JEL F02, F23, F 30, G15, G21, G34

Transcription

1 ISSN (154)/2014 ~ 61 ~ 5. ( , -, - - ).. 1. ( ', -, ). 2. ( - - ). 3. ( - ). 4. ( - ' ; ). : 1. Ueda K. The Effectiveness of Non-traditional Monetary Policy Measures: the Case of the Bank of Japan"// The Japanese Economic Revie Vol. 63(1). 2. Paries M., De Santis R. A Non-standard Monetary Policy Shock: The ECB's 3-year LTROs and the Shift in Credit Supply,// ECB Working Paper Series No (January). 3. Vasco C., Woodford M. Conventional and Unconventional Monetary Policy Federal Reserve Bank of New York //Staff Reports no. 404 November. 4. Bernanke B., Reinhart V., Sack B. Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment /Brookings Papers on Economic Activity, Economic//Studies Program, The Brookings Institution Vol. 35(2), pp World economic outlook (International Monetary Fund)// Washington, DC : International Monetary Fund cs.aspx?id= Lyutiy I., Liubkina O, Shpygotska N. Contribution of Banking System into Financial Stability of Ukraine // The Journal of Economic Sciences: Theory and Practice Volume 69, #2/. P ,..,.,,. -,, " ". " ", " ". :,,,, " ". O. Liubkina, PhD in Economics, Associate Professor, Doctorant Taras Shevchenko National University of Kyiv, Kyiv OPERATIONS OF THE CENTRAL BANK ON THE FINANCIAL MARKET FOR THE PERIOD OF EXIT FROM THE RECESSION The global economy is currently facing one of the longest recessions in the past fifty years. The way out of the Great recession requires active measures to stimulate the demand in the economy. However, distinctive features of the recent recession are the significant amount of a debt burden on national budgets, low inflation contributes to an increasing potential of a monetary policy to ensure economic recovery, but require from the central bank an unconventional approach to achieve the broad set of goals. One of the tools of so-called unconventional monetary policy is quantitative easing. The USA experience of applying the unconventional monetary policy suggests that the quantitative easing is an effective tool for warming up the economy in the recession phase, especially in the medium terms, but it causes challenges for developing of the national economy (credit risk deterioration of the central bank's portfolio, rising commodity prices, flows of speculative capital) and like "secondary effects" challenges for developing of the global economy (interest rates volatility, price bubbles on stock markets, currency risks, etc.). Keywords: quantitative easing, Great recession, financial crisis, central bank, asset price "bubbles" : JEL F02, F23, F 30, G15, G21, G34., -, "Caspian Capital", ( ). -,,,.,. -. :,,, -,, , - -,,. -,,, -., -, -, , 2014

2 ~ 62 ~ ISSN , -. -, -. -,.,.,.,. -,... -,.-.,.,.,.,.,.,.,., ,.,.,. -,.,.,.., -, -, -, , -,. - ( ),, " ". -,,,.,, [25]., - - -, 1., - - -, - -., - (,, - - ),., -,, -,., ,, -,,. -, - -,,., -, -,. 1., - * 1. : ; ; ; : ; ; ; ( - ) * :..,.. :,,. : -, 2010,. 17; /...,... : -, 2007;.. //..., 2007, 5, :, (, - ) (, ).,

