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Foreign Banks And The Vienna Initiative
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Book Synopsis Foreign Banks and the Vienna Initiative by : Mr.Ralph De Haas
Download or read book Foreign Banks and the Vienna Initiative written by Mr.Ralph De Haas and published by International Monetary Fund. This book was released on 2012-05-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use data on 1,294 banks in Central and Eastern Europe to analyze how bank ownership and creditor coordination in the form of the Vienna Initiative affected credit growth during the 2008–09 crisis. As part of the Vienna Initiative western European banks signed country-specific commitment letters in which they pledged to maintain exposures and to support their subsidiaries in Central and Eastern Europe. We show that both domestic and foreign banks sharply curtailed credit during the crisis, but that foreign banks that participated in the Vienna Initiative were relatively stable lenders. We find no evidence of negative spillovers from countries where banks signed commitment letters to countries where they did not.
Book Synopsis Global Banks and International Shock Transmission by : Nicola Cetorelli
Download or read book Global Banks and International Shock Transmission written by Nicola Cetorelli and published by DIANE Publishing. This book was released on 2010-11 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global banks played a significant role in transmitting the 2007-09 financial crisis to emerging-market (EM) economies. The authors examine adverse liquidity shocks on main developed-country banking systems and their relationships to EM across Europe, Asia, and Latin Amer., isolating loan supply from loan demand effects. Loan supply in EM across Europe, Asia, and Latin Amer. was affected significantly through three separate channels: (1) a contraction in direct, cross-border lending by foreign banks; (2) a contraction in local lending by foreign banks¿ affiliates in EM; and (3) a contraction in loan supply by domestic banks, resulting from the funding shock to their balance sheets induced by the decline in interbank, cross-border lending. Charts and tables.
Book Synopsis Foreign Banks and the Vienna Initiative by : Ralph De Haas
Download or read book Foreign Banks and the Vienna Initiative written by Ralph De Haas and published by . This book was released on 2012-05-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use data on 1,294 banks in Central and Eastern Europe to analyze how bank ownership and creditor coordination in the form of the Vienna Initiative affected credit growth during the 2008–09 crisis. As part of the Vienna Initiative western European banks signed country-specific commitment letters in which they pledged to maintain exposures and to support their subsidiaries in Central and Eastern Europe. We show that both domestic and foreign banks sharply curtailed credit during the crisis, but that foreign banks that participated in the Vienna Initiative were relatively stable lenders. We find no evidence of negative spillovers from countries where banks signed commitment letters to countries where they did not.
Book Synopsis Ten years of the Vienna Initiative 2009-2019 by : European Investment Bank
Download or read book Ten years of the Vienna Initiative 2009-2019 written by European Investment Bank and published by European Investment Bank. This book was released on 2019-12-19 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt: This year, the Vienna Initiative marks its 10th anniversary. For this special occasion, the Steering Committee has prepared a commemorative book, with essays and contributions from the key actors and institutions instrumental to the work of the Vienna Initiative since its inception. This volume provides a unique window on the Vienna Initiative's innovative crisis mitigation activities, its subsequent evolution and its current scope. At the time of the Lehman crisis, international institutions, national authorities and international commercial banks collaborated closely, taking full responsibility for their strategies in the CESEE region and voluntarily providing firm commitments on their activities. In the form of the Vienna Inititive, they built a functioning coordination platform, capable of transforming and evolving according to changing needs. Ten years later, this coordination platform remains an important of effective inter-institutional and private-private sector cooperation. The establishment of the Vienna Initiative was far from easy. However, given the size of euro area banks' cross-border operations in CESEE, a disorderly deleveraging would have been very costly for both CESEE countries and the foreign banks. With this in mind, the main stakeholders eventually got together to participate in the Vienna Initiative and achieve its main objective. The foreign banking groups committed to maintain their presence in the region, while the EIB, EBRD and the World Bank Group provided substantial financing to banks and the real economy. These efforts had a major positive impact on the region. They helped curb liquidity disruptions and restore confidence in the banking system, while alleviating balance of payments pressures. This coordinated response from commercial banks and IFIs was a prerequisite for the success of the IMF-funded macroeconomic adjustment programs in several CESEE countries. Over time, the Vienna Initiative has transformed itself from a crisis mitigation instrument to a broader coordination platform, dealing with the unique challenges of widespread cross-border banking with regulatory and supervisory interdependence, while supporting the emergence of an efficient, deep and sound banking and financial sector that supports growth in the region. In particular, with CESEE countries on a solid recovery path, the focus has shifted to tackling the legacy problem of high NPLs, or to dealing with the impact of the EU's upgraded institutional framework – particularly the creation of the Banking Union – on the host countries, most of which do not participate in the Banking Union. With the region needing to transform, up-scale its innovation capabilities and adjust to technological change, a dedicated working group has been set up to propose measures that could improve access to finance for innovative firms which typically lack tangible assets and thus may have hard time obtaining standard bank loans in a system that still offers limited alternatives. The Vienna Initiative has been a major achievement of international coordination and an important instrument for the future of the CESEE region.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :158906951X Total Pages :88 pages Book Rating :4.5/5 (89 download)
Book Synopsis Regional Economic Outlook, October 2010, Europe, Building Confidence by : International Monetary Fund. European Dept.
