“Present Financial Crisis, Global versus Local Framework” Prof. Mario Pines 02 April 2009

Banca Privata e Finambro 1974 Bankhaus Herstatt in Cologne Franklin Square National Bank – Long Island, New York 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 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 Since the collapse of fixed exchange rate August 1971

S&L 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 Local crisis

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

*********** Lehman Brothers Bear Stearns Merrill Lynch Morgan Stanley Goldman Sachs Investment Banks

Table 23 DERIVATIVE FINANCIAL INSTRUMENTS TRADED ON ORGANISED EXCHANGES BY INSTRUMENT AND LOCATION FUTURESAMOUNTS OUTSTANDINGTURNOVER INSTRUMENTS / LOCATION Dec. Sep.Dec.Year Q1Q2Q3Q4 All markets....13, , , , ,188.31,005, , , , ,293.9 Interest rate , , , , , , , , , ,276.4 Currency , ,125.02,438.12,823.02,820.83,043.1 Equity index , , , , , ,974.4 North America.7, , , , , , , , , ,548.9 Interest rate , , , , , , , , , ,045.6 Currency , ,257.12,260.52,621.72,580.92,794.0 Equity index , ,855.95,811.46,265.76,069.46,709.3 Europe ,363.25,972.46,155.56, , , , , , ,882.5 Interest rate ,200.25,756.15,908.96, , , , , , ,410.8 Currency Equity index , ,508.63,990.34,289.44,765.85,463.1 Asia and Pacific1,531.22,293.82,622.52, , , , , , ,677.4 Interest rate ,395.42,208.02,506.72, , ,629.59,042.89, , ,976.0 Currency Equity index , ,290.41,999.32,059.62,565.54,666.1 Other Markets ,902.77,878.02,022.61,723.01,947.42,185.1 Interest rate ,158.66,737.21,788.11,456.11,648.91,844.0 Currency (Notional principal in billions of US dollars)

THE BLUEPRINTS In June 2002, President Bush spoke in Atlanta to unveil a plan to increase minority homeownership.

FREDDI MAC

Currency composition of official foreign exchange reserves '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 US dollar 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 German mark 15.8 % 14.7 % 14.5 % 13.8 % Pound sterling 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 % Japanes e yen Japanes e 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 French franc 2.4 % 1.8 % 1.4 % 1.6 % Swiss franc Swiss franc 0.3 % 0.2 % 0.4 % 0.3 % 0.2 % 0.3 % 0.4 % 0.2 % 0.1 % 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: , IMF: Currency Composition of Official Foreign Exchange ReservesPDF (80 KB) Sources: , ECB: The Accumulation of Foreign ReservesPDF (816 KB) v d e IMFCurrency Composition of Official Foreign Exchange ReservesPDFECBThe Accumulation of Foreign ReservesPDFvde

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US$/€ Fonte ECB

Overall Teu Traffic: first 20 ports Year Geographic Area Asia ,89% North Europe ,41% Nord America ,15% Middle East ,25% Mediterranean ,29% Total %

Overall Teu Traffic: first 20 ports Year Geographic Area Asia ,46% North Europe ,82% Nord America ,62% Middle East ,10% Mediterranean - - % Total %

Overall Teu Traffic: first 20 ports Year Geographic Area Asia ,27% North Europe ,42% Nord America ,02% Middle East ,29% Mediterranean - - % Total %

Overall Teu Traffic: first 20 ports Year Geographic Area Asia ,24% North Europe ,32% Nord America ,93% Middle East ,52% Mediterranean - - % Total %

Overall Teu Traffic: first 20 ports Year Geographic Area Asia ,84% North Europe ,97% Nord America ,19% Middle East - -% Mediterranean - - % Total %

RankCountry/Monetary Authoritybillion USD (end of month)change in year People's Republic of China$ 1905 (Sept) % 2 Japan $ 997 (August)+8.7% -Eurozone$ 555 (July)+16.6% 3 Russia $ (November 06) 2 [1]November 06 2 [1] +56.8% 4Republic of ChinaRepublic of China (Taiwan)$ 282 (August) [2] [2] +2.7% 5 India $ 253 (Oct) % 6 South Korea $ 212 (Oct)+9.7% 7 Brazil $ 205 (Aug 31) 3Aug % 8 Singapore $ 175 (July)+19.1% 9 Hong Kong $ 158 (August)+14.6% 10 Germany $ 137 (August)+20.3% Monetary Authorities with the largest foreign reserves in 2008.

ECOFIN 4 October 2008

G20 14 October 2008

G20 2 April 2009

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".

1 cm = 100 anni 1 m = anni 100 m = anni > X AB C