Banks and Bank Systems

ISSN 1816-7403 (print), 1991-7074 (online)
Publisher LLC “Consulting Publishing Company “Business Perspectives”
Issued from April 2006
Banks and Bank Systems

Since January, 2017, Journal supports Open Access.

The journal focuses on the results of scientific researches on monetary policy issues in different countries and regions all over the world. It also analyzes the activities of international financial organizations, central banks, and bank institutions. The privilege of publication is given to the original, conceptually new, contemporary and innovative manuscripts, which examine the global issues and will be interesting to the international audience. The journal is published quarterly in Ukraine.

Key topics:

  • Monetary Policy in Different Countries and Regions;
  • Monetary and Payment Systems;
  • International Financial Organizations and Institutions;
  • Monetary Policy of Central Banks;
  • Organizational Structure, Functions and Activities of Central Banks;
  • State Policy and Regulation of Banking;
  • Bank Competitiveness;
  • Banks at the Financial Markets;
  • Bank Associations and Conglomerates;
  • International Payment Systems;
  • Investment Banking;
  • Financial Risks and Risk Management in Banks;
  • Capital and Ownership Structure, Bankruptcy and Liquidation, Mergers and Acquisitions of Banks;
  • Corporate Governance and Goodwill;
  • Personnel Management in Banks;
  • Econometric, Statistical Methods; Econometric Modeling of Bank Activities;
  • Bank Ratings.

Subject Area – Economics, Econometrics and Finance. Subject Category – Economics and Econometrics; Finance.

Subject Area – Business, Management and Accounting. Subject Category – Management of Technology and Innovation; Marketing; Organizational Behavior and Human Resource Management.

Subject Area – Social Sciences. Subject Category – Law; Public Administration.

Submission guidelines

Please send a soft copy of your manuscript as an MS Word .doc file (all versions accepted) and filled Cover letter form to the following e-mail:
Editorial Assistant -


Open Access Statement

Journal is committed to full open access for scholarly publications. All articles are available to all users immediately upon publication of the issue.
Benefits of the open access are:increased citation and usage;rapid publication; faster impact with permissive licenses; copyright retention by the author.
Authors can choose either of Creative Commons licenses (CC-BY 4.0 or CC-BY-NC 4.0). Find detailed information in the Copyright section.



David T. Llewellyn

Professor of Money and Banking, Loughborough University, UK.

Gregor Kramer

Dr., Professor, Chair of Banking, Finance, and Accounting, Alanus University of Arts and Social Sciences, Germany.

Alex Plastun

Doctor of Economics, Professor of Chair of International Economics, Education and research Institute for business technologies "UAB", Sumy State University, Ukraine.
ResearcherID: L-7631-2014

Advising Editors

George G. Kaufman

Ph.D, Dr., Professor of Finance and Economics, Director of the Center for Financial and Policy Studies, School of Business Administration, Loyola University Chicago, USA.

Marco J. Menichetti

Dr., Professor, Chair of Business Administration, Banking and Financial Management, Institute for Financial Services, University of Liechtenstein, Liechtenstein.

Daniel Stavarek

Ph.D., Dean, Head of Department of Finance and Accounting, School of Business Administration, Silesian University, Czech Republic.
ResearcherID: A-7134-2010

Tatjana Volkova

Dr., Professor, BA School of Business and Finance, Latvia.

Editorial Board

Hussein Abdou

Ph.D., Professor of Banking & Finance, Business School at the Manchester Metropolitan University, UK.
ResearcherID: C-2456-2018

Muhammad Mahboob Ali

Ph.D., Professor of Finance, Economics and Management, Dhaka School of Economics, Bangladesh. Currently Visiting Professor of Joytirmoy Business School, India.

Hussein A. Hassan Al-Tamimi

Ph.D., Professor of Finance and Head of Department of Finance and Economics, University of Sharjah, United Arab Emirates.

Abdul Nafea Al-Zararee

Professor, Chairman of Banking and Finance Sciences Department, College of Administrative and Finance Sciences, University of Philadelphia, Jordan.

