendered foreign and domestic private banks more efficient in enhancing credit flow to the real sector, whilst making state-owned banks more successful in mobilizing savings during financial crises.
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Zwalbong, Nimfa F., Hauwa L. Abubakar, and Umar Abbas Ibrahim. "Financial Reforms in Nigeria and Its Effect on the Performance of Quoted Manufacturing Firms." WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 19 (September 6, 2022): 1443–51. http://dx.doi.org/10.37394/23207.2022.19.130.
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The study examined the effect of financial reforms on the performance of quoted manufacturing firms in Nigeria. The study used an expo-facto research design. The study population comprises 44 manufacturing companies quoted at [1], which include Agriculture, Conglomerates, Consumer goods, Healthcare / Pharmaceuticals, Industrial goods, and Natural Resources. Thus, using a study period of 10 years (2010 – 2019) data on financial sector reforms (financial deepening, domestic credit, liquidity, market capitalisation, exchange rate and interest rate) carried out in Nigeria, being the independent variable and on performance (capacity utilization). Panel structured secondary data were collected and analyzed using the Generalized Moment of Methods (GMM) in STATA 15. The financial reform indicators: financial deepening (FDP), domestic credit, market capitalization, liquidity and exchange rate have p-value less than 0.05 (5%) level of significance, thus implying that the financial reforms’ indicators affect the performance as proxied by the capacity utilization of the manufacturing firms in Nigeria. Although, the interest rate which is one of the indicators of financial reforms returns a p-value greater than 0.05 (5%) and thus not having significant effect on the performance of the firms. The study suggested that the manufacturing firms should put measures to optimize the use of accessible funds to ensure optimal capacity utilization, as this will translate into increased productivity, profitability, and financial stability. The government should vigorously pursue monetary policies to ensure the injection of funds into the financial sector, to enhance the capacity of deposit money banks to allocate more credit to the sector at affordable rates. This will enable the optimal operation of the manufacturing sector in Nigeria.
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Potter, Brad. "Financial accounting reforms in the Australian public sector." Accounting, Auditing & Accountability Journal 15, no. 1 (March 1, 2002): 69–93. http://dx.doi.org/10.1108/09513570210418897.
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In recent years in Australia, accounting regulations have been developed that require the adoption of commercial accounting and reporting practices by public‐sector organisations, including the recognition of cultural, heritage and scientific collections as assets by non‐profit cultural organisations. The regulations inappropriately apply traditional accounting concepts of accountability and performance, notwithstanding that the primary objectives of many of the organisations affected are not financial. This study examines how this was able to occur within the ideas outlined in Douglas’s (1986) How Institutions Think. The study provides evidence to demonstrate that the development; promotion, and defense of the detailed accounting regulations were each constrained by institutional thinking and, as a result, only certain questions were asked and many problems and issues associated with the regulations were not addressed. Thus, it seeks to further our understanding of the nature and limits of change in accounting and the role of institutions in promoting and defending changes to accounting practice.
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Etudaiye-Muhtar, Oyebola Fatima, Rubi Ahmad, Taiwo Azeez Olaniyi, and Bilqees Ayoola Abdulmumin. "Financial Market Development and Bank Capitalization Ratio." Paradigm 21, no. 2 (December 2017): 126–38. http://dx.doi.org/10.1177/0971890717736211.
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Financial sector liberalization in many African countries, set in a series of financial sector reforms, aimed at developing the system. Theoretically, reforms that develop the banking sector are expected to improve banks’ performance and reduce excessive bank-risk taking by enhancing bank capital ratio in addition to maintain the stability in the system. Nonetheless, literature also shows that the health of the financial system may be at risk following a liberalization process in the form of contagion effects of financial markets integration. A recent example is the global 2007/2008 global financial crisis. Against this background, this article examines the extent to which banking sector development in selected African countries affect the commercial banks’ capitalization ratio. Employing a dynamic panel regression technique for the examination while controlling for bank-specific and macroeconomic factors over the period 2000–2014, this article finds that banking sector development in the selected countries improves bank capital ratio consistent with the aims of banking sector reforms and the maintenance of stable financial system.
