Russian Banking System under Conditions of Global Crisis

2009 ◽  
pp. 4-14 ◽  
Author(s):  
G. Gref ◽  
K. Yudaeva
Keyword(s):  
Banking System ◽  
Commodity Prices ◽  
Financial Sector ◽  
Banking Crises ◽  
Economic Recovery ◽  
Balance Sheets ◽  
Current Economic Crisis ◽  
Risk Appetite ◽  
The Us ◽  
The Face

Problems in the financial sector were at the core of the current economic crisis. Therefore, economic recovery will only become sustainable after taking care of the major weaknesses in the financial sector. This conclusion is relevant both for the US and UK - the two countries where crisis has started, and for other economies which financial institutions turned out to be fragile in the face of the swings in the risk appetite. Russia is one of the countries where the crisis has revealed serious deficiency in the financial sector. Our study of 11 banking crises during the last 25-30 years shows that sustainable economic recovery and decrease in the dependence on commodity prices will be virtually impossible without cleaning of balance sheets and capitalization of the financial sector.

US Fed will struggle to raise rates much in 2016

2016 ◽  
Keyword(s):  
Interest Rates ◽  
Investor Sentiment ◽  
Commodity Prices ◽  
Federal Funds ◽  
Federal Funds Rate ◽  
Content Type ◽  
The Us ◽  
The Face ◽  
Lift Off ◽  
China’S Economy

Subject US monetary policy outlook for 2016 and its global impact. Significance There is a large discrepancy between the US Federal Reserve (Fed)'s estimates for interest rates at end-2016 and the expectations of bond investors. The latter are anticipating less tightening than the 100-basis-point (bp) rise in the Federal Funds rate the Fed has pencilled in for this year. Despite a successful rates 'lift-off' on December 16, the Fed faces many challenges in raising rates in the face of mounting stress in credit markets, disinflationary pressures from the plunge in commodity prices and a contraction manufacturing. Impacts While the Fed will tighten policy, other central banks, including the ECB, will provide further stimulus, accentuating policy divergence. Investors will price in a more hawkish Fed if US inflation accelerates faster than expected, potentially leading to a sell-off. Concerns about China's economy and the commodity prices slump will also shape investor sentiment.

Prisoners' Financial Dilemmas: A Consociational Future for Lebanon?

1987 ◽  
Vol 81 (1) ◽  
pp. 201-218 ◽  
Author(s):  
Clement Henry Moore
Keyword(s):  
Capital Structure ◽  
Choice Model ◽  
Banking System ◽  
The Other ◽  
International Regimes ◽  
Balance Sheets ◽  
The Poor ◽  
Rational Choice Model ◽  
The Face ◽  
Political Settlement

Lebanon's banking system is viewed as an “international regime” that held the country together in the face of all pervasive warfare. The system illustrates the underlying logic of such regimes, in that the banks' credit policies operationalized the rational choice model of an iterated prisoner's dilemma game. And just as international regimes are supposed to reflect the interests of state actors, analysis of the banks' balance sheets and income statements reveals changes in capital structure that reflect changes in Lebanon's political balance. While sustaining elite cohesion, the banks serviced political clienteles and might, if a political settlement were reached, support the restructuring of a consociational system more in line with Lebanon's demographic balance. If, on the other hand, no settlement is reached, the poor country's suicide may highlight certain aspects of international reality that seem recalcitrant to the theory of international regimes.

Monetary policy and redistribution: information from central bank balance sheets in the Euro area and the US

2013 ◽  
Vol 64 (3) ◽  
Author(s):  
Philippine Cour-Thimann
Keyword(s):  
New York ◽  
Monetary Policy ◽  
Central Bank ◽  
Euro Area ◽  
Financial Sector ◽  
Central Banks ◽  
Balance Sheets ◽  
The Us ◽  
Bank Balance Sheets ◽  
Redistributive Effects

