Domestic and Multinational Banking PDF
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ROUTLEDGE LIBRARY EDITIONS: BANKING & FINANCE DOMESTIC AND MULTINATIONAL BANKING DOMESTIC AND MULTINATIONAL BANKING The Effects of Monetary Policy RAE WESTON Volume 33 First published in 1980 This edition first published in 2012 by Routledge 2 Park Square, Milton Park, Abingdon, Oxon, OX14 4RN Simultaneously published in the USA and Canada by Routledge 711 Third Avenue, New York, NY 10017 Routledge is an imprint of the Taylor & Francis Group, an informa business © 1980 Rae Weston All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library ISBN: 978-0-415-52086-7 (Set) eISBN: 978-0-203-10819-2 (Set) ISBN: 978-0-415-53853-4 (Volume 33) eISBN: 978-0-203-10919-9 (Volume 33) Publisher’s Note The publisher has gone to great lengths to ensure the quality of this reprint but points out that some imperfections in the original copies may be apparent. Disclaimer The publisher has made every effort to trace copyright holders and would welcome correspondence from those they have been unable to trace. Domestic and Multinational Banking The Effects of Monetary Policy RAE WESTON CROOM HELM LIMITED © 1980 Rae Weston Croom Helm Ltd, 2-10 St John's Road, London SWll British Library Cataloguing in Publication Data Jacket photograph of The Chase Manhattan Bank, New York by Arthur Lavine. Courtesy of The Chase Manhattan Bank, London Weston, Rae Domestic and multinational banking. 1. Banks and banking I. Title 332.1 HG1776 ISBN 0-85664-710-1 Reproduced from copy supplied printed and bound in Great Britain by Billing and Sons Limited Guildford, London, Oxford, Worcester CONTENTS Preface 11 Introduction 13 Part 1: The Nature of Banking 1. The Origins of Modern Banking 19 2. The Essence of Banking 24 3. The Banker as a Retailer of Services 28 4. Uncontrolled Banking: The Fischer Black Model 35 5. A Modified Unregulated World 38 6. The Liability Side of a Bank's Business: Deposits and Capital 41 7. Loans and the Holding of Reserves 44 8. The Costs of Banking Operations 47 9. Constraints on the Scale of Operations 49 10. The Diagrammatic Model 52 11. Conclusion 58 Part 2: The Impact of Regulation on Domestic Banks 1. Introduction 61 2. The Regulation of Banking 63 3. Controls on Banking in the United Kingdom 66 4. The Regulation of Banking in France 81 5. Banking Regulation in the Federal Republic of Germany 88 6. The Banking System in the Netherlands 101 7. Banking Regulation in Belgium 1 10 8. Banking in Ireland 118 9. The Control of Banking in Italy 124 10. Banking Regulation in Denmark 130 11. Banking Regulation in Norway 137 12. Banking Regulation in a United Europe 146 13. Banking Regulation in the United States 152 14. Banking Controls in Japan 166 15. Banking Regulation and Reform in Canada 172 16. Banking Regulation in South Africa 187 17. The Banking System in Australia 197 18. The Development of Banking in Papua New Guinea 205 19. Changing Banking Regulations in New Zealand 210 20. The New Banking System in Indonesia 218 21. The Development of Banking Regulation in Malaysia 223 22. Banking in the Arab Republic of Egypt 233 23. Conclusion 240 Part 3: Introducing Regulation into the Model of Uncontrolled Banking 1. Introduction 243 2. The Impact of Reserve Requirements 246 3. The Effect of Interest Rate Constraints 251 4. The Operation of Credit Ceilings as a Constraint 255 5. The Impact of Indirect or Market Controls 260 6. The Role of Capital under Regulation 264 7. The Combination of Constraints 268 8. Is Regulation Effective? 273 9. Diversification: Domestic and International 277 10. Conclusion 281 Part 4: The Move to Multinational Banking 1. Introduction 285 2. From International to Multinational Banking 287 3. Moving into Multinational Banking 292 4. The Nature of Multinational Banking 300 5. Consortium Banking 303 6. Roll- over Risk and Mismatching 312 7. Foreign Exchange Transactions: Banking Risk and Currency Risk 322 8. Foreign Exchange Transactions: Country Risk 328 9. Exchange Rate Risk: Sovereign Risk 337 10. Information Flows and the Management of Multinational Banks 344 11. Diagrammatic Illustrations of Multinational Bank Operations 348 12. Conclusion 357 Part 5: The Supervision and Regulation of Multinational Banking 1. Introduction 361 2. Prudential Supervision and Multinational Banking 364 3. A Nationalistic Approach: The Control of Foreign Banks in Canada 375 4. Multinational Bank Regulation in the United States 381 5. Conclusion 392 Epilogue 394 Index 401
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