Banking Circles Research Articles

Економічне становище єврейського населення українських губерній смуги осілості наприкінці ХІХ – на початку ХХ століття

Introduction. At the end of the 19th century, one of the ways to force the Jews of the Russian Empire to renounce the faith of their parents was to create conditions that greatly complicated their economic activity and even made some of its types impossible. Jews had to earn a living in the conditions of economic anti-Semitism, which gained momentum during the 19th century. This article examines the employment of the Jewish population in the economy's structure, determines the size of the Jews' income, and finds out how it affected their living standards at the end of the 19th and the beginning of the 20th centuries. Methods. The methodological basis of the research is the principles of historicism, systematicity, and objectivity, which allowed us to consider the questions in the relevant historical context. A complex of general scientific and special historical methods was applied: induction and deduction, analogy, synthesis, comparison, statistical method, as well as historical-genetic and historical-systemic methods. The results. At the end of the 19th and the beginning of the 20th centuries, the Jewish population mainly continued to engage in traditional types of economic activity: trade and mediation, crafts, leasing, and usury. A small number of Jews managed to expand production. During the 19th century, Jewish colonists appeared who, at the turn of the century, engaged in agriculture quite skillfully and effectively. Due to the limited access to education and public service, a very small part of Jews was engaged in "liberal professions." Conclusions. The number of wealthy representatives of the Jewish population was small compared to the vast majority of co-religionists who tried to make ends meet in the conditions of the efforts of the authorities of the Russian Empire to solve the "Jewish question," including through restrictions and prohibitions related to economic activity. The exception was a small number of representatives of trade, industry, and banking circles.

Impact of Green Banking Implementation, Financial Performance, and Covid-19 Crisis on Islamic Bank Profitability in Indonesia

The purpose of this research is to test empirically the impact of green banking implementation, financial performance, and Covid-19 crisis on Islamic bank profitability in Indonesia for the period of 2015-2021. This study uses two quantitative approaches, specifically static panel data method and dynamic panel data method (generalized method of moments or GMM). The secondary data used in this paper with a total sample of 10 Islamic commercial banks in Indonesia. This study finds that the implementation of Green Banking as the main determinant has a significant relationship to the profitability of Islamic Banks in Indonesia. The study also finds that financial performance variables such as CAR, NPF, and OEF show that contribution to the level of Islamic bank profitability in Indonesia. Further, other finding regarding the dummy crisis variable, Covid-19 crisis finds that a strong relationship to the Islamic bank profitability. It means that Covid-19 crisis will impact negatively to Islamic bank profitability in Indonesia. Based on the results of the robustness check, the model in this research is stated to be robust. The findings are expected to be useful for policy makers as well as for Islamic banking circles. Research results can be used as input in formulating policies in achieving sustainable development goals and economic and social recovery programs after the Covid-19 pandemic.

Law Enforcement Against Skimming Criminal Actors of Bank Sumut Medan

This research was conducted by researchers starting from the skimming case that occurred in banking circles in Indonesia, one of which was at Bank Sumut Medan. This study aims to explain how the legal protection for skimming victims at Bank Sumut Medan and the threat of punishment for perpetrators of skimming crimes at Bank Sumut Medan. This type of research is normative juridical. This research is an analytical descriptive study that describes the applicable regulations related to legal theories in practice. Data collection is done by means of literature study. The results of this study found that the crime of skimming can be qualified in Article 362 and Article 263 of the criminal law as theft and forgery of letters. However, with the Law on electronic information and transactions and considering the principle of lex specialis derogate legi generali, perpetrators of skimming crimes can be charged with article 30 in conjunction with article 46 and article 32 in conjunction with article 48 of the law. regarding information and electronic transactions in conjunction with article 55 paragraph (1) of the Criminal Code. Keywords: Law enforcement; Criminal Act; Customer Skimming; Bank Sumut Medan.