AbstractThe exceptional measures by central banks during the financial crisis have led to renewed interest in the redistributive effects of monetary policy. This paper adopts the perspective of central bank balance sheets to assess such effects. It uses information from the euro area National Central Banks and the US Federal Reserve Banks to analyse the regional and sectoral effects of monetary policy. Central bank balance sheets capture sustained imbalances in payment flows across the euro area countries that peaked at 10% of GDP in the so-called Target balances, and across the US districts that reached 5% of GDP in the equivalent Interdistrict Settlement Accounts. These imbalances, combined with accommodative central bank liquidity, shifted risks from the private financial sector to the public sector and among taxpayers - yet, mechanisms are in place to mitigate such risks and the associated redistributive effects. The liquidity injection, while directly channelled at the stressed regions or sectors, has indirectly supported the financial sector at large. In different institutional contexts, the financial centres in Germany and in the New York district have been strengthened. They have been net recipients of payment inflows from the rest of the respective currency areas, equivalent in amounts to a third of the liquidity injection during the crisis.

Too WEIRD, Too Fast: Preprints about COVID-19 in the Psychological Sciences

2020 ◽  
Author(s):  
Arathy Puthillam
Keyword(s):  
Overwhelming Majority ◽  
Global Pandemic ◽  
The Us ◽  
The World ◽  
The Face ◽  
Conducting Research ◽  
Psychological Studies

That American and European participants are overrepresented in psychological studies has been previously established. In addition, researchers also often tend to be similarly homogenous. This continues to be alarming, especially given that this research is being used to inform policies across the world. In the face of a global pandemic where behavioral scientists propose solutions, we ask who is conducting research and on what samples. Forty papers on COVID-19 published in PsyArxiV were analyzed; the nationalities of the authors and the samples they recruited were assessed. Findings suggest that an overwhelming majority of the samples recruited were from the US and the authors were based in US and German institutions. Next, men constituted a large proportion of primary and sole authors. The implications of these findings are discussed.

Same Story, Different Place?

2018 ◽  
Author(s):  
Viral V. Acharya ◽  
Tim Eisert ◽  
Christian Eufinger ◽  
Christian Hirsch
Keyword(s):  
Banking Sector ◽  
Debt Crisis ◽  
Banking System ◽  
Policy Implications ◽  
Balance Sheets ◽  
System P ◽  
Loan Supply ◽  
European Banking ◽  
European Debt Crisis

This chapter compares the recapitalizations of the Japanese banking sector in the 1990s with those in the ongoing European debt crisis. The analysis points to four main policy implications. First, recapitalizing banks by insuring or purchasing troubled assets alone is not likely to solve the problem of banks’ weak capitalization, as this measure is not able to adjust the extent of the recapitalization to the banks’ specific needs. Second, the amount of the recapitalization should be based on actual capital shortages and not risk-weighted assets to avoid banks decreasing their loan supply. Third, banks should face restrictions regarding the amount of dividends they are allowed to pay out. Finally, banks must be induced to clean up their balance sheets and reduce the amount of bad (non-performing) loans to rebuild confidence in the European banking system.

Innovationsmotor Medientechnik – Von der Schreibmaschine zur «Mittleren Datentechnik» bei der Siemag Feinmechanische Werke (1950 bis 1969)

2021 ◽  
Vol 66 (1) ◽  
pp. 93-117
Author(s):  
Christian Henrich-Franke
Keyword(s):  
Data Processing ◽  
New Technologies ◽  
Strategic Decisions ◽  
Adverse Conditions ◽  
Family Enterprise ◽  
The Us ◽  
Innovative Products ◽  
The Face ◽  
The Media ◽  
The 1960S

