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1
Canada, Bank of, ed. By all accounts: Outside perspectives on the Bank of Canada. Bank of Canada = Banque du Canada, 2010.
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Kincaid, Paul. Outside Context Problems. University of Illinois Press, 2018. http://dx.doi.org/10.5406/illinois/9780252041013.003.0003.
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At the height of his career, Banks abandoned the Culture for two very different science fiction novels. Against a Dark Background presented an extreme capitalism that was a deliberate contrast to the communist character of the Culture; while Feersum Endjinn presented a structurally complex and linguistically dense account of a world in collapse. Civil war as a political manifestation of Laing’s divided self would also inform subsequent works of the Scottish fantastic, notably Whit and A Song of Stone. His return to the Culture with Excession and its companion Look to Windward were, it is proposed, intended to end the sequence by addressing the Sublime as a form of the death of civilization.
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Tschoegl, Adrian E. Regulation of Foreign Banks: Policy Formation in Countries Outside the United States. New York Univ Stern School of, 1991.
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6
Global survey of permissible activities for banking organizations in major financial centers outside the U.S.--Canada, France, Germany, Hong Kong, Italy, Japan, The Netherlands, Switzerland, United Kingdom, and a report on financial developments in the European Economic Community. The Institute, 1992.
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7
Charles, Proctor. Part B Merger, Reorganization, and Insolvency of Banks, 12 Cross-Border Reorganization and Winding Up of Banks. Oxford University Press, 2015. http://dx.doi.org/10.1093/law/9780199685585.003.0012.
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This chapter focuses on the Directive of the European Parliament and of the Council on the Reorganisation and Winding up of Credit Institutions. It discusses the scope of the Directive; the impact of the Directive in the context of the reorganization or winding up of an EU credit institution; the consequences of the Directive in relation to the insolvency of institutions established outside the European Economic Area (EEA); and the assistance which the English courts may provide to the liquidator or receiver of a foreign financial institution.
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Siklos, Pierre L. Central Banks into the Breach. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780190228835.001.0001.
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The book covers the global economy and the various pressures faced by central banks. It also provides some ideas for reforming existing monetary policy strategies. The events of the past fifteen years in monetary policy are essentially the story of two mistakes, one triumph, and the real possibility of another mistake to come. Prior to the global financial crisis, many central bankers were glib about the connection between finance and the real economy. This is partly because the last three decades saw many financial crises with apparently little lasting impact on the global economy. Another mistake was the failure to adequately appreciate how interconnected the world’s financial systems had become. The triumph was the recognition that price stability is a desirable objective. Whether low and stable inflation is the cause or the consequence of economic performance during the past three decades remains hotly debated, however. There is also the prospect of another financial shock to come. The outlook at the end of 2016 is clouded by at least three sets of forces. On the domestic front, central banks face a difficult and protracted exit from ultra-loose monetary policies; it is largely a problem of their own making. There is also an unwillingness to implement needed structural economic reforms that lie outside the scope of monetary policy. On the international front, there is limited appetite for cooperation and differences in views about the proper role and function of central banks. Central banking is not broken, but it is in need of repair.
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Fortune World Business Directory/1990 (Includes 1989 Rankings : the 500 Largest Industrials and the 100 Largest Banks Outside the U.S....). Fortune Directories, 1991.
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10
Simon, Gleeson. Part VI Bank Group Supervision, 24 Group Supervision. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198793410.003.0024.
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This chapter discusses banking group supervision. At first glance the necessity for the supervision of banking groups is not obvious. However, banks are now known to be subject to contagion risk. In theory the failure of a company which is a member of a bank group has no effect on the regulated bank. In practice, the failure of a company in a bank group will send a strong signal to the outside world that the group is in difficulty. It would in theory be possible to operate a group bank with such a degree of separation that the market as a whole believed that the bank would genuinely be unaffected by the failure of one of its subsidiaries. However, in practice the market believes that banks are closely connected with the groups of which they are members, and that failures elsewhere in a group will have important knock-on consequences for a group bank.
