DOCSLIB.ORG

The Global Crisis and Financial Intermediation in Emerging Market Economies

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Global Crisis and Financial Intermediation in Emerging Market Economies BIS Papers No 54 The global crisis and financial intermediation in emerging market economies Monetary and Economic Department December 2010 JEL classification: E4, E5, F3, G1, G2 Papers in this volume were prepared for a meeting of senior officials from central banks held at the Bank for International Settlements on 28–29 January 2010. The views expressed are those of the authors and do not necessarily reflect the views of the BIS or the central banks represented at the meeting. Individual papers (or excerpts thereof) may be reproduced or translated with the authorisation of the authors concerned. Copies of publications are available from: Bank for International Settlements Communications CH-4002 Basel, Switzerland E-mail: [email protected] Fax: +41 61 280 9100 and +41 61 280 8100 This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2010. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1609-0381 (print) ISBN 92-9131-850-7 (print) ISSN 1682 7651 (online) ISBN 92-9197-850-7 (online) List of participants Central Bank of Argentina Norberto Pagani Deputy Manager, International Relations Central Bank of Brazil André Minella Senior Adviser to the Board Economic Policy Directorate Central Bank of Chile Manuel Marfán Deputy Governor Kevin Cowan Director, Financial Policy Division People’s Bank of China Zhu Min Deputy Governor Yi Cheng Deputy Director General, Research Bureau Luo Pei Deputy Director, International Department Chen Jing Assistant to the Deputy Governor Bank of the Republic (Colombia) Hernando Vargas Herrera Deputy Governor Czech National Bank Miroslav Singer Vice-Governor Hong Kong Monetary Authority Dong He Executive Director, Research Department Magyar Nemzeti Bank (Hungary) Júlia Király Deputy Governor Reserve Bank of India Anand Sinha Executive Director, Banking Supervision Department Bank of Israel Rony Hizkiyahu Supervisor of Banks Bank of Korea Hee Chun Chung Director General, Monetary Policy Department Central Bank of Malaysia Muhammad bin Ibrahim Deputy Governor Bank of Mexico José Julián Sidaoui Deputy Governor Central Reserve Bank of Peru Renzo Rossini General Manager Bangko Sentral ng Pilipinas Diwa C Guinigundo Deputy Governor, Monetary Stability Sector National Bank of Poland Piotr Wiesiolek First Deputy President BIS Papers No 54 iii Saudi Arabian Monetary Agency Abdulrahman Al-Hamidy Vice-Governor Bader Hazzaa Alotaibi Economic Adviser, Research and Statistics Department Singapore Ong Chong Tee Deputy Managing Director South Africa Xolile Guma Deputy Governor Bank of Thailand Atchana Waiquamdee Deputy Governor Somchai Lertlarpwasin Senior Analyst, International Banking Policy Team Central Bank of the Mehmet Yörükoğlu Republic of Turkey Deputy Governor Bank for International Settlements Stephen Cecchetti Economic Adviser and Head of the Monetary and Economic Department Philip Turner Deputy Head of the Monetary and Economic Department and Director, Policy Coordination and Administration Ramon Moreno Head, Emerging Markets Dubravko Mihaljek Senior Economist Előd Takáts Economist Agustín Villar Senior Economist iv BIS Papers No 54 Contents Participants in the meeting................................................................................................... iii BIS background papers The global crisis and financial intermediation in emerging market economies: an overview...............................................................................................................................1 Cross-border bank lending to emerging market economies Előd Takáts.............................................................................................................................11 Domestic bank intermediation in emerging market economies during the crisis: locally owned versus foreign-owned banks Dubravko Mihaljek ..................................................................................................................31 Impact of the crisis on local money and debt markets in emerging market economies Ramon Moreno and Agustín Villar..........................................................................................49 Central bank instruments to deal with the effects of the crisis on emerging market economies Ramon Moreno.......................................................................................................................73 Contributed papers The international banking crisis and its impact on Argentina Central Bank of Argentina.......................................................................................................97 Brazil and the 2008 panic Mário Mesquita and Mário Torós..........................................................................................113 The evolution of credit in Chile Kevin Cowan and Manuel Marfán.........................................................................................121 Central bank instruments to deal with the crisis – from the perspective of the People’s Bank of China People’s Bank of China ........................................................................................................131 Effects of reserve requirements in an inflation targeting regime: the case of Colombia Hernando Vargas Herrera, Yanneth R Betancourt, Carlos Varela and Norberto Rodríguez ..............................................................................................................133 The international banking crisis and domestic financial intermediation in the Czech Republic Vitezslav Babicky..................................................................................................................171 Dislocations in the FX swap and money markets in Hong Kong SAR during the global credit crisis of 2007–08 Laurence Fung and Ip-wing Yu.............................................................................................181 The demise of the halcyon days in Hungary: “foreign” and “local” banks – before and after the crisis Ádám Banai, Júlia Király and Márton Nagy ..........................................................................195 Impact of the international banking crisis on the Indian financial system Anand Sinha .........................................................................................................................225 BIS Papers No 54 v Domestic bank intermediation: domestically owned versus foreign-owned banks in Israel David Marzuk ....................................................................................................................... 235 The Bank of Korea’s policy response to the global financial crisis Hee Chun Chung ................................................................................................................. 257 Impact of the global crisis on Malaysia’s financial system Muhammad bin Ibrahim ....................................................................................................... 267 The global financial crisis and policy response in Mexico José Sidaoui, Manuel Ramos-Francia and Gabriel Cuadra................................................. 279 Monetary policy during the global financial crisis of 2007–09: the case of Peru Zenon Quispe and Renzo Rossini ....................................................................................... 299 The impact of the global financial crisis on the Philippine financial system – an assessment Diwa C Guinigundo .............................................................................................................. 317 The international banking crisis and domestic financial intermediation: the experience of Poland Witold Kozinski..................................................................................................................... 343 The global financial crisis: impact on Saudi Arabia Abdulrahman Al-Hamidy ...................................................................................................... 347 The international banking crisis: effects and some key lessons Ong Chong Tee ................................................................................................................... 359 The international banking crisis and domestic financial intermediation in emerging market economies: issues for South Africa South African Reserve Bank................................................................................................ 365 The international banking crisis: impact on Thailand’s financial system and policy responses Bank of Thailand .................................................................................................................. 377 The effects of the global financial crisis on the Turkish financial sector Mehmet Yörükoğlu and Hakan Atasoy ................................................................................ 387 vi BIS Papers No 54 The global crisis and financial intermediation in emerging market economies: an overview1 Introduction Emerging market economies (EMEs) were significantly affected by the global financial crisis. Nevertheless, compared with their experience in previous crises, EMEs displayed remarkable resilience, maintaining robust rates of growth even as the crisis unfolded in advanced economies starting around mid-2007, and containing disruptions to financial markets so as to avoid experiencing crises themselves. The peak period of stress in EME financial markets was also comparatively limited, with severe pressures in the aftermath of the Lehman Brothers bankruptcy in mid-September
Load more

Recommended publications
  • Download Original Attachment
    2017 IIF Annual Membership Meeting List of Participants 10/04/2017 1 International Fincentre Associates Aberdeen Asset Management Aberdeen Standard Investments Aberdeen Standard Investments Abraaj Capital Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Investment Authority Abu Dhabi Investment Authority Abu Dhabi Investment Authority Abu Dhabi Investment Authority Access Bank Plc Access Bank Plc Access Bank Plc Access Bank Plc Acreditus Aflac Global Investments Aflac Global Investments Aflac International Aflac International AFME Africa Finance Corporation African Export Import Bank Page 1 of 51 2017 IIF Annual Membership Meeting List of Participants 10/04/2017 African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank Agricultural Bank of China, New York Branch Agricultural Bank of China, New York Branch AIG AIG AIIB Akbank Akbank Aker International AG Al Ahli Bank of Kuwait K.S.C.P Al Ahli Bank of Kuwait K.S.C.P Al Rajhi Bank Alawwal Bank Alawwal Bank Alawwal Bank Alawwal Bank Alawwal Bank Albaraka Turk Participation Bank Albaraka Turk Participation Bank Albaraka Turk Participation Bank Page 1 of 51 2017 IIF Annual Membership Meeting List of Participants 10/04/2017 Algebris Investments AllianceBernstein L.P.
