The value of relationship banking during financial crises : evidence from the Republic of Korea

A systemic financial crisis with monetary restriction is probably the most promising occasion for assessing whether, and to what extent, relationship banking is valuable to borrowers. The authors take this question to a unique database of credit bureau, microeconomic information covering the pervasive financial crisis the Republic of Korea experienced in 1997-98. The database includes all corporate borrowers surveyed by the Korean Credit Bureau, providing details on the structure of their borrowings, and on their relationship with lending banks. The authors did not have access to the identity of the corporate borrower, and their only non-financial control variable was the borrower's Standard Industrial Classification (SIC). This restriction limited their analysis to smaller borrowers, keeping their sample focused on small, and medium-size enterprises, which were likely to rely on banks for external financing. Their findings: 1) Outstanding loans plunge more for firms with weaker pre-crisis relationship banking. 2) The drop in credit lines - arguably a proxy identifying shifts in the loan supply - is larger for firms relying less on strong relationship banking. 3) More intense pre-crisis relationship banking reduces the probability that a previously non-delinquent firm would build (increase) its loans in arrears in 1998, the year of the sharpest liquidity constraints. 4) All things equal, this probability depends on whether firms were borrowing from one (or more) of the five banks foreclosed in June 1998, showing that it might be particularly difficult for borrowers to replace distressed lending banks during a financial crisis. The authors'findings support the hypothesis that relationship banking = with surviving banks - has a positive value during a systemic financial crisis. They argue that for many viable small, and medium-size businesses in Korea, relationship banking reduced liquidity constraints, and thus, diminished the probability of unwarranted bankruptcy.Financial Intermediation,Banks&Banking Reform,Financial Crisis Management&Restructuring,Economic Adjustment and Lending,Housing Finance

Study of Identities' Role in International Crises; Case Study: Syrian Crisis

Identity can be considered as a link between Constructivism theory and theoretical studies related to international crises. According to a Constructivist Point of View, identities are the basis of interests and roles, and actors determine their friend and Enemy based on the identity they envision for themselves. Accordingly, the main purpose of the present article is to answer this question: What role does Identity play in International Crises? In answer to this question, using the descriptive-analytical methods, we seek to test Hypothesis that if actors with inconsistent identities are involved in a crisis the crisis will have a high potential for intensification and expansion, and will most likely lead to the use of violent methods of crisis management. The best application of this hypothesis is the Syrian crisis. The beginning of the Syrian crisis was strongly influenced by the identity crisis within the Syrian government, and for this reason, two identity conflicts (Neo-Salafi-Alavi) and (Kurdish-Arabic) were highlighted in this crisis., Subsequently, two revolutionary and conservative axes led by Iran and Saudi Arabia, as well as the third actor, Erdogan, entered the crisis and used all their power and proxy forces and allies to eliminate their "other" identities in Syria

Developmental Considerations and Acculturation of Children: Measures and Issues

This article presents the secondary validation of the Brief Acculturation Rating Scale for Mexican Americans-II (Brief ARSMA-II) for use with children—carried out using two samples of Mexican-descent children (ages = 9-11) from two states ( N = 295). The Brief ARSMA-II was originally normed on adolescents and adults but has been validated and used with children. Ethnic identity development perspectives suggest that the interpretation of scores derived from acculturation measures normed on adolescents and adults may not extend accurately to children. Convergent validity and differential discrimination between groups were examined using scores on the Brief ARSMA-II; scores on an acculturation measure designed for the present study, the Things About Me (TAM); and traditional proxy measures of acculturation. Results from this study do not support the use of the Brief ARSMA-II with children. The importance of considering contextual effects in the interpretation of scores of children\u27s acculturation experience is discussed

Security for Grid Services

Grid computing is concerned with the sharing and coordinated use of diverse resources in distributed "virtual organizations." The dynamic and multi-institutional nature of these environments introduces challenging security issues that demand new technical approaches. In particular, one must deal with diverse local mechanisms, support dynamic creation of services, and enable dynamic creation of trust domains. We describe how these issues are addressed in two generations of the Globus Toolkit. First, we review the Globus Toolkit version 2 (GT2) approach; then, we describe new approaches developed to support the Globus Toolkit version 3 (GT3) implementation of the Open Grid Services Architecture, an initiative that is recasting Grid concepts within a service oriented framework based on Web services. GT3's security implementation uses Web services security mechanisms for credential exchange and other purposes, and introduces a tight least-privilege model that avoids the need for any privileged network service.Comment: 10 pages; 4 figure

EUROPEAN ATTITUDES AND INSTITUTIONAL TRUST IN EUROPEAN COUNTRIES AFTER ECONOMIC CRISIS: STRESSING THE IMPACT OF THE EUROPEAN IDENTITY

