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De Fide. Bastiaensen, Antonius Adrianus Robertus and Hilhorst, Anthony and Kneepkens, C. Petri, , Stuttgart: A. Hiersemann, , Walters, J.
Hovhanessian, Vahan S. Williams, C. Zanolli, A. Een bundel ter gelegenheid van het afscheid van Prof. Heerma van Voss. Harbers, M.
Monnickendam, Yifat, Halakhic Issues in the Writings of the Syriac Church Fathers Ephrem and Aphrahat. Dissertation, Bar Ilan University, Parisot, Jean, Aphraatis Sapientis Persae Demonstratio XXIII De Acino.
Patrologia Syriaca, Paris: Firmin-Didot, , You must be logged in to post a comment. Kindheit, Jugend und Familie im Reutlingen Traditionelle Jugendkultur und Industrialisierung.
Kritische Studien zur Geschichtswissenschaft, Bd. Politische Kommunikation in Deutschland zu Beginn des Kritischen Studien zur Geschichtswissenschaft, Bd.
Alltag in Botnang. Geschichte eines Stuttgarter Stadtteils. Stuttgart Vergesellschaftungen des Menschen. Einheit oder Teilung Europas durch Revolutionen?
Kleine deutsche Geschichte. Stuttgart: Reclam , pp. In: dies. Deutsche Geschichte, Stuttgart , ; 2. Stuttgart , pp. Dinzelbacher ed. Familie, Geschichtlich, soziologisch, in: Religion in Geschichte und Gegenwart RGG , 4.
Ehe, Familie, Kinder im Pietismus. Acta eruditorum; Art. Amme; Vol. Berufsfolge; Sp. Clan Vol. Ehevermittlung; Sp. Eltern; Sp. Elternliebe; sp.
Familie; Sp. Familienzyklus; Sp. Findelhaus; Sp. Geheimnis; Sp. Haus, ganzes; Sp. Haushalt; Sp. Heirat Vol. Jugend; Sp. Jugendgruppen; Sp.
Kernfamilie; Sp. Kinderzimmer; Sp. Ledige; Sp. Mutter Vol. Patenschaft Vol. Privatheit Vol. Tischgemeinschaft; Sp.
Traung Vol. Verwandtenehe; Sp. Verwandtschaftsterminologie Vol. Zivilehe Professionalisierung und Sozialstruktur, in: Walter Demel ed.
WBG Weltgeschichte, Bd. Robbins ed. Member of editorial advisory board of German History. The Journal of the German History Society since General editor of German Historical Institute London Bulletin since Historische Wanderungsbewegungen.
Migration in Antike, Mittelalter und Neuzeit. Im Auftrag des Stuttgarter Arbeitskreises Historische Migrationsforschung hg. Andreas Gestrich ed.
Themenheft von: Die Alte Stadt. Formen der Zwangsmigration in der Geschichte. Stuttgart: Steiner Pazifistische Konzepte im FS Martin Vogt zum In case the catalyst temperature is greater than the catalyst temperature threshold then the electronic control unit controls the driver to drive the electric air pump to a full-speed rotation.
In case the catalyst temperature is not greater than the catalyst temperature threshold, then the electronic control unit corresponds the at least one piece of vehicle status information to a built-in information table so as to obtain a schedule speed, and controls the driver to drive the electric air pump at the schedule speed.
Thereby, amount of secondary airflow can be real-time regulated according to variation of actual vehicle status so as to put the catalyst at an optimal working condition.
Further, a method for supplying secondary air is also disclosed. A shock absorber includes an outer tube 30, an inner tube 51, and a seat pipe 41 which are formed of cylinders, respectively, and a bearing bearings 8A and 8B fixed to an inner peripheral surface 31 of the outer tube The inner tube 51 and the outer tube 30 are movable in a direction along center axes 3 A of the cylinders of the inner tube 51 and the outer tube Oil fork oil 48 is enclosed inside the outer tube A first end side of the cylinder of the seat pipe 41 is inserted into the inner tube 51 through a first-end opening 52 in the inner tube 51, and a second end of the cylinder of the seat pipe 41 is attached to a closed second-end cylinder bottom 39 of the outer tube 30 in such a manner that the seat pipe 41 is movable in a direction intersecting the center axis 3A of the cylinder of the outer tube The recessed portion and the slot portion are formed in the plate to define an opening for receiving a conduit therein.
A method for coupling the conduit to the connector includes the step of urging at least the portion of the conduit through the slot portion and into the recessed portion of the plate, whereby the at least the portion of the conduit Is deformed to correspond with a configuration of the opening to militate against disengagement between the plate and the at least the portion of the conduit disposed in the opening of the plate.
