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1
Korytowski, Marcin. "Banks’ profitability determinants in post-crisis European Union." International Journal of Finance & Banking Studies (2147-4486) 7, no. 1 (June 30, 2018): 1. http://dx.doi.org/10.20525/ijfbs.v7i1.847.
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<p>The purpose of this article is to examine the impact of selected internal and external factors on a bank’s profitability. The research investigates the impact of operational size, liquidity, risk appetite, management efficiency, product diversification, concentration, GDP growth and inflation change on the profitability of sample of 4179 European commercial banks for the period between 2011 and 2015. The input data were obtained from the Orbis Focus and the World Bank databases. The determinants were used to construct two models with ROAA and ROAE as a proxies and regression analysis using between groups panel approach was conducted. It has been found that growing economy impacts banks’ profitability positively. The liquidity has been found to impact profitability positively, but statistically significant results were obtained only with the ROAA model. It has been robustly confirmed that management efficiency, product diversification, market concentration and inflation result in decreased profitability. The operational size has been found to be negatively linked to changes in net results but was confirmed only with ROAA model. Similarly, statistically significant results with regard to liquidity were found only for ROAA model and the correlation was positive. The strong negative impact of market concentration on profitability is an interesting finding allowing for further exploration of reasons for this unexpected vector of correlation.</p>
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Wójcik-Mazur, Agnieszka, and Marek Szajt. "Determinants of liquidity risk in commercial banks in the European Union." Argumenta Oeconomica 2, no. 35 (2015): 25–47. http://dx.doi.org/10.15611/aoe.2015.2.02.
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Maslennikov, A. "World Leading Commercial Banks in Crude Oil Derivatives Market." World Economy and International Relations, no. 9 (2015): 69–79. http://dx.doi.org/10.20542/0131-2227-2015-9-69-79.
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The article examines recent developments in the global market for crude oil futures contracts. Amid persistently high trading volume of futures contracts for Brent and WTI global oil benchmarks structure of the market has recently changed profoundly. Share of non-commercial investors who are not directly linked to physical oil operations and are often considered speculators in the trade turnover of futures contracts for WTI at the NYMEX exchange has exceeded 50%. Financial investors play a prominent role in price discovery process for crude oil. However, world leading commercial banks that used to be the major participants in crude oil futures market and were also actively engaged into physical oil trading operations presently are forced to adjust their strategies responding to the regulatory reforms unleashed in the USA and European Union after the global financial crisis of 2008/2009. Provisions of Dodd-Frank Act in the USA and similar regulations in the European Union member countries aim to limit banks’ involvement in commodity derivatives market exclusively to hedging activities referred to swap transactions between banks and their clients. New tighter regulation substantially increases costs of commodity derivatives’ business for commercial banks. Also, the current US legislation prohibits banks from proprietary trading with derivatives instruments. These legislative innovations could substantially reduce banks’ profits. The largest global commercial banks have already reduced their physical commodity trading activities. The author concludes that while it is still unclear how significant the retreat of banks from crude oil derivatives market will be, the established mechanism of oil price setting is unlikely to change dramatically as new players from the financial sector are entering the market, replacing commercial banks.
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Baklouti, Nizar, Frédéric Gautier, and François Aubert. "Effect of the legal system country of European commercial banks on the financial distress." International Journal of Accounting and Economics Studies 4, no. 2 (November 26, 2016): 168. http://dx.doi.org/10.14419/ijaes.v4i2.6839.
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This study examines the effect of the legal system on the governance of banks and hence on financial distress. We compare corporate governance to the legal system in 18 countries of the European Union to explain the relationship between financial distress and bank governance. Using a sample of 147 commercial banks, we find that the effect of the legal system really counts. The results also suggest that banks operating in common law and civil law countries tend the concentration of ownership and board size to the effect of increasing the likelihood of financial distress. This study contributes to research in the governance of enterprise to provide empirical evidence that the legal system has the power to influence the financial health of banks.
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Baklouti, Nizar, Frédéric Gautier, and François Aubert. "Effect of the legal system country of European commercial banks on the financial distress." International Journal of Accounting and Economics Studies 5, no. 1 (February 28, 2017): 40. http://dx.doi.org/10.14419/ijaes.v5i1.6558.
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This study examines the effect of the legal system on the governance of banks and hence on financial distress. We compare corporate governance to the legal system in 18 countries of the European Union to explain the relationship between financial distress and bank governance. Using a sample of 147 commercial banks, we find that the effect of the legal system really counts. The results also suggest that banks operating in common law and civil law countries tend the concentration of ownership and board size to the effect of increasing the likelihood of financial distress. This study contributes to research in the governance of enterprise to provide empirical evidence that the legal system has the power to influence the financial health of banks.
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Pasiouras, Fotios, and Kyriaki Kosmidou. "Factors influencing the profitability of domestic and foreign commercial banks in the European Union." Research in International Business and Finance 21, no. 2 (June 2007): 222–37. http://dx.doi.org/10.1016/j.ribaf.2006.03.007.
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Santillán-Salgado, Roberto. "Banking concentration in the European Union during the last fifteen years." Panoeconomicus 58, no. 2 (2011): 245–66. http://dx.doi.org/10.2298/pan1102245s.
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The increase in the concentration of the banking industry across European Union countries during the last fifteen years can be explained in terms of: a) global factors, like the comprehensive adoption of technological innovations, the intensification of competition that has resulted from the deregulation of the financial sector and, more recently, as a consequence of the government interventions and forced acquisitions prompted by the 2007-2009 financial crisis; and, b) factors that have been specific to the E.U., in particular, the structural changes that took place in the region as a result of the creation of the Single Financial Market (1993) and the introduction of the euro (1999). This work analyzes the concentration process of the banking industry in the E.U. during the last fifteen years giving preeminence to the strategic choices made by the region?s commercial banks. It also reports the most visible E.U. banks? M&As and government interventions that resulted from the 2007-2009 financial crisis, make a preliminary evaluation of the outcomes, and suggests possible future trends for the banking industry in the region.
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Gwoździewicz, Sylwia, Dariusz Prokopowicz, and Daniel Szybowski. "ACTIVATING INTERVENTIONIST MONETARY POLICY OF THE EUROPEAN CENTRAL BANK IN THE CONTEXT OF THE SECURITY OF THE EUROPEAN FINANCIAL SYSTEM." International Journal of New Economics and Social Sciences 4, no. 2 (December 30, 2016): 0. http://dx.doi.org/10.5604/01.3001.0010.3914.
