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The second stage, FinTech 2.0, encompasses the pre-GFC period underpinned by the digitization of traditional financial services, beginning with the first ATM and culminating in e-banking. Since the GFC, the rapidity of technological development and the proliferation of startups and IT firms providing financial services have characterized the era of FinTech 3.0.
The evolution of FinTech has unfolded in three stages, summarized in Table 1. The first, which we call FinTech 1.0, occurred from 1866 to 1967, when the financial services industry remained largely analogue despite being heavily interlinked with technology. The next period, FinTech 2.0, extended from 1968 to 2008, an era characterized by the development of digital technology for communications and transactions and thus the growing digitization of finance. Since 2009, in the period we call FinTech 3.0, new startups and established technology, ecommerce, and social media companies have begun to deliver financial products and services directly to the public as well as to businesses, including banks.11
The GFC damaged bank profitability and competiveness, and the ensuing regulation drove compliance costs to record highs while simultaneously restricting credit. Requirements regarding ringfencing, the preparation of recovery and resolution plans, and the performance of stress testing only contributed to rising bank costs.23 The GFC further led to large-scale redundancies, leaving many professionals seeking to apply their skills to new outlets.
FinTech 3.5 is supported by (1) high penetration of mobile devices (especially with broadband internet access) among the young and technologically literate, (2) the growth of the middle class, (3) untapped market opportunities, (4) a lack of physical banking infrastructure, (5) consumers increasingly valuing convenience over trust, (6) low levels of competition, and (7) weaker data protection requirements. The spike in the number of graduates with engineering and technology degrees in such economies as China and India has also played a role in planting FinTech firmly in the soil of those economies.30
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A recession is usually characterized by a state of negative economic growth spanning up to two consecutive financial quarters. The global financial crisis of 2008 is a major financial crisis the worst of its kind since the Great Depression of 1930 47. This crisis rapidly developed after the bankruptcy of the American investment bank Lehmann Brothers in 2008 and from there on it spread around the globe. Companies foreclosed, countries came close to bankruptcy, unemployment rates reached new highs, and poverty risks increased 28. Between 2007 and 2013, almost 15 million people in the area of the Organization for Economic Co-operation and Development (OECD) lost their jobs 27. The Great Depression is a formidable source of information on how societies and lives change in times of economic crisis. The Great Depression is the most severe economic crisis that hit the world in the 20th century. It started in 1929 and lasted until the mid-1930s, in some countries even until the 1940s 26. Economic crises are not just a peculiarity of advanced economies. Indeed, developing countries have been highly vulnerable to a plethora of banking, external debt, currency, and inflation crises during recent decades 49.
The economic recession in Spain has been caused by both exogenous and endogenous factors. The most important exogenous causes are the price rise of raw materials (such as copper and oil) and the influence of the global financial crisis. The endogenous causes are also two: the real estate bubble that damaged the financial system because of the great exposure of the Spanish banks to mortgages and the limited capacity of Spain to respond to the crisis because of the low productivity of the Spanish workforce, the lack of flexibility in the labor market, and a high level of indebtedness in both the public and the private sectors 60. Further explanations for the causes of economic recession in Spain are given in the following paragraphs.
To overcome the current economic recession, it is necessary to break the vicious circle of low economic growth, high unemployment and elevated debt. It is essential to redefine the growth model. In this sense it is necessary to adopt measures that may enhance the services sector and some tradable sectors. The two key sectors in the extent of the crisis, real estate and banking, should stabilize. The economic recovery will be faster if the process of correcting imbalances in these sectors is intensified. For markets to regain confidence in the Spanish banking sector it is necessary to deepen the reforms already started, to consolidate the reorganization process, to accelerate the recognition of losses and to rapidly increase equity levels. The results of the reform of the labor market were also well short of the expectations initially created 20. The changes did not lead to job creation or to the reduction of the large market segmentation. So labor market reform should be further emphasized by the govt. For example, steps can be taken for the internal flexibility within the firm because it is a crucial instrument in terms of reducing unemployment and increasing productivity in the Spanish economy, as stated in Law 35/2010 25.
Removal of bureaucratic barriers should be ensured by the Spanish government. The existing bureaucratic barriers can be a great obstacle for establishing new business and creating employment. Removal of bureaucratic barriers to business creation and support for the creation of specific mechanisms of non-bank financing is vital for new businesses 43. Knowing the exact internal and external demand is also very important for the Spanish economic development. If both internal and external demand could count on a more growth-oriented European context, it would be possible to reduce the vulnerability of the banking system and Spanish public finances would stabilize 43.
This study also contributes to take some new initiatives for the recovery of economic recession in Spain. Here the root causes, consequences and various recovery strategies for economic recession are identified that can develop the economy and ensure sustainable economic growth in Spain. From the analysis of the current recovery measures, some new recovery measures are generated. The proposed recovery measures can ensure the faster adjustment in the housing sector, create job opportunities and reduce banking crisis greatly. We do believe that if the proposed initiatives are implemented, the Spanish economy will be developed significantly. From the practical point of view, the overall findings of the study may help the government to know the details of the economic recession in Spain that, in turn, can lead to generate some new steps for the sustainable economic development in Spain. The findings show the root causes, consequences and recovery measures of the recession in Spain. From this study, the Spanish govt. can know the effectiveness of their taken recovery measures that, in turn, will make some positive changes in their recovery plans. Finally we do believe that the overall findings of the study and the proposed recovery measures will keep a significant contribution to the reduction of economic recession in Spain.
To assist instructors in teaching a course who want to adopt this book, I would request adding extensive exercises (along with an instructor's solution manual) and test bank to accompany the book. Ideally, if these materials can be easily integrated into standard course management systems, it would ease the book adoption process. 2b1af7f3a8