scholarly journals Comparative Analysis on the Reform(s) of Korean and Japanese Financial Services Authorities after Financial Crisis in the 1990s

2013 ◽  
Vol null (38) ◽  
pp. 79-104
Author(s):  
PAK Seong-Bin
Keyword(s):  
Comparative Analysis ◽  
Financial Crisis ◽  
Financial Services

scholarly journals The politics of bailouts: Estimating the causal effects of political connections on corporate bailouts during the 2008–2009 US financial crisis

Public Choice ◽  
2021 ◽  
Author(s):  
Vuk Vukovic
Keyword(s):  
Financial Crisis ◽  
Financial Services ◽  
The United States ◽  
Political Campaigns ◽  
Political Connections ◽  
Troubled Asset Relief Program ◽  
Top Executives ◽  
The Government ◽  
The Right ◽  
Relief Program

AbstractIn 2008, as the financial crisis unfolded in the United States, the banking industry elevated its lobbying and campaign spending activities. By the end of 2008, and during 2009, the biggest political spenders, on average, received the largest bailout packages. Is that relationship causal? In this paper, I examine the effect of political connections on the allocation of funds from the Troubled Asset Relief Program (TARP) to the US financial services industry during the 2008–2009 financial crisis. I find that TARP recipients that lobbied the government, donated to political campaigns, or whose top executives had direct connections to politics received better bailout deals. I estimate regression discontinuity design and instrumental variable models to uncover how election outcomes for politicians in close races affected the distribution of bailout funds for connected firms. The results do not imply that some banks were deliberately favored over others, just that favored banks benefited because of their proximity to the right people in power. If being politically connected matters in general, in times of crisis it matters even more.

Twin Peaks Regulation After the Global Financial Crisis: A Reform Model for China?

2017 ◽  
Vol 8 (3) ◽  
Author(s):  
Miao Han
Keyword(s):  
Financial Crisis ◽  
Central Bank ◽  
Financial Services ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Relevant Literature ◽  
Twin Peaks ◽  
The Global Financial Crisis ◽  
Peak Model ◽  
Twin Peak

AbstractThe global financial crisis (GFC) has been defined as the worst financial crisis after the Great Depression of the 1930s. Reforms underway, as well as debates in discussion, revolve around both regulatory philosophy and approaches towards better supervisory outcomes. One of the most radical institutional reforms took place in the United Kingdom (UK), where the Twin-Peak model replaced the previous fully integrated regulator – the Financial Services Authority (FSA) under the Financial Services Act 2012. This paper argues that China should also introduce twin peaks regulation, but it is rather based on the resources of risk in its financial sector than the direct GFC challenge. In theory, the core arguments focus on the structure of agencies responsible for prudential regulation and the role played by the central bank as well. The Twin-Peak model has been further examined in terms of regulatory objectives and instruments. By method, this paper is a country-specific comparative study; Australia, the Netherlands and the UK are selected to represent different Twin-Peak models. This paper contributes to the relevant literature in two main aspects. First, it has displayed the principal pattern of the Twin-Peak model after detailing the case studies, including the relationship involving in two regulators, central bank and finance minister in particular. Based on this, second, it becomes possible to design a very specific model to reform China’s current sector-based financial monitoring regime. As far as the author knows, until end-2015, this is the first paper which has proposed such a particular model to China. It is argued that the appropriate institutional structure of market regulation should fit well in with a country’s financial market. Accordingly, the Twin-Peak model will be able to balance the regulatory tasks for the over-concentrated risk in China’s large banking sector but the underdeveloped securities market. Even though, regulatory independence will continue to be challenged.

Introduction

2020 ◽  
pp. 1-23
Author(s):  
Ulrich Becker
Keyword(s):  
Human Rights ◽  
Comparative Analysis ◽  
Financial Crisis ◽  
Detailed Analysis ◽  
Social Protection ◽  
Welfare States ◽  
Human Rights Protection ◽  
Eu Member States ◽  
Rights Protection ◽  
Different Dimensions

The chapter introduces the aim of the book, its structure, and its relevance, including an overview of previously published works in the field. It emphasises a double-sided understanding of the constitution of welfare states by way of background to the book, which aims to provide, from a comparative perspective, a detailed analysis of crisis-driven changes in the nine EU Member States that were particularly affected by the financial crisis. As a basis for the subsequent country reports and comparative analysis, this introduction explains different forms and functions of social protection and different dimensions and levels of human rights protection, as well as detailing the time and place of investigation.