Полпред в Финляндии И. М. Майский и мятеж в Мянтселя

The article analyzes the Soviet assessments of the internal political crisis in Finland caused by the so-called mutiny in Mäntselä in late February-early March 1932. The article concentrates on the Mäntselä events, in which Lapua influences and individuals were in a prominent position, even though the movement publicly adopted a predominantly conservative anti-communist outlook centered on the values of home, religion and fatherland. The conceptual apparatus used by the USSR Envoy to Finland, Ivan Maysky, did not allow to form an adequate idea of the internal political processes in Finland. The analysis of Ivan Maysky's views on the domestic political situation in Finland is based on his reports to the leadership of the People's Commissariat for Foreign Affairs (above all to Boris Stomonyakov, a member of the Commissariat's Board who supervised relations with Finland). Correspondence with the Commissariat shows that the leadership of the Commissariat and the Envoy differed greatly in their assessment of the events and their consequences. At the same time, it must be borne in mind that the same misunderstanding of what was happening in Finland was also displayed by the structures of the Communist International. The members of the Polish-Baltic Landersecretariat may have put very different meanings into the term “fascism”. Moreover, the emergence of fascism in Finland and its complete victory in the Comintern could be attributed to different eras (even to the beginning of the twentieth century). Furthermore, the victory of fascism in Finland could be correlated with very different social and political forces. Maysky was not the only one who did not have a clear view of fascism; in fact, he was prepared to see it as a purely militant right-wing radicalism, coloured by nationalism and backed by the state apparatus and banking circles.

What does Jerome Powell know that William McChesney Martin did not—And what role did academic research play in that?

AbstractMuch has changed over the past 50 years, both in central banking circles and in academic monetary economics. This paper inquires about the interaction between the two: how much and in what ways has academic research influenced the practice of monetary policy, especially by the Federal Reserve? More specifically, the paper takes up five issues: (a) the inflation target, (b) the monetary policy instrument (e.g., interest rate, money supply or “unconventional” instrument?), (c) the model of monetary policy transmission, (d) central bank communications and (e) rules versus discretion.

The 2017 Tax Act’s Potential Impact on Bank Safety and Capitalization

Much has been written and discussed in banking circles about recent rollbacks in prudential regulation, with some seeing the rollbacks as unsafe and others seeing them as allowing stronger financial action. Undiscussed is that the basic taxation of the corporation in the United States—and banks are taxed like ordinary corporations—has a profound impact on the level of debt and equity throughout the economy and in the banking system in particular, and that recent changes to the tax code could affect bank safety, stability, and capitalization levels. We analyze here how and why the 2017 tax act will incentivize banks to be better capitalized, albeit modestly so. For those worried about regulatory rollbacks that decrease bank safety, this tax incentive—which has been unremarked upon and not analyzed in the academic literature, as far as we can tell—offsets some recent regulatory rollbacks. And, more important analytically and potentially for policy, we show that this tax change, if properly expanded, would have a major beneficial safety impact on banks. Properly reformed, the taxation of banks (1) can substantially improve bank safety, at a level that may well rival the improvements from post-crisis regulation and (2) can be done in a revenue-neutral way.

A Legislator under Surveillance: The Creation and Implementation of Swiss Banking Legislation 1910–1934

This paper analyses how banking regulation was introduced in Switzerland – one of the world’s most prominent financial centres – which remained in place until the beginning of the twenty-first century. It shows that the law adopted on 8 November 1934 is a perfect example of capture of the regulator by the regulated. Essentially a political response in the context of the economic crisis of the 1930s, it largely reflected the interests of banking circles by limiting the intervention of the State as much as possible. The introduction of the new legislation was facilitated by the temporary weakness of Swiss banking circles, as they depended on the State to delay or prevent the collapse of many major credit institutions. They did not manage to derail the law as they had two decades earlier when they scuppered the federal bill on banks drawn up between 1914 and 1916. But this time they were better organized and more united, and intervened all the more effectively in the legislative process itself. The 1934 law is thus distinctive in that it made no structural changes to the architecture of the financial centre but merely codified its practices through flexible legislation meant to reassure the public. The law was aimed less at controlling banking activity than at keeping – thanks to skilfully calibrated political concessions – the State from having to intervene more directly in the internal management of banks or in the fixing of interest rates and the export of capital.

La surveillance bancaire belge de 1935 façonnée sur le modèle suisse: un discret transfert de politique publique ?