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Sole, Juan, Gabriel Sensenbrenner, Amor Tahari, J. E. J. De Vrijer, Marina Moretti, Patricia D. Brenner, and A. Senhadji Semlali. "Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries." IMF Working Papers 07, no. 125 (2007): 1. http://dx.doi.org/10.5089/9781451866896.001.
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Karmacharya, Sharad B. "Lessons to be Learned from the Experience of Electricity Reforms in India." Hydro Nepal: Journal of Water, Energy and Environment 11 (July 7, 2012): 29–36. http://dx.doi.org/10.3126/hn.v11i0.7158.
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The electricity sectors in India have been undergoing significant reforms since nineties. The initial status of the electricity sector when reform of the industry was initiated was very similar across all states in India. The state electricity boards prior to reform were vertically integrated public utilities, the distribution companies had significant technical and commercial losses and the state utilities were in poor financial health. Most states in India shared similar stories; however, when these states reformed their electricity sector in the nineties, we see differences in the current market structure despite all states having started with similar industry organization. In this paper, we carry out case studies of electricity sector reforms in Orissa, Delhi and Karnataka. These three cases have been selected for their diversity in approaches to electricity reform. What motivated these states to reform? What types of market designs are currently in place and why market designs differed in these states? We analyse these cases and aim to explain the differences in sector performances and extract some lessons in the context of Nepal’s electricity sector.DOI: http://dx.doi.org/10.3126/hn.v11i0.7158 Hydro Nepal Vol.11 2011 pp.29-36
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Mody, R. J. "Reforms in Non-bank Financial Intermediaries." Vikalpa: The Journal for Decision Makers 19, no. 4 (October 1994): 41–48. http://dx.doi.org/10.1177/0256090919940404.
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Reforms in the financial sector would mean changes in financial institutions and financial markets. Financial institutions can be classified into banks and non-bank financial intermediaries. In this article, R J Mody focuses on reforms in the area of non-bank financial intermediaries.
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De Silva Lokuwaduge, Chitra Sriyani, and Keshara De Silva. "Determinants of public sector accounting reforms." International Journal of Public Sector Management 33, no. 2/3 (January 13, 2020): 191–205. http://dx.doi.org/10.1108/ijpsm-03-2019-0085.
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Purpose The purpose of this paper is to extend the New Public Financial Management concept and the contingency model approach to an analysis of the determinants of the accrual-based International Public Sector Accounting Standards (IPSAS) adoption process as a financial management reform in Sri Lanka, a developing country in Asia. Design/methodology/approach Based on the prior literature, this paper develops a framework to highlight the importance of accrual-based reforms in public sector accounting policies to enable better transparency and accountability. It shows the extent to which Sri Lankan public sector institutions have adopted IPSAS-based accounting standards and the limitations of adopting these standards in a developing country, using documentary analysis. Findings In developing countries, the public sector faces practical problems when adopting reforms due to limited institutional capacity, high political involvement and bureaucracy in decision making. This paper concludes that significant policy changes towards the adoption of international accounting standards have gained momentum over the last decade in Sri Lanka while the much larger economies in Asia are still studying this process. However, the prevailing political uncertainty in Sri Lanka has negatively impacted the implementation process. Originality/value Relatively little is known about the diffusion of, and the difficulties in, implementing accrual-based IPSAS in the Asian region. This paper is an attempt to fill this gap by exploring the Sri Lankan experience. This could be applied by other developing countries in Asia, including the high-growth nations, for policy adoption and accounting harmonisation.
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Olowofela, Enitan O., Edward Adedoyin Adebowale, and Ayoola Quadri Adejonwo. "Financial Sector Reforms and Economic Growth: Evidence from Nigeria." Binus Business Review 9, no. 2 (July 31, 2018): 171–76. http://dx.doi.org/10.21512/bbr.v9i2.4359.
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This research analyzed the impact of financial reforms on economic growth in Nigeria. The scope of this research covered the period between1986– 2016.This period was chosen because liberalization of Nigeria financial sector began in 1986 with the introduction of Structural Adjustment Programme (SAP), which policy thrust included deregulation of interest rates. Secondary data were collected from Central Bank of Nigeria statistical bulletin and National Bureau of Statistics publications. This research used econometrics analysis. Ordinary Least Squares (OLS) technique and Cochrane Orcutt iterative method were used to analyze the data. The results show that implemented financial reforms during the period has positive impact on economic growth. This research recommends that government should enhance financial reforms and macroeconomic stability and be sensitive to the behavior of interest rates especially, lending rates for overall economic growth in the country.
