INTERNATIONAL FINANCE TRANSACTIONS，POLICY，AND REGULATION EIGHTEENTH EDITIONPDF|Epub|txt|kindle电子书版本下载

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CHAPTER ONE Introduction1

A. International Financial Transactions1

1. Definitions1

2. Regulation6

B. The Major Financial Markets Compared12

C. How Globalized Are Financial Markets？18

D. Costs and Benefits of the Internationalization of Finance21

E. The Problem of Systemic Risk24

1. Connectedness： The Chain Reaction Problem24

2. Contagion26

3. The Extent of Overall Systemic Risk27

4. Systemic Risk Beyond the Banks：The Story of Long-Term Capital Management29

F. The Global Financial Crisis34

1. Causes of the Crisis35

2. Description of the Crisis： Measuring Severity36

3. The U.S. Policy Response42

4. Emergency Authority of the Federal Reserve80

5. The International Response82

G. The Road Map84

PART ONE INTERNATIONAL ASPECTS OF MAJOR DOMESTIC MARKETS85

CHAPTER TWO International Aspects of U.S.Capital Markets86

A. Overview： Securities and Securities Markets87

1. Securities87

2. Securities Markets88

3. Market Actors and Transactions91

B. The U.S. Securities Law Framework93

1. General Approach： Registration and Disclosure93

2. Exemptions from Registration and Reporting96

3. Liability for Deficient Disclosure108

4. Framework Applied： Transactions and Alternatives114

C. Enforcement of U.S. Securities Laws124

1. Public Enforcement124

2. Private Enforcement132

3. Comparing the United States and the United Kingdom140

D. Regulation and Market Competitiveness142

1. Bonding143

2. Cross-Listing and Liquidity143

3. Emerging Market Competition145

4. Offshore and Private Alternatives146

5. Delisting147

6. Listing Premium Studies148

7. Trend Implications149

E. Corporate Governance151

1. The Sarbanes-Oxley Act of 2002151

2. Market Structure and Corporate Governance178

F. International Coordination of Disclosure and Accounting Standards201

1. Disclosure201

2. Accounting202

G. Regulation of Securities Firms216

1. SEC， Capital Adequacy and Regulatory Competition216

2. Self-Regulatory Organizations （SROs）218

3. Investment Banking Practices219

Conclusions230

CHAPTER THREE International Aspects of U.S.Banking Markets232

A. Domestic and International Banking Markets233

B. Basic Features of U.S. Bank Regulation237

1. Safety and Soundness （Prudential） Regulation237

2. Deposit Insurance and Lender of Last Resort238

3. Limits on Activities and Affiliations242

4. Dual Banking System251

5. Other Regulations253

C. Foreign Banks in the United States： Host Regulation256

1. Subsidiaries257

2. Branches259

3. Activities and Affiliation Restrictions on Foreign Banks263

4. The Daiwa Scandal： A Case Study in Host Regulation266

D. Home Regulation， Transnational Banking， and International Coordination269

1. Concern with the Operation of U.S. Banks Abroad269

2. The BCCI Affair269

3. International Response to BCCI： The Basel Concordat and Its Progeny272

4. U.S. Response to BCCI： FBSEA275

E. Bank Failure and Resolution278

1. Bank Resolution Framework in the United States278

2. The Dodd-Frank Resolution Reforms281

3. Failures of Cross-Border Banking Organizations283

F. The Structure of Regulation and Supervision287

1. Systematic Risk， Macroprudential Regulation， and Institutional Design287

2. U.S. Institutions for Regulation and Supervision291

G. Trade in Financial Services： The GATS302

1. Structure of the GATS302

2. General Obligations： MFN and Transparency303

3. Specific Commitments： Market Access and National Treatment303

4. Special Provision for Financial Services：Understanding on Commitments in Financial Services303

5. Annex on Financial Services303

6. The Doha Round304

Conclusions305

CHAPTER FOUR The European Union： The Single Market in Financial Services306

A. Introduction307

B. Securities Markets309

1. Disclosure314

2. Provision of Services328

3. UCITS334

4. Securitization and Credit Rating Agencies336

5. Derivatives341

6. Corporate Governance342

7. The Structure of E.U. Securities Regulation345

C. Banking Markets348

1. The Second Banking Directive352

2. Conglomerates366

3. State Subsidies and Merger Restrictions368

4. Impact of Banking Policy372

5. Deposit Insurance373

6. Bailouts and the Credit Crisis375

Conclusions376

CHAPTER FIVE Europe’s Economic and Monetary Union378

A. The Design of the European Monetary Union378

1. The Maastricht Treaty379

