SAVINGS AND THE FINANCIAL

SYSTEM
REPORTERS:
APA, MARYLE ANDREA M.
COMPUESTO, DIMPLE MAE
HIDALGO, DORORTHY JULES M.
ODAL, MINGELOU
RAMOS, ROBYN ALLYSSA P.
REOLO, CLAIRE
SABLAN, LAVERNE
UMPAD, CHRISTINE JOY B.
GUESS THE JUMBLED
WORDS
 CNEOMI
- refers to the amount of money,
property, and other transfers of value
received over a set period of time in
exchange for services or products.
INCOME
 GSAVISN
- the money that you keep in an account
in a bank or similar financial
organization
SAVINGS
 SOALN
- a form of debt incurred by an individual
or other entity.
LOANS
 EERNGAM ABKN
- Bengali for "Rural" or "Village" Bank
GRAMEEN
BANK
 KNGIANB
- the business of protecting money for
others.
BANKING
 RSELDEN
- an individual, a public or private group,
or a financial institution that makes
funds available to a person or business
with the expectation that the funds will
be repaid.
LENDERS
 LNAICIAFN SCISRI
- when financial instruments and assets
decrease significantly in value
FINANCIAL
CRISIS
 TOPICS
SAVING MODELS
DETERMINANTS OF SAVING IN DEVELOPING
COUNTRIES AND IN ASIA
INTRODUCTION TO FINANCIAL SYSTEM
BANKING AND THE FINANCIAL SYSTEM
FINANCIAL LIBERALIZATION IN THE DEVELOPING
COUNTRIES
 TOPICS
THE FINANCIAL CRISIS OF 1997
INFORMAL FINANCE
GLOBAL FINANCIAL CRISIS OF 2008/2009
AND ITS IMPACT ON ASIAN FINANCIAL
MARKET
SAVING MODELS

APA, MARYLE ANDREA M.

Objectives
Define and determine the differences of some saving
models, which are the:
• Keynesian Model
• Income Smoothing Models
⁃ Permanent Income Hypothesis (PIH)
⁃ Life Cycle Hypothesis (LCH)
WHAT IS TOTAL
SAVING?
TOTAL SAVING – In Macroeconomics,

sum of government, business, and private saving.

KEYNESIAN MODEL (John Maynard Keynes - 1936)
Definition: A macroeconomic theory of total spending in
the economy and its effects on output, employment, and
inflation.

➼ Claims
⁃ government intervention can stimulate spending
⁃ consumption may depend upon current income
 DOWNSIDE OF KEYNESIAN MODEL

Some of its issues are the:

Difficulty of Multiplier Effect to calculate
Unbalance government spending in the country's
areas.
INCOME SMOOTHING MODEL
Definition: A process of moving revenues and expenses
from one accounting period to another.

➼ Goal
To reduce the fluctuations in earnings to portray that the
company as if has steady earnings.
 ISSUES OF INCOME SMOOTHING MODEL

Borrowing constraints and imperfect capital markets

Many generations live together
Uncertainty
PERMANENT INCOME HYPOTHESIS (Milton Friedman - 1957)
Definition: focuses on estimated future income as a factor
of consumer spending behavior, instead of current income.

➼ Claim
⁃ Person’s spending is connected with expected
long-term average income
LIFE CYCLE HYPOTHESIS (Franco Modigliani - 1970)
Definition: describes the spending and saving habits of
people over the course of their lifetime.

➼ Claim
⁃ individuals borrow when their income is low and
save when their income is high
LIFE CYCLE HYPOTHESIS (LCH)
"People
plan ahead
when it
comes to
building
wealth."

Image from
Semantic Scholar
COMPARISON SUMMARY OF
SAVING MODELS
 SUMMARY - Theory Comparison

KEYNESIAN THEORY CLASSICAL MODEL

The economy is not self-regulating and

Government involvement will always do
therefore, the government can stimulate
more harm than good and the only way
the economy by increasing spending and
to increase economy's output is by
increasing the money supply.
making it more productive.

