By Haiqun Yang
This booklet analyses the benefits and downsides of the banking method reforms with specific connection with centrally deliberate economies. The ebook reports the socialist banking reforms and analyses their monetary difficulties. applying a severe exposition of banking theories, it assesses present monetary issues and takes factor with a few demonstrated theories.
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The publication makes an attempt to provide a complete description and testable thought of the advanced, yet now not unintelligible method of bank-firm relationships within the dynamic surroundings of a steadily deregulated monetary industry. It presents either conception and empirical facts that shut bank-firm relationships bring about a reduce fraction of financial institution finance.
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Extra info for Banking and Financial Control in Reforming Planned Economies
According to Maegd (in Kuschpeta, 1978, p. 322), the bank assured itself that the funds had indeed been used for the stated purpose. The bank had to prevent funds destined for repayment of investment credit from being used to finance liquid assets. In Poland in the 1960s the banks had the additional task of evaluating proposed investments and could refuse finance if formal requirements were not fulfilled and if they disapproved of projects on substantive criteria. These criteria included an assessment of whether the proposal was economically efficient, had a definite purpose and was planned in a realistic manner.
Other controlling agencies do not have these rights and this places the banks in a particular position' (Kuschpeta, 1978, p. 182). , p. 323), sanctions were imposed on the grounds of (a) poor composition of working capital and inefficient conservation of 'owned' liquid assets; (b) undisciplined payments; (c) inadequate bookkeeping and lack of punctuality in reporting; and (d) poor execution of certain planned tasks. A 'good' enterprise was entitled to credit without collateral for a term of 60 days and also credit for the payment of wages for a term of 30 Socialist Banking Systems and their Reforms 21 days, even if other debts had not been repaid on time.
Several other financial institutions and a few foreign, joint-venture banks were reorganised. The Ministry of Finance established a state banking supervision department in order to supervise the banking system through license registration, regulation adoption, data assessment and direct investiga· tion: this was described in Act LXIX of 1990 on Financial Institutions and Financial Institutional Activities. 6. Banking reforms since 1988 The above reforms created the necessary conditions for a competitive commercial banking structure.
Banking and Financial Control in Reforming Planned Economies by Haiqun Yang