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The development of market financial system in Poland was determined to a large extent, globally operating processes of the situation on the financial markets and the processes of adaptation to the normative standards and technological European Union. As part of anti-crisis measures leading central banks, Anglo-Saxon and European financial system have launched a high-budget system, interventionist assistance programs. Finally, the cost of rescuing the financial system was thrown to the proverbial John Doe ie. Most numerous segment of bank customers. Currentlyperformed research carried out in previous years, interventionist government programs to rescue the anti-crisis measures of the key players of the economy from bankruptcy financial and activation of demand, investment, production and liquidity in the credit market. In terms of development-oriented activities of government intervention, the European Central Bank continues to apply mild monetary policy of low interest rates in order to improve liquidity in the financial system and offering cheap money for the development of pro-investment share of credit of commercial banks operating in the European Union.
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Prokopowicz, Dariusz. "CONDITIONS FOR INTRODUCING A BANKING TAX IN POLAND." International Journal of Legal Studies ( IJOLS ) 2, no. 2 (December 29, 2017): 135–60. http://dx.doi.org/10.5604/01.3001.0012.2248.
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This article describes the main determining factors of the implementation of a bank tax in commercial banks that run their activities in Poland. It also considers the importance of legal regulations of the rules for collecting this tax. The global financial crisis of 2008 was an important factor that has stimulated the processes of improving legal regulations concerning banks. Weakening economic situation and higher risk caused the need to improve procedures and banking legal regulations of the financial transactions safety in Poland. Improvement of banking system financial procedures is correlated with gradually progressing globalization but also with anti-crisis socio-economic policy in Poland. Therefore, the level of adaptation of legal procedures and norms regarding commercial banks in Poland to the European Union standards and guidelines of the Basel Committee is continuously improving. One of the specific aspects of these adjustment processes was the introduction of a bank tax, which operates in most European Union countries. The introduction of this tax could be one of the factors determining the sale of subsidiary companies, i.e. banks that are controlled in Poland by foreign financial institutions. Therefore this can be an important factor, which would accelerate the process of repolonization of the banking sector in Poland. The economically effective introduction of a bank tax depends among other things on efficient legislative process.
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Stehnei, Marianna, and Maryna Korol. "ANALYSIS OF THE DYNAMICS OF THE EUROPEAN BANKING SYSTEM." Baltic Journal of Economic Studies 6, no. 4 (November 24, 2020): 156–67. http://dx.doi.org/10.30525/2256-0742/2020-6-4-156-167.
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Relevance of research. Existence of global financial crises points to the fact that in the world there is no perfect banking system and therefore the efficiency of the banking system requires a detailed study, including major performance indicators. The aim of the study is to summarize and characterize the existing trends of banking system evolution in the European Union. Methodological basis of the study – is based on the analysis of the study of the dynamics of such indicators as the number of banking institutions, the volume of assets and liabilities, asset quality, as well as the profitability of the banking sector of the European Union. A systematic analysis of the quantitative and qualitative composition of the above-mentioned banking indicators, synthesis and generalization were used to generalize and formulate conclusions. Scientific results. This article is devoted to the study of the dynamics of the main indicators of the European banking system during the period from 2000 to 2019 inclusive. It is argued that the number of commercial banks has decreased over the last decade, including in the European Union. Bank branches are no exception, the negative dynamics of the number of which was followed by the global financial crisis of 2008-2009. At the same time, it was found that the volume of bank assets shows a positive trend. Regarding the geographical distribution of assets, in 2019 the leading position was taken by France, Germany, Italy and Spain. At the same time, the volumes of liabilities of the financial sector of the European Union for the studied period also show a positive trend. The structure of loans is characterized and it is emphasized that the vast majority of loans are issued to non-financial corporations and households, which is an evidence of the business orientation of banks to provide loans to the real sector of the economy. It has been established that one of the key problems facing European banks is profitability, which today still could be on a better level than in 2007, the year of the financial surge. This situation distances European banks from competitors in the United States, which have shown positive dynamics of their profits. However, it is encouraging that the quality of assets of the European Union banks has significantly improved over the last 4 years. The practical significance of the study is to rate the strengths and weaknesses of the European banking system. Significance/originality. The results achieved from an integrated view of the functioning of the banking system of the European Union, which will allow the authors to further build a model for verifying the stability of the banking system.
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Michael, Okoche. "Political Dimension in Pan-African Cross-border Banking: An Inhibitor or Catalyst?" Business and Management Studies 5, no. 1 (January 22, 2019): 1. http://dx.doi.org/10.11114/bms.v5i1.3984.
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The emergence and the dominance of African banks in Africa have been touted as one of the popular mechanisms for financial development leading to a concept termed as Pan-African cross-border banking. African Banks have become dominant in the African market as opposed to European colonial banks substantially increasing their geographic footprints on the continent. African banks have become economically significant beyond their home countries and of systematic importance in a number of jurisdictions. This systematically examined the influence of the political environment on Pan-African cross-border banking using Kenya Commercial bank as a case study.Interpretive research paradigm guided the study seeking using qualitative data by interviewing employees, managers, and policymakers from the three subsidiaries of Kenya Commercial Bank; Uganda, Rwanda, and Burundi. This was further supported by secondary data collected from journal articles and reports from the Kenya Commercial Bank.The study established that political environment plays an important role in influencing Pan-African cross-border banking either through catalysing or inhibiting. Despite effort integration by African Union, regional unions like East African Community there still areas for improvement. In order to enhance Pan-African cross-border banking, there has to be systematically management of political environment which was distorted by history, ideologies, different political systems, different regulatory frameworks between the subsidiaries and home countries. This will further enhance the significance of Pan-African banks African cross-border banks enhancing economic development within Africa.
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Abdulkhakova, Nozimakhon Khayotjon Qizi. "OPPORTUNITIES TO USE THE EXPERIENCE OF THE EUROPEAN UNION COUNTRIES IN INCREASING THE CAPITAL OF COMMERCIAL BANKS." Theoretical & Applied Science 95, no. 03 (March 30, 2021): 414–21. http://dx.doi.org/10.15863/tas.2021.03.95.65.
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Liu, Suyu. "Improving Financial Stability: Can European Union Member States Learn From China's Experience in Enhancing Commercial Banks' Social Responsibilities?" European Law Journal 18, no. 1 (December 14, 2011): 108–21. http://dx.doi.org/10.1111/j.1468-0386.2011.00588.x.
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Pantos, Themis D. "EU Banking Directives: risk and wealth effects on the Greek financial sector." Journal of Risk Finance 9, no. 1 (January 4, 2008): 9–19. http://dx.doi.org/10.1108/15265940810842384.