This paper analyses the determinants of people’s support for European institutions, mainly focusing on the impact of European identity, after the economic crisis and in a moment in which – after profound uncertainty for its immediate future – there is a new feeling toward European integration. Previous research on support for European institutions, before the economic and financial crisis which had hit Europe since 2008, found that people’s evaluations followed mainly an instrumental logic – support being contingent on a perception of personal or national benefit accruing for EU membership – with an additional role played by European identification. This contribution expands the analysis after the beginning of the economic crisis, so to assess whether the former has affected the structure of such support, and deepens the analysis of the impact of EU identity on European institutional confidence. Using a recent Eurobarometer survey (86.2, 2016) and combining both individual and contextual data, the paper shows that European identity plays a crucial role in explaining European support also after the crisis

Simulating acculturation dynamics between migrants and locals in relation to network formation

International migration implies the coexistence of different ethnic and cultural groups in the receiving country. The refugee crisis of 2015 has resulted in critical levels of opinion polarization on the question of whether to welcome migrants, causing clashes in receiving countries. This scenario emphasizes the need to better understand the dynamics of mutual adaptation between locals and migrants, and the conditions that favor successful integration. Agent-based simulations can help achieve this goal. In this work, we introduce our model MigrAgent and our preliminary results. The model synthesizes the dynamics of migration intake and post-migration adaptation. It explores the different acculturation outcomes that can emerge from the mutual adaptation of a migrant population and a local population depending on their degree of tolerance. With parameter sweeping, we detect how different acculturation strategies can coexist in a society and in different degrees among various subgroups. The results show higher polarization effects between a local population and a migrant population for fast intake conditions. When migrant intake is slow, transitory conditions between acculturation outcomes emerge for subgroups, e.g., from assimilation to integration for liberal migrants and from marginalization to separation for conservative migrants. Relative group sizes due to speed of intake cause counterintuitive scenarios, such as the separation of liberal locals. We qualitatively compare the processes of our model with the German portion sample of the survey Causes and Consequences of Socio-Cultural Integration Processes among New Immigrants in Europe (SCIP), finding preliminary confirmation of our assumptions and results.Comment: 24 pages, plus supplemental material, 11 figure

"I would like to see that one is able to say I'm proud of being a citizen of the EU…" – the way Hungarian people see Europe and the European Union

This paper explores the concepts of Europe, Europeanism and European Union, their meaning to Hungarians, how people define them and how they relate to these concepts through the analysis of qualitative in-depth interviews. The main question is whether the discourse, expressing attitudes towards Europe and the European Union, are of symbolic or utilitarian character. The symbolic way to relate to the EU is based on principles, an ideological or an emotional approach of the subject, while the pragmatic or utilitarian logic is based on rational cost-benefit analysis. The main argument of this current paper is that the way Hungarians tend to relate to the EU is rather utilitarian and it is the utilitarian logic that represents the relevant frame to understand people’s attitudes on the subject

Japan and the East Asian financial crisis: patterns, motivations and instrumentalisation of Japanese regional economic diplomacy

At first sight, the East Asian financial crisis represents an instance of Japan failing the test of regional leadership - as evidenced by its abandonment of initial proposals for an Asian Monetary Fund (AMF) in the face of US and Chinese opposition in 1997. However, if a second look is taken, and one which is sensitised to the fundamental characteristics of its diplomacy, then Japan can be seen as far more effective in augmenting its regional leadership role than previously imagined. Indeed, this article demonstrates that Japanese policy-makers have resurrected, over the longer term and in different guises, AMF-like frameworks which provide a potential springboard for further regional cooperation. Hence, the aims of this article are twofold. The first is to demonstrate the overall efficacy of Japanese regional economic diplomacy, and its ability to control outcomes through steering East Asia towards enhanced monetary cooperation. The second is to explain the reasons behind Japan's distinctive policy approach towards the financial crisis and general lessons for understanding its foreign policy. The article seeks to do so by asking three fundamental questions about the 'what', 'why' and 'how' of Japan's regional role: 'what' in terms of the dominant behavioural patterns of Japan's economic diplomacy; 'why' in terms of the motivations for this behaviour; and 'how' in terms of Japan's instrumentalisation of its regional policy

(Il)Legitimisation of the role of the nation state: Understanding of and reactions to Internet censorship in Turkey

This study aims to explore Turkish citizen-consumers' understanding of and reactions to censorship of websites in Turkey by using in-depth interviews and online ethnography. In an environment where sites such as YouTube and others are increasingly being banned, the citizen-consumers' macro-level understanding is that such censorship is part of a wider ideological plan and their micro-level understanding is that their relationship with the wider global network is reduced, in the sense that they have trouble accessing full information on products, services and experiences. The study revealed that citizen-consumers engage in two types of resistance strategies against such domination by the state: using irony as passive resistance, and using the very same technology used by the state to resist its domination