- - Aliber R. Z. (1984), ‘International Banking: A Survey’, Journal of Money, Credit and Banking, 16: 661-678 - Baster A.S. (1932), The Imperial Banks (London) - Baster A.S. (1935), The International Banks (London) - Battilossi S. (2000), ‘Financial Innovation and the Golden Ages of International Banking, 1890-1931 and 1958-19810’, Financial History Review, n.7: 141-175 -Berkovitz D. et al. (2003), ‘Economic Development, Legality and the Transplant Effect’, European Economic Review, 47 (1) pp. 165-195.
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- -Bloomfield A. (1963), Short-Term Capital Movements Under the Pre-1914 Gold Standard, Princeton Studies in International Finance, 11.
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- -Bonin H. (1991), ‘The Case of the French Banks’, in R. Cameron, V.I. Bovykin (eds.), International Banking 1870-1914 (Oxford) -Brealey R.A., Kaplanis E.C. (1996), ‘The Determinants of Foreign Banking Location’, Journal of International Money and Finance, 15 (4): 577-97.
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-Galindo A., Micco A., Serra C. (2003), ‘Better The Devil That You Know: Evidence on Entry Costs Faced by Foreign Banks’, Interamerican Development Bank Research Department, Working Paper, n. 477 -Hertner P. (1990), ‘German banks abroad before 1914’, in J. Jones (ed.), Banks as Multinationals (London) -Hoffman R.J.S. (1933), Great Britain and the German Trade Rivalry 1875-1914 (Oxford) -Jones J. (ed.) (1990), Banks as Multinationals (London) -Jones J. (ed.) (1992), Multinational and International Banking (Aldershot) -Jones J. (1993), British Multinational Banking (Oxford) 37 -Jones G. (1995), ‘The Evolution of European Multinational Banking Befor 1914: Comparisons and Contrasts’, in W. Feldenkirchen et al. (eds)., Wirtschaft, Gesellschaft, Unternehmen. Festschrift für Han Pohl zun 60. Geburstag (Stuttgart), vol. 2, 977-92.
- -Jones G. (1998), ‘British overseas banks as free-standing companies, 1830-1996’, in M.
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-Portes R., Rey H., Oh Y. (2001), ‘Information and Capital Flows : The Determinants of Transactions in Financial Assets’, European Economic Review, 45: 783-796 -Revell J. (1994), ‘International Financial Centres in Western Europe’, IEF Research Paper Bangor University, RP94/3 -Schwarzer O. (1991), ‘Das System des Internationalen Zahlungsverkehrs’, in J. Schneider et el.
- -Wilkins M. (1970), The Emergence of Multinational Enterprise: American Business Abroad from the Colonial Era to 1914 (Cambridge, MA).
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(eds.), Währungen der Welt I. Europäische und Nordamerikanische Devisenkurse 1777-1914 (I) (Stuttgart 1991), -Stone I. (1999), The Global Export of Capital from Great Britain, 1865-1914 (London) -Tilly R. (1991), ‘International aspects of the development of German banking’, in R. Cameron, V.I. Bovykin (eds.), International Banking 1870-1914 (Oxford) -Wezel T. (2004), ‘Foreign Bank Entry into Emerging Economies: An Empirical Assessment of the Determinants and Risks Predicated on German FDI Data’, Deutsche Bundesbank Discussion Paper, Series 1, n.01/2004.
- 2 See Dixon (2001) “Survey of Caribbean offshore centers†Financial Stability Review, Bank of England, for a discussion of the types of financial activity that take place in Caribbean OFCs.
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- Assuming that the French source has a superior reliability when dealing with French trade, I’ve therefore revised Barbieri’s data on French trade to take into account the new figures. Although the reconstruction of a more reliable matrix of international trade for the pre-1914 period was far beyond the scope and purposes of this paper, a similar effort of revision may well prove necessary in the future for German figures too. Finally, in order to include colonial trade, I have assembled a small original dataset on dyadic trade of British colonies and dominions, as well as of some important countries missing from Barbieri’s dataset such as Egypt, based on cross-checks of the Stateman’s Yearbook and the Statistical Abstract. Bilateral and total trade, and derived ratios, used in the regressions are 5-year (occasionally less, due to missing data) averages ending in the benchmark years.