Proposed solutions: monetary policy, Proposed solutions: Invest in technology,

print more money, fiscal policy uplift economic efficiency
 SUMMARY - Theory Comparison

KEYNESIAN MODEL INCOME SMOOTHING

Consumption may depend upon current

Going on the process of smoothing as if
income. (Income Constrained type of
has steady earnings
model.)
 SUMMARY - Theory Comparison

PERMANENT INCOME
KEYNESIAN MODEL
HYPOTHESIS

Consider consumption based on the current Considers the consumer spending based on
income of a person person’s estimated future income

Temporary increase of income due to

Believes on multiplier effect economic policies do not affect consumer
spending
 SUMMARY - Theory Comparison

PERMANENT INCOME LIFE-CYCLE HYPOTHESIS

HYPOTHESIS (PIH) (LCH)

Point out a person's income and

Argues that people plan their spending
expectations for future income, influence
throughout their their lifetime.
its spending.
 LINK SOURCES: (Saving Models)
https://www.investopedia.com/terms/s/savings.asp#:~:text=Savings%20refers%20to%20t
he%20money,and%20obligations%20have%20been%20paid

https://www.imf.org/external/pubs/ft/fandd/2014/09/basics.htm#:~:text=If%20governme
nt%20spending%20increases%2C%20for,spending%20that%20caused%20the%20change.

https://www.jstor.org/stable/3989991

https://www.investopedia.com/terms/k/keynesianeconomics.asp

https://www.investopedia.com/terms/r/recessionarygap.asp
LINK SOURCES: (Saving Models)
https://www.investopedia.com/terms/i/income-
smoothing.asp#:~:text=Understanding%20Income%20Smoothing,periods%20of%20low%
20expenses.

https://www.investopedia.com/terms/c/consumption-
smoothing.asp#:~:text=Consumption%20smoothing%20is%20creating%20a,paid%20whe
n%20they%20come%20due.

https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-
opp-cost-tutorial/utility-maximization-with-indifference-curves/a/how-individuals-make-
choices-based-on-their-budget-constraint-cnx

https://www.investopedia.com/terms/p/permanent-income-hypothesis.asp
LINK SOURCES: (Saving Models)
https://www.investopedia.com/terms/l/life-cycle-hypothesis.asp

https://www.economicsdiscussion.net/consumption-function/comparison-of-pih-
with-lch-of-hypothesis-consumption-function/15995

https://www.youtube.com/watch?
v=hPkh8kOldU4&list=PL5mA4w4S6xEaYoNsvAwkIDAyf2bB77jJ_&index=5

https://www.youtube.com/watch?
v=xKGtmzLP8gw&list=PL5mA4w4S6xEaYoNsvAwkIDAyf2bB77jJ_&index=6
LINK SOURCES: (Saving Models)
https://www.youtube.com/watch?
v=Wx7kfzNEcqk&list=PL5mA4w4S6xEaYoNsvAwkIDAyf2bB77jJ_&index=8

https://www.youtube.com/watch?
v=u22KW7KT2Lg&list=PL5mA4w4S6xEaYoNsvAwkIDAyf2bB77jJ_&index=9

https://www.youtube.com/watch?
v=DNEZwG3dYaA&list=PL5mA4w4S6xEaYoNsvAwkIDAyf2bB77jJ_&index=10

https://www.youtube.com/watch?
v=GNFWCqJRZWg&list=PLFV2PTn7E9mE6iBOs7uKXGVWtwy8Ef72X&index=3
DETERMINANTS OF SAVING
IN DEVELOPING
COUNTRIES AND IN ASIA
COMPUESTO, DIMPLE MAE
 Determinants
of Saving
1.Real Interest Rates
2.Role of the Government
3.Growth in income
4.Population Age Structure
5.Level of Income
6.Terms of Trade
7.Degree of Financial Liberalization and
Stability
1. Real
Interest Rate
Increase in the Real Interest Rate affect desired
saving in two different ways:
Substitution Effect: Higher real interest rates stimulate
saving by offering higher financial returns for
abstaining from consumption.
Income Effect: Higher interest rates result in more
income for creditors and stimulates consumption.
2. Role of
Government
Effect on Savings Depend on the Change in
Fiscal deficit
Rate of Taxes: higher tax rates will diminish
private savings

