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Prof. Mario Pines 02 April 2009
Present Financial Crisis, Global versus Local
Framework
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WWW.PINES.IT
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lthttp//inflationdata.com/Inflation/Inflation/Annu
alInflation.aspgt
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lthttp//www.wtrg.com/prices.htmgt
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WWW.PINES.IT
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Since the collapse of fixed exchange rate August
1971
Banca Privata e Finambro 1974 Bankhaus Herstatt
in Cologne. 1974 Franklin Square National Bank
Long Island, New York - 1974 Penn Central
Corporation Pennsylvania 1978 Banco Ambrosiano
1982 Continental Illinois National Bank and
Trust Company (CINB) in May 1984, Drexel
Burnham Lambert Group (DBLG) 1989 Bank for Credit
and Commerce International (BCCI) 1991 Long-Term
Capital Management (LTCM) 1994 Barings PLC
1995 Crédit Lyonnais' Paris 1996 Bipop-Carire
2001 Enron Corporation is an energy company
based in Houston, Texas. 2001 WorldCom (known as
LDDS) and MCI Communications, MCI WorldCom
WorldCom taking its final name on April 14, 2003
as part of the corporation's emergence from
bankruptcy 2003
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Local crisis
SL crisis 1980 Japanese banking crisis 1990
December 1994 and early 1995 Mexico - Tequila
Crisis Argentina, Brazil, The Philippines,
Poland, 1997 Thailand, Indonesia Malaysia
October 1997, Korea August 1998, Russia
declared a debt moratorium January 1999, Brazil
suffered an exchange rate crisis
WWW.PINES.IT
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Glass-Steagall Act, passed on 16 June
1933 Depositary Institution
Deregulation and Monetary Control Act passed in
1980, The Garn-St. Germain Depositary
Institution Act deregulating The Savings and Loan
industry in 1982, and the GRAMM - LEACH - BLILEY
ACT 1999 COMMODITY FUTURES MODERNIZATION ACT
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Investment Banks
Lehman Brothers Bear
Stearns Merrill Lynch Morgan Stanley Goldman
Sachs
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Table 23 Table 23 Table 23 Table 23 Table 23 Table 23 Table 23 Table 23 Table 23 Table 23 Table 23
DERIVATIVE FINANCIAL INSTRUMENTS TRADED ON ORGANISED EXCHANGES BY INSTRUMENT AND LOCATION DERIVATIVE FINANCIAL INSTRUMENTS TRADED ON ORGANISED EXCHANGES BY INSTRUMENT AND LOCATION DERIVATIVE FINANCIAL INSTRUMENTS TRADED ON ORGANISED EXCHANGES BY INSTRUMENT AND LOCATION DERIVATIVE FINANCIAL INSTRUMENTS TRADED ON ORGANISED EXCHANGES BY INSTRUMENT AND LOCATION DERIVATIVE FINANCIAL INSTRUMENTS TRADED ON ORGANISED EXCHANGES BY INSTRUMENT AND LOCATION DERIVATIVE FINANCIAL INSTRUMENTS TRADED ON ORGANISED EXCHANGES BY INSTRUMENT AND LOCATION DERIVATIVE FINANCIAL INSTRUMENTS TRADED ON ORGANISED EXCHANGES BY INSTRUMENT AND LOCATION DERIVATIVE FINANCIAL INSTRUMENTS TRADED ON ORGANISED EXCHANGES BY INSTRUMENT AND LOCATION DERIVATIVE FINANCIAL INSTRUMENTS TRADED ON ORGANISED EXCHANGES BY INSTRUMENT AND LOCATION DERIVATIVE FINANCIAL INSTRUMENTS TRADED ON ORGANISED EXCHANGES BY INSTRUMENT AND LOCATION DERIVATIVE FINANCIAL INSTRUMENTS TRADED ON ORGANISED EXCHANGES BY INSTRUMENT AND LOCATION