3 ISSN (154)/2014 ~ 63 ~, -. -, -,,,, -. -, ,, -,. (M&A) -, -.,,, - -,, -,, ,5. & 2, ,, Citicorp Travelers Group, Bank America Nations Bank, Banc One-First Chicago Norwest-Wells Fargo. - & (13 ) 2006., (21), - ; , 75,8. - & : ,3 ( 108,0 249,3.), ,4 ( 73,6.), ,5. - ( ,1.), 15,0% [7] , -. - M&A, -, -,. M&A ( 5. ) &A (, ), (60% 70% )., -,, M&A ,,, -. -, - -, ( 5. ) ,.* in ,3 Bayerische Hypo-und Vereins Germany UnicreditoItalianoSpA Italy 5,0 Absa Group Ltd South Africa Barclays Plc UK in ,1 BancaNazionaledelLavoroSpA Italy BNP Paribas SA France 5,0 Finansbank AS Turkey National Bank of Greece SA Greece in ,0 ABN AMRO North America USA Bank of America USA 9,9 Compass Bancshares Inc. USA BBVA Spain 7,9 Nikko Cordial Corp. Japan Citigroup Japan Investments USA 7,8 DEPFA Bank Plc Ireland Hypo Real Estate Holding AG Germany 5,5 ICBC China Standard Bank South Africa 5,2 Sampo Bank Oyj Finland Danske Bank A/S Denmark in ,1 Fortis Bank Nederland Belgium/ Government of the (Holding) NV Netherlands Netherlands Netherlands 13,2 BancaAntonvenetaSpA Italy Banca Monte dei Paschi di SienaSpA Italy 8,6 Commerce Bancorp Inc. USA Toronto-Dominion Bank Canada 7,8 Morgan Stanley USA Mitsubishi UFJ Financial Group Inc Japan 6,6 Citibank Privatkunden Banque Federative du Germany AG & Co KGaA Credit Mutuel France 5,6 Standard Bank South Industrial & Commercial Group Ltd. Africa Bank of China China

4 ~ 64 ~ ISSN in ,3 Barclays Global Investors Ltd USA BlackRock Inc USA 12,8 Fortis Bank SA/NV Belgium BNP Paribas SA France 5,8 Nikko Cordial Securities Inc USA Sumitomo Mitsui Banking Corp. Japan in ,8 Morgan Stanley USA Mitsubishi UFJ Financial Japan Group Inc 6,3 Chrysler Financial Corp USA Toronto-Dominion Bank Canada 5,6 Bank Zachodni WBK SA Poland Banco Santander SA Spain * : UNCTAD [ : Global Development Finance Role of International Banking. Washington: The International Bank of Reconstruction and Development/World Bank, 2008, p. 52.,,, - M&A, :,, -. Dresdner Kleinwort, , [8]. -, 4,6; 3,5, - 4,4. -, - -.,., - [9].,,, ( - ) -. - : ; - - ; - ; ,, -, -. -,, -,, -,. -,, -., - -., -, -., - ( ) - " "., , GSI - 37 (74%): (8), (7), (6), ( 5), ( 3). UNCTAD, GSI Citigroup Inc. ( ) 73,9,, -, - : 2010., Citigroup Inc. 664 (71,0% ) UNCTAD ( ), 6 - ( 5) (1).,, - - : -50 Nomura Holdings Inc. ( ) 22 1,6 [10] [11,. 234], -. -, 3 ( ). - ( ), (8 - ), (3 ) ( ). -, -, -

5 ISSN (154)/2014 ~ 65 ~ UNCTAD. -,, -, , - (2 ) -, -., ,5% ,. - ( 1,9% 13428) ( 13,5% 1652). -. -, -,,,, -,,, -, - -. McKinsey Global Institute (MGI), : - - -, -, -,,,, [12; 13; 14]. " - - " [14, c. 5],, - -. MGI., - [15, c.7-8; 16, c. 8, 28; 17, c. 2, 3, 6]. -,, ( ) % (922.) 6% (280.) 2000.,.. 10., [15, c. 7-8]., FinancialTimes, TheBanker, Fortune Bankers' Almanac ( 3) : 1. -,, - " "., FT Global [18], ( ),.. 43,7% ( ,0%), ( 11, 3; - 2,,,, 1), (4) (1). 2, 4.,, 22,7% ( ,0%). (11), The Banker TOP-1000 WorldBanks [19, ] , -1000, 26 (60,5%) -, 13 [19, p. 156]. : -, - " " " " ( ) 20- (1 311,2.) [19, p.14]. -,, 4 -, , %, %. 31% 34%. 3. * Financial Times Global The Banker Top 1000 World Banks 2012 Fortune Global Bankers' Almanac Top ICBC (, 236,3.) 2. ChinaConstructionBank (, 193,2.) 3. Wells Fargo (, 180,2.) 1. Bank of America (, 159,2.) 2. JP Morgan Chase (, 150,4.) 3. ICBC (, 140,0.) 1. ING Group (, 150,6.) 2.BNP Paribas (, 128,7.) 3.Banco Santander (, 117,4.) 1. ICBC (, 55,5.) 2. Agricultural Bank of China (, 51,6.) 3. China Development Bank (, 48,7.)