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PurposeThe paper seeks to examine whether or not wealth effects and changes in the systematic risk associated with the return structure of the Greek commercial chartered banks, investment firms and insurance companies resulted from the passage of the European Union Banking Directives over the period 1988‐1997.Design/methodology/approachUsing monthly stock returns from the DataStream database for the period January 1988 to December 1997, the separate effects of each of the EU Banking Directives on Greek commercial chartered banks, investment firms and insurance companies are tested. The “seemingly unrelated regression” methodology is utilized to test three portfolios consisting of an equally weighted banking, investment and insurance index made up of major Greek banks, investment firms and insurance companies respectively. The Greek Market Index serves as a proxy for the market portfolio. All the aforementioned indices were converted to returns using the log difference method.FindingsEmpirical results indicate that the systematic risk dramatically increased for Greek insurance and investment firms and moderately increased for Greek commercial chartered banks through the tabling of the Free Capital Movement Directive in the Greek Parliament. After controlling for systematic risk, the results suggest that the passage of the Free Capital Movement Directive did not create wealth effects for the shareholders of commercial chartered banks, investment firms and insurance companies. Conversely, the results demonstrate that the Second Banking, Investment Services and Capital Adequacy Directives produced no wealth effects for the investment firms and insurance companies, but not for commercial chartered banks' shareholders. The whole wealth effect on the Greek financial sector was neutral.Originality/valueThis article will be of value to academics, bankers, bank regulators, practitioners, and economic policy makers who are interested in the regulatory evolution of the EU banking industry.
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Kania, Ewa, and Zofia Łękawa. "Regulation peculiarities of cooperative banking in Poland." Ekonomika 85 (January 30, 2009): 57–69. http://dx.doi.org/10.15388/ekon.2009.0.5124.
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The dual nature of cooperative banks is reflected by their formal and institutional solutions. They refer both to banking and to cooperative regulations, especially to those dedicated to relations between the two areas; hence, they result from considering their specialness and consistency.In addition to general cooperative principles which define membership rules in the first place, this paper focuses on codes ruling the coexistence of cooperative banks within a given domain and organizational solution. They include:– collaboration of cooperative banks within a federated structure as forms of association between cooperative (member) banks and the associating bank;– regionalization which defines the framework of coexistence and is combined with the territoriality of operations, or the right to operate in a limited area as independent units with no competition among respective cooperative banks;– subsidiarity which is tightly related to the division of functions between a primary level (cooperative banks) and a higher level (associating banks).This paper aims at identifying to what extent the regulations should be dedicated to cooperative banks or what real impact of cooperative specialness is on legal is solutions. Thus, a diligent examination is necessary to identify those elements of cooperative banking which require dedicated solutions and those which are identical with commercial banking.The solutions are significantly diversified, although there have been attempts to standardize them in some areas following the need to comply with the European standards and regulations, including recommendations issued by the National Union of Cooperative Banks and the European Associations of Cooperative Banks in the EU.
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Ershov, Vitalii F. "EUROPEAN UNION FINANCIAL POLICY IN THE POST-SOVIET SPACE AT THE BEGINNING OF THE 21ST CENTURY. EXPERIENCE AND PROSPECTS." RSUH/RGGU Bulletin. Series Eurasian studies. History. Political science. International relations, no. 3 (2020): 10–28. http://dx.doi.org/10.28995/2686-7648-2020-3-10-28.
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The paper deals with the formation of a modern style of financial relations between the European Union and post-Soviet states. The author explores the objectives and features of the implementation of two main components of the European financial policy in the post-Soviet space: investment in the development and commercial activities of private capital. The EU financial policy in the post-Soviet states advances in the context of pan-European humanitarian, geopolitical and energy concepts established at the beginning of the 21st century. Despite certain differences that exist in the approaches of the European Union to dialogue with groups of countries within the frameworks of the Eastern Partnership and the EU Strategy for Central Asia, a common line is seen here on investments in promoting the education, European values, legal standards of banking. At the same time, in relations between Europe and the post-Soviet countries there is a tendency towards the adoption of the principles of financial pragmatism and a desire for long-term investment ties. The expanding role of the European banks and investment companies in economic life in the post-Soviet space is in direct connection with the realization of the modernization potential in post-Soviet states.
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Schwarz, Claudia, Polychronis Karakitsos, Niall Merriman, and Werner Studener. "Why Accounting Matters: A Central Bank Perspective." Accounting, Economics and Law - A Convivium 5, no. 1 (January 1, 2015): 1–42. http://dx.doi.org/10.1515/ael-2014-0023.
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AbstractThis paper analyses how accounting frameworks can affect three important areas of responsibility of many central banks, namely monetary policy, financial stability and banking supervision. The identified effects of accounting rules and accounting information on the activities of a central bank are manifold. First, the effectiveness of monetary policy crucially hinges on the financial independence of a central bank, which can be evidenced, inter alia, by its financial strength. Using a new simulation of the financial results of the European Central Bank (ECB), this paper shows that the reported annual profit and financial buffers of a central bank can be significantly affected by accounting, profit distribution and loss coverage rules. Second, in respect of financial stability, the accounting frameworks applied by commercial banks can not only affect their behaviour, but also that of financial markets. Indeed, there is evidence that accounting frameworks amplified pro-cyclicality during the recent crisis, and thus posed risks to the stability of the financial system. This being so, the accounting frameworks of credit institutions have obvious implications for central banks’ analyses with regard to promoting financial stability. Finally, as regards banking supervision, regulatory reporting and key supervisory ratios are based on accounting data. Under the new regulatory framework for banks in the European Union (EU), bank supervisors are highly reliant on accounting data. This means that central banks, in their role as bank supervisors, need to understand the underlying accounting rules and should directly support the development and application of harmonised accounting frameworks.
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Berrini, Anna, Valentina Tepedino, Vitaliano Borromeo, and Camillo Secchi. "Isoelectric Focusing Identification of Four Freshwater Fish Commercially Labeled “Perch”." Journal of AOAC INTERNATIONAL 88, no. 2 (March 1, 2005): 670–72. http://dx.doi.org/10.1093/jaoac/88.2.670.
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Abstract Isoelectric focusing (IEF) was used to distinguish 4 freshwater fish species that are sold in the European Union under the generic label of “perch”: Perca fluviatilis (European perch), Lates niloticus (Nile perch), Stizostedion lucioperca (European pikeperch), and Morone chrysops x saxatilis (Sunshine bass). These species have different commercial values but are easily interchangeable because they are sold already filleted, in view of the numerous bones of the whole fish. IEF of the water-soluble proteins extracted from fish muscle resulted in species-specific patterns. None of the bands was common to all 4 species. Intraspecies polymorphism was low and did not concern the bands identified as characteristic of the species.
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VASSALLO, José Manuel, Thais RANGEL, María de los Ángeles BAEZA, and Paola Carolina BUENO. "The Europe 2020 project bond initiative: an alternative to finance infrastructure in Europe." Technological and Economic Development of Economy 24, no. 1 (September 11, 2015): 229–52. http://dx.doi.org/10.3846/20294913.2016.1209251.
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The economic and financial crisis that struck Europe over the last few years has imposed much stricter capital and liquidity requirements for commercial banks thereby reducing their ability to provide funding to infrastructure projects. To circumvent this problem the European Union has promoted the Europe 2020 Project Bond Initiative (PBI) aimed at using European funds for credit enhancement to increase the appetite of institutional investors – such as pension funds and insurance companies – to boost large-scale infrastructure financing. In this paper we describe the specific constraints and attractiveness of the PBI within Europe using the SWOT methodology to analyse the information coming from both pilot case studies and the responses that institutional investors and other stakeholders provided to the EC public consultation about the PBI. On the basis of this information we found that even though the initiative may contribute to facilitate infrastructure financing in Europe, there are still some challenges to be addressed for its right implementation.
