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Contents Preface Introduction PART I EMERGING MARKETS 1 Country Classification: Principles and Practice 1.1 Definition and Scope 1.2 Emerging Markets: "Symptoms? and Similarities 1.2.1 ?Symptoms? 1.2.2 Similarities 1.3 Sink or Swim: the Evolution of Emerging Markets 1.4 Emerging Markets: the Potential Summary 2 Emerging Markets: the Twin Crisis -- - Bank Crisis and Country Crisis 2.1 Bank Crisis and Country crisis 2.1 The twin Crisis and its Costs 2.2 Country crisis and bank crisis: the major Underlying factors Summary 3 Emerging Markets: the Culture Outline 3.1 Culture and the Importance of Culture 3.2 Different Dimensions of Culture 3.3 Cultural Code in some countries Summary 4 the Major Emerging Markets: China, India, Brazil, Russia and Turkey 4.1 Brazil 4.1.1 Macro Environment 4.1.2 Banking System in Brazil 4.1.3 Cultural Code 4.2 Russia 4.2.1 Macro Environment 4.2.2 Banking System in Russia 4.2.3 Cultural Code 4.3 India 4.3.1 Macro Environment 4.3.2 Banking System in India 4.3.3 Cultural Code 4.4 China 4.4.1 Macro Environment 4.4.2 Banking System in China 4.4.3 Cultural Code 4.5 Turkey 4.5.1 Macro Environment 4.5.2 Banking System in Turkey 4.5.3 Cultural Code Summary 5 Sovereign Rating and Country Risk 5.1 Country risk: The Definition and its Importance 5.2 Sovereign default: History and Consequence 5.3 Country Risk Rating Principles 5.3.1 Standard & Poor?s global criteria 5.3.2 Euromoney 5.3.3 Institutional investors 5.4 Limitations of Country Risk Rating 5.5 Country risk Evaluation in Practice 5.5.1 Country risk credit committee 5.5.2 Techniques for Country risk Assessment 5.6 Recent Cases of Country Crisis in Emerging Markets 5.6.1 The Russian Financial Crisis of August 1998 and its impact on the banking Sector 5.6.2 The Financial Crisis in Argentina 5.6.3 The Financial Crisis in Mexico 5.6.4 Asia Crisis 5.6.5 Country Crisis: Signs and Signals Summary PART II INSTITUTIONAL BANKING 6 From Correspondent Banking to Institutional Banking: Past and Present 6.1 The Origin of Institutional Banking 6.2 The Influence from the General Development of Banking Industry 6.3 Correspondent Banking Today: towards an Institutional Relationship Summary 7 The Products of Institutional Banking 7.1 Account Service and Cash Management 7.2 Trade finance 7.3 Financial market and /or investment bank products 7.4 Other Products Summary 8 The Marketing Function of Institutional Banking 8.1 Marketing Strategy: Market Segmentation 8.2 Marketing Approaches 8.2.1 Correspondence 8.2.2 Regular Visit to Correspondent Banks 8.2.3 Senior Level Meetings 8.2.4 Work-together on joint Projects 8.3 Marketing Principles 8.3.1Recipriocity 8.3.2Earning Motivation: Profit sharing 8.3.3Complemenrtay relationship Summary 9 The Risk Management Function of Institutional Banking 9.1 Bank Risk Evaluation 9.2 Privileges fro Banks 9.3 Triangle of Bank Management Profitability, Liquidity and Solvency. 