Governance in Spanish Savings Banks. A Historical Perspective

During the previous three decades, mutual financial firms have been experiencing a process of demutualization, and some of the non-for-profit banks have become publicly listed companies. Hence, the persistence of the Spanish Savings Banks constitutes an interesting case study. In line with recent literature, this paper attempts to reach a better understanding of the factors that have contributed to the persistence of these entities in the long run and to the maintenance of a very specific model of corporate governance. Regulatory influences, politics and political institutions have proved to be key elements of a model which has proved capable of delivering successful outcomes in increasingly competitive conditions. Nonetheless, the financial crisis would seem to have exacerbated the stresses and strains within this model and, in combination with the pressure of increasingly globalized markets, the Spanish Savings Banks find themselves in a new scenario.corporate governance; stakeholder regime; savings banks

The diversity of organisational forms in banking: France, Italy and Spain 1900-2000

This paper examines, from a historical perspective, the gradual entrance into the market of mutual and not for profit banks (specifically cooperative banks and savings banks), their continually increasing competitiveness with traded banks in France, Italy and Spain. In all three countries, these institutions played an important role in the retail banking sector. Special attention will be devoted to analysing the different models of adjustment adopted by the banking systems in the south of Europe in the wake of the deregulating process undertaken in the last quarter of the twentieth century. In summary, then, this paper is an attempt to identify the historical factors responsible for the persistence, or disappearance, of certain idiosyncratic aspects of the banking system in each country, together with the various adjustments produced in each case.banks, savings banks, co-operative banks, comparative banking systems, France, Spain, Italy

Organisational change and the computerisation of British and Spanish savings banks, 1965-1985

In this article we explore organisational changes associated with the automation of financial intermediaries in Spain and the UK. This international comparison looks at the evolution of the same organisational form in two distinct competitive environments. Changes in regulation and technological developments (particularly applications of information technology) are said to be responsible for enhancing competitiveness of retail finance. Archival research on the evolution of savings banks helps to ascertain how, prior to competitive changes taking place, participants in bank markets had to develop capabilities to compete

Scalar Field Dynamics: Classical, Quantum and in Between

Using a Hartree ensemble approximation, we investigate the dynamics of the \f^4 model in 1+1 dimensions. We find that the fields initially thermalize with a Bose-Einstein distribution for the fields. Gradually, however, the distribution changes towards classical equipartition. Using suitable initial conditions quantum thermalization is achieved much faster than the onset of this undesirable equipartition. We also show how the numerical efficiency of our method can be significantly improved.Comment: Presented at SEWM 2000, 6 pages including figures, reference correcte

Organisational change and the computerisation of British and Spanish savings banks, circa 1965-1985

In this article we explore organisational changes associated with the computarization of British savings banks while making a running comparison with developments in Spain. This international comparison addresses the evolution of the same organisational form in two distinct competitive environments in the late 20th century. Changes in regulation and technological developments (particularly applications of information technology) are said to be responsible for enhancing competitiveness of retail finance. Archival research on the evolution of savings banks helps to ascertain how, prior to competitive changes taking place, participants in bank markets had to develop capabilities to compete. Moreover, assess the response of collaborative agreements to opportunities opened by technological change (in particular resolve apparent scale disadvantages to contest bank markets). Of particular interest are choices made between applications of computer technology to redefine the relation between head office and retail branches as well as between staff at retail branches and customers.comparative financial markets, United Kingdom, Spain, market structure, technological change, regulatory change, savings banks, banks, TSB, cajas de ahorro

Organisational change and the computerisation of British and Spanish savings banks, 1965-1985

In this article we explore organisational changes associated with the automation of financial intermediaries in Spain and the UK. This international comparison looks at the evolution of the same organisational form in two distinct competitive environments. Changes in regulation and technological developments (particularly applications of information technology) are said to be responsible for enhancing competitiveness of retail finance. Archival research on the evolution of savings banks helps to ascertain how, prior to competitive changes taking place, participants in bank markets had to develop capabilities to compete.comparative financial markets; United Kingdom; Spain; market structure; technological change; regulatory change; savings banks; banks

Twin Peaks

The on-shell imaginary part of the retarded selfenergy of massive \vr^4 theory in 1+1 dimensions is logarithmically infrared divergent. This leads to a zero in the spectral function, separating its usual bump into two. The twin peaks interfere in time-dependent correlation functions, which causes oscillating modulations on top of exponential-like decay, while the usual formulas for the decay rate fail. We see similar modulations in our numerical results for a mean field correlator, using a Hartree ensemble approximation.Comment: Presented at SEWM 2000, language correction

Reliability and security at the dawn of electronic bank transfers in the 1970s-1980s

From a historical perspective, the concept of reliability and computing security in the early 1970s, when electronic data transfer processes were in infancy, is especially interesting in terms of their implications in technological change and the business of banking. The cases of Japan, Spain and Germany, in terms of their national banking networks, provide an interesting field of analysis in terms of the implications that the online data transfer systems had for banking institutions. Concerns about the reliability of the computing processes and digital security were the key factors. These innovations laid the foundation for the advancement of networks and new banking services that would open up unprecedented horizons in what was to become known as service banking

In Digital We Trust: The computerisation of retail finance in Western Europe and North America

This paper tells of the contents of a forthcoming volume, which offers a new and original approach to the study of technological change in retail finance. Most business history studies of businesses for the last 50 years note the emergence of computers and computer applications, but they do not analyze their role in shaping business practices and organizations. In this book we look directly at the processes of mechanisation and computerisation of retail financial services, throughout the 20th Century while articulating an international comparison. We bring together young, well established and independent historians, who come from different traditions (that is, economic, business, accounting, geography and political histories as well as historians of technology). Contributors look at stand alone and comparative case studies from different parts of the world (namely Britain, Denmark, France, Germany, Netherlands, Spain, Sweden, Mexico and the USA). The outcome is a rich survey of the broad literature examining different aspects of the technological and business histories of retail financial markets from a variety of perspectives.Retail finance, automation, Western Europe (Germany, UK, Spain, Netherlands, Sweden), North America (USA, Mexico)

Influence of Soil-Structure Interaction on the Response of Nuclear Power Stations under Earthquake Excitation

The influence of different soil properties on the response behaviour of buildings and components was investigated using the finite element method. The first example is concerned with a high temperature reactor. Floor response spectra and rocking of the prestressed reactor pressure vessel are calculated. In another example the influence of soil-structure interaction on the response of embedded buildings is shown