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Winkler, Adalbert. "The joint production of confidence: lessons from nineteenth-century US commercial banks for twenty-first-century Euro area governments." Financial History Review 18, no. 3 (October 11, 2011): 249–76. http://dx.doi.org/10.1017/s0968565011000205.
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This article argues that the crisis in euro area government bond markets reflects the same kind of stability challenges financial intermediaries face when confronted with a negative macroeconomic shock without having access to a lender of last resort. Nineteenth-century US banks operated under such a framework and used clearing houses in times of crisis as a co-insurance mechanism against contagious runs. Their experience provides valuable lessons for the ongoing reform efforts in the euro area. The analysis reveals that most of the instruments clearing houses used in the joint production of confidence are similar to the ones euro area governments have recently decided upon, such as the establishment of the European Financial Stability Facility. This suggests that the euro area crisis response has followed best private-sector practices of crisis management. However, inherent fragilities of co-insurance mechanisms as well as the long maturity and elusive quality of government debt present a challenge in designing a sustainable solution to the crisis without compromising on the original goal of euro area governance: ensuring sound fiscal policies as a prerequisite for maintaining price stability. To meet this challenge a substantially more comprehensive economic and political union might be needed.
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Prokopowicz, Dariusz. "THE PROCESSES OF CONSOLIDATION AND CONCENTRATION OF CAPITALAS IMPORTANT DETERMINANTS OF ECONOMIC GLOBALIZATION PROCESSES AFFECTING THE ECONOMIC DEVELOPMENT OF THE BANKING SYSTEM IN POLAND." International Journal of Legal Studies ( IJOLS ) 4, no. 2 (December 30, 2018): 217–44. http://dx.doi.org/10.5604/01.3001.0013.0017.
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The systemic transformation and socio-economic, which was initiated in Poland since 1989, are related with the intensified globalization processes that take place in various economic and social spheres of economy, including banking. Financial institutions as well as commercial banks are the entities which are not only subjects to theglobalization processes, they co-create these processes. The key attributes of globalization include deregulation processes, digitalization and internationalization, ie. global determinants, which were correlated with the adaptation of the financial system functioning in Poland to the European Union standards. To adjust internal procedures, product offerings and techniques of ICT operating in Poland banking to EU standards one has to consider the processes of consolidation and concentration of capital. These processes are applied in the commercial dimension of the financial system, including the banking sector since the mid-90s. Financial systemthat currently exists in Poland and includes the banking sector is among the best adapted to the EU standards. It is simultaneously one of the most globalized sectors of the economy. The key date for this issue concerns the year 2004, when Poland entered the European Union market structures. Currently, it is assumed that the process of globalization of financial markets and the banking system in Poland, apart from the consolidation processes and adjustments has been determined by such factors as administrative and supervisory goals of the central banking and supervisory bodies in the financial system and adjusting banking norms of law to the standards of Western highly developed countries.
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Galiński, Paweł. "DEVELOPMENT OF THE MUNICIPAL BOND MARKET IN POLAND AFTER 1989." Ekonomika 92, no. 2 (January 1, 2013): 122–36. http://dx.doi.org/10.15388/ekon.2013.0.1410.
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Abstract. The purpose of the paper is to present the development of the municipal bond market in Poland between 1989 and 2012, a characteristic of municipal bonds and their types, issued in this period. The empirical research conducted by the author provides some main financial indicators that determine the development of this market and its role for local governments in Poland. Moreover, there are analysed the types of investors on this market, organizers of the placements or the meaning of this market against the background of the municipal bond markets in the European Union (EU) countries. The study is mainly based on the miscellaneous reports and statistics of the National Bank of Poland, Ministry of Finance, Central Statistical Office of Poland, Warsaw Stock Exchange or rating agency Fitch Polska. An important source of information was also the research conducted by the author, which concerned the perspective of servicing the local governments by commercial banks and the associated risk. As a consequence, the author indicates that the value of municipal bonds issued in Poland is still relatively low in comparison with its gross domestic product and the leading EU countries. Therefore, there are possibilities of the further growth of this market in Poland. First and foremost, municipal bonds are positively perceived as an investment instrument by the investors, i.e. mainly commercial banks. Besides, these securities have a small share in the investment portfolio of pension funds and investment funds. However, one of the main obstacles of the further development of the municipal bond market in Poland is its relatively low liquidity.Key words: municipal bond market, municipal bonds, local governments
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Sierra Fernández, María del Pilar. "Estrategias de internacionalización de la gran banca española." Pecvnia : Revista de la Facultad de Ciencias Económicas y Empresariales, Universidad de León, no. 5 (December 1, 2007): 229. http://dx.doi.org/10.18002/pec.v0i5.717.
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La timidez con la que comenzaron a internacionalizarse los bancos españoles, integrantes tanto del actual grupo BBVA como del Santander, aplicando estrategias defensivas y reducidos volúmenes de recursos y riesgos comprometidos, difícilmente hacían presagiar la intensidad y agresividad que ha adquirido en las dos últimas décadas, y que han convertido a dicho proceso en una decisión estratégica de crecimiento para la gran banca española.De forma gradual, tanto el BBVA como el Santander, se han introducido en los principales mercados de Latinoamérica y en los más cercanos e importantes de la Unión Europea. De una implantación generalizada de banca comercial en los noventa, sobre Latinoamérica, se ha pasado a operaciones selectivas en términos operativos y geográficos; llegando a finales de 2007, a liderar diferentes servicios bancarios y parabancarios en la mayor parte de los países del área, con especial incidencia en Brasil, donde el Santander está especializando sus inversiones, y en México, donde el BBVA ha consolidado su implantación y, desde el que se ha servido para iniciar actividades bancarias en el sur de los Estados Unidos. La mayor dimensión internacional del Santander le ha colocado también en posiciones líderes en los mercados ibérico, británico y en el segmento de financiación al consumo en la Europa Comunitaria.<br /><br />The timidity with which they began to internationalize Spanish banks, both members of the current group BBVA and Santander, of applying defensive strategies and reduced volumes of resources and risks involved, hardly did presage the intensity and aggressiveness that has gained in the last two decades, and they have turned the process into a strategic decision to growth for the Spanish banking.Gradually, both BBVA and Santander, has been internalised in the main markets of Latin America and the closest major of the European Union. From a widespread introduction of commercial banking in the nineties, in Latin America, has become selective operations. Actually, in late 2007, these banks lead the banking activities in most countries in the area, special emphasis on Brazil, where Santander is specializing their investments, and in Mexico, where BBVA has consolidated its implementation and, since it had used to start internationalisation in the southern United States. The largest international dimension of Santander has also placed in leadership positions in the Iberian and the British market, and the segment of funding for consumption in the European Community.