The 1935 Belgian Banking Control System Inspired by the Swiss Model : a Discrete Policy Transfer ? Following the severe financial crisis that shook most of Western societies in the early 1930s, a strong shift towards state regulation on banking activities took place in numerous countries. Among them, both Belgium and Switzerland undertook the implementation of banking laws. More precisely, the Swiss Federal Banking Law of November 1934 was enacted a few months before the Belgian Royal Decree Nr. 185 of July 1935. While the historical context and the development of each of these regulations have been studied individually, a comparative perspective is still lacking. Moreover, the question of the possible links between these two regulatory regimes remains largely unexplored. A detailed analysis of the Belgian banking regulation process shows that the Swiss law acted as a role model, put forward by the representatives of the banking circles. The Swiss influence played a significant part in shaping the banking regulation in a liberal perspective ; thus meeting two essential needs for the Belgian bankers : to limit state intervention to a minimum, and to bypass the authority of the central bank. This relationship between banking laws finds its counterpart in the activities of the two supervision agencies set up in the 1930s, the ‘ Commission fédérale des banques’ in Berne and the ‘ Commission bancaire’ in Brussels. Both bodies featured limited means of actions and experienced similar paths during their first years of operation.

Global banking survey: A new era of customer satisfaction with reference to India

Banking sector in India is facing a rapidly changing market. In today’s competitive environment relationship marketing is critical to banking corporate success. Banking is a customer oriented services industry and Indian banks have started realizing that business depends on client service and the satisfaction of the customer. The banking system occupies an important place in nation’s economy. It plays a pivotal role in the economic development of a country and forms the core of the money market in an advanced country. Banks have to deal with many customers every day and render various types of services to its customer. It's a well known fact that no business can exist without customers. “In recent years, the banking industry around the world has been undergoing a rapid transformation. To address the challenge of retention of customers, there have been active efforts in the banking circles to switch over to customer-centric business model. The success of such a model depends upon the approach adopted by banks with respect to customer data management and customer relationship management. Over the years, Indian banks have expanded to cover a large geographic and functional area to meet the developmental needs. They have been managing a world of information about customers - their profiles, location, etc. They have a close relationship with their customers and a good knowledge of their needs, requirements and cash positions.The main objective of this study is to find the interrelationships between service quality attributes, customer satisfaction and customer loyalty banking sector, close relationship. Key words: Service quality, customer satisfaction, customer loyalty.

The history of a journal: Banca Nazionale del Lavoro Quarterly Review

The Banca Nazionale del Lavoro Quarterly Review was born in 1947, at a time of vigorous renewal of the Bank itself. One of the key problems in the aftermath of the Second World War was to improve and extend the Banca Nazionale del Lavoro's reputation abroad. The Bank was quite well-known in Spain but very little in the English-speaking world where, moreover, it was viewed as having been closely associated with the Fascist regime. The publication of a review for foreign circulation was designed to modify this situation. In a sense the aim was to render public and explicit the Bank's new international openness and the desire to take an active part in international banking circles. JEL Codes: A14

Contagion 2007-2009 and its Impact on Indian Fiscal and Monetary Policy

The financial crises of 2007-2009 emanating from the sub prime and Alt-A mortgages in US and its CDO’s resulted in a financial contagion which impacted countries across the world, countries which had negligible exposure to the CDO’s derived from sub prime and Alt-A mortgages as India. This financial crises created a seizure in the banking circles thereat at financial intermediation in the nerve centre of Banking industry - London and New York creating cascading effects across the world, roll overs of debts during the seizure period and thereafter became a imploding issue, this created a counter party risk and thus CDS’s prices reached levels as never before, which resulted in the underlining asset crashing and thus feeding into the crises. Governments across the world along with the central banks reacted at levels unprecedented, this stemmed the fall to an abyss but created its own issues, countries balance sheets ballooned on quantitative easing, fiscal imbalances arose thereto. This paper captures the cause of the of the financial crises highlighting the issues which resulted in a financial contagion, It traverses though crises India as a developing country faced and the acts and actions as its government took as fiscal measures and the acts of its Central Bank-RBI through its monetary policy with its available tools more so to infuse liquidity in the system as the core to the problem was of perceived problems of liquidity.

