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Статті в журналах з теми "MICROFOUNDATIONS FOR THE EXISTENCE OF BANKS"
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Cerpa Vielma, Nicole, Hasan Cömert, Carmela D’Avino, Gary Dymski, Annina Kaltenbrunner, Eirini Petratou, and Mimoza Shabani. "Too big to manage: US megabanks’ competition by innovation and the microfoundations of financialization." Cambridge Journal of Economics 43, no. 4 (July 2019): 1103–21. http://dx.doi.org/10.1093/cje/bez027.
Повний текст джерелаАнотація:
Abstract Disagreements over the systemic implications—the future—of financialization can be traced in part to the absence of sustained attention to the role of banking firms in driving this secular shift forward. That is, the financialization literature lacks an adequate microfoundation. Accounting for the drivers of financialization processes solely at the macro level overlooks the problems of how these processes came about and whether they are sustainable. This paper addresses this explanatory gap, arguing that a key independent microeconomic driver of increasing financialization did exist: the incessant efforts by money-centre banks in the USA to break out of Depression-era restrictions on their size, activities, and markets. These banks’ growth strategies in turbulent times led to an institutional (meso) shift—the rise of a megabank-centred shadow banking system—that now shapes global financial architecture even while operating in ways that are unsustainable. In short, too-big-to-manage megabanks are at the heart of the fragility and instability of the economy today.
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Bakhit, Wael, and Salma Bakhit. "Banks' Stability." International Journal of Finance & Banking Studies (2147-4486) 3, no. 2 (April 21, 2014): 60–80. http://dx.doi.org/10.20525/ijfbs.v3i2.184.
Повний текст джерелаАнотація:
This paper employs a quarterly time series to determine the timing of structural breaks for interest rates in USA over the last 60 years. The Chow test is used for investigating the non-stationary, where the date of the potential break is assumed to be known. Moreover, we empirically examined the deviation from an assumed interest rate as given in a standard Taylor rule and consequences on financial sectors. The empirical analysis is strengthened by analysing the rule from a historical perspective and look at the effect of setting the interest rate by the central bank on financial imbalances. The empirical evidence indicates that deviation in monetary policy has a potential causal factor in the build up of financial imbalances and the subsequent crisis where macro prudential intervention could have beneficial effect. Thus, our findings tend to support the view, which states that the probable existence of central banks has been one source of global financial crisis since the past decade.
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Sabila, Fadiyah Hani. "KARAKTERISTIK DAN PENERAPAN ISLAMIC CORPORATE GOVERNANCE PADA PERBANKAN SYARIAH." FUADUNA : Jurnal Kajian Keagamaan dan Kemasyarakatan 2, no. 2 (August 24, 2019): 116. http://dx.doi.org/10.30983/fuaduna.v2i2.2072.
Повний текст джерелаАнотація:
<p><em>As one of the business entities under the umbrella of the unitary state of Indonesia, Islamic banks are also required to implement Good Corporate Governance which will henceforth be abbreviated as GCG. The application of GCG in Islamic banks is important considering Islamic banks are banks that use the principle of profit sharing. GCG is a requirement for Islamic banks to develop well and healthy. Good GCG implementation refers to five principles, namely accountability, transparency, independence, responsibility and fairness. The concept of Good Corporate Governance between conventional banks and Islamic banks is basically the same, but the difference between the two is the existence of Shariah compliance and the existence of the Sharia Supervisory Board (DPS). Islamic banks managed and owned by human resources who have integrity (good morals) and professionals, will encourage the implementation of the principles of good governance (Good Corporate Governance).</em></p>
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Correa, Amelia, and Romar Correa. "Some Cultural Foundations of Financial Macroeconomics." Journal of Business Accounting and Finance Perspectives 3, no. 1 (March 8, 2021): 1. http://dx.doi.org/10.35995/jbafp3010004.
Повний текст джерелаАнотація:
Mainstream economists concede that finance tests the deductive powers of the microfoundations model. Accordingly, we attempt to derive a structural model inductively through use of empirical studies and history. Culture is the means by which a task is set about. The term consists of the following elements. The unit of analysis is groups or classes as found in National Income accounts. The connection between them does not consist of substitution effects or conflict but complementarities and cooperation. Secondly, the economy is defined as the inseparable composite of the fiscal and the monetary authorities and the components of the private sector. Finally, finance eases the flow of production and consumption and investment. However, banks are beset with problems of asymmetric information and runs. Additionally, market finance is prone to bubbles and crashes. Elements of culture are required to hold fast during the interactions between the financial and the real world.
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Suhita, Sifa Uchtiat, and Hendri Hermawan Adinugraha. "General Public Perception of The Existence of Sharia Bank (Case Study in Tambakroto Village, Kajen District)." Kunuz: Journal of Islamic Banking and Finance 2, no. 1 (June 30, 2022): 30–44. http://dx.doi.org/10.30984/kunuz.v2i1.180.
Повний текст джерелаАнотація:
This study aims to determine the general public's perception of the existence of Islamic banks in Tambakroto village, Kajen sub-district. This research is a qualitative research with a descriptive approach. Data collection techniques through observation, interviews, and documentation of the local community. Meanwhile, the data analysis method uses interactive analysis techniques with analysis components consisting of data reduction, data presentation, and drawing conclusions/verification. The results of this study explain that people basically know about Islamic banks but do not know the concept of Islamic banks. Low knowledge is caused by various factors ranging from self where the family environment is not familiar with Islamic banks, when the location for Islamic banks is far not as much as conventional banks so that people are reluctant to switch to Islamic banks in addition to self factors related to targets where people hope in the future regarding bank progress. sharia in Tambakroto village. The factors that underlie the lack of knowledge of Islamic banks make people less interested in saving, transactions and other activities in Islamic banks. Efforts to overcome all problems and perceptions in Tambakroto village which can be started from socialization so that in the future Tambakroto village will experience progress in knowledge, interests, views about Islamic banks.
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Indra Kusuma, Septian, and Apriani Dorkas Rambu Atahau. "Islamic Commercial Banks and Sharia Business Units; How Efficient Are They?" Jurnal Organisasi dan Manajemen 15, no. 2 (September 4, 2019): 141–52. http://dx.doi.org/10.33830/jom.v15i2.733.2019.