ALTO, CA U. A Web page of interest is identified as a destination Web page. A domain of Web pages related to the destination Web page is determined.
Information is extracted from each Web page in the domain and a recommendation comprising instructions for navigating to the destination Web page is generated based on the extracted information.
The winker light portion 42 has a winker bulb 52, and also has a winker bulb supporting portion supporting the winker bulb A rear center lower cover 44 covers the lower direction of the winker light portion The rear center lower cover 44 which is used for the maintenance of the winker bulb 52 is openably and closably provided on a bottom portion of the rear combination light unit The first cooler 10 is in thermal contact with the first power electronics element 5 for the purpose of receiving at least part of the first heat flow 29 , wherein the second cooler 11 is in thermal contact with the second power electronics element 6 for the purpose of receiving at least part of the second heat flow 30 , wherein the heat exchanger 14 is embodied for the purpose of transmitting at least part of the first heat flow 29 and of the second heat flow 30 to a primary cooling flow 26 during the operation of the power electronics module 1.
The heat exchanger 14 is embodied in a thermally efficient manner for a heat flow that can be transferred, the magnitude of which heat flow is less than a total magnitude that is formed from the maximum first heat flow 29 and the maximum second heat flow The arrangement 1 comprises an axle body 4 having an axle 3 , at least one wheel part 5A, 5B which is mobile relative to the axle body 4 to allow a steering movement of the truck, and at least one line 10 which leads to the wheel part 5A, 5B and comprises several line segments, wherein one line segment 10A is arranged on the wheel part 5A, 5B and is fixed in relation to the wheel part.
The arrangement 1 is distinguished in particular in that a line segment 10B is arranged on the axle body 4 and is fixed in relation to the axle.
Alternatively or additionally the arrangement 1 is distinguished in particular in that the line 10 has two flexible line segments 10C, 10E physically separated from each other, of which a line segment 10C flexible in relation to the wheel part compensates for a relative movement caused by a steering movement DB , and a line segment 10E flexible in relation to the axle compensates for a relative movement caused by a spring movement FB.
A light source is disposed on a rotation axis and a first surface of the substrate. A disc, rotatable about the rotation axis, is disposed on a second surface of the substrate.
The disc includes first and second rotation tracks each including rotating slits. A light guiding unit radially guides light from the light source toward an entire outer circumference of the disc to the first and second rotation tracks.
The light guiding unit includes a first light guiding section and second light guiding sections. The first light guiding section includes a ring-shaped surface directly or indirectly opposed to a rotation track.
The first light guiding section radially guides the light out from the ring-shaped surface toward the first rotation track.
The second light guiding sections guide part of the radially guided light to the second rotation track. Address of Applicant :3 MINAMI OCHIAI-CHO, KISSHOIN, MINAMI-KU, KYOTO-SHI, KYOTO Japan 72 Name of Inventor : 1 KATSUSHI MINAMINO 2 KAZUHIKO NAKADE 32 Priority Date 33 Name of priority country 86 International Application No Filing Date 87 International Publication No 61 Patent of Addition to Application Number Filing Date 62 Divisional to Application Number Filing Date 57 Abstract : A yarn monitoring device 5 includes a first sensor 51 that detects a thickness of a running yarn Y , a second sensor 52 that detects a fiber volume of the running yarn, and a yarn quality assessing section 57 that assesses a yarn quality of the running yarn based on a thickness detection value obtained by the first sensor 51 and a fiber volume detection value obtained by the second sensor DULUTH, GEORGIA U.
DUNN Filing Date :NA 62 Divisional to Application Number :NA Filing Date :NA 57 Abstract : A method and apparatus are disclosed for transporting at least one item of media.
The apparatus includes at least one guide member providing a first guide surface that guides at least one item of media as the item is transported, at least one elongate slit in the guide surface and at least one belt member each extending along a respective slit and comprising a first belt portion that extends outwardly from the slit beyond the guide surface and a further belt portion that undercuts a region of the guide surface.
The third mold resin 30 fixing the first component 10 and the second component 20 to each other.
Accordingly, the position detection device can be provided, which includes a component usable commonly for a variety of position detection devices which are different in the number of hall ICs.
The latching device comprises a shaft 1 which extends preferably substantially transversely to the travel direction of the commercial vehicle.
In addition, the latching device includes a lever arrangement 26 which is used to actuate the shaft 1 , preferably to rotate and axially displace the shaft 1.
