Papers by Adrian Tschoegl
Maha al Ghunaim: Building an Investment Bank through the Crash
Monetary Policy in Japan
One main feature of the macroeconomic performance of Japan since the shift to floating exchange r... more One main feature of the macroeconomic performance of Japan since the shift to floating exchange rates has been the reduction in the variability of inflation and growth. Figure 3.1 outlines this particular feature very clearly. This figure shows the growth rate of money stock, together with that of nominal and real GNP over the years 1956–88, in terms of quarterly data vis-a-vis the same quarter of the previous year. Because the Bank of Japan switched to a policy of focusing attention on M2 + CDs in 1975, this indicator of the money stock is used in the figure. The following aspects of macro performance may be read from it.
Introduction to the special issue
Journal of International Financial Markets, Institutions and Money, Oct 1, 2002
RePEc: Research Papers in Economics, Aug 1, 1997
We discuss the expansion of Norwegian banks abroad in the post-World War II era. The Norwegian ca... more We discuss the expansion of Norwegian banks abroad in the post-World War II era. The Norwegian case gives us an opportunity to examine the determinants of the strategies that banks from a small county have followed in their international expansion. At least two issues emerge as important. The first issue is the role of regulation as goad and handicap to internationalization. Regulations influenced when, where, how and why the Norwegian banks expanded abroad. The second issue is the role of the competition and cooperation (including joint ventures) between banks.
RePEc: Research Papers in Economics, Aug 1, 1997
Social Science Research Network, 1998
In Section 4 I investigate the correlates of survival and exit among the foreign bank entrants. S... more In Section 4 I investigate the correlates of survival and exit among the foreign bank entrants. Survival factors include prior experience in Norway, the size of the entrant at start-up, and the size of the parent. Lastly, Section 6 is a summary and conclusion. In 1971 and again in 1973 several foreign banks sought the Ministry of Finance's permission to enter Norway. In 1973 the Ministry ruled that representative offices did not come under the banking law and hence foreign banks did not require permission. In 1974, the Government formally rejected applications from foreign banks to establish branches or subsidiaries . The prohibition lasted until 1985. Reluctant to let its own banks go abroad, Norway did not have to offer reciprocity. Norway thus stands in some contrast to the situation in Japan and Korea (Ursacki and Vertinsky 1992). The attractiveness of the Japanese markets to foreign institutions enabled Japan to use a strict definition of reciprocity; Japan could both reduce entry from other countries unwilling to ease their conditions, and perhaps lever open entry into foreign markets for its own institutions. Korea had less leverage. i This section draws on .
Social Science Research Network, 1998
We discuss the expansion of Norwegian banks abroad in the post-World War II era. The Norwegian ca... more We discuss the expansion of Norwegian banks abroad in the post-World War II era. The Norwegian case gives us an opportunity to examine the determinants of the strategies that banks from a small county have followed in their international expansion. At least two issues emerge as important. The first issue is the role of regulation as goad and handicap to internationalization. Regulations influenced when, where, how and why the Norwegian banks expanded abroad. The second issue is the role of the competition and cooperation (including joint ventures) between banks.
Liquor Brand Market Share
Foreign Direct Investment in Banking in California
Springer eBooks, Nov 19, 2005
The Barings, Daiwa Bank and Sumitomo Corp. financial debacles in the mid-1990s suggest that manag... more The Barings, Daiwa Bank and Sumitomo Corp. financial debacles in the mid-1990s suggest that management failures rather than misfortune, errors, or complexity are a major source of the risk of financial debacles. These errors are systematic and are a concommittant of the structure of trading and of human nature. Risk management systems must take these facts into account. Two years after this chapter first appeared, John Rusnak, a trader at Allied Irish Bank's US subsidiary lost US$691m in unauthorized trading.
Foreign Banks in Japan
Monetary and and Economic Studies, 1988
BOJ MONETARY AND ECONOMIC STUDIES VOL.6 NO.l MAY 1988 Foreign Banks in JapanADRIAN E. TSCHOEG... more BOJ MONETARY AND ECONOMIC STUDIES VOL.6 NO.l MAY 1988 Foreign Banks in JapanADRIAN E. TSCHOEGL* / examine the role of foreign banks in Japan to ... First, I have not included any variable for the distance between the parent bank's head office and Tokyo. ...
RePEc: Research Papers in Economics, May 1, 2001
Balkanologie, Dec 1, 2004
Change the regime -change the money: Bulgarian banknotes, 1885-2003 Changer de régime -changer d'... more Change the regime -change the money: Bulgarian banknotes, 1885-2003 Changer de régime -changer d'argent : les billets de banque bulgares, 1885-2003
RePEc: Research Papers in Economics, May 1, 2001
Transnational corporations, 2000
Since 1995 two Spanish banks-Banco Santander Central Hispano and Banco Bilbao Vizcaya-have become... more Since 1995 two Spanish banks-Banco Santander Central Hispano and Banco Bilbao Vizcaya-have become the largest foreign banks in retail banking in Latin America. This recent development merits careful analysis because foreign direct investment is rare in retail banking. We find that the Spanish banks are exhibiting asset-seeking, assetexploiting, and oligopolistic behaviors, thus posing no serious challenge to established theories of foreign investment. We discuss the implications for research on cross-border banking.
Social Science Research Network, Mar 8, 2003
The book assaults common sense with evidence. In order to mount his assault on accepted wisdom, T... more The book assaults common sense with evidence. In order to mount his assault on accepted wisdom, Tetlock spends some 238 pages of text explaining his methods and findings, and considering and refuting many alternative explanations, and adds some 75 pages of technical appendices. The downside of this approach is that some readers may find the book too demanding. That would be a pity as his findings are important. Tetlock’s book reports the results of a two-decade long study of expert predictions. He recruited 284 people whose professions included commenting or offering advice on political and economic trends. He asked them to forecast the probability that various situations would or would not occur, picking areas (geographic and substantive) within and outside their areas of expertise. In addition to eliciting forecasts, Tetlock also asked questions aimed at understanding how the forecasters came to formulate their forecasts, how they dealt with the failure of their forecasts, how the...
Critics have excoriated the US fast-food industry in general, and McDonald\\u27s most particularl... more Critics have excoriated the US fast-food industry in general, and McDonald\\u27s most particularly, both per se and as a symbol of the United States. However, examining McDonald\\u27s internationalization and development abroad suggests that McDonald\\u27s and the others of its ilk are sources of development for mid-range countries. McDonald\\u27s brings training in management, encourages entrepreneurship directly through franchises and indirectly through demonstration effects, creates backward linkages that develop local suppliers, fosters exports by their suppliers, and has positive external effects on productivity and standards of service, cleanliness, and quality in the host economies
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Papers by Adrian Tschoegl