Download or read book Regional Economic Outlook, October 2010, Europe, Building Confidence written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2010-10-20 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recovery in Europe continues, supported by strong policy action to contain sovereign debt problems in the euro area. In advanced Europe, lingering uncertainties and market pressures make for moderate and unequal growth, creating challenges for macroeconomic and financial sector policies. The REO also sheds light on the governance issues revealed by the crisis, arguing that better policy frameworks, in particular at the euro area level, promise a stronger Europe. For the first time, the REO devotes a separate chapter to the outlook for emerging Europe, where, after a deep recession, an export-led recovery is under way. However, the rebound is uneven across the region, and policymakers face the difficult challenge of dealing with the legacies of the crisis, while not hurting the recovery. Beyond the short term, the REO argues that the region will need to find new growth engines, as the capital inflows-driven and credit-fueled domestic demand boom needs to give way to more balanced growth. Indeed, the REO emphasizes that active fiscal policy and coordinated prudential measures are key to avoiding a repeat of the boom-bust cycle the region has just endured.
Book Synopsis The Political Economy of Financial Regulation by : Emilios Avgouleas
Download or read book The Political Economy of Financial Regulation written by Emilios Avgouleas and published by Cambridge University Press. This book was released on 2019-01-31 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the law and policy of financial regulation using a combination of conceptual analysis and strong empirical research.
Book Synopsis Handbook of Banking and Finance in Emerging Markets by : Nguyen, Duc K.
Download or read book Handbook of Banking and Finance in Emerging Markets written by Nguyen, Duc K. and published by Edward Elgar Publishing. This book was released on 2022-10-14 with total page 867 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging markets are increasingly facing significant challenges, from a slowdown in productivity, rising debt, and trade tensions to the adverse effects of proliferating global uncertainty on domestic financial systems. This incisive Handbook examines the ongoing dynamics of global financial markets and institutions within the context of such rising uncertainty and provides a comprehensive overview of innovative models in banking and finance.
Book Synopsis The Palgrave Handbook of European Banking by : Thorsten Beck
Download or read book The Palgrave Handbook of European Banking written by Thorsten Beck and published by Springer. This book was released on 2017-01-12 with total page 691 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook presents a timely collection of original studies on relevant themes, policies and developments in European banking. The contributors analyse how the crisis years have had a long lasting impact on the structure of European banking and explore the regulatory architecture that has started to take form in their wake. Academic experts and senior policy makers have contributed to this volume, which is organized in five main parts. The first part presents an overview of European banking through the crisis and beyond. The second part analyses performance and innovation in EU banking markets. The third part discusses the key regulatory changes aimed at fostering financial stability. Part four looks at the relevance of cross-border banking and part five presents a detailed analysis of the main EU banking markets. This is a highly informative and carefully presented handbook, which provides thought-provoking insights into the past, present and future landscapes of European banking. It will appeal to a wide readership, from scholars and students, through to researchers, practitioners and policy-makers.
Book Synopsis Regional Development Banks in the World Economy by : Judith Clifton
Download or read book Regional Development Banks in the World Economy written by Judith Clifton and published by Oxford University Press. This book was released on 2021 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Regional development banks (RDB) have become increasingly important in the world economy, but have also been relatively under-researched to date. This timely volume addresses this lack of attention by providing a comprehensive, comparative, and empirically informed analysis of their origins, evolution, and contemporary role in the world economy through to the second decade of the twenty-first century. The editors provide an analytical framework that includes a revised categorization of RDB by geographic operation and function. In part one, the chapter authors offer detailed analyses of the origins, evolution, and contemporary role of the major RDB, including the Inter-American Development Bank, the African Development Bank, the Asian Development Bank, the European Investment Bank, the Central American Bank, the Andean Development Corporation, the European Bank for Reconstruction and Development, and the Asian Infrastructure Investment Bank. In part two, the authors engage in comparative analyses of key topics on RDB, examining their initial design and their changing business models, their shifting role in promoting policies supported by the United States as hegemon and the private sector. The volume ends with a critical reflection on the role played by RDB to date and a strong defence of the need for these banks in an increasingly complex world economy"--Publisher's description.