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FILIPOVIĆ, SANJA, and JELENA IGNJATOVIĆ. "CHINESE INVESTMENT IN CENTRAL EASTERN EUROPE AND THE WESTERN BALKAN." Kultura polisa, no. 45 (July 3, 2021): 73–86. http://dx.doi.org/10.51738/kpolisa2021.18.2r.1.05.
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As part of the “Belt and Road Initiative”, China has established a platform for cooperation in the field of investment with 11 European Union countries in the region of Central and Eastern Europe and 5 countries in the Western Balkan (CEEWB-16). In addition to infrastructure projects, China has invested in this region in the form of foreign direct investments (FDI). The aim of this paper is to estimate the importance of Chinese investments for 16 countries in the CEEWB-16 region. Analyzing the placement of funds, it can be concluded that FDI are placed primarily in the countries of the region that are members of the EU, while investments in infrastructure projects are mainly directed to the countries of the Western Balkans, primarily in the transport sector. Infrastructure projects are financed by the governments of the countries borrowing from state-owned Chinese banks, and these loans have the character of public loans, but the conditions of borrowing also have commercial characteristics. In addition, the contractors of infrastructure projects are mainly Chinese companies, which largely employ their workers and import materials from China, so that the positive effect on the debtor's country are smaller. However, as the countries of the Western Balkans have limited access to European funds and a great need to invest in infrastructure, they see these investment projects as a development opportunity.
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Domańska-Szaruga, Beata, Dariusz Prokopowicz, and Wioletta Wereda. "GLOBALIZATIONAL AND NORMATIVE DETERMINANTS OF THE IMPROVEMENT OF THE BANKING CREDIT RISK MANAGEMENT IN POLAND." International Journal of Legal Studies ( IJOLS ) 4, no. 2 (December 30, 2018): 257–93. http://dx.doi.org/10.5604/01.3001.0013.0019.
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Since the beginning of the nineties, globalization processes have also been progressing faster in Poland. One of the sectors of the Polish economy in which globalization is proceeding relatively quickly is the financial sector, especially commercial banking. This is related to the acquisition of Polish banks by foreign financial institutions, i.e. the process that most intensively occurred in the 90s of the last century. In addition, Poland's accession in 2004 to the structures of the European Union and the development of electronic banking, the development of technologies and Internet services are factors that have accelerated globalization processes in Poland in recent years. The high level of globalization also applies to the capital market, both from the side of the organization and the nature of transactions made at the Warsaw Stock Exchange. The result of this high level of globalization of financial markets in Poland was the rapid appearance of negative market and cyclical effects of the global financial crisis in the autumn of 2008. The source of this crisis was the acceptance of an excessively high level of credit risk in US investment banks. However, the negative economic consequences of this crisis also quickly appeared in Poland. In addition to the significant depreciation of market valuations of shares of companies listed on the War-saw Stock Exchange, significant macroeconomic effects have also appeared in the form of a decline in the economic growth of the Polish economy. The existing situation indicates the need to continue the improvement of banking prudential regulations and credit risk management instruments in financial institutions.
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Spicka, Jindrich. "Socio-demographic drivers of the risk-taking propensity of micro farmers." Journal of Entrepreneurship in Emerging Economies 12, no. 4 (March 6, 2020): 569–90. http://dx.doi.org/10.1108/jeee-09-2019-0143.
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Purpose Risk attitude is an elementary attribute of entrepreneurial behaviour. Determinants of risk-taking propensity have been widely investigated in the group of entrepreneurs and non-entrepreneurs so far. There is a lack of evidence on determinants of risk-taking propensity in the farming business, which is considered as risky business because of the ongoing climate change and epidemic outbreaks. Alternatively, the risk of lower European Union budget raised the question, how to implement publicly supported financial instruments for micro and small farmers which have lower credit rating. The purpose of this study is to find socio-demographic determinants of the risk-taking propensity of the Czech micro farms, controlling for the type of farming. Design/methodology/approach The survey of 747 micro farmers was processed through ordinal logistic regression. The study is based on the subjective self-assessment of the risk-taking behaviour which is frequently used to measure risk-taking attitude. The results are representative from the type of farming point of view. Findings The model provided clear evidence that age, household size, living with the partner/wife/husband and level of education have a significant relationship with risk-taking propensity. The most risk-tolerant farmers are young with less formal education and living in small households. The risk-taking propensity varies by the type of farming. Specialized crop farms have significantly higher risk-taking propensity than farms with a substantial share of livestock production. Alternatively, gender, feeling about household income and religion are not significantly related to the risk-taking propensity of the Czech micro farms. Research limitations/implications The main limitation of the study is the number of explanatory variables and the use of self-assessment of risk-taking attitude. The risk attitude can be explained by other variables which require in-depth qualitative research, such as past risk experience, the structure of decision problems, market orientation and operation under subsistence conditions. Practical implications The significant determinants of risk-taking attitude of micro farmers are important for banks, the Czech Support and Guarantee Fund for Farmers and Forestry and for policymakers who design the rules for post-2020 common agricultural policy. The study is original and valuable for the Central and Eastern European countries’ implementation of financial instruments as new rules for investment support are being prepared and research on the risk-taking attitude of the most vulnerable segment of farmers has not been conducted. Originality/value The originality of this study is from the perspective of agricultural sector as well as from the micro farms point of view. The results have commercial and political implications. Younger farmers, singles and lower-educated farmers have significantly higher risk-taking propensity and can be potentially risky clients for banks. Such farmers represent the financial gap in the credit market, and their viable development projects could be subject for implementation of financial instruments co-financed by the European Agricultural Fund for Rural Development in the forthcoming programming period past 2020.
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Dexter, Jody E., Amit J. Jhala, Rong-Cai Yang, Melissa J. Hills, Randall J. Weselake, and Linda M. Hall. "Harvest Loss and Seed Bank Longevity of Flax (Linum usitatissimum) Implications for Seed-Mediated Gene Flow." Weed Science 59, no. 1 (March 2011): 61–67. http://dx.doi.org/10.1614/ws-d-10-00047.1.