2. The Pros and Cons of Monetary Union382

B. The Transition： Getting to Stage 3387

1. Convergence387

2. The Shift om Multiple Currencies to One387

C. Euro Transition390

1. From 1999 to 2002： EMI’s Schedule390

D. The Euro Today392

1. The Greek Crisis392

2. The Response to the Greek Crisis393

3. Restructuring Greece’s Debt398

4. The Ireland Crisis399

5. The “Pact For The Euro”401

6. PIIGS After The “Pact”403

7. Lender of Last Resort404

8. Impact on Financial Markets409

9. Fiscal and Monetary Policy and the Stability Pact412

10. Continuity of Contract418

11. U.K. Entry into EMU420

E. Will the Euro Survive？421

1. Reestablishing National Currencies422

2. Continuity of Contract423

Conclusions425

CHAPTER SIX Japanese Financial Markets427

A. Banking Markets429

1. Structure of Japanese Banking Today429

2. Non-performing Loans432

3. Capital Adequacy438

4. Corporate Restructuring441

5. Restructuring Japanese Banks443

6. Deposit Insurance451

7. Postal Savings System451

8. The Regulators453

B. Capital Markets455

1. The Big Bang in Capital Markets456

2. Licensing Requirements for Foreign Securities Firms458

3. The Financial Services Agreement （FSA） of 1995：Liberalization of Cross-Border Capital Flows459

4. Rules for Issuance of Foreign Securities in Japan462

5. Stock Exchanges and the Bond Markets463

6. Government Intervention in Capital Markets464

7. Disclosure Practices466

8. Corporate Governance and Corporate Control466

9. Financial Instruments and Exchange Act of 2006 （FIEA）471

10. Regulators and Enforcement473

Conclusions478

PART TWO INFRASTRUCTURE OF FINANCIAL MARKETS480

CHAPTER SEVEN Capital Adequacv481

A. Background of the Basel Accord and Definition of Capital482

1. Overview484

2. Definition of Capital486

B. Credit Risk under Basel Ⅰ491

1. Risk-weighting491

2. Off-Balance Sheet （OBS） Items495

3. The Effect of the Credit Risk Rules497

C. The New Basel Accord （Basel Ⅱ）498

1. The Standardized Approach499

2. The Internal Ratings-Based Approach501

D. Current Issues of Capital Adequacy： Basel Ⅱ， Basel Ⅲ and Beyond511

1. How Much Capital？511

2. Basel ⅡI Capital and Liquidity Reforms512

3. Bank Holding Company Capital522

4. Accounting and Capital522

5. Cyclicality523

E. Market Discipline Alternative525

1. Subordinated Debt525

2. Spreads on Credit Default Swaps527

3. Stress Tests528

F. Market Risk531

1. Associated with Securities Operations531

2. The Basel Committee Approach532

G. Operational Risk539

H. Home Hosting Problems541

Conclusions543

CHAPTER EIGHT Foreign Exchange Regimes545

A. Basic Types of Exchange Rate Systems545

1. Fixed Rate Systems： The Gold Standard547

2. Fixed Rate Systems： The Bretton Woods Dollar Standard549

3. Floating Rate Regimes—An Overview551

B. Types of Existing Exchange Rate Systems552

1. Exchange Arrangements with No Separate Legal Tender552

2. Currency Board Arrangements553

3. Conventional Fixed Peg Arrangements554

4. Pegged Exchange Rates within Bands555

5. Crawling Pegs558

6. Exchange Rates within Crawling Bands559

7. Managed Floating with No Preannounced Path for the Exchange Rate559

8. Independent Floating560

9. Overall Trends560

10. The Debate about the Non-system560

C. Sovereign Wealth Funds565

1. Types and Sizes565

2. Investments in Banks569

3. Host Country Review Procedures： National Security571

4. Policy Concerns Apart From National Security572

5. Voluntary Codes of Conduct574

D. Capital Controls and Foreign Exchange Regimes575

E. Foreign Exchange Markets578

1. The Spot Foreign Exchange Market579

2. The Forward Market580

3. The 1997 International Foreign Exchange Master Agreement （IFEMA）580

Conclusions589

CHAPTER NINE The Pavment System590

A. The Use of the U.S. Payment System for International Transactions590

1. In-house and Correspondent Transfers591

2. Fedwire595

3. CHIPS598

B. Fedwire and CHIPS： Risk Reduction Measures603

1. Fedwire603

2. CHIPS609

3. Gross Versus Net Settlement612

C. Herstatt Risk614

D. Some Aspects of the International Payment System619

1. Off-shore Dollar Payment Systems619

2. European Union621

3. International Standards624

4. Global Trends626

Conclusions626

CHAPTER TEN Clearance and Settlement627

A. The Basic Elements627

1. Overview627

2. Clearance and Settlement in the United States：The DTCC630

3. Multilateral Netting637

4. Group of Thirty Standards639

