BANKING SYSTEMS IN ROMANIA AND ICELAND: TWO DIFFERENT WORLDS BUT SIMILAR DEVELOPMENT
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 de...
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ftdoajarticles:oai:doaj.org/article:3c78d2d2da63438bb5f2ecb682cf61bb 2023-05-15T16:43:27+02:00 BANKING SYSTEMS IN ROMANIA AND ICELAND: TWO DIFFERENT WORLDS BUT SIMILAR DEVELOPMENT Claudia Gabriela Baicu Mar Wolfgang Mixa 2017-06-01T00:00:00Z https://doaj.org/article/3c78d2d2da63438bb5f2ecb682cf61bb EN eng Editura Fundatiei Romania de Maine http://ojs.spiruharet.ro/index.php/jedep/article/view/534 https://doaj.org/toc/2285-3642 2285-3642 https://doaj.org/article/3c78d2d2da63438bb5f2ecb682cf61bb Journal of Economic Development, Environment and People, Vol 6, Iss 2, Pp 24-44 (2017) Romanian banking system Icelandic banking system global financial crisis Romania Iceland General Works A article 2017 ftdoajarticles 2022-12-31T11:50:21Z 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. Article in Journal/Newspaper Iceland Directory of Open Access Journals: DOAJ Articles |
institution |
Open Polar |
collection |
Directory of Open Access Journals: DOAJ Articles |
op_collection_id |
ftdoajarticles |
language |
English |
topic |
Romanian banking system Icelandic banking system global financial crisis Romania Iceland General Works A |
spellingShingle |
Romanian banking system Icelandic banking system global financial crisis Romania Iceland General Works A Claudia Gabriela Baicu Mar Wolfgang Mixa BANKING SYSTEMS IN ROMANIA AND ICELAND: TWO DIFFERENT WORLDS BUT SIMILAR DEVELOPMENT |
topic_facet |
Romanian banking system Icelandic banking system global financial crisis Romania Iceland General Works A |
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. |
format |
Article in Journal/Newspaper |
author |
Claudia Gabriela Baicu Mar Wolfgang Mixa |
author_facet |
Claudia Gabriela Baicu Mar Wolfgang Mixa |
author_sort |
Claudia Gabriela Baicu |
title |
BANKING SYSTEMS IN ROMANIA AND ICELAND: TWO DIFFERENT WORLDS BUT SIMILAR DEVELOPMENT |
title_short |
BANKING SYSTEMS IN ROMANIA AND ICELAND: TWO DIFFERENT WORLDS BUT SIMILAR DEVELOPMENT |
title_full |
BANKING SYSTEMS IN ROMANIA AND ICELAND: TWO DIFFERENT WORLDS BUT SIMILAR DEVELOPMENT |
title_fullStr |
BANKING SYSTEMS IN ROMANIA AND ICELAND: TWO DIFFERENT WORLDS BUT SIMILAR DEVELOPMENT |
title_full_unstemmed |
BANKING SYSTEMS IN ROMANIA AND ICELAND: TWO DIFFERENT WORLDS BUT SIMILAR DEVELOPMENT |
title_sort |
banking systems in romania and iceland: two different worlds but similar development |
publisher |
Editura Fundatiei Romania de Maine |
publishDate |
2017 |
url |
https://doaj.org/article/3c78d2d2da63438bb5f2ecb682cf61bb |
genre |
Iceland |
genre_facet |
Iceland |
op_source |
Journal of Economic Development, Environment and People, Vol 6, Iss 2, Pp 24-44 (2017) |
op_relation |
http://ojs.spiruharet.ro/index.php/jedep/article/view/534 https://doaj.org/toc/2285-3642 2285-3642 https://doaj.org/article/3c78d2d2da63438bb5f2ecb682cf61bb |
_version_ |
1766033753245745152 |