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Berkovitz et al. (2003), ‘Economic Development, Legality and the Transplant Effect’, European Economic Review, 47 (1) pp. 165-195. No legal family could be assigned to Russia on the base of these two sources. Distance. Great circle distance between capital cities, the only exception beeing the use of Rio de Janeiro for Brasil, and New York for the USA.
- Bilateral trade flows. Data on bilateral trade of a wide set of countries with the United Kingdom, Germany and France are provided by the International Trade Database maintained by Kathy Barbieri as part of the COW (Correlates of War) Project. The database is available online at: http://www.correlatesofwar.org/ The database provides both dyadic (i.e. bilateral) trade figures and national trade figures, and only includes reported statistics derived from trade reports; no estimation techniques are employed to replace missing values. It represents the best existing source for pre-1914 international trade data, having been constructed through an exhaustive search of historical documents, including national almanacs, commerce dictionaries, and government documents.
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- BIS reporting banks’ foreign claims (ultimate risk basis) on all sectors in Asia-Pacific stood at $600 billion in the first quarter of 2005, compared with $495 billion vis-à -vis emerging Europe and $515 billion vis-à -vis Latin America. 58 BIS reporting banks’ foreign claims on offshore centers In billions of US dollars By sector and claim type1 By vis-à -vis country By reporting country 0 300 600 900 1200 83 87 91 95 99 03 40 55 70 85 100 Local N-bank priv. sect.
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- Branches of multinational banks. The basic information for this original data set has been extracted from the Banking Almanac, a specialized journal published in London by Waterlow and Sons since 1844. The Almanac published annually a complete directory of banks, both British and foreign, operating in banking places outside the UK (including British colonies), compiled by Sir Inglis Palgrave and containing additional information about their London office, agents or correspondents. The scope and ambitions of Palgrave’s colonial and foreign directory increased noticeably over time and went hand in hand with the growing size of the international banking phenomenon.
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- Country risk. The country risk is measured by the spread of sovereign debt of host countries over British consols, as reported in Obstfled and Taylor’s (2003) database.
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- Eastern and Southern Europe: Bulgaria, Greece, Portugal, Romania, Spain, Russia, Serbia Mediterranean Basin and Near East: Algeria, British Possessions (Cyprus, Malta, Gibraltar), Egypt, Morocco, Tunisia, Turkey (European and Asian) Middle and South-East Asia: Ceylon, China, Cochinchina (French), India (British and French), Japan, Java, Persia, Philippines Islands, Straits Settlements, Siam Australasia: Commonwealth of Australia, New Zealand North America: Dominions of Canada, United States Caribbean and Central America: Costarica, Cuba/Santo Domingo (Spanish West Indies up to 1898), Republica de Guatemala, Haiti, Honduras, Mexico, Nicaragua, El Salvador South America: Argentina, Bolivia, Brasil, Colombia, Chile, Ecuador, Peru, Uruguay, Venezuela Subsaharian Africa: British coloinies of East Africa, South Africa and West Africa, and Madagascar (French).
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- Exchange risk. The nominal exchange rate’s annual change and volatility for the decennial subperiods has been calculated on the base of the average annual rates published in the series Währungen der Welt, edited by O. Schneider et al. Nominal exchange rates of the Turkish lira and the Egyptian pound have been downloaded from Global Financial Data (http://www.globalfinancialdata.com). In the absence of official quotations, the nominal exchange rate variation of currencies on silver or bimetallic standard has been proxied by the change in the Pound price of silver. Since international banks operating abroad were particularly vulnerable to depreciation of host-country currency (as discussed in the main text), the index of decennial volatility has been calculated by adapting the weighted formula suggested by Flandreau and Zumer (2004) to measure the vulnerability of public finances to foreign exchange fluctuations: Vol = Σ10 t=1Ln(Xt/Xt-1) with Ln(Xt/Xt-1) = 0 if Ln(Xt/Xt-1) < 0.
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- However, in many cases missing data for a number of important variables have proved the rule rather than the exception, especially for the period prior to 1900. As a consequence, the nature of the sample is extremely unbalanced, and regressions have been run on samples generally including between 30 and 40 countries.
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- I am looking forward to future versions and extensions of this research. 65 Index of Working Papers: January 2, 2002 Sylvia Kaufmann 56 Asymmetries in Bank Lending Behaviour.