Further subject matter of the invention relates to a process for endothermic gas phase reaction in a reactor, wherein the heating of the heating elements is controlled by temperature measurements in the reaction zone, at least two temperature sensors being present in the reaction zone for this purpose, and reactor for performance of the process.
It specifically relates to methods of recovering high frequency content of an audio signal from low frequency content of the same audio signal in an efficient manner.
A method for determining a first banded tonality value , for a first frequency subband of an audio signal is described.
The first banded tonality value , is used for approximating a high frequency component of the audio signal based on a low frequency component of the audio signal.
The method comprises determining a set of transform coefficients in a corresponding set of frequency bins based on a block of samples of the audio signal; determining a set of bin tonality values for the set of frequency bins using the set of transform coefficients, respectively and combining a first subset of two or more of the set of bin tonality values for two or more corresponding adjacent frequency bins of the set of frequency bins lying within the first frequency subband, thereby yielding the first banded tonality value , for the first frequency subband.
EAST AURORA, NEW YORK , U. The current collector has an expansion section that expands in a thickness direction of the current collector 11 at a temperature equal to or higher than a prescribed temperature.
At least one of the work stations is a honing station having at least one honing unit supported by the upper machine part , said honing station having a honing spindle that can be rotated about a vertical spindle axis and moved back and forth parallel to the spindle axis.
XAVIER : NA 4 GANESH V. BUTLEY :NA 5 G. It is capable of removal of sulphur by reactive adsorption from most refractory sulfur species of diesel- and gasoline-like fuels.
The process of sulphur removal is carried out under hydrogen environment. The sulphur content of the treated fuel comes down to less than 5 ppm.
The adsorbent desulphurises cracked gasoline with an octane loss which is in the range of units. The invention also discloses a process for preparing the adsorbent.
The LPG solvent can be recovered using supercritical mode of operation using technology known in the art and recycled.
The process optionally includes a step of premixing the hydrocarbon feedstock with carbon monoxide gas causing major sulfur reduction before effecting the cracking.
The premixing is done in a specified nozzle assembly linked to the FCC unit. The cooling headers 23a cool a rail 9 by jetting a cooling medium to the rail 9.
The oscillation mechanism 30 relatively reciprocates the rail 9 and each of the cooling headers 23a along the longitudinal direction of the rail 9.
Based on a correlation expression representing a correlation between cooling time for the rail 9 and the hardness of the rail 9 after cooling, the control system 40 obtains a permissible range of required cooling time for the rail 9 that satisfies a permissible range of the hardness of the rail 9.
Based on the permissible range of the required cooling time, the control system 40 controls a stroke and a speed of relative reciprocation of the rail 9 and the cooling header 23a , and causes the oscillation mechanism 30 to perform reciprocation by the stroke and at the speed.
The system comprises a main frame 4 where containers 1,2,3 are mounted with holding means 5 for multiple stage filtration; at the bottom of the last container a large capacity container 16 is provided to collect the filtered water wherein water is fed to the filtration system through spiral distributor 15 for uniform and regulated feeding and three intervening air columns between containers are provided for improving aeration of water.
Baffling slant plate assembly is provided before second and third stages of filtration for breaking water particles into smaller sizes.
The shorting ring and each of the conductor bars are formed from an aluminum alloy including a lanthanoid present in an amount of from about 0.
An aluminum alloy, and a method of forming a rotor are also disclosed. Each brush holder element 11 has at least one lateral surface 18 to face a respective butting position 17 of the casing 2 , and which may be joined to the butting portion 17 to transmit a thermal power to the butting portion.
The lateral surface 18 of each brush holder element 11 is electrically isolated from the respective butting portion Cooling conditions are set in accordance with the target values or the target value ranges to cool the head and foot.
In order to reduce the installation space and the production costs of such valves, it is proposed according to the invention that the rotary slide is configured as a receiving housing which receives a valve element in the form of a secondary valve 68, Furthermore, the invention relates to the use of a valve which is arranged on a percussion mechanism of a hydraulic hammer.
The fiber conduit is dimensioned for optical fibers and to secure two optical fibers in abutment alignment for light signal transmission from one fiber to the other, with minimal attenuation and for securing the fibers without crushing or other damage to the fibers.
In another embodiment, the present invention relates to a method of bringing optical fibers in abutment connection for signal conduction using a connector as above, wherein a wedging force is applied to the stress opening, whereby the wedging force will induce separation of the side walls of the slot and expansion of the fiber conduit for insertion of optical fibers and their abutment connection and securing of the fibers in abutment connection, when the wedging force is removed.