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Henisz, Witold J., and Edward D. Mansfield. "The Political Economy of Financial Reform: de Jure Liberalization vs. de Facto Implementation." International Studies Quarterly 63, no. 3 (June 21, 2019): 589–602. http://dx.doi.org/10.1093/isq/sqz035.
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AbstractOver the past three decades, numerous countries have engaged in financial reform, prompting widespread interest in the sources of this development. Virtually all of the studies conducted on this topic, however, have focused on explaining neoliberal policy adoption in the financial sector, without addressing whether the adopted reforms actually generate neoliberal economic outcomes. This gap in the literature is important because many policy reforms are not implemented or enforced. In this article, we conduct one of the first studies of the conditions under which de jure financial reforms are implemented, yielding de facto financial liberalization. We argue that democracy inhibits de facto financial reform when society at large is dissatisfied with government. Under these circumstances, democratic officials may be tempted to announce but not to follow through on financial policy liberalization or be unable to follow through, either fearing or facing opportunistic political opposition from legislative or partisan veto players who either represent or seek the electoral support of interest groups harmed by implementing financial reforms. Based on an analysis of ninety countries from 1980–2005 corroborated by a series of illustrative case studies, we find considerable support for this argument.
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Nyasha, Sheilla, and Nicholas M. Odhiambo. "The evolution of bank-based financial system in the United Kingdom." Corporate Ownership and Control 11, no. 1 (2013): 483–92. http://dx.doi.org/10.22495/cocv11i1c5art3.
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This paper gives an overview of the banking sector in the U.K.; it highlights the reforms since the second half of the 20th Century; it tracks the growth of the banking sector in response to the reforms implemented over the past seven decades; and finally, it highlights the challenges facing the banking sector in the U.K. The country’s banking sector consists of more than 340 commercial banks, with the Bank of England, which is the economy’s central bank, at the apex. Since the 1970s, the U.K. government has implemented a number of banking sector reforms – in order to safeguard and improve the banking sector. The response to these reforms, by the banking sector, has been varied. As a result of these reforms, there has been an increase in the activity of foreign banks as the financial sector was regulated. There has also been an improvement in the Central Bank’s oversight of the financial institutions, and an enforcement of the banks’ capital-adequacy requirements. By any standard, the U.K. currently has one of the most developed banking systems in world. The country has enjoyed a substantial bank-based financial sector development over the years, and its institutional framework has also grown stronger. However, like any other financial system, the U.K. banking system still faces wide-ranging challenges, such as less than adequate disclosure standards, contagion risk from the euro zone, squeezed interest margin and uncertainties caused by changes in regulatory regimes.
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Sáez, Lawrence. "The Political Economy of Financial Services Reform in India: Explaining Variations in Political Opposition and Barriers to Entry." Journal of Asian Studies 68, no. 4 (November 2009): 1137–62. http://dx.doi.org/10.1017/s0021911809990805.
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This article offers an explanation for disparities in the speed and level of political opposition to reform of the financial services sector in India. Focusing on the disparity of outcomes in reform of the insurance and the banking sector, the author suggests why some barriers to entry were present in India during the reform process. The author extends this argument to explain differing levels of political opposition to reform in the banking and insurance sectors. To provide empirical support for this theoretical construct, the author uses measures of market segmentation and market concentration to show how specific forms of state ownership helped promote divergent types of political opposition that built in India during the decision-making stage of reform and during the implementation of second-generation reforms. The experience of financial services reform in India offers important lessons for the new institutional economics literature on early transition elsewhere.
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Begolli, B., and A. Lajçi. "Water services sector reform: the Kosova experience." Water Supply 16, no. 1 (July 18, 2015): 26–33. http://dx.doi.org/10.2166/ws.2015.104.