Government Spending: higher

government spending has negative effect
on savings
3. Growth in Income

According to Permanent Income

Hypothesis, If workers believe that a change
in income is permanent, consumption would
be adjusted upward and saving rate could
fall.
4. Population
Age Structure
According to Life-Cycle Hypothesis,
age structure implies important
role in saving behavior.
Young People and Old ages –
dissavers
Middle ages – more likely to save
5. Level of
Income
Low-income earners = Low saving
rate
High-income earners = High saving
rate
 6. Terms
of Trade
Terms of Trade (TOT) – represent the ratio
between a country’s export prices and it’s
import prices.
An increasing TOT ratio indicates that a country
is exporting relatively more goods than it is
importing.
7. Degree of Financial
Liberalization and
Stability
Financial Stability and Liberalization leads to higher
savings rate.
Financial Stability – is a condition in which an
economy’s mechanisms for pricing, allocating and
managing financial risks are functioning well enough to
contribute to the performance of the economy.
Financial Liberalization – the removal of government
intervention from financial markets.
Determinants of
Saving in
Developing
Countries and in
INTRODUCTION
TO FINANCIAL
SYSTEM
HIDALGO, DORORTHY JULES M.
 WHAT IS FINANCIAL
SYSTEM?
- a set of institutions, such as
banks, insurance and stock
changes, that permits the
exchange of funds.
 FINANCIAL SYSTEM
- Lenders
- Borrowers
- Institutions
 FINANCIAL SYSTEM
Firm Level
Regional Level
Global Level
COMPONENTS OF FINANCIAL
SYSTEM
 FINANCIAL INSTITUTIONS

institution engaged in the business of providing

financial services to customers who maintain a
credit, deposit, trust, or other financial account or
relationship with the institution.
 FINANCIAL MARKETS

any place or system that provides buyers and

sellers the means to trade financial instruments,
including bonds, equities, the various
international currencies, and derivatives.
FINANCIAL MARKETS
 FINANCIAL INSTRUMENTS
a real or virtual document representing a legal
agreement involving any kind of monetary value.

Cash Instruments
Derivatives Instruments
FINANCIAL SERVICES
economic services provided by
the finance industry, which encompasses a
broad range of businesses that manage
money.
 MONEY (CURRENCY)
a commodity accepted by general consent as
a medium of economic exchange. It is the
medium in which prices and values are
expressed. It circulates from person to person
and country to country, facilitating trade, and it
is the principal measure of wealth
 FUNCTIONS OF FINANCIAL SYSTEM
PAYMENT SYSTEM
arrangements which allow consumers, businesses and
other organizations to transfer funds usually held in an
account at a financial institution to one another.

SAVINGS
the portion of income not spent on current
expenditures.
 FUNCTIONS OF FINANCIAL SYSTEM
LIQUIDITY
the ease with which an asset, or security, can be
converted into ready cash without affecting its
market price.
 FUNCTIONS OF FINANCIAL SYSTEM

RISK MANAGEMENT
the process of identifying risks, analyzing them and making
investment decisions based on either accepting, or mitigating
them.
 FUNCTIONS OF FINANCIAL SYSTEM