Alternatively, a force may be applied to either side of the stress opening to again expand the opening and fiber conduit for the purpose of placement of optical fibers within the fiber conduit Removal of the force will allow retention of the fibers in abutment connection of the fibers.
In a still further embodiment, the present invention relates to an apparatus which applies a wedging force to a stress opening for expansion of a fiber conduit and insertion of optical fibers and their retention, light transmission abutment and connection in a connector as above.
BEDFORD DRIVE, SUITE 33 Name of priority country :U. The method includes the steps of providing a suture, providing a threading device comprising an elongated rod having a suture tie-off location and first and second ends, tying the suture to the suture tie-off location, inserting the first end of the elongated rod through a first opening in the patient's skin, passing the first end of the elongated rod subcutaneously to a second opening in the patient's skin, pulling the first end of the elongated rod and a portion of the suture through the second opening, without turning the elongated rod around, and passing the second end of the elongated rod subcutaneously to an opening in the patient's skin.
At at least one point during the performance of the method the first end of the elongated rod extends out of the first opening and the second end of the elongated rod extends through the second opening.
In a preferred embodiment, the first and second ends of the threading device are each lighted at predetermined points during the method.
Thus, it is structurally simple and applicable for a curved torch. The graphics stream represents an interactive display to be overlayed with the video stream, and includes a sequence of three Button State groups.
The interactive display includes a plurality of buttons, each of which changes from a normal state to a selected state, and from the selected state to an active state, according to a user operation.
In the three Button State groups in the graphics stream, the first-order group NODSs is made of a plurality of pieces of graphics data, which represent normal states of the buttons, the second-order group SODSs is made of a plurality of pieces of graphics data, which represent selected states of the buttons, and the third-order group AODSs is made of a plurality of pieces of graphics data, which represent active states of the buttons.
Fastening devices and systems and methods thereof can include a unitary or onepiece body having first and second ends configured and operative to be coupled together or to be coupled to their respective complement in another of said fastening devices.
The first end can include a ring or annular portion and a projection that are sized and shaped to fit around an anchor and in an orifice, respectively, of the second end.
Fastening devices and systems and methods thereof according to embodiments may be used with items, including footwear, apparel, luggage, a backpack, a bag, a purse, a boxing glove, a punching bag, football or lacrosse shoulder pads, or the like.
The system comprises a graphical display unit 5 and a user interface 1 arranged for receiving image handling parameters.
Further, it comprises a data storing unit 6 which is arranged to provide data relating to the technical equipment in the form of device data and network data describing a communication network of the industrial plant, where the device data describe network devices 18 which are all connected to the communication network and belong to the industrial plant, and where the network data describe all the communication connections between the network devices.
To the system belongs further a data processing unit 3 which is arranged for retrieving the provided data, for transforming all the device data and all the network data into displayable information which contains image representations of all of the network devices 18 and of all of the communication connections , and for providing the image representations together with further displayable information to the graphical display unit 5.
The graphical display unit 5 is arranged to visualize the image representations and further displayable information according to the image handling parameters.
Preferably, the antibodies bind human CD In certain embodiments, the antibodies are capable of internalizing into CDexpressing cells or are capable of mediating antigen dependent cellular cytotoxicity.
Nucleic acid molecules encoding the antibodies of this disclosure, expression vectors, host cells and methods for expressing the antibodies of this disclosure are also provided.
Antibody-partner molecule conjugates, bispecific molecules and pharmaceutical compositions comprising the antibodies of this disclosure are also provided.
This disclosure also provides methods for detecting CD 19, as well as methods for treating cancers, such as B cell malignancies, for example, non-Hodgkin's lymphoma, chronic lymphocytic leukemias, follicular lymphomas, diffuse large cell lymphomas of B lineage, and multiple myelomas using an anti-CD 19 antibody of this disclosure.
Input data from different sources, e. The resulting data is for instance matched by means of fiducial markers arranged at the dental impression tray.
Thus reliable planning and production are enabled by means of the same, matched data set. In this manner the dosage to which the patient is exposed to may be reduced in comparison to previous methods.
The system includes a mechanical motive device such as a combustion engine which is used to rotate an electrical machine E machine.
The rotation of the E machine induces a sufficient yet safe test voltage on the main high voltage cabling of the vehicle. Measurements are taken at various points near the individual high voltage components to determine if a high voltage cable has become disconnected.
WHITNEY 87 International Publication No : NA 2 KEVIN C. WONG 61 Patent of Addition to Application Number :NA 3 PAUL R.
NAHRA Filing Date :NA 4 JULIAN R. VERDEJO 62 Divisional to Application Number :NA Filing Date :NA 57 Abstract : A torque requesting module generates a first torque request for a spark ignition engine based on driver input.
