Download PDF by Paolo Savona, George Sutija: Eurodollars and International Banking

By Paolo Savona, George Sutija

ISBN-10: 134907120X

ISBN-13: 9781349071203

ISBN-10: 1349071226

ISBN-13: 9781349071227

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G. devaluation) but modified or reduced the political risk by changing the country of jurisdiction, or we might say, got rid of all jurisdictions. It is not clear, however, that Soviet funds in the US were more exposed to a freeze in 19 57 than during the Korean war. There may well have been other reasons, the most obvious one being the low rate of interest paid by banks in the US. Also, because of a ban in the United States at that time on lending to communist countries, there were no prospects of banking developments or ·eventual borrowing there, whereas it was conceivable to create in London and Paris good banking ties, first through lending, and next through borrowing.

A. Wellons writes: Bankers Trust Company has claimed responsibility for first transforming, in 1968, a portion of what is essentially an international short-term capital market into one oflonger maturities. The transformation generally is accomplished by use of an interest rate adjusted at regular intervals ... Often part of a syndicate of international banks, each lender funds its portion of the mediumterm loan by borrowing on the short-term eurodollar market for successive three, six or twelve months periods throughout the life of the Ioan.

The growth of international banking was accompanied by an erosion of the ratio of own funds to assets, an increase in maturity transformation and greater concentration of risks ... Banks appear to have acted on the implicit assumption that central banks would intervene to get them out of trouble. In this connection it needs to be emphasized that banks are individually and totally responsible for their decisions regarding creditworthiness and that they have to shoulder the consequences of their decisions.

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Eurodollars and International Banking by Paolo Savona, George Sutija

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