Abstract The second half of the 20th century is commonly considered to be a time in which German companies lost their innovative strength, while promising new technologies presented an enormous potential for innovation in the US. The fact that German companies were quite successful in the production of medium data technology and had considerable influence on the development of electronic data processing was neglected by business and media historians alike until now. The article analyses the Siemag Feinmechanische Werke (Eiserfeld) as one of the most important producers of the predecessors to said medium data technologies in the 1950s and 1960s. Two transformation processes regarding the media – from mechanic to semiconductor and from semiconductor to all-electronic technology – are highlighted in particular. It poses the question of how and why a middling family enterprise such as Siemag was able to rise to being the leading provider for medium data processing office computers despite lacking expertise in the field of electrical engineering while also facing difficult location conditions. The article shows that Siemag successfully turned from its roots in heavy industry towards the production of innovative high technology devices. This development stems from the company’s strategic decisions. As long as their products were not mass-produced, a medium-sized family business like Siemag could hold its own on the market through clever decision-making which relied on flexible specialization, targeted license and patent cooperation as well as innovative products, even in the face of adverse conditions. Only in the second half of the 1960s, as profit margins dropped due to increasing sales figures and office machines had finally transformed into office computers, Siemag was forced to enter cooperation with Philips in order to broaden its spectrum and merge the production site in Eiserfeld into a larger business complex.

Denaturalizing the Monroe Doctrine: The rise of Latin American legal anti-imperialism in the face of the modern US and hemispheric redefinition of the Monroe Doctrine

2020 ◽  
Vol 33 (3) ◽  
pp. 541-555
Author(s):  
Juan Pablo Scarfi
Keyword(s):  
International Law ◽  
Latin American ◽  
Elastic Behaviour ◽  
Legal Tradition ◽  
Social Scientists ◽  
Monroe Doctrine ◽  
The Us ◽  
The Face ◽  
History Of ◽  
Pan Americanism

AbstractThe Monroe Doctrine was originally formulated as a US foreign policy principle, but in the late nineteenth and early twentieth centuries it began to be redefined in relation to both the hemispheric policy of Pan-Americanism and the interventionist policies of the US in Central America and the Caribbean. Although historians and social scientists have devoted a great deal of attention to Latin American anti-imperialist ideologies, there was a distinct legal tradition within the broader Latin American anti-imperialist traditions especially concerned with the nature and application of the Monroe Doctrine, which has been overlooked by international law scholars and the scholarship focusing on Latin America. In recent years, a new revisionist body of research has emerged exploring the complicity between the history of modern international law and imperialism, as well as Third World perspectives on international law, but this scholarship has begun only recently to explore legal anti-imperialist contributions and their legacy. The purpose of this article is to trace the rise of this Latin American anti-imperialist legal tradition, assessing its legal critique of the Monroe Doctrine and its implications for current debates about US exceptionalism and elastic behaviour in international law and organizations, especially since 2001.

scholarly journals The Logic and Legitimacy of Bank Supervision: The Case of the Bank Holiday of 1933

2021 ◽  
pp. 1-34
Author(s):  
Peter Conti-Brown ◽  
Sean H. Vanatta
Keyword(s):  
New Deal ◽  
Economic History ◽  
Banking System ◽  
Economic Reforms ◽  
Banking Crises ◽  
Public Confidence ◽  
Government Officials ◽  
Bank Supervision ◽  
Political Skills ◽  
The U.S

The U.S. banking holiday of March 1933 was a pivotal event in twentieth-century political and economic history. After closing the nation's banks for nine days, the administration of newly inaugurated president Franklin D. Roosevelt restarted the banking system as the first step toward national recovery from the global Great Depression. In the conventional narrative, the holiday succeeded because Roosevelt used his political talents to restore public confidence in the nation's banks. However, such accounts say virtually nothing about what happened during the holiday itself. We reinterpret the banking crises of the 1930s and the 1933 holiday through the lens of bank supervision, the continuous oversight of commercial banks by government officials. Through the 1930s banking crises, federal supervisors identified troubled banks but could not act to close them. Roosevelt empowered supervisors to act decisively during the holiday. By closing some banks, supervisors made credible Roosevelt's claims that banks that reopened were sound. Thus, the union of FDR's political skills with the technical judgment of bank supervisors was the key to solving the banking crisis. Neither could stand alone, and both together were the vital precondition for further economic reforms—including devaluing the dollar—and, with them, Roosevelt's New Deal.

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