A torque conversion module converts the first torque request into a second torque request. Kunz H. Phyton Austria , 2: Leonhardt R.
Zeitschrift, Lippert W. Lorenz K. Wuppertal, Luzzatto G. Milano, 67 1 : Machule M. Der Schlern, , , , , ; , , , , ; , , , Melzer A. Manuskript Biolog.
Labor, Leifers. Melzer H. Carinthia II, Milde J. Steiermark, Floristische Arbeitsgemeinschaft, Gredleriana, 2: Pagitz K.
Verein Innsbruck, Gredleriana, Pedrotti F. Studi Trentini di scienze Naturali — Acta Biologica, Studi Trentini Sc.
Agiati, 6: Perazza G. Rovereto, 10 : Pignatti S. Il gruppo di Ranunculus auricomus L. Pils G. Linzer biol. Sagorski E.
Schippmann U. Boissiera, Schroeder F. Senoner S. Diplomarbeit Univ. Soest J. Soldano A. Oenothera, in Italia Onagraceae.
Brescia, Spitaler R. Szelag Z. Teppner H. Phyton Horn, Austria , Gredleriana, 9: Wien, B, Wallossek C. Weimarck G. Notiser, Wetschnig W.
Widder F. Wilhalm T. Floristische Rundbriefe, 32 1 : Gredleriana, 1: In: Haller R. In: Kranebitter P. Gredleriana, 6: Gredleriana, 7: In: Wilhalm T.
Beck R. Stockner W. Schwienbacher E. Gredleriana, 2 : Gredleriana, 3: Tratter W. Wirth H. Gredleriana, 8: Zemmer F. Gredleriana, 4 : Zhang L. Auricula Primulaceae based on two molecular data sets ITS, AFLPs , morphology and geographical distribution.
Zidorn C. Zippel E. Zuccarini J. Flora, La maggior parte dei dati si basa su recenti rilevamenti sul campo. In: Hellrigl K. Attualmente sono soprattutto Simone Ballini, Florian Stauder, Karl-Heinz Steinberger e Vito Zingerle che nell'ambito di diversi progetti e rilevazioni private partecipano attivamente allo studio della fauna di aracnidi dell'Alto Adige.
La tassonomia e la nomenclatura delle specie trattate seguono il catalogo online di Platnick N. Per i nomi tedeschi delle specie si fa riferimento a Bellmann H.
Ausserer A. Ballini S. Stauder F. In: Schatz H. Haller R. Brignoli P. Buchar J. Chemini C. Genova, : Christandl-Peskoller H.
Innsbruck , Alpin-Biol. Dahl F. Nach statistischen Untersuchungen dargestellt. Denis J. Atti Ist. Gantenbein B. Fet V. Barker M.
Koch, and E. Revue Suisse de Zoologie, 4 : Groppali R. Priano M. Studi Trentini di Scienze Naturali — Acta Biologica, 70 : Gross M. Jacob A.
Braunwalder M. Nentwig W. Knoflach B. Pfaller K. Contrib nat Hist Koch L. Ferdinandeum Innsbruck , Kofler A.
KOCH, in Osttirol Arachnida, Scorpiones: Euscorpiidae. Logunov D. Lugetti G. Koch e Tricca Simon con note su una Acantholycosa della Alpi Giulie Aran.
Redia B, Marcuzzi G. Veneto Sci. Arti, Cl. Classe di scienze matematiche e naturali. Venezia Tridentina, 15 1 : Martens J. Die Tierwelt Deutschlands.
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Systematische Bearbeitung der bisher bekannten Opiliones. Gustav Fischer, Jena, pp. Berlin, 38 2 , Molecular Phylogenetics and Evolution Poor developing nations and war-torn countries are not included in the sample I analyze because they do not issue their debt publicly and because they are less attractive to multinational banks as investment opportunities.
It includes emerging market countries in Latin America, central and eastern Europe, Russia, and, to a certain degree, Asia with the exception of Japan.
Emerging markets are powerful test cases for many of the theories about international monetary relations. I test my credibility theory by combining statistical analyses of more than eighty emerging markets with comparative case studies of credibility building in Estonia, Bulgaria, the Czech Republic, Poland, Argentina, and Ukraine.
I also draw upon a wide variety of other source materials, including archival material; internal documents from central banks, commercial banks, and international institutions; and other primary written material in five languages.
I made decisions about which countries in emerging Europe to study based on several methodological criteria. Eastern European countries started the postcommunist transformation in the early s with common legacies of authoritarianism and central planning.