Повний текст джерелаАнотація:
The purpose of this study is to determine the efficiency level of Islamic commercial banks and Sharia Business Units for the period of 2012-2017 and to examine the existence of size effect in bank efficiency. Using Data Envelopment Analysis (DEA) method, this research employs total assets, deposits, and operating costs as the inputs, while the output is total financing and operating income. The samples are 11 Islamic commercial Banks and 20 Sharia Business Units. Results of this study show that Islamic commercial banks are more efficient than Sharia Business Units during the period of analysis and large Islamic commercial banks are more efficient than small sharia business units which provide evidence of size effect existence in bank efficiency. Thus, the policymaker needs to consider bank size in policy formulation regarding bank efficiency.
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Lestari, Dini Maulana, M. Roif Muntaha, and Immawan Azhar BA. "Peran Bank Syariah: Menuju Perekonomian Masyarakat Madani." Mabsya: Jurnal Manajemen Bisnis Syariah 1, no. 2 (December 26, 2019): 131–44. http://dx.doi.org/10.24090/mabsya.v1i2.3461.
Повний текст джерелаАнотація:
Islamic banks are present in the community as financial institutions whose activities are based on the principles of Islamic law for the benefit of the people. This study aims to determine the strategic role of Islamic Banks as financial service institutions, the importance of the existence of Islamic Banks and Islamic-based markets and financial instruments in them. In its development, Islamic banks have a role as institutions that turn on public funds, channel funds to the public, transfer assets, liquidity, reallocation of income and transactions. In the Indonesian economic system, the existence of Islamic Banks is important as an alternative solution to the problem of conflict between bank interest and usury. Islamic financial markets and instruments provide a free society of interest and follow a different set of principles. Distribution of profit/ loss according to evidence of participation in the management fund. The division of rental income in the form of musharaka.
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Ireland, John J. "Just how loyal are Islamic banking customers?" International Journal of Bank Marketing 36, no. 3 (May 8, 2018): 410–22. http://dx.doi.org/10.1108/ijbm-09-2016-0138.
Повний текст джерелаАнотація:
Purpose The purpose of this paper is to determine the rate difference required to persuade Islamic banking customers to switch to conventional banks. Design/methodology/approach A choice-based conjoint analysis survey was administered to 300 UAE Islamic banking customers. Customer utilities for Islamic and conventional banks, products and prices were developed to test hypotheses while a market simulation estimated the impact of rate changes on choice shares. Findings Overall, Muslim customers of Islamic banks strongly preferred Islamic banks and products. However, 43 percent were willing to switch to conventional banks to obtain better rates. Indeed, the share choosing conventional banks rose from 25 percent when rates were the same to 68 percent when conventional products offered 2 percent better rates. Research limitations/implications This research requires replication and extension in appropriate contexts such as Malaysia and Indonesia. Moreover, the existence of price sensitivity tiers implies underlying benefit segments that should be studied. Practical implications As so many Islamic banking customers would switch to conventional banks for better rates, it seems that conventional banks compete with Islamic banks for most clients. Islamic banks should price accordingly. Originality/value This is the first study to quantify the loyalty of Islamic banking customers in terms of price and, consequently, the first to demonstrate the existence of price sensitivity tiers. It is also the first in this field to apply conjoint analysis and market modeling.
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Djakfar, Muhammad. "Prospek Bank Syari'ah Studi Pendahuluan Pandangan Mahasiswa STAIN Malang." ULUL ALBAB Jurnal Studi Islam 4, no. 1 (December 26, 2018): 5–31. http://dx.doi.org/10.18860/ua.v4i1.6116.
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This research is to describe the students' opinion on shariah banks in Malang. In this qualitative research, in-depth interview and documentary analysis were used to obtain the needed data. The findings showed that (I) the shariah banks were not sufficiently socialized, (2) the respondents stated that the system applied by the shariah banks were not different from the conventional ones, (3) the respondent supported the existence of these syariah banks as these syariah banks were intended to apply Islamic principles. The three opinions were determined by the respondents' social interaction, advertisement of bank, or academic activities (seminar, workshop, etc) which offered the relevant topics on syariah banks.
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., Yuhelson. "Existence of Dependent Rights Guarantee Binding Related to Financing of Musyarakah Facilities in Islamic Banking." Webology 19, no. 1 (January 20, 2022): 1782–97. http://dx.doi.org/10.14704/web/v19i1/web19119.
Повний текст джерелаАнотація:
In the musyarakah financing contract, there is the imposition of mortgage rights, which will be auctioned if the customer does not pay the installments to the Islamic bank. However, the concept of musharakah itself does not recognize any mortgage rights, because musharakah adheres to the principle of profit sharing and losses being shared, with the imposition of mortgage rights on musharakah financing creates legal uncertainty for customers, because banks do not want to bear losses together with customers. From the results of the study it was concluded that, the implementation of the binding of mortgage guarantees in musyarakah financing is basically the same as the binding of mortgage guarantees on conventional banks, only regarding the execution of mortgage guarantees musyarakah financing in Islamic banks Courts while in conventional banking in the District Court, and the binding of Mortgage on musyarakah financing is not guaranteed by law, in Law No. 21 of 2008 concerning Islamic Banks it does not regulate mortgage rights in musyarakah financing, and also the imposition of mortgage rights on musyarakah financing proves that Islamic banks do not want to participate in the loss of musharakah financing. With the uncertainty due to the imposition of mortgage rights on musyarakah financing, customers do not get certainty of their rights actually in musharakah financing.
Дисертації з теми "MICROFOUNDATIONS FOR THE EXISTENCE OF BANKS"
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GLADYS, GISSELL HUACCHA. "Banking Regulation in a Dynamic Stock-Flow Consistent Model." Doctoral thesis, Università di Siena, 2020. http://hdl.handle.net/11365/1116211.
