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Models of Social Responsibility under the Impact of the Global Financial Crisis. Case Study: the Romanian Banking System

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  • Claudia Gabriela BAICU

    () (Spiru Haret University, Faculty of Economic Sciences, 46 G Fabricii Str., District 6, Bucharest, Romania)

Abstract

The Romanian banking system has begun development on modern bases only after 1990, with the passing from the monobank system to the two-tier system. Other important steps in modernizing the banking system were: privatization of large state banks and the European Union accession. These mutations have also marked the application of the concept of social responsibility in the Romanian banking system that is still in the early stages of development. The dominant presence of foreign banking capital and the European Union accession had a positive impact in the social responsibility area. Some banks in Romania have adopted the practice of non-financial reporting according to international standards in the field. The negative consequences of the global financial crisis determined banks to step up efforts to adopt new business models based on responsible practices and responsible financing. A post-crisis direction of action for improving the relationship between banks and customers and avoid possible problems in the payment of loans was the intensification of implementation by banks of financial education programs. However there are still a number of actions to be undertaken to strengthen the concept of social responsibility in the Romanian banking system.

Suggested Citation

  • Claudia Gabriela BAICU, 2016. "Models of Social Responsibility under the Impact of the Global Financial Crisis. Case Study: the Romanian Banking System," International Conference on Economic Sciences and Business Administration, Spiru Haret University, vol. 3(1), pages 23-30, October.
  • Handle: RePEc:icb:wpaper:v:3:y:2016:i:1:23-30
    as

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    File URL: http://icesba.eu/RePEc/icb/wpaper/ICESBA2016_2Baicu_P23-30.pdf
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    References listed on IDEAS

    as
    1. Csaba Lentner & Krisztina Szegedi & Tibor Tatay, 2015. "Corporate Social Responsibility in the Banking Sector," Public Finance Quarterly, State Audit Office of Hungary, vol. 60(1), pages 95-103.
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    Keywords

    social responsibility; Romanian banking system; business models; responsible financing; financial education.;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • M00 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General - - - General

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