Virtually all Eastern European states gained national independence, either from the Soviet bloc or from domination by a federal state. These states were unknown entities on the international stage in the early s, although a handful of them had some credit history record of repayment in international markets.
The majority of Eastern European countries thus faced a severe credibility deficit in international markets. These are also the countries that have faced several external constraints and pressures from international institutions such as the IMF that influenced the policy autonomy of their governments to a great extent.
Under the circumstances, establishing an international reputation was the top priority of most policymakers in Eastern Europe in order to stabilize domestic economies and gain access to foreign capital.
Eastern European countries emerged from communist regimes with authoritarian political systems and without clear property rights and fundamental market institutions.
The development of financial systems in this region provides a quasi-experimental setting because all Eastern European countries started the postcommunist transition process with a financial system in which money supply and credit allocation functions were located within a single institution.
Consequently, they went through a transformation from a state-owned monobank system to a market-oriented banking system.
In addition, emerging Europe has witnessed the most significant growth of foreign ownership in local banking systems of all emerging market countries.
Statistical analysis can establish the empirical validity of the theoretical assumptions, but without contextual knowledge it may miss key causal variables and can produce unreliable conclusions.
Qualitative analysis can generate a case for causation in a few cases by tracing the causal processes, but it is difficult to establish the generality of its conclusions or to refute false hypotheses.
Outline of the Book The credibility theory I advance explains how countries establish reputation on the international stage in relation to the presence of reputable multinational banks.
The story of credibility building is told in seven chapters. Chapter 2 lays out the theoretical underpinnings of the central argument.
I first discuss in detail the problem of information asymmetries in financial markets. I then explain how multinational banks can address this problem.
When banks have the ability to both address information asymmetries and punish bad behavior, international audiences perceive them as providing a credible commitment device.
I then examine the three mechanisms of foreign bank influence: foreign banks increasing financial transparency through stricter accounting standards and disclosure rules; foreign regulatory structures acting as surrogates for local authorities; and foreign parent banks serving as the international lenders of last resort.
In this chapter I also introduce alternative perspectives on credibility in international finance that depict reputation formation as a result of either domestic institutions or membership in international institutions.
I test these perspectives in subsequent chapters. Chapter 3 presents the statistical tests of the predictions of my theory and the leading rival hypotheses.
This finding holds up against the two alternate hypotheses discussed earlier. This effect is not the result of financial reforms that were undertaken before the foreign bank entered an economy.
I also use instrumental variables to measure factors that push foreign banks to enter emerging markets. Chapters 4 through 6 present case studies that delve into the key mechanisms through which monetary credibility is established.
The empirical analysis in these chapters is based on semistructured interviews and other primary sources of evidence. In chapters 4 and 5, I demonstrate the importance of foreign banks to the commitment of governments to monetary regimes of currency boards and inflation targeting.
The case studies show that the adoption of currency boards and inflation targeting alone was not sufficient to bring down inflation expectations and interest rate differentials.
Only when foreign banks emerged on the domestic scene as significant players did the uncertainty premium decline.
For each country study, I evaluate the evolution of the domestic banking structures, central banking, and international credibility qualitatively as part of the historical narrative that compares and contrasts financial integration both before and after multinational banks entered a country.
My analysis indicates that although governments and societies in emerging Europe in search of capital were generally receptive to foreign financiers, they also differed in terms of their receptiveness to foreign presence.
For instance, while Estonia engaged in a radical exercise in opening its banking sector from the outset of its transition, the governments of Bulgaria and the Czech Republic were reluctant to open their markets to foreign banks until they experienced severe banking and currency crises in the second half of the s.
Furthermore, case studies capture the theoretically important variation in the reputation of multinational banks, ranging from reputable banks from the Nordic countries, Austria, and Italy to nonreputable Russian banks.
Chapter 4 traces the different trajectories of Estonia and Bulgaria to analyze their experiences with establishing credible currency boards. In contrast, financial market participants demanded a significant currency-risk premium from the Bulgarian government.
This shift in policy signaled a government commitment to financial and monetary stability. In both countries, foreign banks have built the foundations for a strong and resilient banking system by increasing transparency in financial reporting and strengthening banking regulation, supervision, and risk management.
The resulting financial stability is the source of the credibility of the currency boards in these countries.
Chapter 5 looks at Poland and the Czech Republic, which started the postcommunist transition with more favorable international reputations than most countries in Eastern Europe.
The chapter shows how reputation changes when governments act contrary to their perceived type and how reputation can be restored. The Czech case illustrates this dynamic particularly well.