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Governments of countries with emerging economies usually are not very successful in providing safe and sufficient potable water and adequate wastewater services to their citizens. The reasons vary from inadequate institutional structures to chronic under-investment in water infrastructure. To address this, governments embark on reforms based on commonly accepted principles of good governance such as: separation of policy, regulation and service delivery; protecting customer interests; and ensuring financial viability of water utilities and restructuring them so as to benefit from economies of scale and economies of scope. Kosova initiated water sector reforms in 2000 based on five pillars: (i) establishment of a legal and institutional framework, (ii) consolidation of 30 municipal water utilities into seven regional entities, (iii) incorporation in line with corporate governance principles, (iv) establishment of an independent economic regulator and (v) ownership and pushing of reforms by government. The paper describes the challenges encountered in implementing these reforms which, as far as the institutional and legislative framework is concerned, were successfully completed by 2008. Also, the difficulties associated with consolidation of newly created institutions resulting from the reform and defining their roles in the water services sector are described in the paper.
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Nyasha, Sheilla, and Nicholas M. Odhiambo. "The australian banking sector reforms: Progress and challenges." Corporate Ownership and Control 10, no. 4 (2013): 469–78. http://dx.doi.org/10.22495/cocv10i4c5art4.
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This paper gives an overview of the Australian banking sector; it highlights the reforms since the 1970s; it tracks the growth of the banking sector in response to the reforms implemented over the past five decades; and finally, it highlights the challenges facing the Australian banking sector. The country’s banking sector consists of more than 60 commercial banks, with the Reserve Bank of Australia, the country’s central bank, at the apex. Since the 1980s, the Australian government has implemented a number of banking sector reforms in order to safeguard and improve the banking sector. The response to these reforms by the banking sector has been varied. As a result of these reforms, there has been an increase in the number of banks and a decrease in the number of building societies and credit unions. There has also been an improvement in the central bank’s oversight of the financial institutions, and an enforcement of the banks’ capital-adequacy requirements. Currently, Australia has one of the most developed banking systems in the world. The country has enjoyed a substantial bank-based financial sector development over the years, and its institutional framework has also grown stronger. However, like any other country’s financial system, the Australian banking system still faces wide-ranging challenges, such as bank concentration and exposure.
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Nyasha, Sheilla, and Nicholas M. Odhiambo. "Banking sector reforms in Kenya: Progress and challenges." Corporate Ownership and Control 10, no. 1 (2012): 88–96. http://dx.doi.org/10.22495/cocv10i1art8.
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This paper gives an overview of the banking sector in Kenya; it highlights the reforms since the country‟s independence in 1963; it tracks the growth of the banking sector in response to the reforms implemented over the past four decades; and finally, it highlights the challenges facing the banking sector in Kenya. The country‟s banking sector consists of more than 40 commercial banks, with the Central Bank of Kenya, which is the country‟s central bank, at the apex. Since the 1980s, the Kenyan government has implemented a number of banking sector reforms – in order to safeguard and improve the banking sector. The response to these reforms by the banking sector has been varied. As a result of these reforms, there has been a shift in the dominance from the State-owned banks to the private commercial banks. There has also been an improvement in the Central Bank‟s oversight of the financial institutions, and an enforcement of the banks‟ capital-adequacy requirements. By the standards of African countries, Kenya currently has one of the most developed banking systems in Africa. The country has enjoyed a substantial bank-based financial sector development over the years, and its institutional framework has also grown stronger. However, like many other developing countries‟ financial systems, the Kenyan banking system still faces wide-ranging challenges, such as high interest rate spreads and financial inclusion challenges
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Honohan, Patrick. "Financial Sector Failures in Western Africa." Journal of Modern African Studies 31, no. 1 (March 1993): 49–65. http://dx.doi.org/10.1017/s0022278x00011800.
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At a time when radical reforms are being implemented not only in Eastern Europe and Russia, but also in a number of ex-socialist economies in Africa, a review of an earlier wave of relevant financial changes in the post-independence era can be instructive. Previously, currency and banking arrangements were largely equivalent to those of the colonial powers, but in or about 1960 for most states, and as late as 1975 for the ex-Portuguese territories, real choices had to be made, and the ruling régimes chose a variety of quite divergent paths.
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Yoo, Tae Hwan. "Indian Banking Sector Reforms: Review and Prospects." International Area Review 8, no. 2 (June 2005): 167–89. http://dx.doi.org/10.1177/223386590500800209.
