Taxation and international banking

The purpose of this paper is an examination of the relationship between taxation and the working of international banking arrangements. The main task is directed to the ways taxation determinations by national authorities affect the ways international banks go about their business. International coordination through the Organisation for Economic Co-operation and Development (OECD) is a major focus of the analysis. There is no general exposition of principles bearing upon international taxation. Rather, attention is directed to the determination of tax obligations in any one jurisdiction. Thus, there is a close scrutiny of the mechanics of taxation in the international setting bringing out the uncertainties and the imponderables in any application. Much attention is given to structural arrangement in international banking as well as capital arrangements in any one jurisdiction and how this applies to and affects the banking group as a whole. The result is to bring out the complexity of the agenda for tax applications on a common basis across internationally operating groups. Most jurisdictions recognise that they cannot await common agreements because new instruments and arrangements emerge at very frequent intervals and their tax implications have to be addressed. There has to be relief from uncertainty if markets are to develop effectively. Thus, there is in an importance sense of partnership between tax authorities and market participants in many countries. International deliberations have taken too long.     

手机银行的发展趋势

作为一种新型的银行服务渠道,手机银行不仅具有网上银行全网互联和高速数据交换等优势,更具有移动通信＂随时、随地、贴身、快捷、方便、时尚＂的特性。手机银行是网上银行、电话银行之后又一种方便银行用户的金融业务服务方式,它延长了银行的服务时间,     

Disclosure policy and international banking

We develop general principles to guide the compulsory public disclosure of information about the financial condition of banks and apply these principles to three issues of particular relevance in international banking: (1) the disclosure of the country risk exposure of individual banks, (2) the rationale for hidden reserves, and (3) the disclosure of information regarding the availability to individual banks of emergency liquidity assistance. Our analysis shows why disclosure standards vary from country to country and why disclosure standards in the U.S. go well beyond the requirements elsewhere.     

National corruption and international banking

This paper identifies national corruption as a determinant of international banking. Using total international banking claims of 21 countries from worldwide borrowers, at the bilateral lender-borrower level, we document that when lender countries are less corrupt than borrower countries, international banking volume tends to be higher between countries with similar corruption levels. In contrast, when lender countries are more corrupt than borrower countries, corruption difference has no significant impact on international banking volume, because relatively more corrupt lenders perceive relatively less corrupt borrowers as generally creditworthy. The effect of corruption difference weakened during the 2007–2009 financial crisis, but subsequently regained its precrisis strength among the relatively less corrupt lenders while gaining new force among relatively more corrupt lenders.     

Operational efficiency in banking: An international comparison

In this paper, we estimate a global cost function for international banks to test for both input and output inefficiencies. Our results for 1988–1992 suggest that for banks in 15 countries, the prevalence of input X-inefficiencies far outweighs that of output inefficiencies (as measured by economies of scale and scope). Moreover, our results suggests that the distribution-free model overestimates the magnitude of X-inefficiencies relative to the stochastic cost frontier approach.Large banks in separated banking countries (that prohibit the functional integration of commercial and investment banking) had the largest measure of input inefficiency amounting to 27.5 percent of total costs as well as significant levels of diseconomies of scale. All other banks have X-inefficiency levels ranging in the area of fifteen percent of total costs with slight economies of scale for small banks.     

手机银行技术应用与发展趋势

手机银行作为移动通信技术与银行业务的融合,逐渐成为银行又一个崭新的服务渠道,满足了人们期望的任何时间、任何地点和任何方式的真正3A金融服务需求。伴随中国3G时代的来临以及手机终端技术的不断提高,未来商业银行必将围绕手机银行产生丰富的增值业务,银行业利用移动通信网络开展增值业务的模式具有巨大的商业机会。     

引领中国银行业软件开发走向国际——专访中国工商银行副行长张衢

记者：工商银行软件开发中心成立十年来，成功开发出了上千个项目版本，提升了企业核心竞争力，奠定了工商银行信息化建设领先于同业的基础。请您简要介绍和评价一下软件开发中心的成就。     

The problem of confidence in domestic and international banking systems

The paper touches several points of great importance to the functioning of the domestic and international systems such as bank disappearances, loans to LDCs, rescheduling and supervision. In particular, with reference to bank disappearances, it makes a distinction between those caused by problems of liquidity and those due to problems of solvency, suggesting that only in the first case would government intervention be advisable. With regard to supervision it stresses that the public bodies and the private banks have to share the responsibility for the maintenance of confidence in the system.     

