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Inside Money, Procyclical Leverage, and Banking Catastrophes  [PDF]
Charles D. Brummitt,Rajiv Sethi,Duncan J. Watts
Quantitative Finance , 2014, DOI: 10.1371/journal.pone.0104219
Abstract: We explore a model of the interaction between banks and outside investors in which the ability of banks to issue inside money (short-term liabilities believed to be convertible into currency at par) can generate a collapse in asset prices and widespread bank insolvency. The banks and investors share a common belief about the future value of certain long-term assets, but they have different objective functions; changes to this common belief result in portfolio adjustments and trade. Positive belief shocks induce banks to buy risky assets from investors, and the banks finance those purchases by issuing new short-term liabilities. Negative belief shocks induce banks to sell assets in order to reduce their chance of insolvency to a tolerably low level, and they supply more assets at lower prices, which can result in multiple market-clearing prices. A sufficiently severe negative shock causes the set of equilibrium prices to contract (in a manner given by a cusp catastrophe), causing prices to plummet discontinuously and banks to become insolvent. Successive positive and negative shocks of equal magnitude do not cancel; rather, a banking catastrophe can occur even if beliefs simply return to their initial state. Capital requirements can prevent crises by curtailing the expansion of balance sheets when beliefs become more optimistic, but they can also force larger price declines. Emergency asset price supports can be understood as attempts by a central bank to coordinate expectations on an equilibrium with solvency.
Global Eradication of Money Laundering and Immunity for Legal Practitioners under the Nigerian Money Laundering Regulation: Lessons from the United Kingdom  [PDF]
Felix Emeakpore Eboibi, Inetimi Mac-Barango
Beijing Law Review (BLR) , 2019, DOI: 10.4236/blr.2019.104042
Abstract: Legal professionals are generally depicted as possible “gatekeepers” to money laundering as a result of the kind of services they render to clients by the Financial Action Task Force (FATF). Consequently, there is the global quest for anti-money laundering obligations to be imposed on legal professionals. However, recent legal development in Nigeria seems to have absolved legal practitioners from anti-money laundering regulations based on the Nigerian Court of Appeal judgment between the Central Bank of Nigeria v Registered Trustees of Nigerian Bar Association & Attorney General of the Federation. This paper critically examines how this development impinges on the fight against money laundering and its implication on legal professionals and the Nigerian polity. Comparatively, the United Kingdom is globally seen as one of the countries that have complied with the FATF Recommendations with specific reference to legal professionals. In this regard, the United Kingdom’s approach is suggested for adaptation by the Nigerian government and Nigerian Bar Association.
Understanding Modern Banking Ledgers through Blockchain Technologies: Future of Transaction Processing and Smart Contracts on the Internet of Money  [PDF]
Gareth William Peters,Efstathios Panayi
Computer Science , 2015,
Abstract: In this chapter we provide an overview of the concept of blockchain technology and its potential to disrupt the world of banking through facilitating global money remittance, smart contracts, automated banking ledgers and digital assets. In this regard, we first provide a brief overview of the core aspects of this technology, as well as the second-generation contract-based developments. From there we discuss key issues that must be considered in developing such ledger based technologies in a banking context.
Loren Gatch
Essays in Economic & Business History , 2008,
Abstract: The Great Depression in the United States produced a great outpouring of local currencies as responses to various aspects of the economic crisis. This article describes the basic types of scrip in use, assesses their legality and theoretical justification, and ventures some generalizations as to what sorts of scrip worked best. It argues that the widespread use of local scrip was not motivated by any systematic analysis of the shortcomings of the national economy, or of its monetary system. Rather, the scrip movement represented eclectic responses to specific economic problems created by the Depression.
Release of the Kraken: A Novel Money Multiplier Equation's Debut in 21st Century Banking  [PDF]
Brian P. Hanley
Computer Science , 2014, DOI: 10.5018/economics-ejournal.ja.2012-3
Abstract: Historically, the banking multiplier has been in a range of 4 to 100, with 25% to 1% reserve ratios at most layers of the banking system encompassing the majority of its range in recent centuries. Here it is shown that multipliers over 1 000 can occur from a new mechanism in banking. This new multiplier uses a default insurance note to insure an outstanding loan in order to return the value of the insured amount into capital. The economic impact of this invention is calculably greater than the original invention of reserve banking. The consequence of this lending invention is to render the existing money multiplier equations of reserve banking obsolete where it occurs. The equations describing this new multiplier do not converge. Each set of parameters for reserve percentage, nesting depth, etc. creates a unique logarithmic curve rather than approaching a limit. Thus it is necessary to show the behavior of this new equation by numerical methods. Understanding this new multiplier and associated issues is necessary for economic analyses of the Global Financial Crisis.