5. The Second Generation Group of Thirty Standards642

B. International Dimensions648

1. Linkages649

2. ICSDs651

C. Future Arrangements666

D. Capital Requirements and Prudential Supervision671

Conclusions672

PART THREE INSTRUMENTS AND OFFSHORE MARKETS674

CHAPTER ELEVEN Euromarkets675

A. Introduction to the Eurocurrency Market675

B. Syndicated Eurodollar Loans： An Overview678

C. The Allocation of Risk Among the Parties to a Eurocredit Based on Sample Agreement680

1. The Basic Terms of the Loan681

2. Allocation of Risk Among Managers， Agents， and Participating Banks689

D. Eurobonds691

1. The Market691

2. The Effect of Regulation693

3. Issuing Procedures694

4. Taxation698

5. Global Bonds702

Conclusions703

CHAPTER TWELVE Asset Securitization and the Financial Crisis704

A. Introduction704

B. Key Issues in Structuring an Offering707

1. Securitizable Assets709

2. The Special Purpose Vehicle709

3. The Form of the SPV710

4. Bankruptcy Remoteness713

5. Collateralized Debt Obligations （CDOs）714

6. Accounting Treatment718

7. Taxation718

8. Credit， Liquidity， and Other Enhancements719

9. Investors and the Types of Asset Backed Securities （ABSs）722

10. Ratings724

C. The Development of National ABS Markets in Germany and Europe725

1. Pfandbriefe725

2. Other Types of Securitizations726

D. Capital Adequacy Rules for ABS728

1. Operational Requirements729

2. Standardized Approach730

3. IRB Approach731

E. Reform of the Securitization Process733

1. The Credit Ratings Agencies733

2. Disclosure745

3. Incentives748

4. Accounting Reforms755

5. Structural Reforms： The Volcker Rules772

F. Housing Markets： Relief for Borrowers and Consumer Protection772

1. Housing Markets Problem773

2. The Bush Administration and the American Securitization Forum （ASF） Plan774

3. Legal Protection for Mortgage Modifications776

4. Federal Incentives for Loan Modifications779

5. The FDIC Approach780

6. The HAMP Plan781

7. Other Plans783

8. Mortgage Brokers and State Foreclosure Laws785

9. Bankruptcy Reform786

G. Unfair and Deceptive Practices787

H. Liability for the Past789

Conclusions790

CHAPTER THIRTEEN Stock Market Competition792

A. U.S. Market793

1. Overview of U.S. Market793

B. Foreign Markets820

1. London Stock Exchange820

2. Tokyo Stock Exchange823

C. Alliances and Mergers826

1. European Mergers827

2. Cross-Atlantic Mergers830

Conclusions833

CHAPTER FOURTEEN Futures and Options835

A. Introduction835

B. Futures， Options， and Markets： An Introduction836

1. Futures836

2. Options837

3. The Markets841

4. Protecting the Exchange： Margin Rules845

C. Futures and Options Exchanges： Competition and Regulation848

1. Competition in Contracts849

2. International Competitiveness849

3. Exchange Mergers850

4. Role of Domestic Regulation851

5. Volatility Concern853

6. Clearing and Settlement854

D. Cross-Border Electronic Access to Futures Exchanges855

E. A Case Study in the Regulation of Futures and Options Markets： The Barings Case858

1. The Barings Group858

2. The Scam860

3. The Regulatory Role of SIMEX864

4. The Role of the Bank of England as Lead Regulator867

5. International Efforts to Avoid Another Barings Crisis868

F. National Regulatory Responses871

Conclusions872

CHAPTER FIFTEEN Swaps873

A. Swap Transactions and Markets873

1. Swap Transactions： The Basics873

2. Why Do End-users Use Swaps876

3. Overall Markets879

B. Credit and Market Risks880

1. The Nature of the Risks880

2. Documentation888

C. Credit Derivatives890

1. Types of Transactions894

2. Price Transparency897

3. Restructuring and Settlement Issues900

4. Clearing and Settlement and Exchange Trading909

D. Operational Risk and OTC Regulation929

E. Capital Requirements930

1. The Basel Accord： Credit Risk930

2. Basel Accord： Market Risk Amendments935

3. Credit Derivatives936

4. Basel Ⅲ937

F. Enforceability Issues938

1. Liability of Derivatives Dealers938

2. Bankruptcy955

G. Industry Initiatives963

Conclusions965

CHAPTER SIXTEEN Mutual and Hedge Funds967

A. United States Regulation of Offshore Mutual Funds969

1. Mutual Funds Registered under the 1940 Act969

B. Current Issues in U.S. Mutual Fund Regulation979

1. Trading Violations979

2. Other Issues984

3. Mutual Money Market Funds and the Credit Crisis993

C. Hedge Funds1000

1. Registration Exemptions1004

2. The Investment Advisers Act of 1940 and Registration Requirements1011

3 Reform Legislation1013