Recent growth trends in developing countries

The unprecedented economic conditions of the mid-1970s have created problems with economic development for all countries of the world. Recent economic growth trends in the following main groups of developing countries are reviewed: 1) low-income countries; 2) lower middle-income countries; 3) intermediate middle-income countries; 4) upper middle-come countries; and 5) balance of payments deficit oil exporting countries. Economic indicators for each group of countries are tabulated. The tables show that the developing countries have continued domestic economic growth at only moderately slower rates during the years since 1973. They have been helped by foreign aid or private-source borrowing. As a group, they have, in fact, helped to keep the world economy from plunging deeper into recession and to prevent world trade from contracting more than it actually did already in 1974 and 1975. The performance of these developing economies during these difficult years contributes to continued optimism regarding their future prospects.     

我国银行业客服中心的发展趋势

经过十几年的发展,国内商业银行积极开展的存折炒股、代缴费等中间业务极大地促进了呼叫中心（Call Center）系统规模的扩大和复杂度的提高。最初功能简单的电话银行已成长为银行与客户沟通的重要渠道,名字也改为“客户服务中心”（Customer Service Center,以下简称“客服中心”）。未来十年,我国银行业客服中心的发展趋势是什么呢？     

Common stochastic volatility trends in international stock returns

The aim of this work is to capture common stochastic trends in weekly volatilities of the Dow Jones, Nikkei, Hang Seng and Strait Times index using a multivariate stochastic volatility (SV) model. The results suggest a very high correlation among the volatility innovations, so that it is examined whether the four series share any common stochastic trends. A Principal Component Analysis and a Factor Analysis in the state space setting reveal that two common stochastic trends can be found to underlie the volatility series. The resulting linear combinations of the volatility series no more exhibit any stochastic trend but are stationary in the state space framework. Thus, it can be concluded that volatilities of the four stock indexes are in essence co-persistent.     

国际银行业并购特征与动因分析

诺贝尔经济学奖获得者乔治·斯蒂格勒在《通向垄断和寡占之路-兼并》一文中开篇就说,一个企业通过兼并其竞争对手而成为巨型企业是现代经济史上一个突出现象,没有一个美国大公司不是通过某种程度、某种方式的兼并而成长起来的。事实的确如此,翻开世界经济史,几乎所有的大企业都是通过合并重组而实现其发展壮大的,金融业尤其如此。金融业的并购重组在金融     

Operational efficiency in banking: An international comparison Reply to the comment

To avoid problems associated with Jensen's inequality, we use a corrected inefficiency measure to compare the estimate of inefficiency obtained using the distribution free (DF) method with the estimate obtained using the stochastic cost frontier (SCF). The results of the paper are unchanged. The DF method yields measures of inefficiency that are significantly higher than measures obtained using the SCF.     

Market discipline in international banking regulation: Keeping the playing field level

The focus of this article is the debt market as a powerful disciplinarian source for large and complex banking organizations around the world. We empirically study the interactions between reinforcing banks’ market discipline and preserving a level playing field in international banking. Our approach consists of conducting cross-country comparisons of the secondary market prices sensitivity to market measures of bank risk (traditional and financial strength ratings). The results are generally consistent with the market discipline paradigm. However, much progress still needs to be made (especially in Japan and certain European countries) in order to make the level playing field principle compatible with the reinforcement of market discipline on an international level.     

An international comparison of scale economies in banking: Evidence from Turkey

In this article economies of scale are examined for Turkish banks. The literature on economies of scale in depository institutions is substantial. Yet, virtually all published articles have examined production/costs using data for developed countries, such as the United States, Canada, and Israel. Here we examine data from a country that has an economic system vastly different in terms of per capita productivity. Despite the differences, the results are similar across countries in that we find no significant evidence of economies of scale at output levels near the sample mean. This suggests that the conclusion from examining banks in developed countries—that a bank does not have to be large in order to be competitive from a cost perspective—holds in a less developed country.     

国际金融危机中我国银行业的风险管控策略

随着社会主义市场经济的不断发展，银行业在国民经济运行中的核心地位日益显现，银行业健康运行与否已经关系到整个国民经济发展的大局。2007年，国内几家金融机构都先后发生了IT风险事件，这些问题不仅制约着银行业的健康发展，而且有可能危及经济发展和社会稳定的全局。银行业的风险管理和防范关系到国家的经济发展，     

美国国际银行设施：发展与启示

国际银行设施是美国上世纪80年代推出的重要离岸金融形式,在我国发展境内外币离岸银行业务、推行人民币国际化、推动金融机构＂走出去＂、稳步推行利率市场化和进一步完善人民币汇率形成机制的背景下,重新回顾国际银行设施的建立和发展,对我国具有一定的借鉴意义和启示。