The Czech center-right governments squandered their initial credibility by pursuing a national model of capitalism that favored domestic state-owned banks over foreign capital in banking.
The consequence of the resulting banking sector instability was the devastating financial crisis in that led to a devaluation of and then the collapse of the fixed exchange rate regime.
The Czech case also shows that an independent central bank is a necessary but not a sufficient condition for the credibility of monetary commitments.
Although the Czech central bank was internationally praised for its high degree of independence from the government, its monetary authority did not match the quality of its regulatory oversight.
The Polish route to reputation enhancement was not linear either. The Polish government took a positive stance toward foreign investments in the banking sector at the outset of transition but then reversed its position before again opening the banking sector to foreign banks.
The case of Poland shows that countries that behave as expected should not suffer much reputational loss if they do not fully liberalize their banking sectors.
In contrast to the Czech case, the central bank in Poland, though independent, had a firm domestic political mandate for its mission to ensure national competitiveness.
In both countries, however, foreign banks made it possible to build the credibility of inflation-targeting regimes by fostering confidence in the stability of the banking sector.
Foreign banks weakened the political influence of incumbent state-owned banks, improved information sharing, reduced the risks banks took, and improved national financial regulation.
Chapter 6 focuses on the third channel foreign banks use to exert influence: as an international lender of last resort. The chapter examines the implications of a multinational banking presence on the credibility of their hosts during boom and bust phases in both host and home countries.
I look at the financial crisis in Argentina as a crisis in the host country. I also examine the global financial crisis that erupted in developed countries, where the headquarters of most multinational banks are located.
Through a cross-regional investigation and a detailed analysis of these crises episodes, we can gauge the importance of foreign banks as lenders of last resort for their affiliates in emerging Europe, Latin America, and Asia.
I show how access to capital, liquidity, and funding from the parent bank may vary depending on the business model that a multinational bank pursues, the extent of foreign bank ownership, and, in some instances, the logic of politics.
Cross-regional comparisons between emerging Europe and Latin America illustrates that foreign banks may matter more under certain circumstances such as political integration of emerging European states into the European Union than in others.
Taken together, the quantitative and qualitative evidence in this study presents a novel approach to analysis of reputation building in the emerging market democracies facing severe credibility deficits.
The evidence points overwhelmingly in one direction: global banks profoundly influenced the monetary credibility of emerging markets by increasing their financial stability and reducing the vulnerability of their banking systems.
Chapter 7 discusses the theoretical and policy implications of these findings and identifies the main avenues for further research. Under these circumstances, policymakers may be easily tempted to reduce the real value of the debt through surprise inflation.
This will further increase the risk premium and will eventually lead to a spiral of rising interest rates and rising inflation. This chapter lays out a theory of the advantage of foreign bank presence for credibility building with international audiences.
What causes bond investors and currency traders to take countries more seriously when reputable multinational banks have penetrated their financial sectors?
In environments of high uncertainty, market participants face the problem of information asymmetry and have difficulty detecting whether policymakers will adhere to announced policies.
Market participants cope with the problem of information asymmetry by looking for transparent signals of the probability that a government will inflate the economy or devalue the currency.
When a country announces that a reputable multinational bank has invested in its economy, it borrows the reputation of that bank and its home country to some extent.
In my theory, foreign banks not only influence third-party perceptions but also serve as a form of credible commitment. Currency risk stems from uncertainty, and a substantial presence of reputable foreign banks creates a more predictable environment.
Multinational banks increase transparency in local financial systems through better accounting standards and disclosure rules, which allows better monitoring of economic policies.
Foreign banks transfer regulation and supervision from their home country to the host country and contribute to the soundness of the financial system of their hosts.
Finally, foreign bank entry involves the transfer of the role of lender of last resort from the local central bank to the foreign parent bank.
Before laying out the details of my theory of credibility through financial integration, I outline what multinational banks typically do and then examine the events and debates that have contributed to an increased interest in global banking among academics and policymakers.
I then examine the standard models of monetary policy credibility and discuss the problems of asymmetric information and time-inconsistency in monetary policy.
Following that, I define the specific mechanisms that link global banks to improvements in macroeconomic performance. Finally, I distinguish my theory from alternative perspectives on credibility in international finance.
I consider theories that focus on domestic institutions. I also discuss research that explores whether delegation of competencies to international organizations increases the credibility of member states.
Multinational Banks: Why the Interest? A multinational bank is a type of multinational corporation,1 and multinational banking contains an element of foreign direct investment.
Multinational banks are divided into three groups: global banks, regional banks, and semiinternational banks.