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Development in the financial sector, in particular, the banking sector, plays a key role in stimulating and stabilizing economic growth. Since the foreign exchange crisis in 1991, India has undertaken banking sector reforms. This paper focuses on the following two issues. First, I provide an overview of development in the banking sector over the years, especially after the implementation of the reform policy programs. In order to show the evolution of the Indian banking sector, I examine the reserve ratios reduction, interest rate deregulation, and ratios of non-performing assets. Second, this paper investigates the performance of banking groups by comparing the degree of profitability, and the soundness and efficiency of banks in India. In conclusion, while reform policies have had positive effects on the performance of banks, especially Public Sector Banks in India, the Indian government has to take further steps to deregulate and liberalize the banking industry.
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Mohan, Rakesh. "Reforms, Productivity, and Efficiency in Banking: The Indian Experience (Distinguished Lecture)." Pakistan Development Review 44, no. 4I (December 1, 2005): 505–38. http://dx.doi.org/10.30541/v44i4ipp.505-538.
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India embarked on a strategy of economic reforms in the wake of a serious balance-ofpayments crisis in 1991. A central plank of the reforms was reform in the financial sector and, with banks being the mainstay of financial intermediation, the banking sector. The objective of the banking sector reforms was to promote a diversified, efficient and competitive financial system with the ultimate objective of improving the allocative efficiency of resources through operational flexibility, improved financial viability and institutional strengthening. Beginning from 1992, Indian banks were gradually exposed to greater domestic and international competition. India’s approach to banking reforms has been somewhat different from many other countries. Whereas there has not been privatisation of public sector banks, through a process of partial disinvestment a number of public sector banks have been listed in Stock Exchanges and have become subject to market discipline and greater transparency in this manner. Besides, newly opened banks from the private sector and entry and expansion of several foreign banks resulted in greater competition. Consequent to these developments, there has been a consistent decline in the share of public sector banks in total assets of commercial banks and a declining trend of Herfindahl’s concentration index. Improvements in efficiency of the banking system were reflected in a number of indicators, such as, a gradual reduction in cost of intermediation (defined as the ratio of operating expense to total assets) in the post reform period across various bank groups (barring foreign banks), and decline in the non-performing loans. As a result of these changes, there has been an all-around productivity improvement in the Indian banking sector. While the cost income-ratio (i.e., the ratio of operating expenses to total income less interest expense) as well as net interest margin (i.e., the excess of interest income over interest expense, scaled by total bank assets) of Indian banks showed a declining trend during the post-reform period, the business per employee of Indian banks increased over three-fold in real terms exhibiting an annual compound growth rate of nearly 9 percent. At the same time, the profit per employee increased more than five-fold, implying a compound growth of around 17 percent. Branch productivity also recorded concomitant improvements. Such productivity improvements in the banking sector could be driven by two factors: technological improvements, which expands the range of production possibilities and a catching up effect, as peer pressure amongst banks compels them to raise productivity levels. As far as the future of Indian banking is concerned, a number of issues, such as the credit to small and medium enterprises, customers’ interests and financial inclusion, reducing procedural formalities, listing of the public sector banks in the stock exchange and related market discipline are of paramount importance.
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Bajpai, Nirupam. "A Decade of Economic Reforms in India: The Unfinished Agenda." Metamorphosis: A Journal of Management Research 1, no. 2 (July 2002): 125–54. http://dx.doi.org/10.1177/0972622520020202.
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This paper aims to assess the economic reforms in India undertaken during the 1990s. India has gone through the first decade of her reform process. Hence, an assessment of what has been achieved so far and what remains on the reform agenda is in order. Reforms in the industrial, trade, and financial sectors, among others, have been wide and deep. As a consequence, they have contributed more meaningfully in attaining higher rates of growth. A decade of opening of the economy has produced new dynamism, most dramatically in the information technology sector, but in others as well. The new technologies (especially information technology and biotechnology) give new opportunities for economic and social development. It is necessary to move swiftly to complete many of the reforms, which are now underway. Examples of such continuing reforms are the reduction in protection levels, continuing reforms in banking sector, product de-reservation for the small-scale industry, decontrol of prices, such as petroleum, reform of the power sector and so on. Among other things, sustaining higher rates of economic growth would require a more vigorous pursuit of economic reforms at both the federal and state levels. Significant reduction of fiscal deficit is the first order of business. Unless substantial fiscal consolidation is achieved, in our view, continued fiscal deficits pose India's greatest risk to future destabilization. Other critical reforms include, labor laws, exit policy, privatisation of state-owned enterprises, further opening-up of the economy to trade and foreign direct investment. In addition, there is a vast amount of economic reform that can be carried out to improve conditions in rural India, especially in the Gangetic valley. The reforms implemented so far have helped India attain 6 plus percent growth, however, should India be able to implement the remaining reforms and re-orient governmental spending away from inessential expenditures towards high priority areas of health and education and infrastructure development, then it is very likely to attain and sustain even higher rates of economic growth.