Gateway cities: círculos bancarios, concentración y dispersión en el ambiente urbano brasileño

This exploratory study shows how the major banks operating in Brazil in 2003 apply the two global practices - concentration and dispersion - in the Brazilian urban environment. Four global and two domestic location strategies of those banks were identified. The strategies were found employing the multivariate method of principal component analysis in a matrix of 54 cities versus 31 banks. In the light of world city functions, the gateway city concept as defined by Alan Pred was the basis for interpreting the six bank location strategies. The hinterland of a world city was understood as its functional links to other cities in the country, created in the global economy by advanced producer services in the world city. According to the results, the city of Sao Paulo articulates the national and the global economies as the main gateway city in Brazil. Additionally, they point to Curitiba as an alternative Brazilian gateway city. The results also show that high-accumulated sales in a city contribute only slightly to the city performance in global banking circles.

‘GATEWAY CITIES’ IN ECONOMIC GLOBALISATION: HOW BANKS ARE USING BRAZILIAN CITIES

ABSTRACTThe purpose of this study is to explore the concept of gateway cities as it applies under conditions of contemporary economic globalisation. A case study of Brazilian cities within domestic and global banking circles is used to show that city gateway functions in Brazil are more complex than is generally supposed. Principle components analysis of banking activity across both leading Brazilian cities and world cities generates six ‘common’ banking location strategies comprising separate subnets of cities: there are three largely regional strategies, two transnational strategies, and one national strategy. Although Sao Paulo is confirmed as the dominant gateway city in Brazil, the city subsets show a range of uses of cities by banks in Brazil including a Curitiba subnet emerging as an incipient strategy that actually bypasses Sao Paulo. The general finding is that under conditions of contemporary globalisation concentration and dispersion processes in Brazil are operating simultaneously.

Central Bank Structure, Policy Efficiency, and Macroeconomic Performance: Exploring Empirical Relationships

A ll economists agree that more information is better than less. When people are better informed, they make better decisions, enhancing the efficiency of the economy in allocating resources and improving overall welfare. It would be difficult to find an area of economic life where this line of argument has carried more weight than it has in central banking circles in recent years. The job of central bankers is to conduct monetary policy in order to promote price stability, sustainable growth, and a stable financial system. They do this in an environment fraught with unavoidable uncertainties. But in conducting policy, there is one uncertainty that policymakers can reduce: the uncertainty they themselves create. Everyone agrees that monetary policymakers should do their best to minimize the noise their actions add to the environment. The essence of good, transparent policy is that the economy and the markets respond to the data, not to the policymakers. The result of this agreement is that today we have the nearly universal and immediate public broadcast of all interest rate changes. As everyone in financial markets around the world knows, the Federal Reserve’s Federal Open Market Committee (FOMC) makes a public statement at 2:15 p.m. EST following each meeting. But the first public announcement of a move in the federal funds rate target was made on February 4, 1994, and the regular issuance of a statement became an official feature of the FOMC’s procedures only on January 19, 2000. Before that, it was customary for FOMC policy changes to be communicated to market participants through actions rather than words. There are still people who argue for the efficacy of central bank secrecy in various forms, claiming that surprises are more effective and that even accurate information can be misinterpreted, resulting in undesirable financial market volatility. We think that it is fair to say that these arguments have not been persuasive and that the advocates of policy transparency have won the day. We have been reduced to arguments about the mechanics and exact timing of the release of information. Should the minutes of a meeting be released as soon as physically possible following the meeting, as done by the Bank of England’s Monetary Policy Committee; or should there be a modest delay until just after the following meeting, which is the FOMC’s practice; or is it acceptable to wait for years, as the European Central Bank is planning to do? Is it necessary or advisable for the head of the interest rate–setting body to hold regularly scheduled news conferences? Should the policymakers be required to appear before legislative bodies to provide descriptions of their decisionmaking processes and justifications for their actions? How public should the inputs— forecasts, models, and anecdotes—into interest rate decisions be? All of these questions concern minor issues about the availability of information. As for general principles, we have now progressed to the point where on September 26, 1999, the Interim Committee of the Board of Governors of the International Monetary Fund issued the Code of Good Practices on Transparency in Monetary and Financial Policies: Declaration and Principles (which we will refer to as the IMF Code). As in the case of other standards and codes promulgated under the auspices of the IMF,1 the expectation is that they will be adhered to by all of the countries in the world. We take the statements in the IMF Code to represent a rough version of the consensus on the value of monetary policy transparency. Paragraph 4 of the IMF Code states:

How the French bank card system was broken – one man’s mission

An almighty row has broken out in French banking circles and the dust has not settled yet. The much-vaunted security of the Cartes Bancaires system, which is built around the world’s first smart debit/credit card, has been cracked and the banks are still reeling under the shock.