Повний текст джерелаАнотація:
In 2008 the intemperance of the banking industry, stemming from an accelerated process of banking innovation and deregulation, drove the global economy into a deep recession resulting in immense economic cost with significant social implications. In response to such events, regulatory reforms in the capacity of Basel III capital requirements, specifically, risk-based capital requirements and leverage, were introduced. These new set of reforms aimed to create a more stable and resilient financial system in an attempt to avert the recurrence of another global financial crisis. Accordingly, Basel III's prudential banking principles have received sizeable attention from several quarters as academics have investigated the impact of Basel III on banks' performance and its effectiveness in preventing another banking crisis. Despite the latter, to date, the existing literature provides vastly disparate evidence on Basel III's adequacy and is yet to reach a clear and decisive conclusion on its ability to foster a more stable, resilient and growth-promoting financial system.par
The fundamental purpose of this thesis is to contribute towards this ongoing debate by providing new theoretical insights on the direct and indirect effects of Basel III and how such implications transferred throughout a widely interconnected economy. Specifically, unlike much of the existing theoretical and empirical literature that has examined the impact of Basel III in singular instances by isolating one sector from another, this thesis presents a more comprehensive investigation of the effectiveness of Basel III in creating a more stable and resilient financial system whilst maintaining, and not hindering, the overall growth of the economy. For this purpose, this thesis presents three theoretical chapters and one empirical chapter on the relationship between the banking industry and the real economy, wherein we introduce the role of Keynesian uncertainty as a relevant element in agents' decision-making process.par
In the first chapter of this thesis, we present an in-depth review of the alternative theoretical microfoundations used to explain the existence of banks and their role in the dissemination of adverse shocks throughout the real economy. We propose that to construct a more comprehensive and realistic explanation for the existence of banks and their role in the dissemination of adverse shocks, throughout the real economy, one needs to break down the assumptions of perfect-competition and perfect-equilibrium and include both the concepts of time and Keynesian uncertainty. In the second part of chapter one, we document the sequence of causes and events that triggered the trend towards a megabank-centred shadow banking system resulted in the implementation of Basel III. Finally, given the technical inconsistencies and disparities between the existing definitions of financial stability and financial resilience, in the last part of chapter one, we propose a more complete and precise working definition of both elements of financial concern, which operates as our lenses of analysis throughout the remainder of this thesis.
In the second chapter of this thesis, we investigate the effectiveness of Basel III in ensuring a more stable, resilient and growth-promoting financial system, via a dynamic Stock-Flow Consistent model. Chapter two begins by introducing the accounting principles underpinning our dynamic Stock-Flow Consistent model, which we use to investigate the effectiveness of Basel III on restoring a medium/long-term financial development and promoting the creation of money. In our investigation, we move from a steady-state, where the banking system is regulated by Basel II, towards a new state, where Basel III is into force. Our results suggest that, although the current banking regulation, Basel III, has explicitly set the minimum capital requirements towards higher levels, the latter has not been able to restore the stability of the financial system, nor encourage banks' incentive to keep its commitments with the real economy. Instead, our results suggest that the introduction of Basel III has, in recent years, contributed to the slow-down of economic recovery.
In the third chapter of this thesis, we present an extended version of our dynamic Stock Flow Consistent model. Specifically, chapter three introduces an additional level of financial complexity by accounting for the level of perceived Keynesian uncertainty within the economy. In doing so, the efforts of chapter three contribute to the assessment of Basel III by examining its effectiveness in partnership with conventional and unconventional monetary policies and fiscal policies. The conclusions made by this chapter suggest that a higher degree of perceived Keynesian uncertainty holds economic activities down and also the effectiveness of Basel III in partnership with monetary and fiscal implementations.
In the fourth chapter of this thesis, we explore, empirically, the role of banks as suppliers of private credit to the real economy. Following our line of thought - presented in chapter one and chapter three - we focus our empirical investigation upon the concept of Keynesian uncertainty and its relationship with banks' operations and their indirect/direct contribution to economic activities. Specifically, by adopting citeauthor{hansen1999}'s citeyearpar{hansen1999} fixed-effect threshold model, we examine the effects of private credit over tranquil and turbulent periods of Keynesian uncertainty. Our results show that in tranquil periods of Keynesian uncertainty banks are general growth-promoting, yet, in periods of heightened Keynesian uncertainty - mainly experienced post the 2008 financial crisis - the provision of credit made by banks has been growth-hindering. Accordingly, the results presented in chapter four not only furnish empirical support for the arguments put forward in chapter one and chapter three but also stress the salient nature of this thesis' line of enquiry, which call for a relevant commitment by policymakers and academics in designing a financial regulation theory that embraces the inherently unstable and uncertain nature of the financial system. In the final chapter of this thesis, we present our conclusive remarks.
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Quintana, Fernández Miriam. "The internationalisation of British and Spanish banks : implications for the existence and operation of European Works Councils." Thesis, University of Warwick, 2004. http://wrap.warwick.ac.uk/71896/.
Повний текст джерелаАнотація:
Within the context of the intemationalisation of business organisations and human resource practices, this thesis contributes to an enhanced understanding of the factors influencing the establishment and operation of European Works Councils (EWCs) in multinational companies. Specifically, the thesis examines EWCs in the banking sector, a sector whose EWCs have not previously been subject to a great deal of analysis. A cross-case comparison of four highly internationalised banks - HSBC and Lloyds TSB in the UK, and BSCH and BBV A in Spain - is undertaken. The thesis explores debates in the literature regarding the establishment and impact of EWCs. Theories based on the internationalisation of business strategies, structures and cross-border HR management are drawn on to build a novel integrated analytical framework, which identifies the factors likely to shape first the establishment/nonestablishment [sic] of EWCs and second their operation. Analysis of the specific cases is then carried out, based on extensive qualitative fieldwork in the case companies. The premise of the thesis is that the internationalisation of business operations and company/management organisation and structure are fertile ground for the internationalisation of management approaches to HR and employment practice. In turn, this suggests a promising future for EWCs. However, the analytical findings suggest a mismatch between the prospects for EWCs and the organisational reality of some 'European' multinational firms whose operations are strongly orientated towards other parts of the world. In particular, it is found that the non-existence of EWCs in the two most internationalised Spanish banks is strongly related to their internationalisation, whereby their international businesses, management structures and cross-border HR coordination are all heavily oriented towards Latin America. These factors are found to be key in shaping not only management but also trade union policy towards EWCs. The thesis also finds that such factors are central in shaping differences in the operation of the EWCs at two of the largest UK-based financial groups. The overall findings of the thesis suggest several potential avenues for further research and for consideration in revising the European Works Councils Directive.
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Franks, Jamie N. "Becoming Other: Virtual Realities in Contemporary Science Fiction." FIU Digital Commons, 2015. http://digitalcommons.fiu.edu/etd/1908.