Luisa Anderloni

Full Professor of Financial Markets and Intermediaries, Milan University, Italy.

Ahmet Faruk Aysan

Associate Professor, Department of Economics, Boğaziçi University, Bebek, İstanbul, Turkey.
ResearcherID: F-3352-2018

Alessandro Benocci

Ph.D., Professor of Business Law, University of Pisa, Italy.
ResearcherID: B-4376-2018

James B. Bexley

Ph.D., Chairholder, Smith-Hutson Endowed Chair of Banking & Distinguished Professor of Finance, Sam Houston State University, Huntsville, Texas, USA.

Giorgio Calcagnini

Professor of Economics, Department of Economics, Universita di Urbino "Carlo Bo", Italy.

Vincenzo Capizzi

Ph.D., Full Professor of Banking and Finance, Department of Economics and Business Studies, Università del Piemonte Orientale, Italy.

Sebastian Bogdan Capraru

Ph.D. Hab, Professor of Finance, Alexandru Ioan Cuza University, Romania.
ResearcherID: H-6235-2015

Iryna Chmutova

Dr. of Economics, Associate Professor, Department of Banking, Simon Kuznets Kharkіv National University of Economics, Kharkiv, Ukraine.
ResearcherID: O-7036-2016

Oleksiy Druhov

Doctor of Economics, Professor, Vice-rector for educational work and international cooperation, Higher State Educational Institution “Banking University”, Ukraine.

Oleksandr Dzyublyuk

Doctor of Economic Sciences, Professor, Head of the Department of Banking, Ternopil National Economic University, Ukraine.
ResearcherID: I-2117-2017

Osama El-Ansary

Ph.D., Professor of Finance and Banking, Cairo University, Faculty of Commerce, Cairo University, Egypt.
ResearcherID: B-6289-2018

Eva Hüpkes

Head of Regulation, Swiss Federal Banking Commission, Switzerland.

JIhor Ivasiv

Professor of Finance and Banking, Department of Banking, Kyiv National Economic University named after Vadym Hetman, Ukraine.

Yong H. Kim

Dr., Full Professor of Finance, College of Business, University of Cincinnati, USA.

Roland Kirstein

Dr., Professor of Economics of Business and Law, Otto-von-Guericke-University Magdeburg, Germany. 

Oleh Kolodiziev

Dr. of Economics, Professor, Head of the Department of Banking of S. Kuznets KhNUE (Simon Kuznets Kharkiv National University of Economics), Ukraine.
ResearcherID: C-6094-2018

Volodymyr Lepushynskyi

Ph.D., Deputy Director, Monetary Policy and Economic Analysis Department, National Bank of Ukraine, Ukraine.

Stelios N. Markoulis

Dr., Adjunct Lecturer University of Cyprus, Visiting Professor Cyprus International Institute of Management, Honorary Visiting Research Fellow Cass Business School, London, UK.
ResearcherID: B-5002-2018

Andy Mullineux

Professor of Global Finance, Department of Accounting and Finance, The Birmingham Business School, The University of Birmingham, UK.

Juan Javier Negri

Founding member, lawyer, Negri & Pueyrredon Abogados, Argentina.

Emine Orhaner

Head of Department of Banking and Insurance Education, Faculty of Education of Commerce and Tourism, Gazi University, Turkey.

Lucjan T. Orlowski

Dr., Professor of Economics and International Finance, Department of Economics and Finance, Sacred Heart University, USA.

Peter Reichling

Dr., Professor, Chair of the Department of Banking and Finance, Otto-von-Guericke University Magdeburg, Germany.
ResearcherID: G-5187-2013

Burak Saltoglu

Professor of Economics, Department of Economics, Boğaziçi University, Turkey.

Emil Slazak

Ph.D., Associate Professor of Finance, Insitute of Banking, Warsaw School of Economics, Poland.