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Flax is a minor oilseed crop in Canada largely exported to the European Union for use as a source of industrial oil and feed ingredient. While flax could be genetically engineered (GE) to enhance nutritional value, the adoption of transgenic technologies threatens conventional flax market acceptability. Harvest seed loss of GE crops and the persistence of GE crop volunteers in the seed bank are major factors influencing transgene persistence. Ten commercial fields in Alberta, Canada, were sampled after harvesting conventional flax in 2006 and 2007, and flax seed density and viability were determined. Additionally, artificial seed banks were established at two locations in Alberta in 2005 and 2006 to quantify persistence of five conventional flax cultivars with variability in seed coat color (yellow or brown) and α-linolenic acid (ALA, 18:3cisΔ9,13,15) content (3 to 55%) at three soil depths (0, 3, or 10 cm). Harvest methods influenced seed loss and distribution, > 10-fold more seed was distributed beneath windrows than between them. Direct harvested fields had more uniform seed distribution but generally higher seed losses. The maximum yield loss was 44 kg ha−1or 2.3% of the estimated crop yield. Seed loss and the viability of flax seed were significantly influenced by year, presumably because weather conditions prior to harvest influenced the timing and type of harvest operations. In artificial seed bank studies, seed coat color or ALA content did not influence persistence. Flax seed viability rapidly declined in the year following burial with < 1% remaining midsummer in the year following burial but there were significant differences between years. In three of four locations, there was a trend of longer seed persistence at the deepest burial depth (10 cm). The current study predicts that seed-mediated gene flow may be a significant factor in transgene persistence and a source of adventitious presence.
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Schiltz, Elizabeth R. "The Paradox of the Global and the Local in the Financial Crisis of 2008: Applying the Lessons of Caritas in Veritate to the Regulation of Consumer Credit in the United States and the European Union." Journal of Law and Religion 26, no. 1 (2010): 173–212. http://dx.doi.org/10.1017/s0748081400000941.
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In his recent encyclical Caritas in Veritate, Pope Benedict XVI grapples with one of the most vexing paradoxes concerning the current global economic crisis. There is no question that it is a global financial crisis. The collapse of the subprime mortgage loan market in the U.S. in 2007 prefigured similar collapses of real estate bubbles in other parts of the world. The collapse of these real estate bubbles exposed the degree of interconnectedness among financial institutions across the globe created by the worldwide market for the derivate investment products created on the backs of the underlying real estate loans—the mortgage-backed securities in all their complex manifestations, and the credit default swaps that were essentially insurance policies on the risks of default of these securities. Various configurations of international coordinating bodies have called for global responses to the crisis. At its root, however, the current crisis is in a very important sense fundamentally a uniquely local phenomenon. It is the result of individual consumer transactions that are about as inherently local as a commercial transaction can ever get—loans to specific individual consumers tied to specific unique, unmovable pieces of residential real estate. Every single loan packaged into the bundles of investment opportunities that became “toxic assets” held by large institutional investors originated with a contractual relationship between an individual borrower and a single lender. In addition to the global macroeconomic consequences of the collapse of this market, every one of these loans that goes into default has personal consequences for the individual borrower whose home is the collateral for that loan.
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de Andrés, Pablo, Rodrigo Reig, and Eleuterio Vallelado. "European banks’ executive remuneration under the new European Union regulation." Journal of Economic Policy Reform 22, no. 3 (March 7, 2018): 208–25. http://dx.doi.org/10.1080/17487870.2018.1424630.
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Majewska-Jurczyk, Barbara. "European Banking Union – an institutional analysis." Central European Review of Economics and Management 5, no. 1 (December 17, 2020): 59–75. http://dx.doi.org/10.29015/cerem.896.
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Aim: The Banking Union is an important step towards a genuine Economic and Monetary Union. The strengthening of the European banking system has become a topic of debate since the 2008 crisis when it became clear that stability and security of the system security may require increased supervision over operations conducted. The Banking Union was created to avoid the situation that taxpayers are first in line to pay for bailing out ailing banks. The Banking Union consists of three pillars: 1) the Single Supervisory Mechanism (SSM), which centralizes supervision of European banks around the European Central Bank, 2) the Single Resolution Mechanism (SRM), which the main purpose is to ensure the efficient resolution for recapitalization failing banks, and 3) the European Deposit Insurance Scheme (EDIS), which is still unfinished. The creation of the Banking Union is accompanied by a remarkable transfer of sovereignty to the European level. This article aims to provide an overview of the changes unfolding across the Banking Union from a law and economics perspective and to explain the role of the European Central Bank in supervision over the banking system, which is different from the policy of controlling prices through determining the level of interest rates and keeping inflation under control.
Design/Research methods: The analysis of the functioning Banking Union is based on the review of literature and analysis of reports and legal acts.
Findings: The Banking Union supports financial integration in the EU by implementing a common set of rules and a common supervisory and resolution mechanism. The creation of the Deposit Insurance Scheme is likely to contribute to the protection of banks and consumers in case of a potential future crisis. The author argues that the European Central Bank as a supervisor of the financial market should create a second supervisory body, which would significantly strengthen the system and allow the ECB more efficiently fulfill its task as chief supervisor.
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Toman, Allen. "Hotel lending by European commercial banks: Survey results." Journal of Retail & Leisure Property 5, no. 2 (June 2006): 134–47. http://dx.doi.org/10.1057/palgrave.rlp.5100012.
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Lee, Yok Yong, Mohd Hisham Dato Haji Yahya, Muzafar Shah Habibullah, and Zariyawati Mohd Ashhari. "Non-performing loans in European Union: country governance dimensions." Journal of Financial Economic Policy 12, no. 2 (July 15, 2019): 209–26. http://dx.doi.org/10.1108/jfep-01-2019-0027.
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Purpose This paper aims to provide new empirical evidence on the non-performing loan (NPL) determinants of the EU conventional banks, in the context of macroeconomic factors, dimensions of country governance and bank-specific characteristics. Design/methodology/approach The panel data sets of 1,053 conventional banks were obtained over the period of 2007-2016. The Hodrick–Prescott filter was adopted to extract business cycle and credit cycle from real gross domestic product and credit to the private non-financial sector, correspondingly. System-generalised methods of moment was then used to identify the significant determinants of NPL. Findings The empirical results reveal that NPL is primarily driven positively by lagged-one NPL and risk profile. In consonance with the skimping hypothesis, NPL has a significant positive relationship with the cost efficiency. The empirical finding of the business cycle coincides with the Austrian business cycle theory. Particularly, NPL is relatively low during rapid economic growth of credit-sourced business boom. Whereas, business bust happens when credit creation runs its course and is associated with high NPL. This paper encapsulates that NPL is driven by not only macroeconomic factors and bank-specific characteristics but also the dimensions of country governance. Practical implications Policymakers should introduce policies that are geared towards proper dimensions of country governance. Originality/value The novelty of this research does not rely on the multidimensions of NPL determinants but on the disentanglement of the conventional banks with dual identity (i.e. Islamic banks, cooperative banks and ethical banks). It considers business cycle, credit cycle and previous NPL as the potential determinants.
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Lu, Wenling, and Judith Swisher. "A comparison of bank and credit union growth around the financial crisis." American Journal of Business 35, no. 1 (March 17, 2020): 25–44. http://dx.doi.org/10.1108/ajb-03-2019-0017.