Повний текст джерелаАнотація:
The purpose of this thesis was to explore the boundary between human and other created by virtual worlds in contemporary science fiction novels. After a close reading of the three novels: Surface Detail, Existence, and Lady of Mazes, and the application of contemporary literary theories, the boundary presented itself and led to the discovery of where the human becomes other. The human becomes other when it becomes lost to the virtual world and no longer exists or interacts with material reality. Each of the primary texts exhibits both virtual reality and humanity in different ways, and each is explored to find where humanity falls apart. Overall, when these theories are applied to real life there is no real way to avoid the potential for fully immersive virtual worlds, but there are ways to avoid their alienating effects.
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Yao, Pin-Hsun, and 姚秉勳. "A Study on the Value of Existence for State-operated Banks at Current Stage: Evidence from the Land Bank of Taiwan." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/rz4c5z.
Повний текст джерелаАнотація:
碩士國立中山大學
高階公共政策碩士班
99
The Land Bank of Taiwan, which has been through a number of financial reforms in the last few years, was chosen as research object for this study. First, it was promoted from provincial bank to state-operated bank due to the governmental organizational reform, and then was prepared to transfer its ownership from a state-owned bank to a privately owned one. However, due to recent financial crisis, the privatization process was forced to stop. This research used three different qualitative methods, including participant observation, in-depth interviews, and focused group interview, for triangulation in order to obtain objectivity. Through the three unique qualitative methods, the researcher was able to collect valuable qualitative data from a wide variety of different dimensions such as bank managers, bank employees and customers. Major research findings include the followings. First, state owned banking system is proved to be capable of stabilizing financial unrest in this global financial turmoil and local credit card debt issues. Second, state owned banks provide better protection over their employees and customers than their privately owned counterparts. Third, the overall performance of stat owned banking system is shown to outperform those privately owned ones. To conclude, some suggestions and policy implications are raised based upon the research findings.
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Wang, Ming-tsai, and 王明才. "Financial institutions with the cause of the effect of economic control policy analysis - to convert the establishment of financial holding company after the existence of banks operating efficiency as an example." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/14715326528177684126.
Повний текст джерелаАнотація:
碩士國立中正大學
法律所
96
Financial holding companies through the banking, securities and insurance industries are the horizontal and vertical diversification and combining objective is to expand the operation scale, a view to reducing operating costs and enhance operating efficiency, although in theory help to achieve economies of scale and financial institutions to integrate resources to enhance efficiency, maintain financial stability, as if through a high market concentration, May be a monopoly or oligopoly market, can control and decide the market price, the market price of failure function, I am afraid, will cause a decline in the overall economic interests, in accordance with the principles of economics, the competition will not lead to entirely unnecessary losses (the total reduction surplus of producers and consumers ), in the end of the second financial reform is treating the symptoms of this problems, the success or failure？ It has been six years of implementation, is an outcome of the test, if working well, the second change to the financial holding company merger, of course, the government should promote, if poorly performing, they should review and adjust the secondary financial reform, reform to the third innovation, not continue the wrong policy. In this study, to convert the establishment of financial holding companies after the parent bank depositors continued: Jihsun bank of Jihsun financial holding company, Esun bank of Esun financial holding company , Taishin bank of Taishin financial holding company , First bank of First financial holding company , Huanan bank of Huanan financial holding company, Chinatrust bank of Chinatrust financial holding company ,from 1997 to 2006 for the analysis of financial data base, the use of information envelope curve analysis (DEA) to make an econometric analysis. The purpose of this study can be divided into the following points: I、From 1997 to 2006 of 10 years Jihsun financial holding company, Esun financial holding company, Taishin financial holding company, First financial holding company, Huanan financial holding company, Chinatrust financial holding company''s bank operating efficiency. II、Compared Jihsun financial holding company, Esun financial holding company, Taishin financial holding company, First financial holding company, Huanan financial holding company, Chinatrust financial holding company, such as the establishment of financial holding companies before and after their individual bank''s efficiency and overall efficiency changes. III、On the financial holding company for the upgrading of efficiency and production resources should be adjusted in the future direction and the amount proposed. IV、 The current Fair Trade Commission and the Financial Industry Competent Authority, the financial holding company with control of the cause of practical recommendations. The results from this study found: I、From the overall performance of financial holding companies to discover after the establishment of 2002 to 2006 of the total five-year average operating efficiency for 0.959133, before the establishment of financial holding companies, 1997 to 2001 of the total five-year average operating efficiency of 0.990133, the financial holding company after the founding of the decline in operating efficiency, meant that the decline in standards of economic welfare, economic development and finance the entire construction will have a negative impact, it is worth the attention and the attention of the relevant units. II、Six banks in the establishment of financial holding company, First financial holding company, Huanan financial holding company, Esun financial holding company, appearing deterioration of operating efficiency,Chinatrust financial holding companies keeping the same operating efficiency, only Taishin financial holding company of a slight increase efficiency, can be seen clearly, the establishment of financial holding company after the operating efficiency of the impact, whether it is a whole or individually, have produced a decline in operating efficiency worsen situation . III、Pre-tax net benefit from the conversion to observe the establishment of financial holding company of its pre-tax net benefit not by anti-reduction, not because of cross-industry business and expand the operation scale benefited, all the more to make it less. There are a number of financial holding companies, their banks operating efficiency and performance of pre-tax net benefit, and so far set up its poor financial holding company, its overall economic interests of not less than the interests of restricting competition, in accordance with Article 12 of the provisions of the Fair Trade Law , The Fair Trade Commission should not permit the establishment of financial holding companies, or should declare an announcement made during the dispute, but the Fair Trade Commission has allowed its clearance, resulting in the cause of restricting competition after the interests of not greater than the economic interests of the whole situation is have taken place, history has proved the control of poorly performing the past, it is worth reviewing the relevant units to improve financial institutions and the cause of control policies, on the superficial views on the individual to make recommendations to the government''s policy for the future benefit.
Книги з теми "MICROFOUNDATIONS FOR THE EXISTENCE OF BANKS"
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McLaughlin, Keith. Internet banking in Ireland: Are we securing its existence. Dublin: University College Dublin, Graduate School of Business, 1998.
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Kashyap, A. K. Banks as liquidity providers: An explanation for the co-existence of lending and deposit-taking. Cambridge, MA: National Bureau of Economic Research, 1999.
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Cheng, Huixia. Zhong xiao yin hang sheng cun yu fa zhan yan jiu =: Studies on the existence and development of small-medium banks. 8th ed. Beijing Shi: Zhongguo jing ji chu ban she, 2004.