Paweł Smaga

Ph.D., Assistant Professor at Warsaw School of Economics in Poland and Senior economist at National Bank of Poland.
ResearcherID: C-2444-2018

Peter Steiner

Head of the Institute of Banking and Finance, Graz University, Austria.
ResearcherID: B-2889-2018

Amine Tarazi

Professor of Economics, Head of Economics Department, University of Limoges, France.

James B. Thomson

Professor of Finance, Chair of Department of Finance, College of Business Administration, University of Akron, USA.

Olga Vovchak

Doctor of Economics, Professor, Academician of the Academy of Economic Sciences of Ukraine, Head of the Department of Banking, SHEE "Banking University", Ukraine.

Ingo Walter

Dr., Professor, Vice Dean of Faculty, Seymour Milstein Professor of Finance, Corporate Governance and Ethics, Stern School of Business, New York University, USA.

Guneratne B Wickremasinghe

Ph.D., Senior Lecturer, School of Accounting & Finance, Faculty of Business and Law, Victoria University, Melbourne, Victoria, Australia.

Christian Wolff

Dr., Professor in Finance, Luxembourg School of Finance, University of Luxembourg, Luxembourg.

Oleg Yaremenko

Doctor of Economics, Professor, Senior Research Fellow of the State Organization “Institute for Economics and Forecasting, Ukrainian National Academy of Sciences”, V. N. Karazin Kharkiv National University, Ukraine.

Hai-Chin Yu

Professor of Finance, Chung Yuan Christian University Business School, Taiwan.
ResearcherID: B-2859-2015

Stavros A. Zenios

Professor, University of Cyprus, Cyprus; Senior Fellow, Wharton Financial Institutions Center, The Wharton School, University of Pennsylvania, USA.
ResearcherID: F-3346-2013

Mosad Zineldin

Ph.D., Professor in Economics, Strategic Relationship Management and Marketing, School of Management and Economics, Växjö University, Sweden.

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The journal “Banks and Bank Systems” ISSN (print) 1816-7403, ISSN (online) 1991-7074 was founded by LLC “CPC “Business Perspectives” (Sumy, Ukraine) in 2006 and registered by Ministry of Justice of Ukraine (No. КВ 23054-12894Р from December 11, 2017). The journal publishes quarterly in English, Sumy, Ukraine.

Since January 2017, the journal is open-access. The journal is committed to full open access for scholarly publications. All articles are available to all users immediately upon publication of the issue.

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To contact the Editorial office:
phone/fax: +38 (0542) 221707

Questions concerning manuscript (submission, status, publishing....):

Editors of the Journal “Banks and Bank Systems”:
David T. Llewellyn (Professor of Money and Banking, Loughborough University, UK)
Gregor Kramer (Dr., Professor, Chair of Banking, Finance, and Accounting, Alanus University of Arts and Social Sciences, Germany)
Alex Plastun (Doctor of Economics, Professor of Chair of International Economics, Education and research Institute for business technologies "UAB", Sumy State University, Ukraine)

To contact the Publisher:
phone/fax: +38 (0542) 221707
postal address: Hryhorii Skovoroda lane, 10, Sumy 40022, Ukraine

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Structure of the Paper and Manuscript Submission Guidelines

Before submission to the editorial staff of the journal, please check Research Misconduct Policies, infringement of which will result in immediate rejection of the manuscript and possible sanctions against the author.
The authors are strongly recommended to read the “Guidelines for Authors and Translators of Scientific Articles to be Published in English” at the website of The European Association of Science Editors (EASE), which guides our work.
Make sure that the manuscript presents an academic value, significance of research, as well as that its originality and practical significance are well described; the manuscript makes a contribution to earlier researches concerning the topic.

The author should attentively read the manuscript submission guidelines. These guidelines are not so rigid that even the slightest deviation from them will result in the refusal of the manuscript. However, we ask the authors to do their best to meet them, as it will provide the quality of their materials and will make it easier for the editorial staff to set the manuscript for publication.

Please define the type of the manuscript of four possible variants and adhere to both the general guidelines and the recommendations, which are specific for the type of the chosen manuscript.