Both global and regional banks have less than 50 percent of their business in their home country. Whereas global banks do the largest portion of their international business in various countries of the world, regional banks concentrate their international activities in the region in which they are located.
Semiinternational banks do between 50 and 75 percent of their business in the home country Schoenmaker , In the centralized model, the top management makes almost all the key decisions for the entire banking group; Citigroup, Deutsche Bank, and ING are typical examples.
It can be considered the first international bank Schoenmaker , The Medici provided the financial services needed for international trade.
The first big wave of multinational banking in the nineteenth and early twentieth centuries was associated with the expansion of colonial firms and was concentrated heavily in developing countries.
Britain, the largest colonial power, dominated this wave. In , British banks opened branches in their colonies in Australasia, the Caribbean, sub-Saharan Africa, and North America.
In the s, French and German banks started to expand abroad. A good example is the expansion of Deutsche Bank in Asia and Latin America in the s Schoenmaker , The second wave took place in the late s and was concentrated in developed countries.
It was linked to the emergence of Eurodollar markets and the expansion of financial centers such as New York and London.
But during the s, Japanese banks became more and more prominent. Multinational banks saw their expansion abroad as originating in their search for yield, international risk sharing, and portfolio diversification following regulatory changes or as a result of trade and investment agreements Goldberg The presence of foreign banks in emerging markets has allowed these banks to take advantage of higher profits.
In addition, in many countries, the notion of an open banking sector is politically contested; many countries still have highly protectionist regimes.
This limits opportunities for multinational banks to expand internationally. The presence of foreign banks has sharply increased over the past two decades.
From to , the number of foreign banks increased by 72 percent in emerging markets and by percent in developing countries Claessens and van Horen , Most large banks have preserved a strong international orientation, and some have even expanded their international business after the crisis.
For example, Citigroup increased its international operations from 39 percent in to 64 percent in Schoenmaker , What Do Multinational Banks Do?
Multinational banks are involved in various activities, such as trading in foreign securities markets, borrowing and lending in foreign currencies, and financing international trade.
Traditionally, global banks that engaged in crossborder expansion were looking to follow their customers abroad mainly multinational corporations to provide them with financial services.
Multinational banks play an important role in financial intermediation in emerging and developing countries; they got control of nearly 50 percent of market shares, on average, in these countries in terms of loans, deposits, and profits Claessens and van Horen , 5.
Multinational banks have been driving foreign currency lending mostly to corporate clients because of their easier access to foreign wholesale funding Brown and DeHaas Multinational banks have a great potential to influence the national economies of their hosts.
The literature presents diverging views of foreign banks. Over the past two decades, foreign banks have emerged as significant players in many less-developed economies.
Yet the literature on multinational banking remains silent about how foreign bank entry affects how the credibility of host governments and their policies are perceived in international markets.
It follows that there are two main sources of credibility problems in monetary policy: information asymmetries and time inconsistency policymakers can improve welfare by announcing one policy and then implementing a different policy after people have made their decisions based on the announcement.
I treat government as a single entity: the composite of the authorities who are responsible for determining monetary policy and managing the economy.
This convenient abstraction is not uncommon in models of monetary policy. I recognize that a central bank is in charge of monetary policy and that a separate authority is responsible for other aspects of macroeconomic policies e.
Monetary policy can never be completely free from political influence. A government grants the central bank autonomy in the first place and can abolish it if the monetary authority conducts policies that the government significantly disagrees with Blackburn and Christensen , Governments that are serious about stabilizing their economies commit to both nominal exchange rate targets such as currency boards and openness to foreign investments in banking.
The key insight of my argument is that international market participants make inferences based on the attributes of the reputable global banks that enter or are already present in the economy in question.
Credibility has also been identified with time inconsistency. Governments encounter a fundamental difficulty in establishing the credibility of their announced policies because of their short-term incentives to engineer surprise monetary expansions in order to generate a temporary boost in employment and in seigniorage revenues government revenue received through creating money.
A government without reputational capital cannot convince markets by proclamations alone when previous attempts to stabilize inflation have failed.
I argue that foreign banks are a credible external mechanism that ensures compliance with the rules. My theory of credibility thus involves a signaling factor and the effect of foreign banks in bringing about credible changes in monetary policy and in the banking regulations of host nations.
Private agents thus look for clear signals of likelihood that a government will not inflate its economy or devalue its currency.
Asymmetric information and uncertainty are more acute in emerging markets. Lauv — A Different Way Intro DJ Snake feat. Arcangel, Nengo Flow — Diles Intro — Dirty 59 Fetty Wap feat.
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