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United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on General Oversight and Investigations. Existence of a credit crunch in the Southeast: Field hearing before the Subcommittee on General Oversight and Investigations of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Second Congress, first session, November 15, 1991. Washington: U.S. G.P.O., 1992.
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Banal-Estanol, Albert, Enrique Benito, and Dmitry Khametshin. Asset Encumbrance and CDS Premia of European Banks. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198815815.003.0021.
Повний текст джерелаАнотація:
Asset encumbrance refers to the existence of bank balance sheet assets being subject to arrangements that restrict the bank’s ability to freely transfer or realize them. Asset encumbrance has recently become a much discussed subject and policymakers have been actively addressing what some consider to be excessive levels of asset encumbrance. Despite its importance, the phenomenon of asset encumbrance remains poorly understood. We build a novel data set of asset encumbrance metrics based on information provided in the banks’ public disclosures for the very first time throughout 2015. We provide descriptive evidence of asset encumbrance levels by country, credit quality, size, and business model, using different encumbrance metrics. Our empirical results point to the existence of an association between CDS premia and asset encumbrance that is negative, not positive. That is, on average, encumbrance is perceived to be beneficial. Still, certain bank-level variables play a mediating role in this relationship. For banks that have high exposures to the central bank, high leverage ratios, and/or are located in southern Europe, asset encumbrance is less beneficial and could even be detrimental in absolute terms.
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Charles, Proctor. Part F Cross-Border Issues, 44 Freezing Injunctions and International Banks. Oxford University Press, 2015. http://dx.doi.org/10.1093/law/9780199685585.003.0044.
Повний текст джерелаАнотація:
This chapter examines the position of a bank which is notified of the existence of a freezing injunction; it considers at the scope of its responsibilities and liabilities. The discussions cover the nature and effect of a freezing injunction; the action to be taken by a bank on receipt of notice of a freezing injunction; the impact of the injunction on the relationship between the bank and its customer; the relationship between the bank and the applicant for the injunction; the relationship between the bank and certain third parties; and the territorial issues raised by orders of this kind.
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Cortes, Gustavo S., and Renato L. Marcondes. The Evolution of Brazil’s Banking System. Edited by Edmund Amann, Carlos R. Azzoni, and Werner Baer. Oxford University Press, 2018. http://dx.doi.org/10.1093/oxfordhb/9780190499983.013.9.
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This chapter analyzes the origins and development of the Brazilian banking system from colonial times to the present day. It begins with a description of the first credit relationships before the existence of banks in colonial Brazil, followed by a discussion of the difficulties faced by the first banks established in the imperial period. It then presents a detailed discussion of domestic and foreign banks during the First Republican, and the key institutional changes that occurred during the Great Depression of the 1930s and the military regime after 1964. Later, it covers banking activities in the hyperinflation period up to the country’s stabilization in 1994. The chapter concludes with an analysis of the recent period and how the banking system endured the Great Recession of 2008–2010 and the recent Brazilian fiscal crisis that began in 2014.
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Cavalcante, Luiz Ricardo. The Brazilian Development Bank. Edited by Edmund Amann, Carlos R. Azzoni, and Werner Baer. Oxford University Press, 2018. http://dx.doi.org/10.1093/oxfordhb/9780190499983.013.8.
Повний текст джерелаАнотація:
This chapter discusses the role played by the Brazilian Development Bank (BNDES) based upon a survey of its costs and benefits reported in the literature. It provides some theoretical background for the creation and the existence of development banks, using this background to support a brief discussion about the long-term context that marked the bank’s evolution as well as the contemporary issues concerning its role in the Brazilian economy. The author argues that a national development bank such as the BNDES contributes to increasing capital formation, as it provides credit at more favorable conditions to selected projects. However, the author also argues that the presence of the BNDES loans forces the Central Bank to raise interest rates to a level that otherwise would be lower.
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Nikoletta, Kleftouri. 2 The Limitations of Deposit Protection Systems. Oxford University Press, 2015. http://dx.doi.org/10.1093/law/9780198743057.003.0002.
Повний текст джерелаАнотація:
This chapter first analyses the moral hazard problem arising from the provision of deposit insurance. Moral hazard is a powerful force distorting market behaviour, which demands a variety of regulatory techniques, as well as market incentives, to neutralize its destabilizing effects. Corporate governance issues are also relevant, because banks’ internal controls and balances have a key impact on the extent of moral hazard. In addition to a well-designed deposit protection system, it is necessary to enlist the support of banking regulation and supervision to combat moral hazard. Drawing on the UK deposit protection system, the chapter presents a number of ambiguities inherent to the design and functions of a deposit guarantee scheme. It concludes that the existence of effective prudential regulation and supervision are prerequisites for deposit insurance.
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Simon, Gleeson. Part I The Elements of Bank Financial Supervision, 3 Basel and International Bank Regulation. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198793410.003.0003.
Повний текст джерелаАнотація:
This chapter begins by discussing the Basel committee and the Basel Accord. It details how the Basel committee, an organization with no powers, constitution, or even legal existence, became the dominant power in bank regulation. The Basel Capital Accord of 1988 set out a simple weighting system for different types of assets and standardized the rules as to what should count as capital. While the 1988 Accord was applied initially only to internationally active banks in the G10 countries, it quickly became acknowledged as a benchmark measure of a bank's solvency and is believed to have been adopted in some form by more than 100 countries. The remainder of the chapter covers policy responses to the recent financial crisis, Basel 2.5, Basel 3 framework document, and other initiatives.
Частини книг з теми "MICROFOUNDATIONS FOR THE EXISTENCE OF BANKS"
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Xiao, Xiao, and Songliang Cheng. "Discuss the Theoretical Rationale for the Existence of Banks." In Advances in Computer Science, Intelligent System and Environment, 71–76. Berlin, Heidelberg: Springer Berlin Heidelberg, 2011. http://dx.doi.org/10.1007/978-3-642-23777-5_12.
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Buldas, Ahto, Dirk Draheim, and Märt Saarepera. "Secure and Efficient Implementation of Electronic Money." In Future Data and Security Engineering. Big Data, Security and Privacy, Smart City and Industry 4.0 Applications, 34–51. Singapore: Springer Nature Singapore, 2022. http://dx.doi.org/10.1007/978-981-19-8069-5_3.