9.4 Bank Evaluation Framework 9.4.1Bank Rating Methodology 9.4.2Bank Rating Limitations 9.4.3Evaluaiton of Banks: the Practice 9.5 Bank Failures and Bank Crisis 9.5.1 Bank Crisis: the Concept 9.5.2 Bank Crisis: Signs and Signals 9.5.3 Bank Analysis Format Summary 10 Institutional Banking and Institutional Banking Department 10.1 The Institutional Banking Department 10.2 The roles for Institutional Banking Department: an Account Manager, a Risk Manager or a Relationship Manager 10.3 The Centralised vs. Decentralised Pattern 10.4 The Evaluation of the Performance of Institutional Banking Department 10.5 The Human Recourse Issues for Institutional Banking Department Summary 11 Institutional banking: Fraud Prevention, Anti- money laundering and Basel II 11.1 Fraud 11.1.1Fraud in General 11.1.2Fraud of forged Bank Papers 11.1.3 Fraud in Trade Finance 11.2 Anti-money Laundering and Terrorist-financing 11.3 Anti-money Laundering Initiatives 11.4 Basel II and its implications to correspondent banking Summary PART III INSTITUTIONAL BANKING IN EMERGING MARKETS: MARKETING FUNCTION VS. RISK MANAGEMENT FUNCTION 12 Characteristics of Institutional Banking in Emerging Markets 12.1 Heterogeneousness 12.2 Volatility 12.3 Nature of Relationship 12.4 Exotic Solution 12.5 Sensitivity to Culture Difference Summary 13 Specialised Finance in Emerging Markets 13.1 Project Finance 13.1.1 Scope 13.1.2 Product/ product Structure 13.1.3 International Network 13.1.4 Risk management 13.2 Commodity Finance 13.2.1Scope 13.2.2 Product/ product Structure 13.2.3 International Network 13.2.4 Risk management 13.3 Micro finance 13.3.1 Scope 13.3.2 Product/ product Structure 13.3.3 International Network 13.3.4 Risk management Summary 14 Marketing Function for Emerging markets 14.1 Understanding the Culture and Banking Practice for counterparties 14.2 Understanding the Needs of the Counterparts 14.2.1 Cheap funding for Liquidity Purposes 14.2.2 Banking know-how: Specialists and Skills 14.2.3Special support 14.2.4 Special products 14.3 the Price Issue in Marketing for Emerging Markets 14.4 The Product Issue in Marketing for Emerging Markets Summary 15 Risk Management for Emerging Markets 15.1 Risk Management and Institutional Banking 15.2 Stop or go? ?Policy: A Dilemma? 15.3 Principles of Risk Management 15.3.1 Asset-backed finance and balance sheet finance 15.3.2 Debt finance and Equity finance 15.3.3 Financial risk and Operational risk 15.3.4 Short-term and Long term finance 15.4 Country Risk management: Country limit and its Related Issues 15.5 Country Risk Management: Country risk Registration 15.6 Bank Risk Management: Bank limit and it Related Issues Summary 16 Risk Mitigation for Emerging Markets 16.1 Risk Mitigation: Principles and Practice 16.2 Structured Mitigation: Practical Cases 16.3 International Mitigation ? Risk cover by National and Multilateral Financial Institutions for development 16.4 Market mitigation : Political Risk Insurance 16.5 Country Risk Solutions ? Handling Distressed Debt for Emerging Markets 16.6 Risk participation: A Bank Risk Solution 16.6.1 Risk participation Master Agreement 16.6.2 Risk Participation Procedure 16.7 Other Solutions to Bank Risk 16.8 Tool for Risk mitigation 16.8.1 Letter of Assignment 16.8.2 Letter of Comfort 16.8.3 Pledge Agreement Summary 17 Problem-Solving for Emerging Markets 17.1 Problems: Headaches to Banks 17.2 Problem analysis 17.3 Negotiation and counterpart position 17.4 Problem-solving framework 17.5 Action Plan 17.6 Legal action as last resort 17.7 Problem solving: Cases 17.7.1 Case 1 Compromise and Face-saving 17.7.2 Case 2 New Lending and ? Old Debts? 17.7.3 Case 3 General manager vs. Operational Staff 17.7.4 Case 4 Who is right and Who is Wrong Summary Conclusions Bibliography Appendices Index
Library of Congress Subject Headings for this publication:
Banks and banking -- Developing countries.
Correspondent banks -- Developing countries.