Appearance of big global bank
Possibility of entering foreign market by expansion of bank’s capital
Diversification of business portfolio in bank holding company
Enlarge of market competition by privatization
Can get high synergy effect when combining with complementary company.
Possibility of monopoly in bank industry
Possibility of expanding system risk
incomplete privatizatio
II. What Are Credit Derivatives?
Derivatives are defined as the exchange or contract which has economic values deriving from the reference assets or index. According to their types, there are overall forward, future, option, and swap. Derivatives are the financial derivatives, which are enabled to trade in the market while consisting of separating the credit risk only to the holder of basic p
Kindergarten has two courses, whole-day and half-day, with teachers following a similar schedule twice a day.
Teachers in primary classrooms are faced with the challenge of meeting the needs of children with widely varying levels both of readiness for learning and of acquired knowledge and skills. The challenge is to engage them all in learning based on where they are, with a view of unlimite
탐구의 필요성이 없는 실용적인 학문은 결코 연구되지 않는다고 생각한다. 그러므로 탁월하게 실용적인 행정학이 이 나라의 대학에서 자리를 잡고 있다는 사실은 바로 미국식 행정에 대하여 보다 더 알아야 할 필요성이 있다는 것을 증명하는 것이고 그러한 사실을 입증할 수 있는 사례이다. 하지만 이
∙ GASC (The German Accounting Standards Committee)
- Task : Oversee GASB.
⇒ GASC is duly recognized by the Ministry of Justice as the
German standard-setting authority.
∙ GASB (The German Accounting Standards Board)
- Task : Technical work or Issue the accounting standard.
⇒ GASB is made up of 7 independent experts with a background
in auditing, financial analysis,
Nicholas Leeson
The trader was Nick Leeson. He had grown up in the Watford suburb of London.
After attending university, he landed a job as a clerk with an exclusive private bank, Coutts. Then he worked briefly for Morgan Stanley he worked in operations.
But shortly after joining Barings, he applied for and received a transfer to the Far East. His first task when he arrived was working through
January 17, 1995
Kobe Earthquake
Nikkei dropped sharply as people took cash out
January 20 – February, 1995
Leeson launched aggressive buying program: (3,000) 55,206 March contracts and 5,650 June contracts
Barings collapsed – could not meet huge trading obligations
Outstanding futures positions of $27 billion
(Barings’ capital was $615 million)
Second. Supervision probl
personality and charisma
rags-to-riches ‘local legend’, abiding faith in Mississippi
very good at buying businesses
but not so good at managing them
174th richest American
extend loans in excess of $415 million
“a wonderful corporate citizen”
Bill Parish, investment manager for Parish & Co., explained the collapse of Enron, WorldCom, and others with this insight:
Trade Arbitrage
At the time of the massive trading loss, Leeson was supposed to be arbitraging, seeking to profit from differences in the prices of Nikkei 225 futures contracts
listed on the Osaka Securities Exchange in Japan and the Singapore International Monetary Exchange. Consequently, almost all risks are hedged and the arbitraging strategy is not very risky. Certainl
The Asian economic crisis raised the need of a union of countries to stabilize the global economy and to support continuous development.
G20 held a summit talk to resolve the current global economy crisis by the necessary cooperation of developed countries and rising countries.
Japan’s Economy after the Global Economy Crisis and Its Responses
The Four Unfavorable Factors in the Japan