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Charles, Proctor. Part F Cross-Border Issues, 41 The Banker–Customer Contract in Private International Law. Oxford University Press, 2015. http://dx.doi.org/10.1093/law/9780199685585.003.0041.
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This chapter revisits the banker–customer relationship. The contractual nature of the relationship considered in Chapter 15 assumed that the bank was established in England and that its customer was also resident in the same country. However, that analysis is by no means of universal. Multinational companies, for instance, may need to have bank accounts in a number of different countries; wealthy individuals may opt to maintain accounts with banks in more advanced jurisdictions to gain access to portfolio management or other services. Banks may promote their services to overseas customers and wish to take security over assets situate outside England. How do these affect the legal nature of the banker–customer relationship? The chapter discusses the governing law of the banker–customer relationship; the effect and consequences of the applicable law; the law governing capacity and authority; and the situs of deposit obligations.
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Moreno-Brid, Juan Carlos, Esteban Pérez Caldentey, and Laura Valdez. Changing Challenges in the Modernization of Nacional Financiera. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198827948.003.0005.
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NAFINSA was essential to Mexico’s development process. It served as the financial agent of the Federal Government and provided preferential access to long-term finance favouring selected business interests and groups. With the Washington Consensus, its tasks were reduced to correcting for market failures, becoming a complement to commercial banks, and focusing on attending the market segments falling outside the scope of commercial bank activity (notably SMEs). Although it appears as a successful story of institutional transformation, on closer inspection, NAFINSA has not been able to overcome key obstacles and its success in alleviating credit restrictions is very limited. NAFINSA must recover some of its functions, prerogatives, and responsibilities as a policy bank to become relevant in strengthening financial intermediation for capital formation.
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Simon, Gleeson. Part VI Bank Group Supervision, 26 Cross-Border Supervision of Bank Groups. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198793410.003.0026.
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This chapter discusses the cross-border supervision of banks. A currently popular method is ‘colleges’ of supervisors. The basic idea is that in order to regulate an international bank you convene a meeting of all of the regulators who regulate different parts of that bank (in jurisdictions which have different regulators for different financial activities there may be several regulators present from one jurisdiction), and discuss in a concerted fashion the progress and performance of the bank as a whole. However, the main problem with this approach is the conflicting views stemming from the different priorities of different regulators, driven generally by national considerations. The EU has adopted a lead supervisor approach in which a single supervisor is appointed as responsible for overseeing the affairs of any group which straddles more than one member state. Since the EU architecture does not, by and large, give national supervisors any actual powers outside their home jurisdictions, the role of EU lead supervisor is broadly confined to consolidated supervision.
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Charles, Proctor. Part F Cross-Border Issues, 45 Execution Proceedings and Foreign Deposits. Oxford University Press, 2015. http://dx.doi.org/10.1093/law/9780199685585.003.0045.
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The banker–customer relationship is governed by the law of the country in which the account-holding branch is located. Thus, it follows that action taken by a foreign court or government cannot have an impact on either the ownership of, or the contractual terms applicable to, a deposit placed with a bank branch situated in England. This chapter examines the extent to which the English courts have attempted to make orders which may have an extra-territorial effect, in the sense that they seek to affect the rights and obligations of banks with respect to deposits placed with branches outside the jurisdiction. It considers third party debt orders; the attitude of the English courts in extra-territorial cases; the case law; and special cases.
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Henning, C. Randall. The Troika, Ireland, and Portugal. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780198801801.003.0006.
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This chapter examines the organization of the troika as it was constituted for the first Greek program and then renewed for the programs for Ireland in late 2010 and Portugal in spring 2011. It reviews the modalities of the troika’s negotiations with borrowing countries and several, though not all, points of disagreement among the three institutions over program design: financing, fiscal adjustment, banking sector restructuring, and structural reform. The Irish crisis resulted from excessively risky lending through the banking sector, whereas the Portuguese crisis inhered in structural rigidities with consequences for the banking sector and fiscal sustainability. The programs for these countries demonstrate that the European Central Bank played a critical role through decisions on Emergency Liquidity Assistance (ELA) and bail-in of private creditors to banks, while its policies lay outside the programs’ scope. They also demonstrate that creditor governments effectively decided the institutional arrangements for the rescues.