    [Show full text]
  • First FSF Regional Meeting with Central and Eastern European Authorities
    FINANCIAL STABILITY FORUM For immediate release Press release Press enquiries: Basel +(41 61) 280 8188 Ref no: 08/2002E 11 April 2002 First FSF regional meeting with central and eastern European authorities The Financial Stability Forum (FSF) today held its first regional meeting with central and eastern European countries at the European Bank for Reconstruction and Development (EBRD) in London. Senior representatives from finance ministries, central banks, and supervisory and regulatory authorities from 13 FSF member and regional countries attended the meeting. A list of participating institutions is attached. The meeting exchanged views on potential vulnerabilities in financial systems in the current economic situation and noted that financial systems had well withstood recent shocks. They also agreed that the improved outlook for growth is creating a more benign financial stability environment in the period ahead. They noted that appreciating exchange rates in EU accession countries heighten the importance of adequate safeguards in the banking system. Participants also discussed issues raised by recent large corporate failures, and noted that many bear relevance for regional transition economies. They underscored the importance of reinforcing market foundations through sound practices in corporate governance, improved audit quality, and strengthened independence of oversight and enforcement institutions. The meeting also reviewed the focus of ongoing work to strengthen financial systems. These efforts centre on EU accession requirements
    [Show full text]
  • A Report on the Costs and Benefits of Poland’S Adoption of the Euro
    A Report on the Costs and Benefits of Poland’s Adoption of the Euro Warsaw, March 2004 Edited by: Jakub Borowski Authors: Jakub Borowski Micha∏ Brzoza-Brzezina Anna Czoga∏a Tatiana Fic Adam Kot Tomasz J´drzejowicz Wojciech Mroczek Zbigniew Polaƒski Marek Rozkrut Micha∏ Rubaszek Andrzej S∏awiƒski Robert Woreta Zbigniew ˚ó∏kiewski The authors thank Andrzej Bratkowski, Adam B. Czy˝ewski, Ma∏gorzata Golik, Witold Grostal, Andrzej Rzoƒca, El˝bieta Skrzeszewska-Paczek, Iwona Stefaniak, Piotr Szpunar and Lucyna Sztaba for their numerous and insightful remarks on earlier drafts of this Report. The authors thank professor Michael J. Artis for his excellent assistance with the English language version of the Report. The Report was submitted for publishing in March 2004. Design: Oliwka s.c. Printed by: Drukarnia NBP Published by: National Bank of Poland 00-919 Warszawa, ul. Âwi´tokrzyska 11/21, Poland Phone (+48 22) 653 23 35 Fax (+48 22) 653 13 21 © Copyright Narodowy Bank Polski, 2004 2 National Bank of Poland Table of contents Table of contents Executive Summary . .5 Introduction . .9 1. Conditions for accession to the euro area . .13 2. Risks and costs of introducing the euro . .15 2.1. Loss of monetary policy independence . .15 2.1.1. The effectiveness of the exchange rate adjustment mechanism . .18 2.1.2. Labour market adjustment mechanism . .25 2.1.3. The fiscal adjustment mechanism . .27 2.1.4. Convergence of business cycles . .30 2.1.5. Endogeneity of Optimum Currency Area criteria . .36 2.2. Short-term cost of meeting the inflation convergence criterion . .37 2.3.
    [Show full text]
  • Country Profile, Poland
    Update October 2008 COUNTRY PROFILE, POLAND Introduction and Country Background 2 Banking Environment 4 Financial Authorities 5 Legal & Regulatory Issues 5 Market Dominant Banks 5 Clearing Systems 5 Payments & Collections Methods & Instruments 5 Electronic Banking 5 Cash Pooling Solutions 5 Tax Issues 5 Source and Contacts 5 Page 1 of 6 Country profile, Poland Introduction and Country Background Despite a sharp drop Key Facts in religious obser- vance in recent years, Capital - Major Cities Warsaw – Lódz, Kraków, Wroclaw Poland remains one Area 312,685 km2 of the most devoutly Population 38.12m (12-2007 estimate) religious countries in Languages Europe Polish Currency PLN (Polish zloty) Telephone Code +48 2008 — 1, 11 Nov; 25-26 Dec National/ Bank 2009 — 1 Jan; 13 Apr; 1-3*, 21 May; 11 Jun; 15 Aug; 1, Holidays 11 Nov; 25-26 Dec Bank Hours 9.00–16.00 Mon–Fri, 9:00-15:00 Sat Business Hours 7:00–15:00 or 8.00–16.00 Mon-Fri Stock Exchange Warsaw Stock Exchange Leading Share Index WIG20 Overall Share Index WIG Index * Note it is usually impossible to do any business on 2 May as most government offices, banks, shops, etc are closed on this date. This extended holiday period is known as The Picnic (Majówka). Since joining the Economic Performance European Union, many Poles have left 2004 2005 2006 2007 their country to work Exchange Rate – PLN/EUR1 4.5340 4.0254 3.1025 3.7845 in other EU countries Exchange Rate – PLN/USD1 3.65 3.2348 3.8951 2.7692 (particularly Ireland Money Market Rate (%)1 5.83 5.25 4.1 4.627 and the UK) because Consumer Inflation
