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"FOREIGN BANK"
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Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession
Foreign banks pulled significant funding from their US branches during the Great Recession. We estimate that the average-sized branch experienced a twelve percent net internal fund “withdrawal,” with the fund transfer disproportionately bigger for larger branches. This internal shock to the balance sheet of US branches of foreign banks had sizable effects on their lending. On average, for each dollar of funds transferred internally to the parent, branches decreased lending supply by about forty to fifty cents. However, the extent of the lending effects was very different across branches depending on their pre-crisis modes of operation in the United States.
Journal Article
Banking on global markets : Deutsche Bank and the United States, 1870 to the present
\"Banking on Global Markets uses the story of the U.S. business and political dealings of Germany's largest bank to illuminate important developments in the ongoing globalization of major financial institutions. Throughout its nearly 140-year-long history, Deutsche Bank served as one of Germany's principal vehicles for forging economic and other links with the rest of the world.\"--Jacket.
BOOK
Foreign bank presence and income inequality in Africa: What role does economic freedom play?
This study contributes to income equality (IE) literature by examining four important issues. First, the study examines the effects of foreign bank presence (FBP) on IE. Second, the paper identifies the minimum threshold level of FBP which can lead to IE. Third, the effect of economic freedom on IE was investigated. Fourth, the paper determines whether economic freedom interacts with FBP to minimise IE. The findings are based on macro data for 33 African countries from 1995 to 2020. The findings from the two-stage system generalised method of moment indicate that unconditionally, FBP reduces income inequality. Also, results from the threshold effect reveal that whilst FBP reduces income inequality, if it exceeds 52%, it may contribute to it. Additionally, the study reveals that economic freedom dampens IIE. Furthermore, economic freedom conditions FBP to reduce IE. Based on these findings, policymakers are advised to exercise caution in attracting foreign banks and to promote local financial institutions. Policymakers are also advised to implement policies to promote economic freedom.
Journal Article
Do foreign banks in India respond to global monetary policy shocks? A SVAR analysis
Purpose
This paper aims to examine the role of foreign banks in transmitting global monetary policy shocks to India. Further, the authors try to explore the international bank lending channel and analyze the impact of global monetary policy on Indian macroeconomic variables.
Design/methodology/approach
The authors use a structural break unit root test and structural vector autoregression on monthly data from 1998 to 2018.
Findings
The study finds that the global monetary policy is significantly determining foreign banks’ lending in India; the evidence of a portfolio re-balancing channel in the process of global monetary policy transmission to the Indian economy; the exchange rate is significantly explaining the foreign bank credit dynamism in India; and evidence of international monetary policy spillover to the Indian economy.
Originality/value
This is the first attempt to analyze the role of foreign banks in the transmission of global monetary policy shocks to India, where the literature availability is limited. The finding of ineffective domestic monetary policy on foreign bank lending opens the need for an in-depth and diversified analysis of the role of foreign banks in the transmission of domestic monetary policy.
Journal Article
The Impact of Cryptocurrency Exposure on Corporate Tax Avoidance Among US Listed Companies
This study examined the association between corporate cryptocurrency activities and tax avoidance outcomes, utilizing data from US public firms covering the period from 2015 to 2023. Financial data were sourced from Compustat, while details regarding cryptocurrency activities were manually extracted from 10-K and 10-Q filings. Our analysis employed a fixed-effects regression model to examine the impact of these activities on cash effective tax rates (ETR). The findings indicate that firms engaged in cryptocurrency activities tend to have a lower ETR compared with those without such involvement. Notably, this effect was predominantly observed in companies directly engaged in cryptocurrency activities, such as accepting cryptocurrency as a payment method or actively trading cryptocurrency on an exchange platform. In contrast, firms involved in crypto mining or initial coin offerings did not exhibit a similar association. Our findings offer significant regulatory insights for governance bodies concerned with the implications of corporate cryptocurrency activities on tax strategies.
Journal Article
How Foreign Participation and Market Concentration Impact Bank Spreads: Evidence from Latin America
Increasing foreign participation and high concentration levels characterize the recent evolution of banking sectors' market structures in developing countries. We analyze the impact of these factors on Latin American bank spreads during the late 1990s. Our results suggest that foreign banks were able to charge lower spreads relative to domestic banks. This was more so for de novo foreign banks than for those that entered through acquisitions. The overall level of foreign bank participation seemed to influence spreads indirectly, primarily through its effect on administrative costs. Bank concentration was positively and directly related to both higher spreads and costs.
Journal Article
When do foreign banks 'cut and run'? Evidence from west European bailouts and east European markets
Very high levels of foreign bank ownership in central and eastern Europe (CEE) gave rise to fears that the region would be vulnerable to 'cutting and running' during a financial crisis, whereby western parent banks would repatriate capital and liquidity to their home markets and abandon their CEE clients. Such fears were compounded by the economic nationalism of late 2008 and early 2009 in western Europe, as well as by west European bank bailout programmes that privileged home markets over foreign ones. Although CEE experienced a severe credit crunch in late 2008, compared to other financial and economic crises, western bank behaviour in CEE has not amounted to 'cutting and running'. While many experts credit the 'Vienna Initiative' for maintaining foreign bank exposures in the region, this paper argues instead that it was the deep form of financial integration to which CEE was subject that kept banks committed. Specifically, western banks' 'second home market' business model, in which capital moved east via foreign-owned bank subsidiaries as opposed to primarily via branches or cross-border lending, led to only moderate retrenchment from CEE.
Journal Article
Flooded with Corruption: Pakistan's Relief Effort
As the monsoon clouds congregated over Pakistan, people barely batted an eyelid. A country born out of conflict has grown accustomed to being tested in various ways and often without warning. Pakistanis are enduring a plummeting economy, skyrocketing inflation and serious political upheaval with the popular Prime Minister Imran Khan having been ousted in a controversial move in April 2022. So when the skies turned grey and the clouds rained down mercilessly, the Pakistanis just took it in stride. But as the days went by and the rain failed to relent, the water levels rose and the battle-hardened Pakistanis knew what was coming. Neglected infrastructure eventually relented and people, homes and everything in between were washed away in another blow to an exhausted society. Visiting Pakistan in October 2022, I met and spoke with individuals representing various associations who are playing an active role in the flood relief and who spoke on condition of anonymity.
Journal Article