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(Contributor), David Sylvester, and Stefan Ratibor (Editor), eds. Outside. Gagosian Gallery, 2001.
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17
Natalie, Lichtenstein. 4 Investment Operations. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198821960.003.0004.
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Chapter 4, Investment Operations, presents the Charter-based framework for AIIB’s investment operations. It describes AIIB’s investment objectives: to foster sustainable economic development, create wealth and improve infrastructure connectivity, by investing in infrastructure and other productive sectors. AIIB’s types of investment operations include loans, guarantees, equity investment and technical assistance, for public sector entities and for private sector clients. Its investment operations should benefit Asia, but may be located outside of the region. Its operational principles emphasize sound banking principles, environmental and social aspects, competitive procurement, financial soundness, proper use of funds (anti-corruption) and transparency. These operational principles and AIIB’s policies are drawn from similar rules in place for other multilateral development banks, and are designed to facilitate AIIB’s cofinancing of with these other banks. Key policies are summarized and AIIB’s first phase of investment operations (through December 2017) is presented in a table.
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De Laurentis, Giacomo, Eugenio Alaio, Elisa Corsi, et al. Rischio di credito 2.0. AIFIRM, 2021. http://dx.doi.org/10.47473/2016ppa00030.
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The EBA Guidelines on loan origination and monitoring (hereinafter "GL LOM") undoubtedly represent a substantially new piece of the banking regulatory framework. In fact, for the first time, the regulator moves into a topic that was traditionally outside the scope of financial regulation, so far almost exclusively focused on aspects directly linked to both micro- and macro-prudential stability, notably through capital and liquidity management requirements and guidelines on Business Model and Internal Governance. The credit management process, and in particular loan origination and monitoring, has always been typically considered as a business issue under sole responsibility of banks, as it is considered one of the "core" processes (if not the "core" process) of the banking business. As a matter of fact, since the issue of the capital requirement regulation (i.e., Basel II and Basel III), and the introduction of the use requirements for the rating systems, the regulator moved very close, but not yet, to prescribe specific credit assessment criteria, while dictating methodological and organizational requirements for the authorization of the rating systems, and leaving substantial freedom to banks to define their own models and embedded assessment criteria and indicators. With the GL LOM, the regulator takes a further step, remarkably beyond its traditional remit, dictating principles and rules for the evaluation of the credit quality of borrowers. The starting point for this new approach from the regulator can be found in the ECB guidelines on Non-Performing Loans, later endorsed by the Bank of Italy Guidelines for Less Significant Banks, aimed at encouraging banks to define their NPL management processes and establish reduction plans to achieve NPL ratio targets in line with the regulator's expectations. Consistently with the focus on NPL, the regulation on Calendar Provisioning, amending the CRR was issued; as being a Regulation, it involves all banks, and not only significant ones (for which the ECB Addendum also applies). In addition, the new definition of default (the so-called "new Dod") has defined stricter criteria for the transition of exposures to the default status and also made the return of "cured" exposures to the performing status more difficult. The combined effect of these regulatory changes has been to make the default of counterparties not only more probable but also much more "expensive" for the banks. The natural “next step” of these regulatory changes was to "move backward" into the management process covering loan origination and monitoring . The EBA's stated objective with the issuance of the GL LOM is to define "robust and prudent" standards of lending practices so as to maintain a low level of NPLs in the future. Therefore, the focus of the GL LOM is the definition of requirements (some outlined as prescriptions, others in terms of principles) for the creditworthiness assessment of counterparties and for the management of the related data and information. Notwithstanding the fact that the Final Report has articulated the principle of proportionality much more clearly as compared to the Consultation Paper, the GLs set out three macro-categories of counterparties for which specific requirements are defined: • Individuals • Micro and small businesses • Medium and large companies. The GL LOM also provide recommendations about the valuation of guarantees both at origination and during ongoing monitoring, encouraging the use of advanced statistical models. The GL LOM focus on real estate guarantees, while financial collateral is outside the scope of the GL LOM. In the mind of the regulator, the GL LOM should not only reflect industry practices, but also incorporate the latest supervisory guidance on lending, and provide the stimulus to include ESG, AML/CTF and the use of innovative technologies into banking origination and, where applicable, monitoring processes.