4. European Hedge Fund Regulation1020

5. Shareholder Rights1021

D. Tax Considerations1025

1. Why Foreigners Do Not Invest in U.S. Funds1025

2. Why U.S. Investors Will Not Invest in Foreign Funds1025

3. Hedge Funds Avoid PFIC1027

4. Other Tax Issues1027

Conclusions1028

PART FOUR EMERGING MARKETS1030

CHAPTER SEVENTEEN Proiect Finance1031

A. Introduction1031

B. The Philippines’ Need for Power1033

C. Project Finance in General1034

1. Foreign Direct Investment in the Philippines1034

2. Projects and Project Finance1034

D. The Pagbilao Power Project1035

1. The Players1035

2. Construction1037

3. Operations1040

E. Financing Pagbilao1042

1. The Overall Structure1042

2. Bank Capital Requirements1044

3. Official Export Credit： U.S. Export-Import Bank1045

4. Important Arrangements among the Parties1050

F. Subsequent Developments1057

1. The Asian Crisis Impact on Project Finance1057

2. Privatization of Napocor1058

3. Renegotiation1058

4. Environmental Problems1059

5. Provincial Threats1059

Conclusions1059

CHAPTER EIGHTEEN Privatization and Institutional Investors1060

A. Introduction1060

B. Privatization in the 1980s and 1990s1061

1. What is Privatization？1061

2. Types of Privatization1061

C. Telmex as a State-owned Enterprise1062

D. Investment in Mexico1064

1. The Mexican Stock Exchange1064

2. Foreign Investment1064

E. The Transfer of Control over Telmex to the Consortium1065

1. The Reason for Privatizing Telmex1065

2. The Winning Bidders1065

3. The New Capital Structure1066

4. The Modified Concession1067

F. The Offer of Telmex Shares in World Markets1071

1. The Evolution of the Telmex Capital Structure1071

2. The American Depositary Receipts1072

G. Demand for the Telmex Offer1073

H. The December 1994 Peso Crisis1073

1. Telmex and the Crisis1073

2. Telmex and the WTO1075

Conclusions1077

CHAPTER NINETEEN Emerging Market Debt1078

A. Introduction1078

B. The Debt Problem1080

1. Overall Characteristics1080

2. Debt Crises 1982-19901083

3. Debt Crisis Management Post-1990： Bailouts，Restructurings， and Defaults1095

4. Argentina： A Major Sustained Default1110

5. Brazil： Mexico 1984 Redux？1121

6. Emerging Market Debt after 20051122

C. Reform of the Debt Resolution Process1123

1. The Sovereign Debt Problem： Lessons from the Last Three Decades1123

2. Key Areas of Reform1131

Conclusions1165

CHAPTER TWENTY Financial System Reforms in Developing and Emerging Markets1167

A. An International Banking Standard1167

1. Domestic Standards1167

2. Cross-border Standards1170

B. The International Financial Architecture Approach1171

1. BIS Core Principles1171

2. IMF Financial Sector Assessment Program （FSAP）1175

3. Market Discipline1176

4. Financial Stability Board （FSB）1177

5. Joint Forum1178

C. Regional Integration1178

D. Capital Controls1179

1. Chilean Experience1180

2. Malaysian Experience1182

3. Overall Assessments1182

Conclusions1184

CHAPTER TWENTY-ONE Chinese Financial Markets1186

A. Overview of the Chinese Financial System1189

1. Characteristics of China’s Financial System1190

2. The Chinese Economic Reforms1191

3. The Chinese Legal System1192

B. Foreign Exchange and Capital Controls1194

1. Overview1194

2. Problems with Fundamental Convertability1196

3. Incremental Liberalization1197

C. Chinese Domestic Banking Regulation1199

1. Chinese Banking Overview1199

2. Bank Reform in China1204

3. Banking Regulation1209

4. Cross-border and International Banking Regulation in China1216

D. Chinese Securities Markets1221

1. Overview of the Chinese Securities Markets1221

2. Hong Kong Securities Markets1223

3. Mainland Chinese Securities Markets1229

E. Emerging Issues in Chinese Finance1239

1. China Investment Corporation1239

2. Corporate Governance in China1240

3. U.S.-China Strategic Economic Dialogue1241

Conclusions1241

PART FIVE FIGHTING TERRORISM1243

CHAPTER TWENTY-TWO Controlling the Financing of Terrorism， Terrorism Insurance， and Financial Terrorism1244

A. Money Laundering and Anti-Terrorism1244

1. Nature of the Problem1244

2. The United States Response1248

3. International Initiatives1263

4. Additional Measures1267

B. Freezing Terrorist Assets1270

1. The LAFB Litigation1270

2. The Ineffectiveness of Unilateral Freezes1293

3. Terrorist Asset Freezes Post-9/111293

C. Reinsurance Crisis1295

D. Attacking the Financial System1301

E. Costs and Benefits1301

Conclusions1302

INDEX1305