FUTURES AMOUNTS OUTSTANDING AMOUNTS OUTSTANDING AMOUNTS OUTSTANDING AMOUNTS OUTSTANDING TURNOVER TURNOVER TURNOVER TURNOVER TURNOVER TURNOVER
INSTRUMENTS / LOCATION 2003 2004 2005 2005 2004 2005 2005 2005 2005 2005
INSTRUMENTS / LOCATION Dec. Dec. Sep. Dec. Year Year Q1 Q2 Q3 Q4
All markets . . . . 13,752.9 18,903.6 20,698.0 21,623.0 840,188.3 1,005,7754 240,719.8 269,914.1 249,847.4 245,293.9
Interest rate . . . . . 13,123.7 18,164.9 19,861.2 20,712.4 783,140.2 939,551.8 226,390.4 254,372.5 233,512.5 225,276.4
Currency . . . . . . . . 79.9 103.5 109.7 107.7 6,614.7 11,125.0 2,438.1 2,823.0 2,820.8 3,043.1
Equity index . . . . . 549.3 635.2 727.1 802.9 50,433.5 55,098.5 11,891.4 12,718.6 13,514.1 16,974.4
North America . 7,700.0 10,465.8 11,665.1 12,328.9 440,774.6 564,231.3 127,900.3 155,491.2 149,290.9 131,548.9
Interest rate . . . . . . 7,384.6 10,043.6 11,209.4 11,857.5 414,309.7 529,118.3 119,828.4 146,603.8 140,640.5 122,045.6
Currency . . . . . . . . . 64.9 91.5 93.0 90.8 6,080.9 10,257.1 2,260.5 2,621.7 2,580.9 2,794.0
Equity index . . . . . .. 250.4 330.7 362.7 380.7 20,384.0 24,855.9 5,811.4 6,265.7 6,069.4 6,709.3
Europe . . . . . . . . 4,363.2 5,972.4 6,155.5 6,283.6 336,632.1 380,612.4 99,725.3 101,207.0 83,797.6 95,882.5
Interest rate . . . . . . 4,200.2 5,756.1 5,908.9 6,049.4 322,977.6 362,066.8 95,731.1 96,912.8 79,012.2 90,410.8
Currency . . . . . . . . . 0.3 0.3 3.0 2.4 12.5 37.0 3.9 4.8 19.6 8.6
Equity index . . . . . . 162.7 215.9 243.6 231.8 13,642.1 18,508.6 3,990.3 4,289.4 4,765.8 5,463.1
Asia and Pacific 1,531.2 2,293.8 2,622.5 2,697.2 56,878.9 53,053.6 11,071.7 11,493.0 14,811.6 15,677.4
Interest rate . . . . . . 1,395.4 2,208.0 2,506.7 2,511.8 40,694.3 41,629.5 9,042.8 9,399.9 12,210.8 10,976.0
Currency . . . . . . . . . 3.4 3.7 4.8 4.3 107.2 133.7 29.6 33.6 35.3 35.3
Equity index . . . . . . 132.5 82.0 111.1 181.2 16,077.5 11,290.4 1,999.3 2,059.6 2,565.5 4,666.1
Other Markets . . 158.5 171.6 254.9 313.3 5,902.7 7,878.0 2,022.6 1,723.0 1,947.4 2,185.1
Interest rate . . . . . . 143.4 157.2 236.3 293.8 5,158.6 6,737.2 1,788.1 1,456.1 1,648.9 1,844.0
Currency . . . . . . . . . 11.3 7.9 8.9 10.2 414.1 697.2 144.1 162.9 185.0 205.2
lt http//www.bis.org/publ/qtrpdf/r_qa0603.pdfpage
108 gt
(Notional principal in billions of US dollars)
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THE BLUEPRINTS In June 2002, President Bush spoke
in Atlanta to unveil a plan to increase minority
homeownership.
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FREDDI MAC
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Currency composition of official foreign exchange
reserves
     '95       '96       '97       '98       '99       '00       '01       '02       '03       '04       '05       '06       '07      
US dollar 59.0 62.1 65.2 69.3 70.9 70.5 70.7 66.5 65.8 65.9 66.4 65.7 63.9
Euro 17.9 18.8 19.8 24.2 25.3 24.9 24.3 25.2 26.5
German mark 15.8 14.7 14.5 13.8
Pound sterling 2.1 2.7 2.6 2.7 2.9 2.8 2.7 2.9 2.6 3.3 3.6 4.2 4.7
Japanese yen 6.8 6.7 5.8 6.2 6.4 6.3 5.2 4.5 4.1 3.9 3.7 3.2 2.9
French franc 2.4 1.8 1.4 1.6
Swiss franc 0.3 0.2 0.4 0.3 0.2 0.3 0.3 0.4 0.2 0.2 0.1 0.2 0.2
Other 13.6 11.7 10.2 6.1 1.6 1.4 1.2 1.4 1.9 1.8 1.9 1.5 1.8
Sources 1995-1999, 2006-2007 IMF Currency Composition of Official Foreign Exchange ReservesPDF (80 KB)Sources 1999-2005, ECB The Accumulation of Foreign ReservesPDF (816 KB)           v  d  e        Sources 1995-1999, 2006-2007 IMF Currency Composition of Official Foreign Exchange ReservesPDF (80 KB)Sources 1999-2005, ECB The Accumulation of Foreign ReservesPDF (816 KB)           v  d  e        Sources 1995-1999, 2006-2007 IMF Currency Composition of Official Foreign Exchange ReservesPDF (80 KB)Sources 1999-2005, ECB The Accumulation of Foreign ReservesPDF (816 KB)           v  d  e        Sources 1995-1999, 2006-2007 IMF Currency Composition of Official Foreign Exchange ReservesPDF (80 KB)Sources 1999-2005, ECB The Accumulation of Foreign ReservesPDF (816 KB)           v  d  e        Sources 1995-1999, 2006-2007 IMF Currency Composition of Official Foreign Exchange ReservesPDF (80 KB)Sources 1999-2005, ECB The Accumulation of Foreign ReservesPDF (816 KB)           v  d  e        Sources 1995-1999, 2006-2007 IMF Currency Composition of Official Foreign Exchange ReservesPDF (80 KB)Sources 1999-2005, ECB The Accumulation of Foreign ReservesPDF (816 KB)           v  d  e        Sources 1995-1999, 2006-2007 IMF Currency Composition of Official Foreign Exchange ReservesPDF (80 KB)Sources 1999-2005, ECB The Accumulation of Foreign ReservesPDF (816 KB)           v  d  e        Sources 1995-1999, 2006-2007 IMF Currency Composition of Official Foreign Exchange ReservesPDF (80 KB)Sources 1999-2005, ECB The Accumulation of Foreign ReservesPDF (816 KB)           v  d  e        Sources 1995-1999, 2006-2007 IMF Currency Composition of Official Foreign Exchange ReservesPDF (80 KB)Sources 1999-2005, ECB The Accumulation of Foreign ReservesPDF (816 KB)           v  d  e        Sources 1995-1999, 2006-2007 IMF Currency Composition of Official Foreign Exchange ReservesPDF (80 KB)Sources 1999-2005, ECB The Accumulation of Foreign ReservesPDF (816 KB)           v  d  e        Sources 1995-1999, 2006-2007 IMF Currency Composition of Official Foreign Exchange ReservesPDF (80 KB)Sources 1999-2005, ECB The Accumulation of Foreign ReservesPDF (816 KB)           v  d  e        Sources 1995-1999, 2006-2007 IMF Currency Composition of Official Foreign Exchange ReservesPDF (80 KB)Sources 1999-2005, ECB The Accumulation of Foreign ReservesPDF (816 KB)           v  d  e        Sources 1995-1999, 2006-2007 IMF Currency Composition of Official Foreign Exchange ReservesPDF (80 KB)Sources 1999-2005, ECB The Accumulation of Foreign ReservesPDF (816 KB)           v  d  e       
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US/ Fonte ECB
http//www.ecb.int/stats/exchange/eurofxref/html/e
urofxref-graph-usd.en.html
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Overall Teu Traffic first 20 portsYear 2002 -
Geographic Area