Internet Banking: An empirical investigation into the extent of adoption by banks and the determinants of customer satisfaction in the United Arab Emirates  [cached]
Raed Awamleh,Cedwyn Fernandes
Journal of Internet Banking and Commerce , 2005,
Abstract: This study adopts the Diniz (1998) model to evaluate websites of foreign and local banks in the United Arab Emirates and through a survey of users ascertains factors that influence customer satisfaction of the internet banking service. These are convenience, independence, and security of internet banking transactions. Results suggest that although the banking sector in the United Arab Emirates is a regional leader, internet banking in the United Arab Emirates is yet to be properly utilized as a real added value tool to improve customer relationship and to attain cost advantages. To identify factors influencing satisfaction of internet banking customers, data was collected from internet banking users in the United Arab Emirates. To examine the data, a factor analyses and multiple regression analyses were conducted. It was revealed that convenience and security of internet banking transactions have a significant impact on satisfaction. The effects of age, gender, number of years as an internet banking user were also explored. Security of internet banking transactions was significant for those using internet banking for more than two years, while not for others. Implications of results were discussed, and future research directions outlined.
Modern Sovereign Money—Part I: The Moral Hazard of Fractional Reserve Banking  [PDF]
Christian Etzrodt
Open Journal of Social Sciences (JSS) , 2018, DOI: 10.4236/jss.2018.69007
Abstract: The aim of this paper is to show that problems in financial markets are not the result of unethical behaviour of specific individuals, but instead are caused by a fundamental conflict of interests between the private banks and society. By inflating bubbles through fractional reserve banking and securitization the private banks can increase profits but also increase the risks for the society at large. I will discuss why the most common proposals for reducing the risk for society are very likely not solving the problem, because they do not resolve the fundamental conflict of interest.
Anti-Money Laundering Game between Banking Institutions and Employees in the Progressing CNY Internationalization  [PDF]
Dexiang Mei, Li Zhou
Modern Economy (ME) , 2015, DOI: 10.4236/me.2015.64048
Abstract: Based on the establishment of imperfect dynamic game model of multiple node information sets, the paper analyzes the three equilibrium strategies of banking institutions (BIs) and employees (BEs) under Chinese government’s different anti-money laundering (AML) efforts: both free of AML, BIs involved in AML but BEs away from AML, and both engaged in AML. It finds that Chinese government’s AML effort will impact BIs’ AML choice, and BIs’ AML choice will affect BEs’ AML choice. Only with the effective cooperation among the government, BIs, and BEs can we achieve the AML equilibrium strategy of the two gaming parties.
Krygshelde/War Heroes: Sersant Quentin George Murray Smythe - 'n Man van durf en daad.  [cached]
W. Kroukamp
Scientia Militaria : South African Journal of Military Studies , 2012, DOI: 10.5787/14-2-518
Abstract: There have been dozens of almost unbelievable acts of courage in every war. Few can excel the incredible exploit of Sergeant Q.G.M. Smythe, who single-handed, destroyed a German anti-tank gun position and captured its crew.
Neglected Questions on the “Forgotten War”: South Korea and the United States on the Eve of the Korean War
Mark Caprio
Asia-Pacific Journal : Japan Focus , 2011,
Abstract: The breakup of the Soviet Union in the early 1990s prodded open the archival doors of once closed regimes releasing interesting information on Soviet-North Korean-Chinese relations during the Cold War. Documents released from these archives contributed new evidence to enrich our understanding of old questions.2 One such question concerns the origins of the Korean War. Documents from these archives demonstrate an active correspondence between the three communist leaders in Northeast Asia—Josef Stalin, Mao Zedong, and Kim Il Sung—regarding the planning and orchestration of this war fought primarily among the two Korean states, the United States, and China.3 This new evidence has encouraged scholars to reformulate fundamental views of this war, particularly its place in Cold War history.The timing of the documents’ release—just as the Soviet-as-enemy image faded, and the post-Cold War rogue state-as-enemy image emerged—is intriguing. This new evidence’s apparent support of North Korean culpability in the war’s origins proved useful to those who accused North Korea of once again breaching regional peace by launching nuclear programs and other provocative activities. They strengthened calls for close vigilance lest the communist state launch a second surprise, unprovoked attack against its southern neighbor. The contribution made by these documents, however, is limited to enhanced understanding of relations between members of the northern triangle (the Soviet Union, China, and North Korea); they contribute little to understanding of the southern triangle (the United States, Japan, and South Korea). This critical limitation does not enter into the analyses of many scholars who have used these documents to update understanding of this war’s origins. The purpose of this paper is to address questions that require attention before we can fully understand the causes of the Korean War. These questions demand information on the interactions by members of the southern triangle prior to the outbreak of conventional war.It is well known that South Korean President Syngman Rhee equaled his North Korean counterpart’s ambitions to use military force to reunite his homeland, and that the United States was determined to prevent his doing so on his own. Were these ambitions aimed at preserving the peace, or preserving control over the war that many perceived as inevitable? If the former, why didn’t the United States (along with the Soviet Union) exert greater efforts to curtail the increasing outbreaks of armed violence that took place between the two Korean states? If the l
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