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Galbis, Vicente. "Financial Sector Reforms in Eight Countries: Issues and Results." IMF Working Papers 95, no. 141 (1995): 1. http://dx.doi.org/10.5089/9781451928259.001.
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Arun, T. G., and J. D. Turner. "Financial Sector Reforms in Developing Countries: The Indian Experience." World Economy 25, no. 3 (March 2002): 429–45. http://dx.doi.org/10.1111/1467-9701.00440.
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Bhole, L. M. "Proposals for Financial Sector Reforms in India: An Appraisal." Vikalpa: The Journal for Decision Makers 17, no. 3 (July 1992): 3–10. http://dx.doi.org/10.1177/0256090919920301.
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The Narasimham Committee Report has made a number of recommendations regarding the structure, organization, functions and procedures of the Indian financial system. In this article, Bhole has attempted a critical appraisal of the Report with a view to place the recommendations in a proper perspective and also to generate some thinking on the emerging issues.
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Rana, Rajat. "Covid-19 Paralyzing the Backbone of Indian Economy." Indian Journal of Economics and Finance 1, no. 4 (November 30, 2022): 9–11. http://dx.doi.org/10.54105/ijef.c2512.111422.
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The Indian government's three-decade-old economic reforms altered the terrain of various sectors of the Indian economy. The banking sector was no exception. As a result of reforms, this industry has seen significant changes. The banking sector plays vital role because it provides one of the most critical services for a developing economy. India is one of the largest economy in the world and its US$ 2.52 trillion1 banking industry is the backbone of the Indian economy. The sector recovered well from global financial crisis and demonstrated its resilience when the industrialized economies were affected. The banking sector in India is booming, thanks to the government's efforts to increase financial inclusion. Today service sector contributes half to Indian GDP and banking makes up chunk of it. India must continue to exploit the growth of banking sector which will help in achieving the distant goal of becoming a developed economy.
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Cohen, Sandra, Francesca Manes-Rossi, Isabel Brusca, and Eugenio Caperchione. "Guest editorialHappy endings and successful stories in public sector financial management: a lesson drawing perspective." International Journal of Public Sector Management 34, no. 4 (June 17, 2021): 393–406. http://dx.doi.org/10.1108/ijpsm-05-2021-347.
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PurposePublic financial management has been characterized by the implementation of several innovations and reforms that embrace different areas and scope. These reforms aim at expenditure rationalization and efficiency enhancement, as well as the improvement of accountability and performance. Despite research having already paid attention to these innovations and reforms, the strengths, weaknesses, opportunities and threats empirically faced by public sector organizations still need to be investigated. This editorial introduces the special issue by emphasizing on the lessons that can be learned from past reform experiences.Design/methodology/approachThe editorial synthesizes some of the findings of the previous literature and evidences the necessity of both successful and unsuccessful stories, presenting a future agenda of research which emphasizes the use of case studies as a suitable method to get insights out of multiple experiences.FindingsThe four articles presented in this special issue, covering the topics of accrual accounting adoption, the use of financial statements by councilors, the use of performance information by politicians and the outsourcing of auditing in local governments, provide an overview of the efforts and challenges faced by public administrations by analyzing the influence of the institutional context, the relevance of political implications and their practical footprint.OriginalityIn this special issue, four successful stories that touch upon multiple facets of public financial management in different country contexts are discussed, and they signal important takeaway messages for further reforms.
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Varma, Jayanth R. "Indian Financial Sector and the Global Financial Crisis." Vikalpa: The Journal for Decision Makers 34, no. 3 (July 2009): 25–34. http://dx.doi.org/10.1177/0256090920090304.