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PurposeThe purpose of this research is to examine the growth rates of commercial banks and credit unions around the financial crisis and recovery. Credit unions are analyzed as a group and by field of membership. Specifically, this research analyzes the growth rates of assets, deposits, and loans.Design/methodology/approachThis research employs univariate tests of differences to examine the median growth rates for commercial banks and credit unions. Unbalanced pool regressions analyze growth rates during the pre-crisis, crisis, and recovery periods, controlling for size, net charge-offs, and unemployment.FindingsUnivariate test results that control for size show that banks grow at faster rates than credit unions for most of the pre-crisis years. However, medium sized credit unions grow at faster rates for most of the crisis and recovery years. Results of unbalanced pool regressions suggest that, overall, credit unions grow at slower rates than do banks. However, during the crisis and recovery, credit union growth is significantly greater than that of banks, after controlling for net charge-offs, size, and unemployment. Credit union growth varies by field of membership type.Originality/valueAlthough a large volume of research examines commercial bank performance around the financial crisis, only a few papers assess the performance of credit unions. And very few papers compare commercial banks and credit unions. This paper explores how the recent financial crisis influenced the growth of commercial banks and credit unions from 2005 to 2013.
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Venanzi, Daniela. "Large Is Riskier: The Case of European Commercial Banks." International Journal of Business and Management 16, no. 1 (December 10, 2020): 19. http://dx.doi.org/10.5539/ijbm.v16n1p19.
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Which factors determine the systematic risk of European banks? The issue is very important for regulators and decision-makers in financial markets. This study follows the Beaver, Kettler and Scholes (1970)’s pioneering approach, which estimates true betas of not-financial firms by correcting the observed market betas through the fundamental financial/accounting ratios that better explain the systematic risk. By extending this approach to commercial banks, the fundamental betas of a sample of more than 100 European banks in 2006-2015 period, are empirically estimated. The emerging findings show that size, diversification, derivatives, and TEXAS ratio increase the systematic risk of banks and that the risk weighting of assets, based on Basel framework, does not correctly catch the bank risks (as perceived by the market), since it influences negatively their beta.
This evidence weakens the dominant belief among European supervisory institutions and governments that growing up through M&As is the panacea for European banks.
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Kaushik, Surendra K., and Raymond H. Lopez. "Profitability of Credit Unions, Commercial Banks and Savings Banks: A Comparative Analysis." American Economist 40, no. 1 (March 1996): 66–78. http://dx.doi.org/10.1177/056943459604000109.
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The liberalization of product and price competition among depository intermediaries in the United States has tended to make them more similar since enactment of the Depository Institutions Deregulation and Monetary Control Act in 1980 (DIDMCA). Credit unions have developed into highly efficient organizations for meeting the basic financial needs of their members. Credit unions, although only one-twelfth their size, are at least as profitable as commercial banks and savings banks. The savings banking industry has maintained its competitive profitability as the industry has shrunk in the late 1980's and early 1990's. Credit union loan portfolios have grown more rapidly than either commercial banks' or savings institutions‘. Their net interest margins have been above the banks' in recent years. Growth in the equity capital accounts of credit unions has been consistently more than double that of commercial banks since 1985, giving them a substantial advantage with regard to overall “safety and soundness” compared with commercial and savings banks.
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Ismail, Naima, and Mohamad Sabri bin Haron. "Islamic Banks." INTERNATIONAL JOURNAL OF MANAGEMENT & INFORMATION TECHNOLOGY 10, no. 1 (June 25, 2014): 1754–61. http://dx.doi.org/10.24297/ijmit.v10i1.647.
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Islamic banks has development in many aspects in practical performance of banks function, this was a limited activity in service Banks and commercial processes. Later, it came to They possess financial power and ability to create Islamic loans. They possess financial power and ability to create Islamic loans. Economical union supported by banks is not restricted to a domestic sphere, but has expanded internationally as its operations enjoy fidelity and fulfillment between banking organizations in different countries. As banking systems Islamic banks had developed, they are no longer restricted to role of being financial and service organizations, but have become money market within public sector. Furthermore, they follow up monetary flows and banking securities, by playing positive role of providing the organized money market with enough information about commercial activities. In addition, as a financial mediator who has adequate statistics about other economical units, besides its main role in creating successful development plans and riskless investment.
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Melnic, Florentina. "The Financial Crisis Response. Comparative Analysis Between European Union And USA." Review of Economic and Business Studies 10, no. 1 (June 27, 2017): 129–55. http://dx.doi.org/10.1515/rebs-2017-0051.
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Abstract This paper reviews the measures adopted by central banks from the most important economies during the crisis and assess their effectiveness. It is important for policy makers to identify which measures were effective in limiting the financial system distress in order to adopt the appropiate measure during future crisis. In case of US, TARP was the most important program for banking system and it was effective in reducing banks’ contribution to systemic risk and banks’ default probabilities. But TARP also conducted to a reduction in loans growth and create incentives for higher risk-taking behavior. The unconventional monetary policies adopted by ECB during the period 2008- 2016 reduced the impact of the crisis on the European economy and achieved their objectives: to support banks’ funding and to increase lending to real economy (LTROs), to calm tensions from bond markets (CBPP, SMP, OMT), to support economic activity and to stabilize inflation rate (SMP, OMT, LTROs, APP).
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Романова, Г., G. Romanova, Н. Ковтунов, and N. Kovtunov. "Improving the Credit Policy of Commercial Banks." Auditor 5, no. 5 (June 5, 2019): 51–57. http://dx.doi.org/10.12737/article_5cde7973c529a6.31562205.
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Th e article discusses the main problems of lending by commercial banks in modern conditions. Th e experience of consumer lending in European countries is studied. Based on the analysis, proposals were developed for improving the credit policy of Bank “Primorye”, and measures to minimize credit risk were proposed.
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Tsyganov, Alexander A., and Sergey V. Maslennikov. "INSURANCE REGULATION PECULIARITIES IN THE BANK INSURANCE PRACTICE IN THE EUROPEAN UNION." Banking law 6 (December 10, 2020): 44–57. http://dx.doi.org/10.18572/1812-3945-2020-6-44-57.
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In the Russian Federation, bancassurance has already become a relatively common type of interactions between banks and their customers in selling insurance, with banks being the main channels for distributing insurance services in exchange for commission. Borrowers are known to be the weaker side of a contract, which leads to banks impose insurance services and commission, which the banks may capitalize on. This indicates a significant issue for the local antitrust and banking regulations. The article describes the expertise in managing these activities in the member countries of the European Union and provides recommendations for a possible legal regulation of insurance and banking activities in Russia.
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Conlon, Thomas, and John Cotter. "Subordinate Resolution ‐‐ An Empirical Analysis of European Union Subsidiary Banks." JCMS: Journal of Common Market Studies 57, no. 4 (February 4, 2019): 857–76. http://dx.doi.org/10.1111/jcms.12849.
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Kalyvas, Antonios Nikolaos, and Emmanuel Mamatzakis. "Does business regulation matter for banks in the European Union?" Journal of International Financial Markets, Institutions and Money 32 (September 2014): 278–324. http://dx.doi.org/10.1016/j.intfin.2014.06.007.
