Central bank intervention and exchange rate behaviour : empirical evidence for India

This paper examines the causal relationship between central bank intervention and exchange returns in India. Using monthly data from December 1997 to December 2011, the empirical results derived from the CCF approach of Cheung and Ng (1996) suggest that there is causality-in-variance from exchange rate returns to central bank intervention, but not vice versa. These findings are robust in the sense that they hold in cases where the returns were measured from either the spot rate or the forward rate. Therefore, the results of this paper suggest that the Indian central bank has intervened in the foreign exchange market to respond to exchange rate volatility, although the volatility has not been influenced by central bank intervention in the form of net purchases of foreign currency in the market.

The Central Bank and bank credits in the Philippines : a survey on effectiveness of monetary policy and its measures

In the post-Asian crisis period, bank loans to the manufacturing sector have shown a slow recovery in the affected countries, unexceptionally in the Philippines. This paper provides a literacy survey on the effectiveness of the Central Bank’s monetary policy and the responsiveness of the financial market, and discusses on the future works necessary to better understand the monetary policy effectiveness in the Philippines. As the survey shows, most previous works focus on the correlation between the short-term policy rates and during the period of monetary tightening and relatively less interest in quantitative effectiveness. Future tasks would shed lights on (1) the asset side – other than loan outstanding – of banks to analyze their behavior/preference in structuring portfolios, and (2) the quantitative impacts during the monetary easing period.

The asset/liability structure of the Philippine banks and non-bank financial institutions in 2000s : a preliminary study for financial access analyses

Based on the consolidated statements data of the universal/commercial banks (UKbank) and non-bank financial institutions with quasi-banking licenses, this paper presents a keen necessity of obtaining data in detail on both sides (assets and liabilities) of their financial conditions and further analyses. Those would bring more adequate assessments on the Philippine financial system, especially with regard to each financial subsector's financing/lending preferences and behavior. The paper also presents a possibility that the skewed locational and operational distribution exists in the non-UKbank financial subsectors. It suggests there may be a significant deviation from the authorities' (the BSP, SEC and others) intended/anticipated financial system in the banking/non-bank financial institutions' real operations.

Boards of directors and bank performance in United Arab Emirates

This study presents an empirical analysis about corporate governance of financial institutions in United Arab Emirates (UAE). The purpose of this research is to analyze the influence of the structure of board of directors on the performance of these institutions. To examine the effect of control exerted by particular families on bank management, we estimated models where the dependent variable is return on assets (ROA) and return on equity (ROE), independent variables are board of directors variables, and control variables are bank management variables. Our results show that the control of corporate governance by a ruler's family within a board of directors has a positive effect on bank profitability. Our results indicate that control by a ruler's family through a bank's board of directors compensates for the inadequacy of UAE's corporate governance system.

Excess capital and bank behavior : evidence from Indonesia

The Indonesian banking sector has been restructured since Asian financial crisis and restored to soundness. The capital adequacy ratio (CAR) returned to a sound level; however, the average excess capital has become too high, while credit disbursement has remained low. This paper investigates the determinants of excess capital among Indonesian banks and its effects on credit growth during the 2000s. The results indicate that the determinants of excess capital vary widely depending on bank type. Return on equity (ROE) affects excess capital negatively among domestic banks, and the effect of non-performing loans is mixed, differing for various bank types. Excess capital affects credit growth positively, except among foreign banks.

Managing team learning in a Spanish commercial bank

Purpose – The purpose of this paper is to analyze how team management affects team-learning activities. Design/methodology/approach – The authors empirically study 68 teams as they operate in the natural business context of a major Spanish bank. Quantitative research utilizing multiple regression analyses is used to test hypotheses. Findings – The leadership behaviour (consideration, initiation of structure) displayed by the team leader plays a key role in facilitating team learning. Team leader behaviour characterised by consideration and in particular by initiation of structure are both positively related to team-learning activities. Cross-training of team members also contributes to team-learning behaviour. Research limitations/implications – A specific setting may limit the generalizability of findings. Further research may accordingly investigate to what extent these results can be generalized to other settings or other aspects of team learning. Practical implications – The leadership style adopted by the team leader, as well as cross-training of members, affect team-learning activities. These results link leadership theory to collective learning in teams and organizations, and suggest ways leaders can contribute to improved learning. Originality/value – The study provides new insight into how management of teams facilitates team-learning activities. While consideration is somewhat related to team learning, initiation of structure as well as cross-training appear as key variables.