scholarly journals Crisis-driven reforms and local discretion: an assessment of Italy and Spain

2015 ◽  
Vol 46 (1) ◽  
pp. 71-91 ◽  
Author(s):  
Silvia Bolgherini
Keyword(s):  
Comparative Analysis ◽  
Financial Crisis ◽  
Local Government ◽  
Local Governments ◽  
Qualitative Comparative Analysis ◽  
Institutional Framework ◽  
Local Discretion ◽  
Local Levels ◽  
Economic And Financial Crisis

The recent and still enduring global economic and financial crisis deeply impacted the institutional framework in Italy and Spain by prompting a series of reforms, which ultimately re-shaped the local government features. Based on a qualitative comparative analysis of recent reforms, the author shows that (directly and indirectly) crisis-driven provisions have significantly impacted the local levels and changed the central/local relations in both countries. During the years of crisis, a decrease in local discretion in its three main facets (fiscal, administrative, and political/functional) has taken place. This outcome could both allow for a better understanding of how central and local governments have interacted during the crisis and to contribute to the formulation of more general considerations on local discretion and central/local relations in Italy and Spain.

scholarly journals The social orientations and ideologies of UK finance employees at the onset of the Global Financial Crisis

2016 ◽  
Vol 41 (2) ◽  
pp. 239-261 ◽  
Author(s):  
Andreas Cebulla
Keyword(s):  
Financial Crisis ◽  
Financial Services ◽  
Global Financial Crisis ◽  
Panel Data Analysis ◽  
The United Kingdom ◽  
The Social ◽  
Management Positions ◽  
Behavioural Factors ◽  
The Global Financial Crisis ◽  
Economic Fairness

Debates about the Global Financial Crisis of 2007 have pointed at institutional and individual-behavioural factors as its causes. Using the British Household Panel Survey, this article highlights marked differences in perceptions of societal and economic fairness among financial services employees in investment or management positions in the United Kingdom and the general working population at the brink of the Global Financial Crisis. Panel data analysis suggests that financial services and occupations did not necessarily attract employees with pro-market attitudes, but that employment in these institutions and occupations made it more likely that employees came to display these perceptions, contributing to the construction of a distinct attitudinal profile of finance employees.

scholarly journals Younger and older trust in a crisis situation

2018 ◽  
Vol 36 (3) ◽  
pp. 456-481 ◽  
Author(s):  
Miguel Angel Moliner-Tena ◽  
Juan Carlos Fandos-Roig ◽  
Marta Estrada-Guillén ◽  
Diego Monferrer-Tirado
Keyword(s):  
Theoretical Model ◽  
Financial Crisis ◽  
Economic Crisis ◽  
Financial Services ◽  
Structural Equation ◽  
Structural Equation Models ◽  
Total Sample ◽  
Content Type ◽  
Older Consumers ◽  
Trust Formation

Purpose The purpose of this paper is to analyze consumer trust during a financial crisis, studying its antecedents and consequences. The perceptions of older and younger consumers are also compared. Design/methodology/approach The theoretical model of trust formation is tested on a random sample of 634 individuals from the three largest Spanish cities, Madrid, Barcelona and Valencia, in a period of economic crisis. Structural equation models were used to verify the global hypothesized relationships. Additionally, the total sample was divided into two groups (younger and older consumers) in order to test the moderating effect of age in the proposed relationships. Findings In a period of financial crisis, older consumers’ trust is protected by an emotional and experiential shield from the effects of negative news in the surrounding environment. In contrast, trust, although important, is not the core variable for the younger segment, whose preferences are the consequence of a broad range of cognitive and emotional variables. Research limitations/implications This research was carried out on financial services. Emotional, relational and experience-linked variables acquire greater importance as the individual gets older, in contrast to more cognitive evaluations. The difference between the younger and the older segments is that the cornerstone of older consumers’ attitudinal loyalty is trust, whereas for younger people, it is positive switching costs or rewards. Further research on the proposed conceptual model across different industries and countries is needed to determine the generalizability and consistency of the findings from this study. Practical implications This paper has significant managerial implications. The authors believe that the best strategy for a bank during a period of crisis is to follow a customer-friendly orientation, as in the case of banks that took a long-term vision to look after their brand image. The study draws banking companies’ attention to the importance of using age as a segmentation criterion. Originality/value Based on the life-course paradigm, a theoretical model of trust formation is performed. In a period of economic crisis, trust becomes the key variable in determining older consumers’ preferences.

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