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Homburg, Stefan. A Study in Monetary Macroeconomics. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780198807537.001.0001.
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The Great Recession of 2008/09 and its aftermath present a major challenge to macroeconomics. Many researchers think that prevailing models fail to grasp essential aspects of recent developments, including unprecedented monetary policies and interest rates at the zero lower bound. Approaches that focus on steady states, rational expectations, and individuals planning over infinite horizons are not suitable for analyzing such abnormal situations. This text does not criticize the traditional approach but aims at improvement. The study’s distinctive feature is a rich institutional structure that includes elements such as credit money, external finance, borrowing constraints, net worth, real estate, and commercial banks. To cope with such a complex setting, the text reduces rationality requirements but adheres to the method of dynamic general equilibrium (DGE) with optimizing agents and fully specified models. Results are derived from mathematical reasoning and simulations. Starting with a simple baseline model, the argument is developed step by step in a unified framework that covers almost everything of interest for monetary macroeconomists. The topics discussed include the superneutrality of money, the Tobin effect, monetary policy under sticky prices and wages, but also liquidity traps with borrowing constraints, Fisherian debt-deflations, housing cycles, and environments with excess bank reserves. The text addresses researchers worldwide and may prove useful for teaching postgraduate and advanced graduate courses. The principle objective is to demonstrate that a “not-too-rational” DGE approach makes it possible to develop clean models that work outside steady states and are appropriate for answering macroeconomic questions of actual interest.
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Ocampo, José Antonio. The Governance of the International Monetary System. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780198718116.003.0006.
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The governance of international financial institutions has been a subject of debate for decades. The major issues have been the control of existing institutions by the major developed countries, the associated exclusion of developing countries from decision-making, and the tendency of major decisions to be taken by ad hoc groupings of major developed countries outside the framework of treaty-based organizations. This chapter therefore proposes a reformed architecture of the international monetary system based on three pillars. The first is a representative apex organization, which can be understood as a transformation of the G20 into a representative international institution. The second is the continuous reform of ‘voice and participation’ of developing countries in the Bretton Woods institutions and global regulatory bodies. The third is the design of a dense, multi-layered architecture, with the contribution of regional and sub-regional institutions, mirroring the denser architecture that characterizes the system of multilateral development banks.
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Yoshino, Naoyuki, Pornpinun Chantapacdepong, and Matthias Helble, eds. Macroeconomic Shocks and Unconventional Monetary Policy. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780198838104.001.0001.
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Barely two decades after the Asian financial crisis Asia was suddenly confronted with multiple challenges originating outside the region: the 2008 global financial crisis, the European debt crisis, and, finally developed economies’ implementation of unconventional monetary policies. Especially the implementation of quantitative easing (QE), ultra-low interest rate policies, and negative interest rate policies by a number of large central banks has given rise to concerns over financial stability and international capital flows. One of the regions most profoundly affected by the crisis was Asia due to its high dependence on international trade and international financial linkages. The objective of this book is to explain how macroeconomic shocks stemming from the global financial crisis and recent unconventional monetary policies in developed economies have affected macroeconomic and financial stability in emerging markets, with a particular focus on Asia. In particular, the book covers the following thematic areas: (i) the spillover effects of macroeconomic shocks on financial markets and flows in emerging economies; (ii) the impact of recent macroeconomic shocks on real economies in emerging markets; and (iii) key challenges for the monetary, exchange rate, trade, and macroprudential policies of developing economies, especially Asian economies, and suggestions and recommendations to increase resiliency against external shocks.