The following types of manuscripts can be submitted to the journal:

  • original scientific paper, which is a final report on the finished original experimental study;
  • theoretical paper, which is devoted to theoretical study of the problem, which complies with the journal’s scope;
  • review paper, which is a study of concrete scientific problem, which complies with the journal’s scope and is conducted based on the materials of the scientific publications;
  • short communication paper on the event (conference, seminar, exhibition, issue of the important monograph), which complies with the journal’s scope.

The manuscript should be sent to the editorial staff of the journal via e-mail together with the filled and signed Cover letter form. Please, try hard to send a paper with good level of English. Well-written manuscripts will let editors and reviewers concentrate on their academic value.

Structure of the Paper

The presentation of the material in the manuscript should be built on the principle “from the general to the particular”.

The structure of research paper should consist of the following sections (it does not exclude the presence of additional subsections) and comply with the international standard АIMRaD (Abstract, Introduction, Methods, Results, and Discussion).

Theoretical paper – АIТвRaD (Abstract, Introduction, Theoretical Basis, Results, and Discussion).

Review paper – Abstract, Introduction, Literature review, generalization of the main statements and Discussion.

Short communication paper is structured by the author in his own, but with compulsory reference to the date and place of the event. However, it does not include a big list of references and supplementary materials.

The title of the paper should fully reflect the topic of the research and its content. It must be short and concrete (not more than 15 words). Besides it should catch the reader’s interest and it should be written using the scientific style. It is appropriate to point the object of research or concretize it using the colon or the brackets. It is not recommended to use contractions, but if used, then only for the commonly known ones.

Author (authors)
Here the name (first name and last name) of the author (authors) (Byline?) must be written. Those authors who use the patronymic or middle name should write only the first. The authors whose names are written in the Cyrillic alphabet must transliterate them correctly. Those who need the transliteration can use the websites or
After the names of the authors, there should be written their academic degree and academic rank, places of work (university, academic institution, etc. or the organization to which they belong) (Affiliation), city and country. If the name of city or country is already used as author's affiliation still both the city and the country should be indicated. The name of the organization or the institution must be indicated, separated by the comma in the nominative case and this name must be full, without contractions and abbreviations. Also the authors should indicate their e-mails.
If there are several authors, they make a decision themselves concerning the order of their mentioning in the title of the paper (recommended variant – depending on the contribution to the research). The list of authors includes only those persons who have really taken part in the research and agreed to bear full responsibility for its content. Research funding or taking part in paying the article processing charge is not a prerequisite for being included in the list of co-authors. While forming the list of the authors, a special attention should be paid to the COPE (Committee on Publication Ethics) principles.

In order to bring the academic degrees, academic ranks and occupations, which are used in some emerging economies or the developing countries, in line with the international standards, the corresponding table should be used ENGLISH EQUIVALENTS FOR ACADEMIC RANKS, DEGREES AND JOB TITLES.

It should be written using the following algorithm: first two or three sentences indicate the relevance of the topic; the aim and object of the study; the methodology (methods) of the study (for theoretical studies – its theoretical basis) are described; the obtained results and their practical value are characterized. At the same time, every statement must follow logically from the previous one. In the abstract for a research paper, it is recommended to use the numerical results. In the abstract of a review paper, the author can only point the issues discussed, without presenting the results. While writing the abstract, it is necessary to use the active voice instead of the passive voice, and such words as “thus”, “for instance”, “as a result”, etc. In the abstract, the author should not refer to any researches or other sources of information. The abstract should be written without subsections and without subtitles, i.e., is not structured. The text should be concise and original. It is not appropriate to use the sentences in the Abstract from the text of the paper. At the same time, the material which is absent in the paper cannot be presented in the Abstract. In the Abstract, the author should not refer to any sources, use tables and figures. The number of words must be in average 150-250.