GOVERNMENT POLICY
a declaration of government political activities, plans and
intentions relating to a particular cause.
 a declaration of government political activities, plans
and intentions relating to a particular cause.
BANKING AND FINANCIAL
SYSTEM
ODAL, MINGELOU
BANKING SYSTEM
A banking system is a group of network of
institutions that provide finances to the
people. Banking systems operate in line with
managing the flow of money between
persons and business entities. Through this
process, they earn from profitable
investments, interest from loans, and costs
levied on consumers.
 " A bank makes
money out of other
people’s money.”
AS TO OWNERSHIP
Private
Owned Public
Owned
AS TO THE PLACE OF INCORPORATION
DOMESTIC
FOREIGN
AS TO THE STRUCTURE
STOCK CORPORATION
NON- STOCK CORPORATION
TYPES OF BANKS
Central banks - distributed currency and established
money related policies.
Commercial Banks- institutions accepts deposits
makes business loans and offers related services.
Thrust Company
Saving or Thrift Company
Cooperative Banks -retail and
commercial banking organized on a cooperative basis
Rural Bank -dedicated to agribusiness
Development Bank -used for developing the
economy Invesment Banks- sale of stocks and bonds
Principle of Banking
Partial Reserve System- certain amount
deposits will support several times as much
as in credit.
A greater portion in deposits in
commercial banks arises out of the
proceed loans.
Financial
Repression
Financial repression comprises “policies that result
in savers earning returns below the rate of inflation”
to allow banks to “provide cheap loans to companies and
governments, reducing the burden of repayments
In a repression system the governments usually plays a
dominant role in banking system by imposing these of
controls, using banks to serve as the instruments for
allocating credit to key selected sectors.
Financial
Liberalization
Financial liberalization is the “removal of controls”
in developing in order to encourage economic
development.
Financial Liberalization improves the functioning
of financial system by increasing the availability of
funds and allowing risk diversification and
increased investments.
The process of reforms or liberalization varies
across countries and is dependent upon the
prevailing political – economic features.
ASIAN EXPERIENCE ON
FINANCIAL LIBERALIZATION
In the 1980 and early 1990’s began in the NIE’s and
Southeast Asia. More competition was permitted as
regulations on private and foreign banking were relaxed.
Interest rates were deregulated to a large extent while
directed credit and requirements to hold large amounts of
government securities were reduced.
Some prudential regulations were introduced including
auditing and oversight functions.
MEASURES
OF
FINANCIAL
REPRESSSI
FINANCIAL LIBERALIZATION
IN THE DEVELOPING
COUNTRIES
RAMOS, ROBYN ALLYSSA P.
What is Financial Liberalization?
Financial Liberalization refers
to measures directed at diluting or
dismantling regulatory control over
the institutional structures,
instruments and activities of agents
in different segments of the financial
sector.
What is Financial Repression?
Financial repression is a term
that describes measures by which
governments channel funds from the
private sector to themselves as a
form of debt reduction.
Carlos Diaz-Alejandro
A Latin-American economist who wrote the article "Goodbye
Financial Repression, Hello Financial Crash."
The article he wrote is about understanding why financial
reforms carried out in several Latin American Countries During
the 1970s.
 Liberalization in Japan began in the 1950s
and 1960s. Interest rates, both nominal and
real, were relatively comparable. The central
bank began to relax its grip on commercial
banks as the capital market significantly
deepened, securities markets expanded, and
finance and insurance industries developed as
well. Since there was foreign borrowing, there
was less danger associated with foreign
exchange rates.
 There were sector that still received
direct credit such as thailand.

The banks at thailand were still state-

owned. The key to the success of liberalization
in Asia was the maintenance of a high real rate
in interest.
 Liberalization in Japan began in the 1950s
and 1960s. Bacause of microeconomic policies,
the exchange rate was managed as a crawling
downward peg to follow inflation. Interest
rates were also scaled downward as inflation
slowed down. By doing this, the interest rate
differential between United states and Korea
was maintained and capital inflows
discouraged. Capital controls were maintained
to avoid an increase in foreign borrowing
during the liberalization process as extra
assistance.
 Debt Equity Ratios For Selected Asian Countries, 1996
Debt Quality
Hong Kong Ratio 1.56
Indonesia 1.88
Japan 2,21
Korea 3.55
Malaysia 1.18
Philippines 1.29
Singapore 1.05