Повний текст джерелаАнотація:
AbstractDuring the last years, central banks have discussed possible use of central bank digital currencies (CBDC) – electronic cash. Besides the financial and economic factors also the security and scalability of technical implementation of CBDC have been studied. Blockchain technology provides high level of security independent of the technical infrastructure and enables central banks to outsource most of the CBDC operations to the private sector while still having full control over the total amount of CBDC in circulation. Scalability of blockchain solutions depends on the possibility of decomposing (sharding) the blockchain. Electronic money and payments can be represented and organized in several ways, including accounts, bills/coins, and also unspent transaction outputs (UTXOs). We show how the representation of money and payments influences the existence of secure and decomposable blockchain implementations of electronic money. We show that the bill money scheme can be securely and efficiently implemented as sharded blockchains.
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Hotori, Eiji, Mikael Wendschlag, and Thibaud Giddey. "Switzerland: Formalizing Banking Supervision in the Aftermath of a Crisis, Better Late Than Never." In Formalization of Banking Supervision, 87–98. Singapore: Springer Singapore, 2021. http://dx.doi.org/10.1007/978-981-16-6783-1_6.
Повний текст джерелаАнотація:
AbstractThis chapter deals with the formalization of banking supervision in Switzerland, which occurred throughout the twentieth century in a three-step process. First, between 1914 and 1931, the introduction of formal banking supervision, including a detailed Banking Act enforced by an authority, was discussed but was rejected under the influence of leading bankers. Second, in the aftermath of a severe banking crisis in 1931–1934, the resistance of bankers was undermined and a federal law on commercial banking, featuring the setting up of a new supervision agency, was adopted. Third, until the late 1970s, despite the existence of a legal code and a designated authority, the formalization was still incomplete, because the agency was lacking the formal capacity and resources to guarantee an effective enforcement of financial regulation. During that period (1930s–1970s), policymakers were unable to remove the flaws of the supervisory regime because of the strong preference of the main stakeholders (commercial banks, banking supervisors) for the existing system.
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Maun, M. Anwar. "Seed banks." In The Biology of Coastal Sand Dunes. Oxford University Press, 2009. http://dx.doi.org/10.1093/oso/9780198570356.003.0009.
Повний текст джерелаАнотація:
The soil seed bank refers to a reservoir of viable seeds present on the soil surface or buried in the soil. It has the potential to augment or replace adult plants. Such reservoirs have regular inputs and outputs. Outputs are losses of seeds by germination, predation or other causes, while inputs include dispersal of fresh seeds from local sources and immigration from distant sources (Harper 1977). Since sand dunes are dynamic because of erosion, re-arrangement or burial by wind and wave action, efforts to find seed banks have largely been unsuccessful. Following dispersal, seeds accumulate in depressions, in the lee of plants, on sand surfaces, on the base of lee slopes and on the driftline. These seeds are often buried by varying amounts of sand. Buried seeds may subsequently be re-exposed or possibly lost over time. However, the existence of a seed bank can not be denied. Plant species may maintain a transient or a persistent seed bank depending on the longevity of seeds. In species with transient seed banks, all seeds germinate or are lost to other agencies and none is carried over to more than one year. In contrast, in species with a persistent seed bank at least some seeds live for more than one year. The four types of seed banks described by Thompson and Grime (1979) provide useful categories for discussion of coastal seed bank dynamics of different species. Type I species possess a transient seed bank after the maturation and dispersal of their seeds in spring that remain in the seed bank during summer until they germinate in autumn. Type II species possess a transient seed bank during winter but all seeds germinate and colonize vegetation gaps in early spring. Seeds of both types are often but not always dormant and dormancy is usually broken by high temperatures in type I and low temperature in type II. Type III species are annual and perennial herbs in which a certain proportion of seeds enters the persistent seed bank each year, while the remainder germinate soon after dispersal, and Type IV species are annual and perennial herbs and shrubs in which most seeds enter the persistent seed bank and very few germinate after dispersal.
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Michie, Ranald C. "Regulation and Regulators, 2007–20." In Banks, Exchanges, and Regulators, 534–600. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780199553730.003.0019.
Повний текст джерелаАнотація:
What regulators had prioritized before the crisis was competition, investor protection, and stability. Competition was to be achieved by removing internal and external barriers as these distorted the operation of the market and prevented savers, lenders, and investors obtaining the highest returns or borrowers accessing the largest pools of finance at the lowest rates of interest and at the least cost. Investor protection would result from this competition, accompanied by the break up of monopolies, the ending of restrictive practices, and the enforcement of transparency throughout the financial system, whether it took place within or between countries. Finally, stability could be entrusted to the megabanks as they possessed their own internal mechanisms to supervise the actions of their staff, and the resources necessary to withstand any crisis. These banks were closely supervised by government appointed regulatory agencies and state owned central banks, which had the power to compel them to follow the guidelines they laid down, as advised by the Bank for International Settlement. The switch from the lend-and-hold model of banking to the originate-and-distribute one, combined with the existence of markets where liquid assets could always be bought and sold, were considered fully capable of providing sufficient resilience so that these banks could surmount either a liquidity or a solvency crisis. Forgotten were the lessons of the past such as the role played by central banks as lenders of last resort and the need for markets like stock exchanges where assets could be bought and sold even under conditions of extreme pressure.
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Woodford, Michael. "Principled Policymaking in an Uncertain World." In Rethinking Expectations. Princeton University Press, 2013. http://dx.doi.org/10.23943/princeton/9780691155234.003.0014.
Повний текст джерелаАнотація:
This chapter examines the reasons for the focus on the analysis of monetary policy rules rather than on decisions about individual policy actions, as well as the extent to which such a focus continues to be appropriate in the light of subsequent events—changes in central banks' approach to monetary policy in the decades since the publication of the Phelps microfoundations volume, along with the reconsideration of macroeconomic theory and policy that is necessary in the wake of the global financial crisis. The chapter first explains why recognition of the importance of expectations led to an emphasis on policy rules in the theoretical literature before discussing possible types of policy commitments in the case of monetary policy. It then analyzes the theory of monetary policy after the global financial crisis and reframes the debate over policy rules versus discretionary policy by proposing an approach it calls “principled policymaking.”
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Brando, Carlos Andrés. "From Sub-Regional Industrial Financier to Latin America’s Main Development Bank." In Regional Development Banks in the World Economy, 131–67. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780198861089.003.0007.
