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【正文】 is chartered licensed. ?The deposits of a US residents to a offshore bank is not regulated by US laws but by the laws of the country where the bank is located. 18 Offshore banking ? Business are conducted through ?agency office located abroad: arranges loans and transfers funds but does not accept deposits ?subsidiary located abroad: subject to the same regulations as local banks but not to the regulations of the parent bank’s country ?foreign branch: subject to the regulations as local banks and to the regulations of the parent bank’s country 19 Offshore trading ?Offshore deposit: a bank deposit denominated in a currency other than that of the country in which the bank resides ?Eurocurrencies: offshore currency deposits ?US Dollar deposits located outside the United States (., Hong Kong) are called Eurodollars. ?Eurobanks: banks that accept deposits denominated in Eurocurrencies. 20 The creation of eurocurrencies 21 A transaction between an American and an American pany ? A US pany General Motors sells a car to an American for $40,000. ? The American pays with a check on an account at Citibank. ? General Motors deposits the check at Chase 22 The car buyer pays with a check on an account at Citibank. Balance Sheet of Citibank, New York Changes in assets Changes in liabilities Reserves at Fed $40,000 Customers’ deposits (car buyer’s account) $40,000 23 General Motors deposits at Chase any dollars it acquires. Balance Sheet of Chase Manhattan Bank, New York Changes in assets Changes in liabilities Reserves at Fed +$40,000 Customers’ deposits (GM’s account) +$40,000 24 Creation of credit ??? ?In aggregate, the reserves at the Fed and the dollar deposits in the US banking system have not changed. ?No additional credit has been created. 25 A transaction between an American and a foreign pany ? A German pany DaimlerBenz sells a car to an American for $40,000. ? The American pays with a check on an account at Citibank. ? If the German pany expects to use US currency soon, it may do one of the following ?buy US Treasury bills ?buy certificates of deposit issued by American banks ?buy a Eurodollar deposit by depositing the check with a British bank, Barclays Bank, in London. 26 Depositing the check with a British bank, Barclays Bank, in London. Balance Sheet of Barclays Bank, London Changes in assets Changes in liabilities Deposits at Chase +$40,000 Customers’ deposits (DaimlerBenz account) +$40,000 DaimlerBenz buys a Eurodollar deposit by depositing the check with a British bank, Barclays Bank, in London. Barclays deposits at Chase any dollars it acquires. 27 Depositing the check with a British bank, Barclays Bank, in London. Balance Sheet of Citibank, New York Changes in assets Changes in liabilities Reserves at Fed $40,000 Customers’ deposits (car buyer’s account) $40,000 The American car buyer pays with a check on an account at Citibank. 28 Depositing the check with a British bank, Barclays Bank, in London. Balance Sheet of Chase Manhattan Bank, New York Changes in assets Changes in liabilities Reserves at Fed +$40,000 Customers’ deposits (Barclays account) +$40,000 Barclays deposits at Chase any dollars it acquires. 29 Creation of Eurodollars ?In aggregate, the reserves at the Fed and the dollar deposits in the US banking system have not changed. ?$40,000 Eurodollar deposit has been created. ?The creation of Eurodollar deposit has no relationship with the US trade deficit or surplus with other countries. 30 Seconda
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