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International
Money Laundering
in the Banking Sector1
by
Prof. J.D.Agarwal
Professor of Finance & Founder
Chairman & Director, Indian Institute of Finance
Chief Editor, Finance India
Email: jda@iif.edu
Aman
Agarwal
Professor of Finance
&
Officiating Director, Indian Institute of Finance,
Director, IIF Business School (GGS Indraprastha University)
Delhi 110052, India
Web: http:llwww.iifbs.edu; Email: aa@iif.edu
_________
Acknowledgement
The authors would like to thank Ms. Kasturi Bhattacharya,
Graduate Assistant, Indian Institute of Finance, Ms. Yamini Agarwal,
Lecturer, Indian Institute of Finance and Mr. Deepak Bansal Sr. Lecturer
Indian Institute of Finance for their help in preparing this paper.
The authors would also like to thank Indian Institute of Finance and
Mr. Ashok Nath (APBC Secretariat) for the logistic support.
__________________________________
1. Invited to be delivered as Keynote Address at the Asia Pacific Banker’s
Congress 2004 in Manila, PHILIPPINES on 26th March 2003. (23-24th March
2004)
© J.D.Agarwal, Indian Institute of Finance
_______________
Live
Audio Recording of Speech (Wave Format)
Soft
copy of the paper (In PDF Format)
Soft
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Abstract
The
speech highlights different aspects of International Money Laundering
i.e. size, dimensions, effects and various steps taken internationally
to control it. How the banks can protect their interests for being excessively
used in money laundering estimated to be one trillion annually worldwide,
threatening their survival. It would also discuss how criminals, politicians,
bureaucrats, Industry, real estate builders, bankers, lawyers, accountants,
auditors and others are involved in money laundering. It is estimated
that the size of money laundering worldwide, is more than US$ 1 Trillion,
annually. The policy prescriptions have also been discussed in the lecture.
Acknowledgement
Mr.
Manuel Pangilinan, President and CEO, PLDT; Mr. Edmund Muth, Senior
Director, Financial Services Group, Microsoft Corporation; Mr. Steve
Laue, Vice President, MasterCard International; Robert Ocampo, President,
Asian Institute of Management, Mr. Ashok Nath, CEO, Options Group and
APBC; Honorable members of the Organizing Committee, other distinguished
dignitaries on the dais, members of the this august audience and ladies
and gentlemen, it is a matter of great privilege for me to have been
invited to deliver the keynote speech on International Money Laundering
in the Banking Sector in this prestigious Asia Pacific Bankers Congress
2004, organized by Bank Associations and the Options Information Group,
Manila, Philippines. At the outset I must congratulate the organizers
for organizing this conference, selecting an extremely timely theme
and having representation from almost all over the globe. It reflects
the vision of the bank associations, strategic partners and the organizers.
Organizing an international conference is very difficult task and tremendous
efforts are required by a team of committed and devoted professionals
to give it a final shape.
The theme of this Asia Pacific Bankers Congress –
International Money Laundering in the Banking Sector - has been rightly
chosen by the organizers. I have tried to focus on issues like - How
its done, Who does it & What bankers need to know about it in our
address on International Money Laundering in the Banking Sector. Money
Laundering is generally characterized by the intensity of fluctuations
affecting the price in financial markets and generation of illegal money
and a facilitator breading terrorism in the long run. Volatility in
the markets due to money laundering is generally perceived as a measure
of risk and uncertainty, and is also tradable market instrument in itself.
In case of high volatility, regulation and financial supervision become
paramount.
I wonder as to what extent I would be able to justify
this great responsibility of delivering this key note address. It is
a very difficult task and a great responsibility. However, it would
be my endeavor to be up to the mark as far as possible or to the expectations
of the organizers and galaxy of CEO of banks and financial institutions
and the intelligentsia.
I. Introduction
It is estimated that the size of money laundering
worldwide through the banking sector, is more than US$ 500 billion to
One trillion annually. A recent estimate has projected that worldwide
money-laundering not only economically destabilizes a country but also
exposes it to terrorist attacks, threatening its integrity and sovereignty.
It conceals the huge, illegal profits generated by unscrupulous, organized
criminal groups in various fields of crime. The culture of these groups
is "criminogenic” and are “regulatory resistant”. The speed and
case of modern electronic finance have contributed a lot to the growth
of this crime. Given the staggering volume of this crime, broad international
cooperation between law enforcement and regulatory agencies is essential
in order to identify the source of illegal proceeds, trace the fund
to specific criminal activities and confiscate criminal's financial
assets.