The purpose of keywords is to provide the insight to the reader into the contents of the paper. They should reflect the area of the research. The number of keywords should be 5-10 in average. There should not be the sentences, but the words or word groups. If the object of the study is not mentioned in the title of the paper (including the country, the region), it should be added to the list of keywords. There is no need to replicate words from the title of the paper.

JEL Classification
If earlier the author was not aware of this classification system, he/she should attentively look through it in order to have a common understanding of all the areas defined in it The codes, indicated by the author should clearly reflect the research area. The author is welcome to use the codes from two or three areas, if they are covered in the research.

Both scientific issues and the relevance of the research should be substantiated and explained in the introduction. Also a problem statement should be pointed out. The introduction should not be long, the author should avoid using tables and figures.

Literature Review
Literature review provides an analysis and generalization of relevant works (papers, monographs, reports, theses, etc.), which describe the essence of the problem and/or give an understanding on the previous efforts to solve it. The Literature Review should comply with the aim of the research (“fitness for purpose”) and represent the results of critical analysis of the analytical base for testing the research hypothesis.
Literature review must not be limited only by works, which were published in the country where the author lives and works (the problem should be studied globally). Particularly it concerns the authors from non-English speaking countries (they are recommended to thoroughly analyze the works published in English).
If appropriate, normative legal acts are also analyzed.
Only those sources are given and analyzed in the paper, which really are valuable for the author’s research. The author cannot just make long lists of authors and their works, which are related to the investigated issues. The author cannot take the pieces of review text from other works with reference to other authors and include their works in the list of references. When citing, the author is obliged to observe ethical and moral principles.
While making literature review, the author can use own publications and refer to them, but only in order to describe the problem, but not to increase the citation level.
It is recommended to finish the literature review with the presentation of unsolved issues, identification of contradictions in the results and findings of the previous researches, justification of the need to continue the studies in this area and choice of the specific topic (direction) of this study.
In the literature review and throughout the text of the paper as a whole, references to the sources are made in compliance with Reference list and citation style guide or refer to APA formatting and style guide (American Psychological Association).

The aim describes main results in a short and concrete manner (in one sentence), the achievement of which is the purpose of the research. Here can also be mentioned several intermediate problems, the solution of which will ensure that the aim is achieved. The aim should not replicate the title of the manuscript.

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Here the interpretation of the results obtained during the research is made. A comparison is made with the results obtained by other researchers.

In this section the main ideas of the manuscript are presented, the obtained results and their novelty are demonstrated. The possibility of practical use of the obtained results should be outlined and the directions for further scientific research should be offered.

In this subsection, the relevant scientific programs, grants, scholarships, contracts are indicated.
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The list of references must be made in the alphabetical order. While indicating the source, which was analyzed in the source language (not in English), it should be indicated first in the source language, then the transliteration should be made in brackets. It is recommended that it should be done with the transliteration for English-speaking systems (it is better to use transliteration of the system British Standards Institution.
Download “Business Perspectives” Reference list and citation style guide or refer to APA formatting and style guide.
Transliteration from Ukrainian can be made with the help of Ukrainian transliteration and the website, from Russian – with the help of Russian transliteration, from several other languages, which use the Cyrillic alphabet, with the help of the website

Supplementary Materials
The supplementary materials are the big size figures, tables, graphs, schemes, photographs, etc., which are referred to throughout the text of the paper.

Paper Submission Guidelines
The number of words in the paper may vary from 4000 to 6000 (for short communication paper – from 1000 to 2000).Considering the issue concerning the calculation of the number of words in the paper, the information about the authors, title, abstract and keywords, list of references and appendices should not be included. The number of sources, in the list of references, should not exceed 50. Supplementary materials should not exceed 5 pages. Note, that the paper should be submitted in the format Microsoft Word or compatible (.DOC, .DOCX).
Tables, schemes, figures, photographs of other authors should not be used in the text of the paper without their written permission.

The presentation of the text in the paper must comply with the Manuscript Submission Guidelines.