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Cynthia, Roberts, Leslie Armijo, and Saori Katada. BRICS Collective Financial Statecraft. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780190697518.003.0003.
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This chapter examines four ideal types of collective financial statecraft of the BRICS (Brazil, Russia, India, China, and South Africa) in four case studies occurring between 2007 and mid-2016. The first type is inside reforms of existing institutions, illustrated by the BRICS’ attempt to gain greater influence within the International Monetary Fund (IMF) and World Bank. A second type is inside reforms of markets, defined as resisting or reallocating the political power accruing to states that possess currency and financial market power. The associated case profiles the BRICS’ opposition to sanctions against Russia over its intervention in Ukraine. A third type of BRICS collective action occurs via the outside option to create new parallel institutions such as the New Development Bank (NDB) and Contingent Reserve Arrangement (CRA). Finally, a fourth type combines the choice of an outside option with a market-based venue. The chapter examines BRICS support of greater internationalization of China’s currency, rivaling the U.S. dollar and thus altering international financial markets. The BRICS have cooperated successfully in most of their attempts.
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Tillman, Robert. The Price Is Not Right. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780198794974.003.0015.
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This chapter presents the argument that financialization, as a broad economic trend, has increased the opportunities for financial crime among firms both within and outside the financial services industry. The growth of the financial services industry, increasing dependence of many economies on financial services, increasing focus on share value by firms, and dramatic increases in compensation within the financial services industry have all contributed to increases in the frequency and scale of financial crime in recent years. To illustrate these trends, three case studies are reviewed: (1) the manipulation of electrical energy prices by investment bank subsidiaries; (2) the deliberate rigging of the London Interbank Offered Rate (Libor); and (3) the fixing of foreign exchange rates by investment bank traders. The case studies involve efforts by financial industry insiders to profit by manipulating the infrastructure of those markets, tinkering with the mechanisms by which prices and rates are set.
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Burton, Justin Adams. Epilogue. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780190235451.003.0006.
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Posthuman Rap leads to a posthuman vestibule, connected to and aware of neoliberal humanism but situated just outside of it, in a place where we might imagine other ways of being human. Big K.R.I.T.’s car, quaking with sub-bass blasting from his woofer, is exactly this kind of vestibule. K.R.I.T., working with AfroFuturist materials, uses it to create big bangs and new worlds beyond our own. But before he can call entire planets into being, he must first tune his vestibule to receive and transmit vibrations from beyond the edge of human perception. It’s from this vantage point, staring through the vibrating glass of his car, that he can imagine other ways of being human.
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Costanza, Russo. 8 Third Country Cooperation Mechanisms within the Bank Recovery and Resolution Directive: Will they be Effective? Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198754411.003.0008.
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This chapter argues that cooperation and coordination under the Bank Recovery and Resolution Directive (BRRD) may still be suboptimal as states can still prioritize their national interest. By making a distinction between coordination and cooperation it is also argued that while relevant authorities can, in principle, take a joint decision over the willingness to achieve a common goal, they may still act in an uncoordinated way. This may undermine the effectiveness of international supervisory action and in turn financial stability within, and possibly outside, the EU. The chapter reveals the complex layers of cooperation; its relevant problems; and the extent to which these have been addressed by regulators. It focuses on cooperation and coordination between the EU and third countries with a specific attention to the provisions included in the BRRD.
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Rosenthal, Gabriele. Established and Outsiders at the Same Time: Self-Images and We-Images of Palestinians in the West Bank and in Israel. Universitätsverlag Göttingen, 2016.
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Paxman, Andrew. Jenkins’s Earthly Afterlife. Oxford University Press, 2017. http://dx.doi.org/10.1093/acprof:oso/9780190455743.003.0012.