• Asia 84.951.148
  65,89
• North Europe 22.448.422 17,41
• Nord America 14.381.242 11,15
• Middle East 4.194.264
  3,25
• Mediterranean 2.954.571 2,29
  
• Total 128.929.647
  100
• http//www.ci-online.co.uk

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Overall Teu Traffic first 20 portsYear 2005 -
Geographic Area

• Asia 140.497.155
  75,46
• North Europe 23.869.606 12,82
• Nord America 14.194.442 7,62
• Middle East 7.619.222
  4,10
• Mediterranean -
  -
• Total 186.180.425
  100
• http//www.ci-online.co.uk

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Overall Teu Traffic first 20 portsYear 2006 -
Geographic Area

• Asia 148.365.970
  71,27
• North Europe 30.020.396 14,42
• Nord America 20.853.024 10,02
• Middle East 8.923.465
  4,29
• Mediterranean -
  -
• Total 208.162.855
  100
• http//www.ci-online.co.uk

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Overall Teu Traffic first 20 portsYear 2007 -
Geographic Area

• Asia 170.334.729
  72,24
• North Europe 33.759.457 14,32
• Nord America 21.045.404 8,93
• Middle East 10.653.026 4,52
• Mediterranean -
  -
• Total 235.792.616
  100
• http//www.ci-online.co.uk

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Overall Teu Traffic first 20 portsYear 2008 -
Geographic Area

• Asia 187.317.049
  80,84
• North Europe 30.063.736 12,97
• Nord America 14.337.801 6,19
• Middle East -
  -
• Mediterranean -
  -
• Total 231.718.586
  100
• http//www.ci-online.co.uk

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Monetary Authorities with the
largest foreign reserves in 2008.
Rank Country/Monetary Authority billion USD (end of month) change in year 2007
1 People's Republic of China 1905 (Sept) 1 32.9
2  Japan 997 (August) 8.7
- Eurozone 555 (July) 16.6
3  Russia 484.7 (November 06) 2 1 56.8
4 Republic of China (Taiwan) 282 (August) 2 2.7
5  India 253 (Oct) 2 64.4
6  South Korea 212 (Oct) 9.7
7  Brazil 205 (Aug 31) 3 105.9
8  Singapore 175 (July) 19.1
9  Hong Kong 158 (August) 14.6
10  Germany 137 (August) 20.3
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ECOFIN 4 October 2008
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G20 14 October 2008
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G20 2 April 2009
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Jewish bankers were involved in the
development of Persian industry and initiated a
system of credit. The surviving records of
two Jewish banking families are among the most
revealing documents of the Persian period.
These were the Jewish banking houses of "Murashu
and Sons," and "Egibi and Sons".
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C
A
B
X
1 cm 100 anni 1 m 10.000 anni 100 m
1.000.000 anni ltlthttp//www.nber.org/papers/w7375
gtgt
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