6 ~ 66 ~ ISSN Financial Times Global The Banker Top 1000 World Banks Deutsche Bank (, 2800,1.) 2. Mitsubishi UFJ Financial Group (, 2664,2.) 3. HSBC Holdings (, 2555,6.) 1. ICBC (, 43,2.) 2. China Construction Bank (, 34,8.) 3. Bank of China (, 26,8.) (ROA) 1. Franklin Resources (, 20,30%) 2. United National Corporation (, 13,79%) 3. Home Credit (, 7,63%). 3 Fortune Global Bankers' Almanac Top Deutsche Bank (, 2809,7 ) 2. Mitsubishi UFJ Financial Group (, 2660,0.) 3. HSBC Holdings (, 2555,6.) - 1. ChinaConstructionBank (, 26,2.) 2. Bank of China (, 19,2.) 3. Agricultural Bank of China (, 18,9.) 1. Deutsche Bank (, 2804,3.) 2. BNP Paribas (, 2546,7.) 3. ICBC (, 2458,6.) * : [18; 19; 20], Bankers' Almanac Top [ ]. : - ( ) : O (ICBC, China Construction Bank, Bank of China, Agricultural Bank of China). -,, ( ) [19, p. 175, 178]. 29,3% 13,6%, ,6% 6,2% (54%),, 29%., 45% 6,3% ( 58% 46% ) ,39% [19, p. 1, 126]., -, Fortune Global 500,, (ICBC) , [20]., ChinaConstructionBank,, Bankersalmanac Top Banks in the World 50- -, (ICBC, China Construction Bank, Bank of China Agricultural Bank of China) ( 3-, 8-, ),. -,., FTGlobal ( -25 ), 5 (3) The Banker TOP-1000 World Banks - 13 " " ( 4-50), 11 (3) Bankersalmanac Top Banks in the World 3. World's Strongest Banks Bloomberg Markets - 4 3, Oversea-Chinese Banking Corp.,, - -,.,,, -, , 300, 55 ( -, - ). - - : 15%, ( ,2, ,5%) [21].

7 ISSN (154)/2014 ~ 67 ~ -., Moody's Investors Service, 5., Deutsche Bank 1, ,,, -. -, , - ; ,, -,,., The Banker TOP-1000 World Banks ( ) Bank of America JPMorgan Chase, HSBC ( - ) Citigroup ( ). HSBC,BNP Paribas ( ) Deutsche Bank ( ) ,, (21 ). -, - ( cost-to-income ratio), Bank of America, JPMorgan Chase, HSBC Citigroup ( 4-5- ) [19,. 167, 175, 178] Fortune Global 500 ING Group ( - ), BNP Paribas, Banco Santander( ), Bank of America, JPMorgan Chase HSBC Bankersalmanac Top Banks in the World, -, - BNP Paribas Deutsche Bank. -,, [20, c ] , - - -, FT Global , 2,6 ( 5,0 1,9.) 2,2 ( 731,1 335,2.), - 19,1% 12,4% 2,8% 2,15% [23]. - ( ) 1,6. [24]., -., FT Global , ,0 ( 3,8.) 1,8 ( 591,5.), - 15,0% 2,3% [18] The Banker TOP-1000 WorldBanks, 85,3% , (ROE) c 20% 2,69%, - (ROA) c 0,87% 0,21%, : 95,8., 83,3%.,,,, -,, -, TheBankerTOP-1000 WorldBanks , -. :,, 1%, ,36% ( 5,35%) [19].,,, -., -,., -, -, , -,, -, -, ,, -, 25,, (45%),, 58%,. -, , -

