How banks go abroad : branches or subsidiaries ?

The authors examine the factors that influence banks'type of organizational form when operating in foreign markets using an original database of the branches and subsidiaries in Latin America and Eastern Europe of the top 100 international banks. They find that regulation, taxation, the degree of desired penetration in the local market, and host-country economic and political risks matter. Banks are more likely to operate as branches in countries that have higher corporate taxes and when they face lower regulatory restrictions on bank entry, in general, and on foreign branches, in particular. Subsidiaries are the preferred organizational form by banks that seek to penetrate the local market establishing large and mostly retail operations. Finally, there is evidence that economic and political risks have opposite effects on the type of organizational form, suggesting that legal differences in the degree of parent bank responsibility vis-à-vis branches and subsidiaries under different risk scenarios play an important role in the kind of operations international banks maintain overseasBanks&Banking Reform,Financial Intermediation,Banking Law,Financial Crisis Management&Restructuring,Economic Theory&Research

Contagion and Spillovers: New Insights from the Crisis

On February 12, 2010, SUERF, the Oesterreichische Nationalbank and the Bankwissenschaftliche Gesellschaft continued their established tradition of jointly organised conferences. As evidenced also by the 115 conference participants, this year's subject of "Contagion and Spillovers – New Insights from the Crisis" turned out to be particularly topical, as first lessons from the financial crisis and global recession were being drawn, while concerns about Greece's government debt problems were threatening to spread to other countries within the euro area, with potential negative repercussions for the euro area as a whole being feared by observers

Strong Interaction Physics at the Luminosity Frontier with 22 GeV Electrons at Jefferson Lab

This document presents the initial scientific case for upgrading the Continuous Electron Beam Accelerator Facility (CEBAF) at Jefferson Lab (JLab) to 22 GeV. It is the result of a community effort, incorporating insights from a series of workshops conducted between March 2022 and April 2023. With a track record of over 25 years in delivering the world's most intense and precise multi-GeV electron beams, CEBAF's potential for a higher energy upgrade presents a unique opportunity for an innovative nuclear physics program, which seamlessly integrates a rich historical background with a promising future. The proposed physics program encompass a diverse range of investigations centered around the nonperturbative dynamics inherent in hadron structure and the exploration of strongly interacting systems. It builds upon the exceptional capabilities of CEBAF in high-luminosity operations, the availability of existing or planned Hall equipment, and recent advancements in accelerator technology. The proposed program cover various scientific topics, including Hadron Spectroscopy, Partonic Structure and Spin, Hadronization and Transverse Momentum, Spatial Structure, Mechanical Properties, Form Factors and Emergent Hadron Mass, Hadron-Quark Transition, and Nuclear Dynamics at Extreme Conditions, as well as QCD Confinement and Fundamental Symmetries. Each topic highlights the key measurements achievable at a 22 GeV CEBAF accelerator. Furthermore, this document outlines the significant physics outcomes and unique aspects of these programs that distinguish them from other existing or planned facilities. In summary, this document provides an exciting rationale for the energy upgrade of CEBAF to 22 GeV, outlining the transformative scientific potential that lies within reach, and the remarkable opportunities it offers for advancing our understanding of hadron physics and related fundamental phenomena.Comment: Updates to the list of authors; Preprint number changed from theory to experiment; Updates to sections 4 and 6, including additional figure

Imf Drawing Programs

This paper studies the factors that have influenced countries'' participation in IMF drawing programs. IMF drawing programs are defined as the period of a Stand-By Arrangement or an Extended Fund Facilities program during which a country borrows from the Fund. Since this definition excludes precautionary arrangements and periods during which the program went off-track, it provides a closer link to the factors that have influenced the evolution of IMF credit outstanding. The analysis uses quarterly data during the period 1982-2005 and focuses on developing, non-PRGF eligible countries. Country-specific variables-net international reserves and GDP growth-together with a global factor-world GDP growth-are found to be among the most significant determinants of countries'' participation in IMF drawing programs. The importance of the global factor is not uniform during the period reviewed. The influence of world GDP growth seems to have been significant during the 1980s debt crises but not since the Mexican crisis in 1994. An out-of-sample forecast evaluation of the period 2004-5 reveals that the model has some predictive power.IMF;Extended arrangements;current account, imf credit outstanding, probability, probabilities, forecasting, debt crisis, statistics, currency crisis, government deficit, balance of payment, independent variables, standard errors, current account deficit, debt crises, dummy variable, current account balance, credit tranches, financial statistics, currency crises, binary choice, standard error, balance of payments, cointegration, repayments, binary choice model, external obligations, current account deficits, predictions, computation, time series, equation, prediction, survey, probability value, debt servicing, empirical estimation, logarithm, external debt