Bank profitability and interest rate risk

It is frequently asserted that the profitability of institutions that lend long and borrow short is restricted during periods of rising interest rates. In banking circles this assertion has been translated into a concern primarily for the soundness of smaller banks, which are commonly thought to hold a large proportion of their portfolios in longer term fixed-rate loans and thus face considerable interest rate risk. Moreover, with the popularity of the new “NOW” accounts and competing money market mutual funds, there is a fear that a potential profit squeeze at these institutions has been made more probable. The present study examines the issue of the interest rate sensitivity of commercial bank profitability at a theoretical level and attempts to measure empirically the extent to which the profitability of different size classes of banks has been affected by periods of changing interest rates since 1976. This study finds that small commercial banks as a group have actually experienced increased profitability both absolutely and relative to large banks in recent periods (since 1976) of rising interest rates. However, this variation is numerically small. This finding calls into question both the usefulness of the maturity composition model as a predictor of interest rate risk and the concern for the supposed plight of small banks during periods of rising interest rates.

BANK PROFITABILITY AND INTEREST RATE RISK

Abstract It is frequently asserted that the profitability of institutions that lend long and borrow short is restricted during periods of rising interest rates. In banking circles this assertion has been translated into a concern primarily for the soundness of smaller banks, which are commonly thought to hold a large proportion of their portfolios in longer term fixed-rate loans and thus face considerable interest rate risk. Moreover, with the popularity of the new “NOW” accounts and competing money market mutual funds, there is a fear that a potential profit squeeze at these institutions has been made more probable. The present study examines the issue of the interest rate sensitivity of commercial bank profitability at a theoretical level and attempts to measure empirically the extent to which the profitability of different size classes of banks has been affected by periods of changing interest rates since 1976. This study finds that small commercial banks as a group have actually experienced increased profitability both absolutely and relative to large banks in recent periods (since 1976) of rising interest rates. However, this variation is numerically small. This finding calls into question both the usefulness of the maturity composition model as a predictor of interest rate risk and the concern for the supposed plight of small banks during periods of rising interest rates.

The Dual Banking System: A Model of Competition in Regulation

In banking circles, the of both national and state banks and national and state agencies regulating banking is an object of almost universal veneration. When hearings are held on legislative proposals affecting banking operations and regulation, both Congressmen and witnesses from the banking industry and the banking regulatory agencies customarily include in their remarks some statement of their fidelity to the principle of the dual banking system. Typical is the comment of a representative of the National Association of Supervisors of State Banks: The dual banking system . . . is a vital national goal with roots deep in our constitutional history, and one of the very reasons why this country has achieved an economic growth unparalleled among the nations of the world.' Discordant voices have not been completely lacking. For example, in 1932 Senator Carter Glass stated, I think the curse of the banking business of this country is the dual system.2 On the whole, however, the critics have made little headway. Recently, the issue of the structure of bank regulation has been reopened by the entry into the debate of Arthur Burns, the Chairman of the Board of Governors of the Federal Reserve System.

Dr. George H. Pethybridge, O.B.E

GEORGE HERBERT PETHYBRIDGE, for many years one of the leading personalities in plant pathology in Great Britain, died in his native town of Bodmin on May 23 at the age of seventy-six. Born in 1871, of a family well known in legal, medical and banking circles throughout Cornwall, he passed from Dunheved College, Launceston, to the University College of Wales, Aberystwyth. He took an honours degree in science in the University of London, and, after a short period as science master at Kingswood School, Bath, and elsewhere, proceeded to the University of Gö ttingen in 1897. Here he studied under Prof. Berthold and obtained his doctorate for a dissertation on the effect of inorganic salts on the development and structure of plants.