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Though the Indian financial sector had very limited exposure to the toxic assets at the heart of the global financial crisis, it suffered a severe liquidity crisis after the Lehman bankruptcy. This liquidity crisis could have been averted with timely injection of liquidity into the system by the Reserve Bank of India, claims Jayanth Varma. Apart from the liquidity crisis, India also had to deal with the collapse of global trade finance; deflation of an asset market bubble; demand contraction for exports; and corporate losses on currency derivatives. Looking ahead, the paper argues that the crisis is a wake-up call for the Indian banks and financial system for better managing their liquidity and credit risks, re-examining the international expansion policies of banks, and reviewing risk management models and stress test methodologies. Rejecting the widely held notion that financial innovation caused the global crisis, the author offers examples from bond markets and securitization to establish the necessity of continuing with the financial reforms. While India has high growth potential, growth is not inevitable. Only the right economic and financial policies and a favourable global environment can make rapid growth a sustainable phenomenon.
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Sarwar, Saima, and Azka Jamil Akhter. "Choice Between Economic Reforms And Political Reforms: An Empirical Analysis For Financial Development." Journal of Emerging Economies and Islamic Research 3, no. 3 (September 30, 2015): 18. http://dx.doi.org/10.24191/jeeir.v3i3.9065.
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The purpose of this study is to investigate the impact of economic and political reforms on the decisions related to Financial Sector development both in developed and developing nations. Panel of sixty nations divided almost equally in both sections for the time period 1990-2012 has been used. Using Discroll-Kraay Fixed Effect estimation technique, results revealed that in all cases either for whole panels or for separate developing and developed nations, process of economic reforms is playing most important role in the development of this sector among all other variables and this becomes more prominent in case of developed nations. While among political factors, role of Governance has been observed positive and strongly significant in its impact on the development of this sector for all cases. But Democracy showed positive effect only for developed nations not for developing nations which highlights this fact that consistency is the most required ingredient in case of economic development overall. Overall findings of the study helps in concluding that in case of developing countries, economic reforms are proving to be more fruitful and swift in their outcomes than political reforms.
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Mika, János, and Katalin Turcsányi. "Kihívások és reformok a közszektorban." Jelenkori Társadalmi és Gazdasági Folyamatok 4, no. 3-4 (January 1, 2009): 148–52. http://dx.doi.org/10.14232/jtgf.2009.3-4.148-152.
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Services form and content of Financial base function of the welfare state was increasing on the development countries still economic crises of '70s was queried on the twentieth century by increasing change of economy of 60's. Confiedence of political institution systems significantly decrease on the part of the development countries at same time. At 80's reforms and development programs were entered on the public sector. Priority of private sector are advertised by programs on the first wave of reform programs and these programs was mainly typical, which has target. The target is a privatisation of the public sector. Further on these programs are complemented with outsourcing of public sector and more complex proposal of realignment of public sector. Programs got similar lines and technology (leadership, reorganization steps) and on the other trend of reform. Mainly question of reforms and equilibrum between public and private sector are reviewed by this study
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Danilov, Y., O. Buklemishev, and A. Abramov. "Urgency of financial markets’ and non-banking financial sector reform." Voprosy Ekonomiki, no. 9 (September 20, 2017): 28–50. http://dx.doi.org/10.32609/0042-8736-2017-9-28-50.
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Russian economy slowdown is exhibited by the investment crisis; its termination is a key factor in the resumption of sustainable growth. As the deficit of durable investment resources is acutely felt today, the article demonstrates that the development of the domestic non-banking financial sector can serve as an efficient mechanism for the long-term investment capital formation. The current state of Russian non-banking financial sector is characterized by numerous structural problems so that a special program of measures, both inside the sector and beyond its limits, is required to address these problems and pull the sector out of stagnation. Systemic implementation of this program will lead to important changes at the macro level, including the increase in the capital investment, especially long-term; the expansion of opportunities for structural reforms; the increase and diversification of household incomes and the acceleration of economic growth.
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Asamoah, Julius Yaw, and Linda Owusu-Agyei. "The impact of ICT on Financial Sector Policy Reforms in Post-Financial crisis era in Ghana:." International Journal of Finance & Banking Studies (2147-4486) 9, no. 2 (June 9, 2020): 82–100. http://dx.doi.org/10.20525/ijfbs.v9i2.737.
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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.