Publishing process

Submission process
To submit a paper, please send two copies of manuscript, one in MS Word format (.doc or .docx) and one in PDF, and completed Cover letter form attached to an e-mail to the editorial assistant.
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Infringement of Research Misconduct Policies will result in paper rejection and possible sanctions against authors.

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Open-access articles
Authors whose articles are published in open-access retain copyright to the content of the articles. The publisher is granted the right to make the first publication of the article. Open access articles can be published under one of the following Creative Commons licenses by the author's choice (remember that licenses are irrevocable).

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Editorial Board members and reviewers constantly work on increasing the efficiency of manuscripts evaluation and selection of the papers that present extreme importance to the scientific field. In this respect, there are factors that result in a rejection of a significant share of papers submitted for publication. The reasons for rejection can be different. Main reasons are listed in Peer Review and Research Misconduct Policies.

LLC “CPC “Business Perspectives” emphasizes that in no case place of work or country of residence of the scientist, his racial or religious affiliation can be the reason for rejection.

In this respect, we ask the authors to pay attention to necessity of observing publication ethics principles. Submitted manuscripts should be relevant in content and comply with the aim, tasks and specialization of the journal.

The language of the manuscript should be professional, and the format should comply with the standards given. Weak English and incompliance with the format standards will not obligatorily lead to rejection, but can delay paper acceptance until the author makes the amendments. The acceptance rate for the journal is calculated as a number of manuscripts accepted for publication compared with total number of manuscripts submitted in one year.

This rate demonstrates gradual and steady decrease. By now, it is 33%.

To have a clear vision about period of consideration and process of review of your paper, authors can always contact the editorial assistant. Period of paper consideration is not fixed and can be changed depending on different factors, but our employees will keep you informed about the status of the publishing process.

The average time it takes to make a publication decision after receipt of submitted manuscript is 80 days.

Number of articles published in “Banks and Bank Systems”:

2006 – 38
2007 – 34
2008 – 34
2009 – 38
2010 – 52
2011 – 44
2012 – 40
2013 – 44
2014 – 45
2015 – 37
2016 – 49
2017 – 77


The author may deposit pre-print version of the paper (manuscript by the author, submitted to the journal, before peer-review and without any editorial amendments) to any platform anytime with acknowledgement to the Publisher and the Journal (acknowledgement should be made as follows: "This is a pre-peer-reviewed version of the paper submitted for publication to [name of the Journal] published by LLC "CPC "Business Perspectives").

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The Author may deposit published version of the paper (final edited and typeset version that is made publicly available by the Publisher and can be considered an article) to any institutional repository, and distribute and make it publicly available in any way with acknowledgement to the Publisher and the Journal (acknowledgement should be made as follows: "This is a published version of the paper, available at LLC "CPC "Business Perspectives" at[DOI of the article]").


Article processing charge (APC) is paid only after the manuscript had been reviewed and accepted for publication. APC covers the costs of publication process, including peer-review administrating, copy editing, hosting the files etc. Business Perspectives does not employ submission or reviewing charges.

Article processing charge for “Banks and Bank Systems” for the authors with affiliation in high-income countries or upper middle-income countries is 575 €, APC for the authors with affiliation in lower middle-income countries 475 € and APC for the authors with affiliation in low-income countries is 380 €. Please request an invoice (or information about other methods of payment) from an editorial assistant or follow the link to Pay online.

If the size of the manuscript exceeds the established limit (6000 words) then authors should contact an editorial assistant to elaborate on publication details.
Please pay attention that LLC “Consulting Publishing Company “Business Perspectives” can’t receive payments from high-risk and non-cooperative countries. The jurisdictions list

During the publishing process the authors can order the printed copy of the issue from an editorial assistant per 125 €.

In order to enhance the publishing opportunities for authors from low-income countries, the Publishing Company provides a system of partial compensation of Article Processing Charges. The Publisher also offers personal discounts for some authors from these countries. In such cases the author should apply to the Publisher with a fully substantiated request concerning both discounts for APC or for a free publication. Such an application is considered in each case individually.

13 volumes and 52 issues