Taiwan 0.80
Thailand 2.36
 To Total External Debt To Total Domestic Debt
Foreign Short- Domestic
Foreign Short-Term Domestic Long-Term Term Long-Term
Indonesia 20.5 19.6 28.5
31.4
Korea 29.4 17.0 25.8
27.7
Malaysia 32.1 11.0 21.2
35.7
Philippines 19.7 21.3 33.5
25.5
Taiwan 22.3 19.2 34.6
23.9
Thailand 29.6 12.3 26.1
32.0
THE FINANCIAL CRISIS
OF 1997
REOLO, CLAIRE C.
Banks believed that they would be bailed out in case of
a crisis, a strong moral hazard developed as
commercial banks made more and more risky loans
and the financial bubble grew bigger. Banks were not
only guilty of making imprudent loans; but they were
also not used to due diligence in assesing the credit
risks of borrowers and this failure became even more
evident as banks made more risky loans.
As the financial crisis unfolded, the weaknesses in
the five crisis countries were exarcebated by the
currency depreciation and the buildup of
nonperforming loans of companies that had large
outstanding external liabilities that they were unable
to service.
1.introduce better processes to identify worthy
borrowers and make greater use of loan collateral.
2. further deregulate of financial transactions.
3. introduce a greater deree of prudential regulation
of banks.
4. introduce more competition and reduce restrictions
of licensing and entry.
5.support the development of new markets,
particularly for new financial assets that will allow
investors to hedge their investments, including
forward and future markets.
6. continue to privatize state banks.
7.improve lender recourse, including the legal seizure
of assets.
8.improve aaccounting and auditing practices.
Financial and
Corporate
Restructuring in
Asian Economies
Five of the crisis-affected countries
(Malaysia, Indonesia, Korea, Philippines and
Thailand) the task was to deal with insolvent
financial institutions and the general
problem of nonperforming loans. All
countries established new agencies to deal
with NPL's, called Asset Management
Companies (AMCs). Over the five-year
period after the crisis (1997-2002) the level of
NPL's was reduced.
Generally, AMCs were created to
facilitate debt restructuring. These
AMC's took the bad debts off the hands
of banks and worked to collect and write
down these debts, often with the help of
government financial support. By taking
these nonperforming loans (NPLs) off
the balance sheets of the banking
system, the way was cleared for banks
to to begin to relend after the crisis.
INFORMAL
FINANCE
SABLAN,
LAVERNE
What is Informal Finance?

Informal finance is contract or agreements

conducted without reference to the legal
system. In many developing countries,
there are significant sectors unable to
obtain credit from institutions in the
formal financial sector, such as banks and
credit sectors.
Rationale for Informal Finance and Simple
Taxonomy of Informal Financial Institutions
Informal Finance plays an important role in most Asian economies, because
large segments of the pollution still face major impediments to entry into
the formal financial system. There are six (6) reasons listed by
Thomas (1993).
1.Access to bank facilities is limited for the squatters, slum residents, and in some areas of the
rural economy.
2.Bank lend primarily for investment and not for consumption.
3.Transactions and appraisal costs are high as proportion of the potential loan or other
transaction, and this discourages lending.
4.The banks lack information about the credit worthiness of potential borrowers .
5.These borrowers do not have sufficient capital to submit a credit report.
6.Banks believe that the borrowers are too poor to repay at a commercial rate of interest.
Group Finance
These groups accumulate the savings within the group and
then lend to members of the group exclusively, or to
members of the group, as well as outside the group.
Money Lenders, Landlords, and
Pawnshops
All these three forms of informal financial relate one lender to
many borrowers. By trying the credit to the farmer, the Landlord
reduces transaction costs while Money Lenders depend on their
local knowledge of the borrower and also the threat of physical
enforcement to keep down the default. Pawnshop depend on
reselling an item that is pawned, often paying deep discounted
prices to ensure making some return on the loan, or charging high
rates of interest for the redemption of the pawned item.
Non-Government Organizations
(NGOs)
NGOs can operate outside the formal banking system
become a member of the formal banking community at a later
date. Organization that generally is formed independent from
government.
Grameen Bank in Bangladesh
Most successful NGO, which has become a rural banking
cooperative and copied by many countries. The main feature
of Grameen bank is that it is owned primarily by its
depositors, who are also its primarily borrowers. This is why it
can also be classified as cooperative.
Bank Gadang Bali in Indonesia
Started as a small money lending business founded by a
local shoemaker and his wife and which led to other
successful microedit schemes in Bali Indonesia, has
blossomed into a local bank with many branches in Bali.
The success of Bank Gadang Bali is also reflective of a rural
setting where many small borrowers and savers come from
similar social an economic circumstances, thus cutting down
on the cost of credit appraisal.
How Large is the Informal Finance Sector
in Developing Asia?
The proposition outstanding household debt to the informal
sector was quite substantial in the early 1980s. Ghate has
reported that the proposition has decreased compared
with estimates made in the earlier periods. Informal
lending would also have decreased as the extent of
poverty has been reduced, the rural sector has shrunk,
and the nonpoor have accumulated assets that can be
used as collateral.
Grameen Bank
The Grameen bank project began in one village in 1976. In
1983 it was transformed into a bank under a law passed for
its creation. The total number of borrowers is 2.4 million, and
95% of them are women. The GB has more than 1,000
branches serving 40,000 villages with a total staff more than
10,000. I has distributed over 150 billion Tk and the repayment
rate is around 98%. In 2002, loans of more than 14 billion Tk
were disbursed.
The three types of Loans
1.Income generating Loans
2.Highest rate of interest
3.Housing and education loans for the children of its borrowers
at lower rates.
*Also offer scholarships to the children of its members, with
priority given to females.
The GB also has life insurance program that provides benefits
to its members. Borrowers are not required to pay any
premium for this life insurance. According to a internal survey,
more than 40% of the families of Grameen borrowers moved
out of poverty, and incomes of the remaining families are
moving steadily upward.
Establishing Linkages between Informal
Finance and the Bank Sector
There are a number of ways that the formal sector can
assist informal finance without breaking the existing
institutional set- up. With NGOs, the linkage can be
established by extending lines of credit or other forms of
lending from the banks to the NGOs. In the Philippines, a
moneyshop experiment was carried out by the Philippines
Commercial and Industrial Bank (PCIB) in the early
1970s.The PCIB set up small branches in markets and
made small loans at higher than market rates to borrowers
who brought their goods to the markets.
Informal Finance and Monetary Policy
The main effect of monetary policy on informal finance,
and on the poor generally, is through the inflation tax that
results from increasing price. As a result they are more
adversely affected by inflation than the richer segments of
society that can accumulate interest earning assets.
 THE GLOBAL FINANCIAL
CRISIS OF 2008/2009 AND
ITS IMPACT ON THE ASIAN
FINANCIAL MARKET