Повний текст джерелаАнотація:
This chapter traces the historical evolution of the Andean Financial Corporation (CAF), according to its changing mandates, from its initial role as financial catalyst of economic integration to the expanding range of tasks it has assumed over time. The chapter analyses the most salient trends and changes in the CAF’s nearly fifty years of operations; specifically, by looking at patterns of loan allocations and the evolving origins of funding sources through the distinctive operational phases that have come to characterize concrete periods of its existence. The analysis shows, that by fulfilling the original mandate of treating less-developed countries within the group of founding members in preferential terms, the CAF conformed to one of the major political goals set by the Andean-region agreements which created the Corporation. Despite profound political change in all of the CAF’s founding countries, this regional development bank has managed to continue to operate according to its constitutive principles.
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Bindseil, Ulrich. "Annex." In Central Banking before 1800, 195–288. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780198849995.003.0009.
Повний текст джерелаАнотація:
The annex presents, with a common template, a catalogue of 25 pre-1800 central banks. While it benefits considerably from previous surveys, it has a narrower focus on central bank operations and balance sheets, and on the genealogy of central banking. It also includes some banks which are not contained in the previous surveys of Roberds and Velde (the Bank of Scotland, the Banco di Santo Spirito di Roma, the American settlers’ land bank projects, the central bank projects of Leipzig and Cologne, the Copenhagen bank, the Russian Assignation Banks, the Banco Nacional de San Carlo, the Bank of North America, and the Bank of the United States). Not all institutions completely fulfil the definition of a central bank, and particularly not for the entire lifetime of its existence. However, all banks included had, at least in the way they were conceived, important elements of central banking, and thereby at least illustrate the challenges that central bank design faced pre-1800.
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Lubian, Diego. "Trust and Household Portfolios." In Research Anthology on Personal Finance and Improving Financial Literacy, 78–97. IGI Global, 2021. http://dx.doi.org/10.4018/978-1-7998-8049-3.ch005.
Повний текст джерелаАнотація:
This article provides empirical evidence on the existence and the extent of the influence of trust in financial decisions using individual data on Italian households from the Survey on Household Income and Wealth, 2010. This article studies the relationship between, trust in people, trust in banks and more detailed previously unexplored dimensions of trust, and household financial portfolio decisions. The article provides empirical evidence that trust in people and trust in banks affect both participation in financial markets, the share of risky assets and the diversification of the financial portfolio, controlling socio-demographic factors, risk aversion, and financial literacy as well. The article finds that trust is important for individuals with a lower level of education who have limited possibilities to acquire and process information on financial markets need to rely in trustworthy relationship to define their financial portfolio. Further, we present evidence that the main channel by which trust affects financial decision making and determines too little participation, a lower share of risky assets in the financial wealth and poorly diversified portfolios is trust in family and friends.
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Siganporia, Harmony. "Aslali-Ahmedabad." In Walking from Dandi, 253—C8.F13. Oxford University PressOxford, 2022. http://dx.doi.org/10.1093/oso/9780192856012.003.0009.
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Abstract This section pertains to the end of the journey, with the walkers arriving in Ahmedabad, at Gandhi’s Satyagraha Ashram along the banks of the Sabarmati River, after 25 days on the road. The walk may well be walked, but it keeps walking its walkers. The Conclusion which follows this description of the last day on the Dandi Path muses about the role of the ashram in Gandhi’s life and scheme of things, asserting that it was more space than place; more about the community that cohered around Gandhi than about the physical location it was grounded in; more about the experiments—individual and collective—that were the markers of aforesaid community than about them merely living a prescriptive existence premised on the famous Ashramic vows.
Тези доповідей конференцій з теми "MICROFOUNDATIONS FOR THE EXISTENCE OF BANKS"
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Akkarakaran, Sony J., and Palghat P. Vaidyanathan. "Nonuniform principal component filter banks: definitions, existence, and optimality." In International Symposium on Optical Science and Technology, edited by Akram Aldroubi, Andrew F. Laine, and Michael A. Unser. SPIE, 2000. http://dx.doi.org/10.1117/12.408666.
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Li Jing-Jie. "Existence and characterization of affine bivariate pseudoframes with filter banks." In 2nd International Conference on Computer and Automation Engineering (ICCAE 2010). IEEE, 2010. http://dx.doi.org/10.1109/iccae.2010.5451304.
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Chuanrui Cheng and Jie Li. "Existence and generation of filter banks of general biorthogonal vector wavelets with finite support." In 2010 2nd Conference on Environmental Science and Information Application Technology (ESIAT). IEEE, 2010. http://dx.doi.org/10.1109/esiat.2010.5568547.
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Mais, Rimi Gusliana, and Erni Nuraini. "Analysis of Changes of Community Mind Patterns About Garbage Banks to Existence and Accounting Practices of Garbage Banks (Study at Al-Hidayah Garbage Bank in East Jakarta)." In 2nd International Seminar on Business, Economics, Social Science and Technology (ISBEST 2019). Paris, France: Atlantis Press, 2020. http://dx.doi.org/10.2991/aebmr.k.200522.055.
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Capuano, Paolo. "Does board of directors’ remuneration affect banks’ performance? A broad empirical analysis in the US banking system." In Corporate governance: Theory and practice. Virtus Interpress, 2022. http://dx.doi.org/10.22495/cgtapp5.
Повний текст джерелаАнотація:
This paper explores the relationship between directors’ remuneration and banks’ performance using extensive panel data for the period 2002–2021, to be able to make comparisons between the COVID-19 period and the pre-COVID-19 period and also make a comparison with the Great Financial Crisis born in the US in 2007. The scientific analysis methodology adopted is based on panel data analysis and the content analysis approach. The first results of the data analysis allow highlighting the existence of a significant connection between the remuneration policies adopted by the US banks with respect to the results obtained in terms of profitability. These findings can help banks identify best practices for bank management during the financial international crisis, as well as provide useful insights to different categories of stakeholders, including bank regulators and supervisors
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Bourisli, Raed I., and Meshal F. Al-Mutairi. "Novel Arrangements of Tube Banks With Enhanced Heat Transfer and Manageable Pressure Drop Requirement." In ASME 2014 International Mechanical Engineering Congress and Exposition. American Society of Mechanical Engineers, 2014. http://dx.doi.org/10.1115/imece2014-36862.
