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Banks’ Adjustment to Basel III Reform
The paper seeks to identify strategies of commercial banks in response to higher capital requirements of Basel III reform and its phase-in. It focuses on a sample of nine EU emerging market countries and picks up 5 largest banks in each country assessing their response. The paper finds that all banking sectors raised CAR ratios mainly through retained earnings. In countries where the banking sector struggled with profitability, banks have resorted to issuance of new equity or shrunk the size of their balance sheets to meet the higher capital-adequacy requirements. Worries echoed at the early stage of Basel III compilation, namely that commercial banks would shrink their balance sheet by reducing their lending to meet stricter capital requirements, did materialize only in banks struggling with profitability.
European Economic and Political Issues
Vexing issues concerning internal and external change challenge Europe as it tries hard to regroup, reform and refocus. This series is intended to present an ongoing forum to stimulate discussion of these issues. Political Bailout in Germany; Integrating European Financial Services: Developing Substantive Theory; The External and Internal Balance of the Convergence Process of Transformation Economies to the EU; Economic Effects of Nuclear Phase-Out in Germany; The Asymmetric Adjustment of Prices: Theory and Evidence from UK Manufacturing; European Union: Deeper Integration or Wider Membership? A Multivariate Statistical Analysis: Introduction; Research Design; The European Community on an Uncertain Path; Active Citizenship in the Changing Society -- Evidence from Six European Countries; European Union Media Policy: Finding a Path Between Commercial and Public Broadcasting in a Dual System; Index.
Some Insights Into Monetary and Fiscal Policy Interactions in the Czech Republic
The global financial and debt crisis highlights the need for a better understanding of how fiscal and monetary policies interact. This article examines three aspects of these interactions, as seen from the perspective of the Czech National Bank. It first looks at the effects of fiscal policy on the interest rate channel in the Czech Republic, where long-term government bond yields are an important determinant of market interest rates. Second, it reviews alternative methods for the cyclical adjustment of the fiscal balance, which might provide different assessments of the fiscal policy stance. Finally, it describes how fiscal policy is included in the Czech National Bank forecast.Full publication: "http://ssrn.com/abstract=2205164" Fiscal policy, public debt and monetary policy in emerging market economies.
Banks’ Adjustment to Basel III Reform
The paper seeks to identify strategies of commercial banks in response to higher capital requirements of Basel III reform and its phase-in. It focuses on a sample of nine EU emerging market countries and picks up 5 largest banks in each country assessing their response. The paper finds that all banking sectors raised CAR ratios mainly through retained earnings. In countries where the banking sector struggled with profitability, banks have resorted to issuance of new equity or shrunk the size of their balance sheets to meet the higher capital-adequacy requirements. Worries echoed at the early stage of Basel III compilation, namely that commercial banks would shrink their balance sheet by reducing their lending to meet stricter capital requirements, did materialize only in banks struggling with profitability.
Foreign Direct Investment, Location and Competitiveness
This volume addresses some of the critical issues now demanding the attention of International Business teachers and researchers. From several angles, the contributions analyze factors which may explain, and/or influence the relationship between the competitiveness of multinational enterprises (MNEs) and the countries in which they operate. More particularly, the four main issues address: the recent advances in the determinants and strategy of multinational business activity; the determinants of location competitiveness of countries; the competitiveness of emergent and developing countries and the locational responses of both indigenous and foreign-owned firms; and the policy challenges rais...
Can Local Content Requirements in International Investment Agreements Be Justified?
The paper implementing the imperfect competitive equilibrium model, increasing returns to scale, the coordination failure problem and the learning-by-doing argument discusses the economic efficiency of local content requirements (LCRs). It is shown that the LCRs are economically unjustifiable not only within a simple competitive equilibrium model with perfect information, with no frictions, with constant returns to scale, but also within the world where increasing returns to scale are accrued. It is presented that the LCRs lead to suboptimal allocation of resources and reduce efficiency. However, the analysis demonstrates that the impacts of the LCRs are not as clear as the economic model mi...
Economic Liberalization and Authoritarianism
Contrary to other world regions, political regimes in the Middle East and North Africa (MENA) remain largely authoritarian. While the search for explanations is still ongoing, Christian Neugebauer draws attention to a hitherto underresearched factor: economic liberalization. Being part of a global shift from state-led development towards structural adjustment in the economy, these policies also deeply affected the countries of the MENA region. This makes the resilience of authoritarianism in the region all the more puzzling, as a large part of the scientific community expected economic liberalization to undermine authoritarian regimes. Neugebauer strives to solve the puzzle with a comparative case study that covers four countries (Egypt, Tunisia, Jordan, and Morocco) and their political regimes, from independence in the 1950s to the Arab Spring in 2011. He shows that two specific policies of economic liberalization might in fact have been relevant for regime stability: consumer-price liberalization and privatization.
Crises and Integration in European Banking Union
Crises and Integration in European Banking Union builds a theory of how the combination of crisis severity and origin indicates whether a crisis will produce deep reform, modest reform, or a persistence of the pre-crisis status quo.
