By Alfred Slager
More and more the world's biggest banks have extra task occurring the world over. What are the consequences of internationalization, and what's a profitable company version for the long run? This ebook explores the formula, implementation and evaluate of internationalization concepts, studying these of the prime banks in 8 international locations.
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Additional info for The Internationalization of Banks: Patterns, Strategies and Performance
The creation of a plan by Nicholas Brady, US Secretary of the Treasury, in 1989 ﬁnally solved the debt problem by acknowledging that troubled debtors could not fully service their debt and restore growth at the same time. Approximately 32% of the 191 billion US dollars in outstanding loans was written off Banking since the 1980s: Challenges and Issues 35 while the remaining debt was rescheduled converting loans in other ﬁnancial instruments. In exchange developing countries had to agree to introduce economic reforms.
For example, acquisition of US assets for European banks became more attractive between 1984 and 1988 when the US dollar depreciated against major European currencies. For Japanese banks, the appreciation of the Japanese yen against the US dollar lasted until 1994, marking nearly a decade where Japanese banks could buy cheaper US banking assets. However, a falling US dollar might have speeded investment decisions of British banks in the United States, but not necessarily the decision itself to invest in the United States (Jones, 1993).
These deﬁcits were ﬁnanced through loans from the international capital market, where the eurodollar market increased strongly through the expanding deposit base of oil producing countries. These loans were usually dollar denominated and had interest payments tied to the LIBOR rate. In reaction of the undesired inﬂation hike during the second oil crisis of 1979–80 the Federal Reserve raised interest rates. Debt service cost for LDC countries grew progressively because the LIBOR rate was closely tied to US interest rates, and also because the US dollar began to appreciate against other currencies, raising costs for dollar denominated debt further.