Caja Granada Savings Bank, Granada (Spain) 2001

Se trata de una caja de hormigón y piedra que atrapa la luz del sol en su interior para servir a las funciones que se desarrollan dentro de ese "impluvium de luz".

Caja General de Ahorros, Granada = Savings Bank, Granada

Caja General de Ahorros, Granada = Savings Bank, Granada Texto en español e inglés.

Calculation of dielectrophoretic potential generated under illumination patterns on x- and z-cut LiNbO3 : application to photovoltaic particle trapping

The dielectrophoretic potential generated near the surface of a z-cut LiNbO3 by photovoltaic charge transport has been calculated for first time. The procedure and results are compared with the ones corresponding to x-cut. Diferences in the position, sharpness and time evolution are reported, and their implication on particle trapping are discussed.

A Valuation of SAREB, the Spanish “Bad Bank”, Upside Using the Real Options Methodology

This paper develops a model to analyze the upside potential of profitability of the SAREB (“Asset Management Company for Assets Arising from Bank Restructuring”), the Spanish “Bad Bank”. The model is based in the Real Options methodology, that is especially adequate due to the convergence of two elements, (i) depreciated assets with a high upside potential, and (ii) a highly volatile market as it has shown to be the real estate Spanish market. Our results suggest that the SAREB has a higher than expected profitability potentialthat would be dedicated to increase the return to its shareholders, mainly private banks. Consequently we also show that after the financial crisis are emerging two types of banks in Spain, in one hand the losers who are transferring their real estate assets at a deep discount, and in the other hand the winners, capturing the upside potential of those assets as shareholders of SAREB, and consequently consolidating their strength in the Spanish Real Estate Industry. It is worth to mention that Governments should make an effort in properly redistribute the wealth generated by the real Estate industry.

Proyecto de construcción de un túnel por el sistema "Cut and cover" para el acceso ferroviario del cercanías a Marbella

El proyecto describe el diseño de un túnel ferroviario en la zona sur de España, entre las localidades de Fuengirola y Marbella en la provincia de Málaga. La ejecución de las obras incluidas en este proyecto permitirá conectar mediante una nueva línea ferroviaria dicha Estación con la población de Marbella y en un futuro con más poblaciones del Corredor Ferroviario de la Costa del Sol que en este momento no cuenta con ninguna conexión ferroviaria. En la geometría se concreta la sección del túnel que se va a ejecutar. Se utiliza como referencia el estudio geológico y geotécnico con el fin de caracterizar los materiales que se van a encontrar en la excavación del túnel. Una vez concluida esta fase se determinan los sostenimientos de acuerdo con las clasificaciones geomecánicas. Realizando el tramo elegido por el Método “Cut and Cover”, y siendo objeto de este proyecto todo el proceso constructivo del mismo así como otras obras complementarias que se tendrán que llevar a cabo debido al paso de dicho túnel por zonas transitadas o habitadas actualmente. Abstract Project describes the design of a high speed railway tunnel in the sur of Spain, between the villages of Fuengirola and Marbella (Málaga). The execution of the constructions incluyed in this proyect will allow the conection, by a neww railway line, this station with Marbella and,in the future, with more village of the “Corredor Ferroviario of Costa del Sol”, witcth al presente hasn´t gotany rail connection.It be can observed in the section of the tunnel that is going to be performed. Geological and geotechnical studies are taken into account in order to classify the rock mass materials involved in the construction process. Afterwards, supports are defined according to geomechanical classifications, specifying four different sections. Making the stretch chosen by “Cut and Cover” method and being the main goal of this proyect all the constructive process of this, as well as other complementary works that will be executed of the crossing of this tunnel by accessible or inhabited areas currently.

1D and 2D neutral particle patterning by dielectrophoretic forces on z-cut Fe:LiNbO3 crystals

1D and 2D patterning of uncharged micro- and nanoparticles via dielectrophoretic forces on photovoltaic z-cut Fe:LiNbO3 have been investigated for the first time. The technique has been successfully applied with dielectric micro-particles of CaCO3 (diameter d = 1-3 μm) and metal nanoparticles of Al (d = 70 nm). At difference with previous experiments in x- and y-cut, the obtained patterns locally reproduce the light distribution with high fidelity. A simple model is provided to analyse the trapping process. The results show the remarkably good capabilities of this geometry for high quality 2D light-induced dielectrophoretic patterning overcoming the important limitations presented by previous configurations.

Caja Granada Savings Bank

Publicación de la obra de Caja Granada