    [Show full text]
  • List of Certain Foreign Institutions Classified As Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms
    NOT FOR PUBLICATION DEPARTMENT OF THE TREASURY JANUARY 2001 Revised Aug. 2002, May 2004, May 2005, May/July 2006, June 2007 List of Certain Foreign Institutions classified as Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms The attached list of foreign institutions, which conform to the definition of foreign official institutions on the Treasury International Capital (TIC) Forms, supersedes all previous lists. The definition of foreign official institutions is: "FOREIGN OFFICIAL INSTITUTIONS (FOI) include the following: 1. Treasuries, including ministries of finance, or corresponding departments of national governments; central banks, including all departments thereof; stabilization funds, including official exchange control offices or other government exchange authorities; and diplomatic and consular establishments and other departments and agencies of national governments. 2. International and regional organizations. 3. Banks, corporations, or other agencies (including development banks and other institutions that are majority-owned by central governments) that are fiscal agents of national governments and perform activities similar to those of a treasury, central bank, stabilization fund, or exchange control authority." Although the attached list includes the major foreign official institutions which have come to the attention of the Federal Reserve Banks and the Department of the Treasury, it does not purport to be exhaustive. Whenever a question arises whether or not an institution should, in accordance with the instructions on the TIC forms, be classified as official, the Federal Reserve Bank with which you file reports should be consulted. It should be noted that the list does not in every case include all alternative names applying to the same institution.
    [Show full text]
  • Weather Investment
    Invest in the MEDA region, why, how ? Algeria Egypt / Israel / Jordan / Lebanon / Libya / Morocco / Palestinian Authority/ Syria / Tunisia / Turkey PAPERS & STUDIES n°22 April 2007 Collective work driven by Sonia Bessamra and Bénédict de Saint-Laurent Invest in the MEDA region, why how ? References This document has been produced within the context of a mission entrusted by the European Commission to the Invest in France Agency (AFII), assisted by the Istituto Nazionale per il Commercio Estero, ICE (Italy) and the Direction des Investissements, DI (Morocco), to develop a Euro‐Mediterranean Network of Mediterranean Investment Promotion Agencies (« ANIMA»). The n°of the contract is: ME8/B7‐4100/IB/99/0304. ISBN: 2‐915719‐28‐4 EAN 9782915719284 © AFII‐ANIMA 2007. Reproduction prohibited without the authorisation of the AFII. All rights reserved Authors This work is the second edition of a synopsis guide realised with contributions from various experts working under the ANIMA programme, especially for the writing of the project web site pages. The following authors have participated in the two editions: In 2006, Sonia Bessamra (free‐lance consultant) and Bénédict de Saint‐ Laurent (AFII) have fully updated the content, assisted by Pierre Henry, Amar Kaddouri, Emmanuel Noutary and Elsa Vachez (ANIMA team, translation, revisions); The former 2004 edition, which provides the guide frame, was directed by Bénédict de Saint‐Laurent (ANIMA, co‐ordination, synopsis, rewriting, data), Stéphane Jaffrin (ANIMA, on line implementation, some updates) and Christian Apothéloz (free‐lance consultant, co‐ordination), assisted by Alexandre Arditti, Delphine Bréant, Jean‐François Eyraud, Jean‐Louis Marcos, Laurent Mauron, Stéphanie Paicheler, Samar Smati, Nicolas Sridi et Jihad Yazigi (various thematic or country articles).