UMPAD, CHRISTINE JOY B.

 The Global Financial Crisis

The 2008 financial crisis began with

cheap credit and lax lending standards
that fueled a housing bubble. When the
bubble burst, the banks were left
holding trillions of dollars of worthless
investments in subprime mortgages. The
Great Recession that followed cost many
their jobs, their savings, and their
homes.
WHAT IS THE REASON FOR THE
GLOBAL FINANCIAL CRISIS?

HOW GLOBAL FINANCIAL CRISIS

STARTED?
 MORTGAGE
According to CFPB (2022), a
mortgage is an agreement
between you and a lender that
gives the lender the right to take
your property if you fail to repay
the money you've borrowed plus
interest.
MORTGAGE BACKED-
SECURITIES
SUB-PRIME MORTGAGES
PREDATORY LENDING
COLLATERALIZED DEBT
OBLIGATIONS (CDO)
CREDIT DEFAULT SWAP
TROUBLED ASSET RELIEF
PROGRAM (TARP)
Dodd-Frank Law
To make sure that a crisis like this never happens again,
President Obama signed the Dodd-Frank Wall Street Reform
and Consumer Protection Act into law. The most far-reaching
Wall Street reform in history, Dodd-Frank will prevent the
excessive risk-taking that led to the financial crisis. These
new rules will build a safer, more stable financial system—one
that provides a robust foundation for lasting economic growth
and job creation.
The Global Financial
Crisis of 2008 Impact
On the Asian Financial
Market
 The Asian financial markets
were relatively stable when the
global financial crisis began in
2008.

So, why does the Global Financial Crisis of 2008 have an impact on Asian Financial
Market?
 Stock markets have weakened considerably as
the industrial sectors have suffered from
lowered levels of production and manufactured
exports.
The outflow of portfolio investment is reflected by the fall in stock prices.
What has been the impact on Asian corporates and financial institutions?
 How has policy responded so far?

Stimulus Package

The stimulus package is a

package of tax rebates and
incentives used by the
governments of various
countries to stimulate the
economy and save their
country from a financial
crisis.
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209