Banking and the Promotion of Technological Development by Nicolas Jequier, Hu Yao-su, Yao-Su Hu, A.S. Bhalla PDF

Banking and the Promotion of Technological Development by Nicolas Jequier, Hu Yao-su, Yao-Su Hu, A.S. Bhalla PDF

By Nicolas Jequier, Hu Yao-su, Yao-Su Hu, A.S. Bhalla

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Extra resources for Banking and the Promotion of Technological Development

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Often it displayed abundant courage where newly emerging branches of industry were to be promoted. In this dynamic climate of new foundations, the Bank did not hesitate to assume entrepreneurial responsibilities itself either in applying its own funds, for instance in the petroleum and electricity industries, or in supporting the building of the Anatolian and Baghdad Railway. » Finally, the banks were technically equipped to assess and therefore to take risk, and to offer their clients more than just money.

This understanding results from a close association with industry and from the bank's in-house technical and industrial expertise; its consequence is the ability to take a long-term view of things and accept risks (or at least what would be considered as risks by less-informed financial institutions). This mission or sense of purpose deserves a few words of explanation for those brought up to believe that profit maximisation is, or should be, the sole objective of an enterprise, and notably of a bank.

8 All this changed considerably after World War II, and much of the credit must go to the Credit National which played a leading part in educating the banks in the techniques of medium-term loan appraisal through the system of "mobilisable" or rediscountable medium-term credit. Under this system, the bank's loan appraisal had to be approved ~ the Credit National before the loan could qualify for rediscounting. Unsatisfactory appraisals were sent back to the bank for further work, much as a teacher would do with a schoolchild's exercises.

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