Special Edition-07.pdf - Lahore School of Economics

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92 Shakil Faruqi through a few rounds of their capacity building led by the SBP, which embarked on this process some years ago with considerable success. Many small private banks and foreign banks went through capacity building efforts of their own and completed their transition earlier on during the late 1990s. Recently, privatized large banks embarked on their capacity building a few years ago and they are in the midst of catching up to their fast growing needs. There are three main elements to capacity building. These are: improvements in management orientations and dynamism, investment in training, and investment in infrastructure such as IT facilities in parallel with IT training if this investment is to yield dividends. All the three elements are a relatively recent experience for Pakistani banks, but these are not unfamiliar or new to them. Investment in training, unfortunately is still regarded as an administrative expense rather than investment in human capital. That mind-set has not changed. Currently, most institutions spend only a fraction of their routine administrative budget on training, perhaps no more than 3% of their annual administrative outlays and it is not considered as investment in human capital. Further, training is widely interpreted as improving basic skills or is regarded as improving abilities in procedures as compared with functional training. For example, training a branch manager is not the same as training a banker; or for that matter, training a central banker, say, in currency regulations is not the same thing as preparing someone to become a central banker. This involves the enhancement of capabilities, re-orientation of the mind-set and attitudes which are much harder to come by. Functional training was not needed in a nationalized system, directed as it was from the centre, or so it seems. That is why training came to a grinding halt and with it the culture of self-improvement at the institutional level disappeared. In the current business environment financial institutions cannot prosper without sustained efforts at capacity building.
The Post-Reform Era Maintaining Stability and Growth 93 References Balino, Tomas J. T., and V. Sundararajan, 1986, Financial Reform in Indonesia in H. S. Cheng (ed.), Financial Policy and Reform in Pacific Basin Countries. Massachusetts: Lexington Books. Barth J, Litan R., Lessons from Bank Failures in the United States, in Hunter Caprio and Leipziger (eds.), Preventing Bank Crises: Lessons from Recent Global Failures, Federal Reserve Bank, Chicago, EDI/World Bank Development Studies, pp 133-172. Bernanke, Ben, 1990, “Financial Fragility and Economic Performance.” Quarterly Journal of Economics. Bery, Suman, India: Commercial Bank Reform, in Hunter Caprio and Leipziger (eds.), Preventing Bank Crises: Lessons from Recent Global Failures, Federal Reserve Bank, Chicago, EDI/World Bank Development Studies, pp 243-260. Bydalek, P., Lessons from Recent Global Bank Failures: The Case of Brazil, in Hunter Caprio and Leipziger (eds.), Preventing Bank Crises: Lessons from Recent Global Failures, Federal Reserve Bank, Chicago, EDI/World Bank Development Studies, pp 249-254. Caprio, Gerard, 1992, “Policy Uncertainty, Information Asymmetries and Financial Intermediation,” Working Paper, PS 853, World Bank. Caprio, Hunter, Kaufman, and Leipziger (eds.), 1998, Preventing Bank Crises: Lessons from Recent Global Failures, Federal Reserve Bank, Chicago; EDI/World Bank Development Studies. Chang, Roberto and Andres’ Velasco: The Asian Liquidity Crisis Federal Reserve Bank of Atlanta, Working Paper 98-11, July 1998. Cho, Yoon-Je, 1986, “Inefficiencies from Financial Liberalization in the Absence of Well-functioning Equity Markets.” Journal of Money, Credit, and Banking 18 (May): 191-9. Corbo, Vittorio, Jaime de Melo, and James Tybout, 1986, “What went wrong with recent reforms in the Southern Cone,” Economic Development and Cultural Change (April): 607-40.
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Special Edition ISSN 1811-5438 THE
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THE LAHORE JOURNAL OF ECONOMICS Con
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11. All references used in the text
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