    [Show full text]
  • Transmission of Nominal Exchange Rate Changes to Export Prices and Trade Flows and Implications for Exchange Rate Policy
    Transmission of nominal exchange rate changes to export prices and trade flows and implications for exchange rate policy Mathias Hoffmann (Deutsche Bundesbank) Oliver Holtemöller (RWTH Aachen University) Discussion Paper Series 1: Economic Studies No 21/2009 Discussion Papers represent the authors’ personal opinions and do not necessarily reflect the views of the Deutsche Bundesbank or its staff. Editorial Board: Heinz Herrmann Thilo Liebig Karl-Heinz Tödter Deutsche Bundesbank, Wilhelm-Epstein-Strasse 14, 60431 Frankfurt am Main, Postfach 10 06 02, 60006 Frankfurt am Main Tel +49 69 9566-0 Telex within Germany 41227, telex from abroad 414431 Please address all orders in writing to: Deutsche Bundesbank, Press and Public Relations Division, at the above address or via fax +49 69 9566-3077 Internet http://www.bundesbank.de Reproduction permitted only if source is stated. ISBN 978-3–86558–545–5 (Printversion) ISBN 978-3–86558–546–2 (Internetversion) Abstract We discuss how the welfare ranking of fixed and flexible exchange rate regimes in a New Open Economy Macroeconomics model depends on the interplay between the degree of exchange rate pass-through and the elasticity of substitution between home and foreign goods. We identify combinations of these two parameters for which flex- ible and for which fixed exchange rates are superior with respect to welfare as mea- sured by a representative household’s utility level. We estimate the two parameters for six non-EMU European countries (Czech Republic, Hungary, Poland, Slovakia, Sweden, United Kingdom) using a heterogeneous dynamic panel approach. JEL classification: F41, F31, F14. Keywords: Elasticity of substitution between home and foreign goods, exchange rate pass-through, exchange rate regime choice, expenditure switching effect, heterogeneous dynamic panel, New Open Economy Macroeconomics.
    [Show full text]
  • Tax Relief Country: Italy Security: Intesa Sanpaolo S.P.A
    Important Notice The Depository Trust Company B #: 15497-21 Date: August 24, 2021 To: All Participants Category: Tax Relief, Distributions From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers Tax Relief Country: Italy Security: Intesa Sanpaolo S.p.A. CUSIPs: 46115HAU1 Subject: Record Date: 9/2/2021 Payable Date: 9/17/2021 CA Web Instruction Deadline: 9/16/2021 8:00 PM (E.T.) Participants can use DTC’s Corporate Actions Web (CA Web) service to certify all or a portion of their position entitled to the applicable withholding tax rate. Participants are urged to consult TaxInfo before certifying their instructions over CA Web. Important: Prior to certifying tax withholding instructions, participants are urged to read, understand and comply with the information in the Legal Conditions category found on TaxInfo over the CA Web. ***Please read this Important Notice fully to ensure that the self-certification document is sent to the agent by the indicated deadline*** Questions regarding this Important Notice may be directed to Acupay at +1 212-422-1222. Important Legal Information: The Depository Trust Company (“DTC”) does not represent or warrant the accuracy, adequacy, timeliness, completeness or fitness for any particular purpose of the information contained in this communication, which is based in part on information obtained from third parties and not independently verified by DTC and which is provided as is. The information contained in this communication is not intended to be a substitute for obtaining tax advice from an appropriate professional advisor. In providing this communication, DTC shall not be liable for (1) any loss resulting directly or indirectly from mistakes, errors, omissions, interruptions, delays or defects in such communication, unless caused directly by gross negligence or willful misconduct on the part of DTC, and (2) any special, consequential, exemplary, incidental or punitive damages.
    [Show full text]
  • Domestically Owned Versus Foreign-Owned Banks in Israel
    Domestic bank intermediation: domestically owned versus foreign-owned banks in Israel David Marzuk1 1. The Israeli banking system – an overview A. The structure of the banking system and its scope of activity Israel has a highly developed banking system. At the end of June 2009, there were 23 banking corporations registered in Israel, including 14 commercial banks, two mortgage banks, two joint-service companies and five foreign banks. Despite the spate of financial deregulation in recent years, the Israeli banking sector still plays a key role in the country’s financial system and overall economy. It is also highly concentrated – the five main banking groups (Bank Hapoalim, Bank Leumi, First International Bank, Israel Discount Bank and Mizrahi-Tefahot Bank) together accounted for 94.3% of total assets as of June 2009. The two largest groups (Bank Leumi and Bank Hapoalim) accounted for almost 56.8% of total assets. The sector as a whole and the large banking groups in particular are organised around the concept of “universal” banking, in which commercial banks offer a full range of retail and corporate banking services. Those services include: mortgages, leasing and other forms of finance; brokerage in the local and foreign capital markets; underwriting and investment banking; and numerous specialised services. Furthermore, until the mid-1990s, the banking groups were deeply involved in non-financial activities. However, a law passed in 1996 forced the banks to divest their controlling stakes in non-financial companies and conglomerates (including insurance companies). This development was part of a privatisation process which was almost completed in 2005 (with the important exception of Bank Leumi).