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Jenkins lived on in both a Black Legend, whereby leftists memorialized him as a grasping gringo, and a White Legend, whereby his Mary Street Jenkins Foundation perpetuated his repute as a philanthropist. Ironically, Espinosa Yglesias steered the foundation askew, focusing on private education rather than public and on projects outside Puebla, as he fought the rise of the left at universities and sought protection for his bank. Having lost Bancomer after all amid the nationalizations of 1982, he pursued philanthropy full-time. Espinosa’s story reflects his mentor’s. Both excelled at making money with the complicity of politicians; both pursued business to the detriment of their families. The Jenkins legends continue today, and in Puebla one’s view of Jenkins is a litmus test of one’s ideology: left or right. But the gringophobia of which he was a major tool has waned, as increasing contact between Mexicans and Americans has eroded old fears and suspicions.
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Ewa, Butkiewicz, and Barłowski Michał. 24 Poland. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198808589.003.0024.
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This chapter provides an overview of the law of set-off in Poland, both outside and within the context of insolvency. Under Polish civil law, set-off is recognised as a means of meeting liabilities. It fulfils a number of functions in law, including payment and guarantee (collateral) functions. Aside from statutory set-off, a contractual set-off in trade, known as compensation (netting), exists in Poland. The chapter first considers set-off between solvent parties, focusing on statutory set-off, bank set-off, and provisions in the Act on Certain Financial Collateral Instruments that are relevant to compensation. It then examines set-off against insolvent parties, with discussions on standard provisions on set-off after a declaration of insolvency, netting provisions in the Insolvency Act, set-off under bankruptcy with possible settlement, set-off under insolvency with the liquidation of an insolvent estate, and netting under a restructuring proceeding. The chapter concludes with an analysis of issues arising in cross-border set-off.
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Sterelny, Kim. The Pleistocene Social Contract. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780197531389.001.0001.
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No human now gathers for himself or herself the essential resources for life: food, shelter, clothing and the like. Humans are obligate co-operators, and this has been true for tens of thousands of years; probably much longer. In this regard, humans are very unusual. In the living world more generally, cooperation outside the family is rare. Though it can be very profitable, it is also very risky, as cooperation makes an agent vulnerable to incompetence and cheating. This book presents a new picture of the emergence of cooperation in our lineage, developing through four fairly distinct phases. Our trajectory began from a baseline that was probably fairly similar to living great apes, who cooperate, but in fairly minimal ways. As adults, they rarely depend on others when the outcome really matters. This book suggests that cooperation began to be more important for humans through an initial phase of cooperative foraging generating immediate returns from collective action in small mobile bands. This established in our lineage about 1.8 million years ago, perhaps earlier. Over the rest of the Pleistocene, cooperation became more extended in its social scale, with forms of cooperation between bands gradually establishing, and in spatial and temporal scale too, with various forms of reciprocation becoming important. The final phase was the emergence of cooperation in large scale, hierarchical societies in the Holocene, beginning about 12,000 years ago. This picture is nested in a reading of the archaeological and ethnographic record, and twinned to an account of the gradual elaboration of cultural learning in our lineage, making cooperation both more profitable and more stable.
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Resolution Trust Corporation: Progress under way in minority and women outreach program for outside counsel : report to the Honorable Kweisi Mfume, House of Representatives. The Office, 1991.
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Horowitz, Joshua. The Klezmer Accordion. University of Illinois Press, 2017. http://dx.doi.org/10.5406/illinois/9780252037207.003.0010.
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This chapter takes a closer look at the role of the accordion in klezmer music. Like the pioneering Italian American virtuoso accordionists, Jewish musicians felt equally at home playing classical and folk music. The select analysis of early accordion playing styles and stylistic characteristics sheds light on the interaction and interplay of klezmer musicians with their surrounding worlds—Old and New. A distinctive feature of the early “klezmer sound” was the accordion's imitation of the human voice heard in liturgical, paraliturgical, and Yiddish song. By the late 1930s, the accordion was often used for chordal accompaniment (rather than as a solo instrument). It was an integral element of the popular Hasidic bands of the 1960s and the “klezmer ensembles” that embraced the new Israeli music as well as earlier “Palestinian” music. Although it was often deemed “an outsider,” for the revivalists of the 1980s and beyond, the accordion has been characteristic of the klezmer style.