Book Synopsis The IMF and the European Debt Crisis by : Mr. Harold James
Download or read book The IMF and the European Debt Crisis written by Mr. Harold James and published by International Monetary Fund. This book was released on 2024-01-05 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book explores the Fund’s engagement in Europe in the aftermath of the 2008 global financial crisis, and especially after 2010. It explains how, why, and with what consequences the International Monetary Fund—along with the European Central Bank and the European Commission (together known as “the troika”)—supported adjustment programs in Greece, Ireland, Portugal, and Cyprus as well as helping to monitor Spain’s adjustment program and exploring modalities for supporting Italy. Additionally, it analyzes how the euro area developments interacted with and affected the rest of Europe, including not only eastern and southeastern Europe but also the United Kingdom, where the political fallout from post-financial crisis populism—in the form of “Brexit” from the European Union—was, in the end, the most extreme. The IMF’s European programs embroiled the Fund in numerous controversies over the exceptionally large lending, over whether or not to impose losses on private creditors, and over the mix between external financing and internal adjustment undertaken by program countries. They also required the IMF to confront longstanding questions about its governance and evenhandedness in the treatment of different segments of its membership. The crisis programs, with Greece, Ireland, Portugal and Cyprus, all revolved around debt sustainability. In the Greek case, after an intense internal debate, the IMF initially chose a program without debt reduction because it feared that such a program–even if ultimately in the interests of Greece, the client country–would trigger a panic of banks and other creditors and thus generate contagion for the rest of Europe. Learning from the Greek case, in Ireland and Portugal, the IMF pushed for debt reduction, to which the government in Ireland but not in Portugal was sympathetic. There was thus no private sector debt reduction in Ireland and Portugal. The European programs were caught up in big geopolitical debates about the appropriate role of the Fund in the aftermath of the global financial crisis. The book examines the intellectual and policy shifts that took place in the IMF as a result of the controversies about its European programs. It concludes with some reflections on how all the programs also produced genuine policy reform and held out the possibility of a return to growth and prosperity.
Book Synopsis Banking on Markets by : Rachel A. Epstein
Download or read book Banking on Markets written by Rachel A. Epstein and published by Oxford University Press. This book was released on 2017-08-15 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: States and banks have traditionally maintained close ties. At various points in time, states have used banks to manage their economies and soak up government debt, while banks enjoyed regulatory forbearance, restricted competition, and implicit or explicit guarantees from their home markets. The political foundations of banks have thus been powerful and enduring, with actors on both sides of the aisle reluctant to sever relations. The central argument of this book, however, is that in the world's largest integrated market, Europe, the traditional political ties between states and banks have been transformed. Specifically, through a combination of post-communist transition, monetary union, and economic crisis, states in Europe no longer wield preponderant influence over their banks. Banking on Markets explains why we have witnessed the radical denationalization of this politically vital sector, as well as the consequences for economic volatility and policy autonomy. The findings in Europe have implications for other world regions, which, to varying degrees, have also experienced intensified pressure on their traditional models of domestic political control over finance. Through an investigation of foreign bank behavior in economic crises, the developmental consequences of political control over banks and the emergence of European Banking Union in the Eurozone, the book advances three main findings. First is that foreign bank ownership need not necessarily lead to economic vulnerability of host states. Second is that marketized bank-state ties do, however, limit pathways to catching up in the global economy. And third is that European Banking Union has strengthened the euro's credibility while cutting down substantially on Eurozone member states' economic policy discretion. This book details the intense political struggles that have underpinned all three outcomes. Co-Winner of the 2018 Ed A Hewett Book Prize awarded by the Association for Slavic, East European, and Eurasian Studies.
Book Synopsis Nigeria by : International Monetary Fund. African Dept.
Download or read book Nigeria written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2013-05-28 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis provided Nigerian banks with opportunities to expand within Sub-Saharan Africa. Nigerian banks have active cross-border liquidity flows, which may complicate the operation of monetary policy. The Central Bank of Nigeria (CBN) should enhance further its work in improving cross-border supervision, including home-host coordination and cooperation. The CBN may also consider taking initiative in establishing a regional coordination group similar to the Vienna Initiative. The CBN should improve data collection and granularity on cross-border transactions and funding flows of Nigerian international banks.