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July 21, 2003 Jesus Crespo Cuaresma, Ernest Gnan, Doris RitzbergerGruenwald 84 Searching for the Natural Rate of Interest: a Euro-Area Perspective July 28, 2003 Sylvia FrühwirthSchnatter, Sylvia Kaufmann 85 Investigating asymmetries in the bank lending channel. An analysis using Austrian banks’ balance sheet data September 22, 2003 Burkhard Raunig 86 Testing for Longer Horizon Predictability of Return Volatility with an Application to the German DAX May 3, 2004 Juergen Eichberger, Martin Summer 87 Bank Capital, Liquidity and Systemic Risk 68 June 7, 2004 Markus Knell, Helmut Stix 88 Three Decades of Money Demand Studies.
- Legal origins. Legal families of countries that transplanted codes from main “origin†countries are based on La Porta et al. (1999), ‘The quality of government’, Journal of Law, Economics and Organization, 15 (1), pp. 222-279, usefully complemented with D.
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Some Differences and Remarkable Similarities August 27, 2004 Martin Schneider, Martin Spitzer 89 Forecasting Austrian GDP using the generalized dynamic factor model September 20, 2004 Sylvia Kaufmann, Maria Teresa Valderrama 90 Modeling Credit Aggregates Oktober 4, 2004 Gabriel Moser, Fabio Rumler, Johann Scharler 91 Forecasting Austrian Inflation November 3, 2004 Michael D. Bordo, Josef Christl, Harold James, Christian Just 92 Exchange Rate Regimes Past, Present and Future December 29, 2004 Johann Scharler 93 Understanding the Stock Market's Response to Monetary Policy Shocks Decembert 31, 2004 Harald Grech 94 What Do German Short-Term Interest Rates Tell Us About Future Inflation? February 7, 2005 Markus Knell 95 On the Design of Sustainable and Fair PAYG - Pension Systems When Cohort Sizes Change.
- Source: BIS. Graph 60 Foreign bank participation in emerging markets, by region1 Asia-Pacific2 Emerging Europe6 Latin America7 1995 1997 1999 2001 2003 Foreign bank range3 Estimated share4 Cross-border share5 1995 1997 1999 2001 2003 0 10 20 30 40 50 60 1995 1997 1999 2001 2003 1
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- The directory used to occupy less than 60 pages in the early 1880s, but had grown up to more than 400 pages by 1912. Based on such information, an international banking matrix showing the number and location of international banks’ branches worlwide has been constructed, and its exhaustiveness subsequently checked “to the best of my knowledge and effort†on the base of other primary sources as well as published studies.
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- These measures, discussed in detail in the June and September 2005 BIS Quarterly Reviews, capture the positions of BIS reporting banks only. This can lead to an underestimation of foreign bank participation in a particular country if banks located in non-reporting countries have a significant presence. Total bank financing to non-bank borrowers (government, corporate and household) in a particular country is the sum of domestic credit (DC), which includes claims (loan and debt security claims) of resident banks, and BIS reporting banks’ cross-border claims on non-banks (XB). 5
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Une approche en terme d’économie industrielle’, Revue Economique, 3, 30 -Nicholas S., Maitland E. (1998), ‘The Multinational Enterprise. New Research Agenda in International Business’, Australian Centre for International Business Discussion Paper, n.1 -Nishimura S. (1971), The Decline of Inland Bills of Exchange in the London Money Market 1855-1913 (Cambridge) -Papaioannou E. (2005), ‘What Drives International Bank Flows? Politics, Institutions and Other Determinants’, European Central Bank Working Paper, n. 437.
- Wilkins, H. Schröter (eds.), The Free-Standing Company in the World Economy 1830-1996 (Oxford) -La Porta R. et al. (1999), ‘The Quality of Government’, Journal of Law, Economics and Organization, 15 (1), pp. 222-279 -Levy M.B. (1991), ‘The Banking System and Foreign Capital in Brazil’, in R. Cameron, V.I. Bovykin (eds.), International Banking 1870-1914 (Oxford) -Lindert P. (1969), Key Currencies and Gold 1900-1913, Princeton Studies in International Finance, 24 -Metais J. (1979), ‘Les processus de multinationalisation des grandes banques commerciales.
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