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Vasilakopoulos, Konstantinos, Christos Tzovas, and Apostolos Ballas. "The impact of corporate governance mechanisms on EU banks’ income smoothing behavior." Corporate Governance: The International Journal of Business in Society 18, no. 5 (October 1, 2018): 931–53. http://dx.doi.org/10.1108/cg-09-2017-0234.
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PurposeThis paper aims to investigate the impact that governance mechanisms have on European Union ‘banks income smoothing behavior.Design methodology/approachThe authors examine the impact that corporate governance mechanisms included in European Commissions’ proposals regarding the improvement of corporate governance mechanisms (Green Paper) have upon European Union banks’ accounting policy decisions regarding the level of loan loss provisions (LLPs). In addition, the authors examine whether banks’ capital structure operates as an effective internal corporate governance practice. The authors investigate the association between certain corporate governance characteristics and the level of LLPs for a sample of 98 banks from 23 European Union countries for the period of 2010-2013, in the aftermath of the 2008 financial crisis. To test the hypotheses, a multivariate regression model is run. Similar to previous research, the authors use ordinary least squares analysis to test the results.FindingsEmpirical findings provide evidence that there is a positive association between LLPs and accounting income, implying the existence of an income-smoothing pattern of provisions. In addition, the results suggest that banks managers’ decision to smooth income may differ with regard to the board structure, the level of leverage and the provision of disclosure for remuneration for chief executive officer.Originality/valueThe findings of this study contribute to the existing literature concerning banks’ income smoothing behavior. These findings can be useful to regulators, as the authors provide some evidence regarding the effectiveness of the European Union corporate governance framework.
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Petrović, Marijana. "PSD2 influence on digital banking transformation: Banks' perspective." Journal of Process Management. New Technologies 8, no. 4 (2020): 1–14. http://dx.doi.org/10.5937/jouproman8-28153.
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The European Union government has forced banks to open and make their customer information accessible with their permission, for other players in the financial market to use and take part of that business, in order to make the banking industry more innovative, stimulate new ideas in the payments market and better regulate existing legal frameworks for payment and banking services across the EU. This paper analyzes the impact that the revised PSD2 Directive has on the digital transformation of banking across the European Union.
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Farias, Rogério de Souza. "Trading voices: the European Union in international commercial negotiations." Contexto Internacional 28, no. 1 (June 2006): 269–76. http://dx.doi.org/10.1590/s0102-85292006000100006.
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Cooper, Richard N., and Sophie Meunier. "Trading Voices: The European Union in International Commercial Negotiations." Foreign Affairs 85, no. 1 (2006): 149. http://dx.doi.org/10.2307/20031860.
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Kociubiński, Jakub. "Relevant market in commercial aviation of the european union." Wroclaw Review of Law, Administration & Economics 1, no. 1 (June 1, 2011): 12–21. http://dx.doi.org/10.2478/wrlae-2013-0037.
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Dietz, Sara Elisa. "The ECB as Lender of Last Resort in the Eurozone? An analysis of an optimal institutional design of Emergency Liquidity Assistance competence within the context of the Banking Union." Maastricht Journal of European and Comparative Law 26, no. 5 (October 2019): 628–68. http://dx.doi.org/10.1177/1023263x19855628.
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The latest financial crises in Europe and the United States have reminded us of the importance of the role of central banks as Lender of Last Resort. This article examines the current legal framework in the European Union with regard to the allocation of Lender of Last Resort competence, which until now has been exercised by the national central banks in the Eurozone. The new Emergency Liquidity Assistance Agreement 2017 sustains this institutional design, leaves the Emergency Liquidity Assistance competence with the national central banks and specifies the cooperation between the European Central Bank and the national central banks with regard to the veto-option of the European Central Bank to national Emergency Liquidity Assistance operations. Against this background, the paper discusses whether the current legal competence structure of the European and Monetary Union would also allow for more authority of the European Central Bank with regard to Emergency Liquidity Assistance powers. The paper concludes there is a sufficient legal basis in the monetary policy and financial stability mandate of the European Central Bank to allow it to grant Emergency Liquidity Assistance at least with regard to ‘significant’ banks, as defined under the current European Banking Supervision regime.
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Tang, Donny. "Has European monetary union influenced the European Union bank lending flows to the EU countries from Central and Eastern Europe?" Journal of Financial Economic Policy 11, no. 2 (May 7, 2019): 263–82. http://dx.doi.org/10.1108/jfep-05-2018-0080.
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Purpose The purpose of this study is to modify the gravity model to identify the main determinants of the European Union (EU) bank lending to the Central and Eastern Europe (CEE) countries during 1994-2012. Design/methodology/approach This study uses both two-stage least squares and dynamic generalized method of moments to estimate the modified gravity model. Findings This study finds that the CEE countries with more developed stock markets have received the higher EU bank lending inflows. The EU banks have greater access to additional financing in the stock markets. Second, the higher stock market difference between the CEE and EU countries has boosted the EU bank lending. Compared to the developed EU stock markets, the less developed CEE stock markets have become more favorable to the EU banks seeking to earn higher profits. Research limitations/implications The CEE countries can further boost the EU bank lending inflows through deepening capital liberalization. They should facilitate easy foreign bank entry by reducing excessive bank legislations and regulations. Moreover, they can promote the EU bank lending through substantial EU bank integration. This can accelerate the major bank reform which would facilitate better bank supervision and regulations. Originality/value Most previous studies have primarily used the macroeconomic and institutional factors to explain the EU bank lending. In contrast, this study explores the growing importance of the CEE financial development and bilateral trade in explaining the EU bank lending.
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Šunjka, Tomislav. "European system of central banks and the European central bank." Glasnik Advokatske komore Vojvodine 71, no. 12 (1999): 82–95. http://dx.doi.org/10.5937/gakv9903082q.
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Yugoslavia is being late with forming of European Union law experts. As we arc not the leading country in the international business relationships, we aproach to new rules of EU by empirical way. I believe that young lawyers should be tought that this branch of law already exists, that it lives by it's own life, that it depends upon movements of European business, that the contents of those rules is being made at European level and that other countries are unable to avoid their aplication with their boundaries and interpretations, because every boundary of such kind presents selfdisconection from taking part in European business trade. It is certain that some business subjects and national countries can impact on creation and changing of existing standards, but they also have to respect standards that are in use. It is the condition for taking a part in European business trade cooperation and to that condition a special attention must be payed in our country, which is being emphasized every day by our law and business practise as unavoidable need of our business development.
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Koleśnik, Jan. "Global Banks and Systemic Risk in the European Union: Limiting Tools." Annales Universitatis Mariae Curie-Skłodowska, sectio H, Oeconomia 51, no. 6 (April 13, 2018): 141. http://dx.doi.org/10.17951/h.2017.51.6.141.
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