Повний текст джерелаАнотація:
The main objective of this study is to investigate the existence of a more efficient arrangement of tubes in tube banks. The famous inline arrangement generally requires manageable pressure drops but results in poor overall heat transfer. On the other hand, the more common staggered arrangement results in better heat transfer yet with added pressure drop requirements. The key idea here is to have a compromise between the two where the tubes are staggered gradually in a way that forms a longitudinal sinusoidal wave. The process is simulated numerically using the finite volume method. After rigorous validation of the 2-D code using a number of published experimental and numerical results, and a number of established correlations, a parametric study is done to determine the optimum period of the sine wave of the tubes, the number of tubes in one period, and the amplitude. Results show that the newly proposed arrangement reduces pressure drop requirement compared to the staggered arrangement while maintaining the same level of heat transfer. In at least one arrangement, both the pressure drop and heat transfer were better than the staggered one, albeit only slightly for the latter.
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Opačić, Ana. "PROBLEM CHF KLAUZULE – OSNOV ZA RASKID ILI NIŠTAVOST." In 14 Majsko savetovanje. University of Kragujevac, Faculty of Law, 2018. http://dx.doi.org/10.46793/xivmajsko.181o.
Повний текст джерелаАнотація:
In this paper author deals with the question of monopoly position of banks leading to numerous violations of the Law on Obligations. The author points to the problem of using currency clauses in loan agreements with particular reference to the disputed indexed to the Swiss franc. Today, the topical question whether the disputed agreements challenged based on the reasons for cancellation or seek absolute futility. Skyrocketing these currencies were followed, and by some indications and additionally caused by the unlawful conduct of the banks that these loans placed. Today more than 20 000 users are pushed to the edge of existence execution on real estate and forced evictions have become a reality, which has been warned if the state does not actively participate in solving the problems in Serbia.
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Altunöz, Utku. "Emprical Analysis of Competition Dynamics in Turkish Banking via Competition Determination Approaches." In International Conference on Eurasian Economies. Eurasian Economists Association, 2013. http://dx.doi.org/10.36880/c04.00789.
Повний текст джерелаАнотація:
Due to the complex and close interaction of banks with other economic units, any trouble in banking sector might have repercussion on the whole economy which makes the market structure and competition in banking sector as a cynosure. Business world is facing gradually increasing competition. It seems that the existence of firms depends on the power and the advantage of their competitiveness. The purpose of this study is to analyze the competition structure and the market conditions of Turkish banking system. despite the existence of a number of studies about competition in banking sector, there is still a lack of the studies which has been done with Lerner's Index. Due to this fact, Lerner’s Indeks is used in this study. Bank level determinants of Lerner Index is analysed using Panel Data Regression Method and was reached to factors effecting competitive behavior in Turkish Banking Sector.
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Kanellopoulos, Panagiotis, Maria Kyropoulou, and Hao Zhou. "Forgiving Debt in Financial Network Games." In Thirty-First International Joint Conference on Artificial Intelligence {IJCAI-22}. California: International Joint Conferences on Artificial Intelligence Organization, 2022. http://dx.doi.org/10.24963/ijcai.2022/48.
Повний текст джерелаАнотація:
We consider financial networks, where nodes correspond to banks and directed labeled edges correspond to debt contracts between banks. Maximizing systemic liquidity, i.e., the total money flow, is a natural objective of any financial authority. In particular, the financial authority may offer bailout money to some bank(s) or forgive the debts of others in order to maximize liquidity, and we examine efficient ways to achieve this. We study the computational hardness of finding the optimal debt-removal and budget-constrained optimal bailout policy, respectively, and we investigate the approximation ratio provided by the greedy bailout policy compared to the optimal one. We also study financial systems from a game-theoretic standpoint. We observe that the removal of some incoming debt might be in the best interest of a bank. Assuming that a bank's well-being (i.e., utility) is aligned with the incoming payments they receive from the network, we define and analyze a game among banks who want to maximize their utility by strategically giving up some incoming payments. In addition, we extend the previous game by considering bailout payments. After formally defining the above games, we prove results about the existence and quality of pure Nash equilibria, as well as the computational complexity of finding such equilibria.
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Vasiljević, Zoran, and Dragana Vasiljević. "BANKARSKA TAJNA – GRANICE ZAŠTITE." In 14 Majsko savetovanje. University of Kragujevac, Faculty of Law, 2018. http://dx.doi.org/10.46793/xivmajsko.999v.
Повний текст джерелаАнотація:
The authors analyze in this paper the institute of the banking secrecy as from the aspect of the private law as well from the aspect of the public law. Banking secrecy represents an important institute of the banking law which is based on a high level of confidence between the bank and the client. However, public interests also imply an increasing need to circumvent this duty of banks toward clients. Therefore, in the paper was analyzed the content of the banking secrecy, then it was made its comparison and possible subduction under the institute of the business secrecy and were defined the limits of its protection. It is noted that banking secrecy still has civil law, misdemeanor law and criminal law protection, but in the more limited extent, due to exceptions whose existence requires an obligation to combat against financial terrorism, money laundering, tax fraud and other forms of financial crime. In addition, sometimes the justified interests of the banks themselves and of other private law entities impose the need for disclosure of classified informations
Звіти організацій з теми "MICROFOUNDATIONS FOR THE EXISTENCE OF BANKS"
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Kashyap, Anil, Raghuram Rajan, and Jeremy Stein. Banks as Liquidity Providers: An Explanation for the Co-Existence of Lending and Deposit-Taking. Cambridge, MA: National Bureau of Economic Research, February 1999. http://dx.doi.org/10.3386/w6962.
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Gelain, Paolo, and Marco Lorusso. The US banks’ balance sheet transmission channel of oil price shocks. Federal Reserve Bank of Cleveland, November 2022. http://dx.doi.org/10.26509/frbc-wp-202233.
Повний текст джерелаАнотація:
We document the existence of a quantitative relevant banks' balance-sheet transmission channel of oil price shocks by estimating a dynamic stochastic general equilibrium model with banking and oil sectors. The associated amplification mechanism implies that those shocks explain a non-negligible share of US GDP growth fluctuations, up to 17 percent, instead of 6 percent absent the banking sector. Also, they mitigated the severity of the Great Recession’s trough. GDP growth would have been 2.48 percentage points more negative in 2008Q4 without the beneficial effect of low oil prices. The estimate without the banking sector is only 1.30 percentage points.