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Working Paper
The management of financial risks at German nonfinancial firms: the case of Metallgesellschaft
In late 1993 and early 1994, the wholly-owned U.S. subsidiary of a German conglomerate experienced substantial losses in connection with the implementation of a petroleum marketing strategy, triggering an emergency recapitalization of the German parent company. The rescue was overseen by the firm's supervisory board, which was chaired by a member of the senior management of the largest German bank. This paper draws on a special auditor's report that examined the near-bankruptcy of the firm, as well as other sources. We develop a case study which finds that the German bank was not well ...
Journal Article
Deregulation and competition in Japanese banking
Working Paper
Some implications of the President's tax proposals for U.S. banks with claims on developing countries
This paper examines some implications of the President's 1985 tax reform plan for U.S. banks with claims on developing countries. An assessment is presented of how the plan would modify, or eliminate, a variety of mechanisms by which banks shelter income from taxation. A particular focus of the paper is an analysis of the consequences for large U.S. banks of the proposed change in the computation of the U.S. tax credit for taxes paid to foreign countries.
Journal Article
Issues in financial institution capital in emerging market economies
This paper was presented at the conference "Financial services at the crossroads: capital regulation in the twenty-first century" as part of session 6, "The role of capital regulation in bank supervision." The conference, held at the Federal Reserve Bank of New York on February 26-27, 1998, was designed to encourage a consensus between the public and private sectors on an agenda for capital regulation in the new century.
Working Paper
A framework for analyzing the process of financial innovation
The following note presents a framework for analyzing financial management techniques and financial product innovation. The framework attempts to illustrate how characteristics of the economic system and its participants motivate financing needs and encourage innovations in financing techniques. New sets of financial contracts are the joint product of (1) changes in technology and in the international macro environment of asset prices; (2) the interplay of individual market participant's existing financial exposures; and (3) the presence of fruitful cross-market arbitrage opportunities based ...
Working Paper
Some consequences of U.S. taxation of foreign banks
Working Paper
Payments systems: theory and policy
Working Paper
A primer on the Japanese banking system
This paper examines the effects of the liberalization of the Japanese financial system in the past twenty years. The changes are viewed in terms of their current and potential future impact on the Japanese banking industry. The purpose of this paper is to provide a discussion of the situation facing the banking system during the present transition period between the highly segmented and regulated financial system of the post-war high growth period, and the liberalized, financially deregulated environment toward which the Japanese regulatory authorities aspire.