8 ~ 68 ~ ISSN , (Financial Times, The Banker, Fortune, Bankers' Almanac.) :,,, " " - (,,,.).,, , - -.,, -.,,,, 2014., (, ), -.,, -,. - -,,,,, , : [ ]: [ ] /.. :, : [ ] /.. // [ ]: [ ] /. - : CA&CC Press, c : ( ) [ ]: [ ] /.. : " qtisad Universiteti", c [ ]: [ ] /.. :, [ ] /. // C World Investment Report New York and Geneva: United Nations, P Foreign Acquisitions of CIS banks. London: Dresdner Kleinwort Research, 23 July P IPO[ ] /. // daily. 2011, 23. : [ ] Top50 financialtncs [ ]. : World Investment Report New York and Geneva: United Nations, The New Power Brokers: How Oil, Asia, Hedge Funds, and Private Equity are Shaping Global Capital Markets / [Farrell D., Lund S., Gerlemann E., Seeburger P.]; MGI Report. October Farrell D. The World's New Financial Power Brokers[ ] / Farrell D., Lund S. The McKinsey Quarterly, December The New Power Brokers: Gaining Clout in Turbulent Markets [Farrell D., Lund S., Sadan K.]. San Francisco: MGI, July p. 15. Mapping global capital markets [Roxburgh C., Lund S., Piotrowski J.]. MGI. August Global capital markets: Entering a new era [Roxburgh C., Lund S., Atkins C., Belot S., Hu W.W., Pierce M.S.]. MGI. September Lund S. The new financial power brokers: Crisis update [ ] / Lund S., Roxburgh C. MGI. September FT Global [ ] // Financial Times. July 19, The Banker TOP-1000 World Banks [ ] // The Banker. Vol No July Fortune Global 500 [ ] //Fortune. July 30, 2007; Fortune. July 23, Top 500 Islamic Financial Institutions[ ] // The Banker. 01 November 2011; Best Islamic Financial Firms 2012 [ ] // Global Finance. June : - [ ] /. // Forbes FTGlobal [ ] // FinancialTimes. May 29, FTGlobal [ ] // FinancialTimes. May 28, Greenspan A. Global finance: is it slowing? // BIS Review, 2003, , - "Caspian Capital",,.,,,., i -.. :,,,, -, -. F. Murshudli, Ph.D. in Economics Investment Company "Caspian Capital", Baku, Azerbaijan MODERN TRENDS OF DEVELOPMENT OF GLOBAL BANKS IN THE CONTEXTOF FINANCIAL GLOBALIZATION The impact of financial globalization on the development of global banks is examined. The most significant of its manifestations in the world banking system are highlighted, in particular, such as the global consolidation of financial institutions and transnationalization of banking activity. Modern ratings of the largest banks in the world, implemented by reputable institutions and publications in the financial world, are analyzed. A holistic picture of the alignment of forces in the global banking system in the years of crisis and post-crisis period is presented. Keywords: financial globalization, global banks, mergers and acquisitions, transnationalization of banking, rating, financial and economic crisis.

9 ISSN (154)/2014 ~ 69 ~ : 336. JEL: F32, G32, G34.,..,., - -, ,,,,.,,. :,,, -,, , - ( ).., - ' -,,,, -, -., -, , - / (. -,.,.,.,.,. ) - (.,.,.,. -,.,.,.,.,. -,.,.,.,. -,.,.,.. ).. - -,, ,, ' , ' ,,,,,,,,,,, - [1], - - -, - ( ). - -, -,,,, - [2, C. 22]. -, , -,, - -.,,., -,. -,,,. - :,,,, , - -, - '., - ( ; -., 2014