Book Synopsis Shock Absorbers Or Transmitters? The Role of Foreign Banks During COVID-19 by : Weijia Yao
Download or read book Shock Absorbers Or Transmitters? The Role of Foreign Banks During COVID-19 written by Weijia Yao and published by International Monetary Fund. This book was released on 2022-09-16 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies whether bank ownership influenced lending behavior during the COVID-19 shock. It finds that, similar to previous episodes of financial distress, foreign banks appear to have played a shock-transmitting role, as there was a sharp slowdown in lending by foreign banks’ affiliates relative to domestic banks. However, given the uniqueness of the COVID-19 shock and the impact of lockdowns on economic activity, foreign banks were found to lend at a higher rate than domestic banks once the stringency of mobility restrictions is accounted for, with their lending portfolio concentrated more in the corporate sector. Results also suggest that the difference in lending rates between foreign and domestic banks could be explained by the heterogeneous effects of policy measures in response to the pandemic. In jurisdictions with more stringent mobility restrictions, policy interventions actually encouraged higher lending by foreign banks. These findings suggest that foreign bank presence may have acted as a shock absorber in jurisdictions where economic activity was most affected by the pandemic.
Book Synopsis The Social Value of the Financial Sector by : Viral V. Acharya
Download or read book The Social Value of the Financial Sector written by Viral V. Acharya and published by World Scientific. This book was released on 2014 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a result of the recent financial crisis, there has been significant public debate on the role of the financial sector in bringing about the Great Depression. More generally, there has been debate about whether the current industry structure has enhanced social welfare or served a detrimental role. This book is a collection of papers presented at the conference held at the Federal Reserve Bank of Chicago, in November 2012 that examined the social value of the financial sector as currently structured. Issues evaluated include what are the perceived benefits and costs of the current financial system How valuable have industry innovations been for society Should regulation be used to move the industry in a direction thought to be more valuable for society Should big banks be broken up What are the welfare implications of the current industry structure In the book, leading industry scholars debate these issues with a goal of influencing public policy toward the industry.
Book Synopsis How Emerging Europe Came Through the 2008/09 Crisis by : Mr.Bas B. Bakker
Download or read book How Emerging Europe Came Through the 2008/09 Crisis written by Mr.Bas B. Bakker and published by International Monetary Fund. This book was released on 2012-08-31 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging Europe was particularly hard hit by the global financial crisis, but a concerted effort by local policymakers and the international community staved off impending financial meltdown and laid the foundations for renewed convergence with western Europe. This book, written by staff of the IMF's European Department that worked on the region at the time, provides a unique account of events: the origins of the crisis and the precrisis policy setting; the crisis trigger and the scramble to avoid the worst; the stabilization and recovery; the remaining challenges; and the lessons for the future. Five regional chapters provide the analytics to put events into perspective. Dedicated chapters for all 19 countries of the region dig deeper into the idiosyncrasies of each economy and provide extensive economic data. A final chapter distills the lessons from the overall regional experience and the wide intraregional diversity. Taken together, they make this book an indispensible reference for economic scholars of the region and beyond.
Book Synopsis Transforming Markets by : Andrew Kilpatrick
Download or read book Transforming Markets written by Andrew Kilpatrick and published by Central European University Press. This book was released on 2021-09-29 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second volume of the history of the European Bank for Reconstruction and Development (EBRD) takes up the story of how the Bank has become an indispensable part of the international financial architecture. It tracks the rollercoaster ride during this period, including the Bank’s crucial coordinating role in response to global and regional crises, the calls for its presence as an investor in Turkey, the Middle East and North Africa and later Greece and Cyprus, as well as the consequences of conflicts within its original region. It shows how in face of the growing threat of global warming the EBRD, working mainly with the private sector, developed a sustainable energy business model to tackle climate change.Transforming Markets also examines how the EBRD broadened its investment criteria, arguing that transition towards sustainable economies requires market qualities that are not only competitive and integrated but which are also resilient, well-governed, green and more inclusive. This approach aligned with the 2015 Paris Agreement and the international community’s 2030 Agenda for Sustainable Development, with its core set of 17 sustainable development goals. The story of the EBRD’s own transition and rich history provides a route map for building the sustainable markets necessary for future growth and prosperity.
Book Synopsis The Global Macro Economy and Finance by : Franklin Allen
Download or read book The Global Macro Economy and Finance written by Franklin Allen and published by Springer. This book was released on 2016-04-30 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume explores the measurement of economic and social progress in our societies, and proposes new frameworks to integrate economic dimensions with other aspects of human well-being. Leading economists analyse the light that the recent crisis has shed on the global economic architecture, and the policies needed to address these systemic risks.
