YOKOUCHI Masao HOSEI UNIVERSITY, FACULTY OF BUSINESS, PROFESSOR, 教授 (20166870)
KOBAYASHI Masayuki HOKKAIGAKUEN UNIV., FACULTY OF ECONOMICS, PROFESSOR, 経済学部, 教授 (10047988)
ISHIRO Hiromu SHIZUOKA UNIV., FACULTY OF HUMANITIES, PROFESSOR, 人文学部, 教授 (80022276)
AKAGAWA Motoaki KEIO UNIVERSITY, FACULTY OF COMMERCE, PROFESSOR, 商学部, 教授 (60051603)
TAMAKI Norio KEIO UNIVERSITY, FACULTY OF COMMERCE, PROFESSOR, 商学部, 教授 (80051621)
飯田 隆 東京外国語大学, 外国語学部, 助教授 (30176044)
山本 栄治 甲南大学, 経済学部, 教授 (30122758)
|Budget Amount *help
¥4,800,000 (Direct Cost : ¥4,800,000)
Fiscal Year 1995 : ¥1,800,000 (Direct Cost : ¥1,800,000)
Fiscal Year 1994 : ¥3,000,000 (Direct Cost : ¥3,000,000)
The research undertaken by participants in this project has clarified the relationship between the regular business of international banks, that is, tradefinance, and the intra-bank flow of funds among the offices of an international bank. The world during the period under study was characterised by vertical spe-cialisation among countries, so that the world trade was dominated by exchange of primary products and the monufactures. Thus, for an international bank, the flow of funds between the office in the international monetary center and the offices in commercial centers of primary prudocing countries and areas was all-important.
Let us assume that the international monetary center is London. The trade ofprimary products is characterised by strong seasonality. During the export season, an international bank's office in primary producing countries (hereafter primary office for brevity) purchases export bills payable in London with local currency. This depletes the stock of local curren
cy in hand at the bank, but the primary office tends to become a net creditor vis-a-vis the London office. In the importseason, the primary office draws bank drafts and telegraphic transfers on the London office, which it sells to the local residents. This brings local currencyto the primary office, which, however, tends to become a net debtor to the London office. Thus, the volume of export bills purchased by an international bank from primary producers depends upon its ability to draw bank drafts and T.T.s on London, which is conditioned by the amount of its assets in London. An international bank can accumulate assets by accepting deposits and current accounts from British residents and/or non-British governments, local authorities and firms.
Here, the other side of these banks' activities, that is, the international securities flotation, comes into the picture. The more an international bank canundertake such flotaions, the more deposits the bank can receive from the issuingbodies, which invigorates the bank's trade financing business.
The participants in this research group have made efforts to clarify these relationships by examples taken from various international banks, such as the Hongkong and Shanghai Banking Corporation, the Yokohama Species Bank, the Germanbanks in Latin America, the International Banking Corporation (later absorbed by the National City Bank of New York), the British banks in Latin Aerica and others. Less