    [Show full text]
  • Voting by Monetary Policy Committees: Evidence from the CEE Inflation-Targeting Countries
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Jung, Alexander; Kiss, Gergely Working Paper Voting by monetary policy committees: Evidence from the CEE inflation-targeting countries MNB Working Papers, No. 2012/2 Provided in Cooperation with: Magyar Nemzeti Bank, The Central Bank of Hungary, Budapest Suggested Citation: Jung, Alexander; Kiss, Gergely (2012) : Voting by monetary policy committees: Evidence from the CEE inflation-targeting countries, MNB Working Papers, No. 2012/2, Magyar Nemzeti Bank, Budapest This Version is available at: http://hdl.handle.net/10419/83622 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort
    [Show full text]
  • Annual Report 2017
    ANNUAL REPORT 2017 Practitioners Creating Pan-European Payment Infrastructures Estación de Atocha Cover L’aéroport de Roissy- Madrid Atocha railway Charles-de-Gaulle station is the largest railway station in Madrid with Paris Charles de Gaulle 16 million passengers per year. Airport is the second largest international airport in Europe, handling close to 70 million passengers and almost 500,000 aircraft movements in 2017. Haven van Rotterdam Port of Rotterdam is the largest port in Europe. In 2012, Rotterdam was the world’s sixth-largest port in terms of annual cargo tonnage. The port covers 105 square kilometres and stretches over a distance of 40 kilometres. Channel Tunnel / Le tunnel sous la Manche The Channel Tunnel is a 50.45-kilometre rail tunnel linking Folkestone, Kent, in the United Kingdom, with Coquelles, Pas-de-Calais, near Calais in northern France. At its lowest point, it is 75 m deep below the sea bed and 115 m below sea level. It is hard to imagine what our lives would look like without the infrastructure systems that enable and support our daily activities. They supply water, power and heat; they provide access to goods, knowledge and money; they help us embark on physical and spiritual journeys. Like other infrastructures, EBA CLEARING’s payment systems require careful planning and smooth operations to optimally serve their users on a daily basis. This involves close monitoring as well as regular maintenance, enhancement and, where needed, renewal. What is different about other infrastructures though is that some of them make for great pictures… Piazza Gae Aulenti Piazza Gae Aulenti is the epi- centre of Milan’s most modern neighbourhood.
    [Show full text]
  • Glass-Steagall: the American Nightmare That Became the Israeli Dream
    Fordham Journal of Corporate & Financial Law Volume 9, Number 2 2004 Article 7 Glass-Steagall: The American Nightmare that Became the Israeli Dream Ehud Ofer∗ ∗ Copyright c 2004 by the authors. Fordham Journal of Corporate & Financial Law is produced by The Berkeley Electronic Press (bepress). http://ir.lawnet.fordham.edu/jcfl GLASS-STEAGALL: THE AMERICAN NIGHTMARE THAT BECAME THE ISRAELI DREAM Ehud Ofer* INTRODUCTION This Note will examine the securities activities of banks in Israel. The relatively new legislation dealing with this aspect-Regulation of Investment Advice and Investment Portfolio Management Law (the "Law")-was enacted in 1995 as a lesson learned from the Share Regulation Affair of October 1983 (the "Share Regulation Affair" or the "Crisis of 1983"). In many ways in economic history, 1983 was for Israel what 1929 was for the United States. This Note will compare Israel's episode with the U.S. episode and will use the comparison to review the adequacy of the Israeli legislative response to the Crisis of 1983. The Law was enacted, primarily, based on American experience and legislation. This Note will compare the legislation enacted in both countries. To better understand the differences, this Note will introduce the unique financial market in Israel. Furthermore, this Note will present the recent legislative development in the United States (i.e., Gramm-Leach-Bliley Act) which repealed parts of the Depression-era Glass-Steagall Act. The Note will examine the necessity of Israeli "adjustments" to the Law due to this new development. * Ehud Ofer is a graduate of the LL.M. program in Banking, Corporate and Finance Law at Fordham University School of Law.
    [Show full text]