Money laundering involves bankers, lawyers, car dealers, real estates
builders, accountants and also others, who allow their businesses to
be used by someone to launder the proceeds of a crime.
Every country has its criminal underworld. The biggest organizations
and the ones that have been active and have long standings can be found
in the hubs of capitalism: the United States (Cosa Nostra), Europe (the
Sicilian Mafia) and Asia (the Chinese Lriads and Japanese Yakusas).
II.
What is Money Laundering?
The term money-laundering brings to our mind those
nefarious activities of the criminals who provide an envelope to “slush
funds” in order to exhibit those as genuine money. In other words, money-laundering
is a process by which criminals give the color of legality and legitimacy
to slush funds. Ignoring economic vandalism, most crime is economic
crime. In Black's Law of Lexicon the term laundering is being referred
to as investment or other transfer of money flowing from racketeering,
drug transactions and other sources (illegal sources) into legitimate
channels so hat its original source cannot be traced. Apart from the
traditional activities of drugs, racketeering, kidnapping, gambling,
procuring women and children, smuggling (alcohol, tobacco, medicines),
armed robbery, counterfeiting and bogus invoicing, tax evasion and misappropriation
f public funds, new markets are also flowering. These include smuggling,
illegal labor and refugees, computer piracy, trafficking in works of
art and antiquities, in stolen cars and parks, in protected species
and human organs, forgery in arms, toxic and nuclear products etc.
Money laundering generally involves a series of multiple
transactions used to disguise the source of financial assets so that
these assets may be used without compromising the criminals who are
seeking to use the funds. These transactions fall into three stages
i.e. Placement (Dirty money being inserted into the financial system
through a process through deposits wire, transfers, or other means,
unlawful proceeds into financial institutions.) Layering {Separates;
the proceeds {room their criminal origin by moving them though a series
of financial transactions. This makes it harder to establish a connection
between them); and Integration (Creating a legitimate explanation for
the source of funds, allowing them to be retained, invested or used
to acquire goods or assets).
The characteristics of organized crime are quite
evident in money laundering as it is a group activity which is long-term
and continuing; a criminal activity which is carried out often by more
than one person; an activity which is carried out irrespective of national
boundaries at large scale; and generates proceeds, which are often made
available for illicit use. Criminals involved in money laundering commit
three basic types of crimes i.e. Crimes of passion or honor; Crimes
of violence or vandalism; and Economic crimes - crime committed to make
money. Most often crimes are committed for two reasons; for kicks (to
prove that they can get away with it and for unscrupulous greed for
quick money (they think that they can make more money from the crime
than they can from the same amount of legitimate endeavors).
III. Money
Laundering: How it is done?
Some current estimates are that of US$ 500 billion to US$ 1 trillion
in criminal proceeds are laundered through banks worldwide each year
with about half of that is circulated through US banks [US Senate, Nov.
1999 & Feb. 2001]. As the banks are widely used for money laundering
they have a central role to play in curbing the menace. Accordingly,
the money 1aundering activities have been subject of eight prior investigations
in U .S. According to the Permanent Subcommittee's Report, there are
five major factors which create money laundering vulnerabilities: the
role of private bankers, private banks as client advocates, powerful
customers, and a corporate culture of secrecy, a corporate culture of
lax controls and the competitive nature of the industry.
III.
1. Private Bankers as Client Advocates
Private bankers are the linchpin of the private bank system. They are
trained to service their clients and to set up accounts and move money
around the world using sophisticated financial systems and secrecy tools.
Private Banks encourage their bankers to develop personal relationships
with their clients, visiting the client’s homes, attending weddings
and graduations, and arranging their financial affairs. The result is
that private bankers may feel loyalty to their clients for both professional
and personal reasons, leading them to miss or minimize warning signs.
In addition, private bankers use their expertise in bank systems to
evade what they may perceive as unnecessary "red tape" hampering
the services their clients want, thereby evading controls designed to
detect or prevent money laundering.
III.
2. Powerful Clients
Private bank clients are, by definition, wealthy. Many also exert political
or economic influence which may make banks anxious to satisfy their
requests and reluctant to ask hard questions. If a client is a government
official with influence over the bank's in country operations, the bank
has added reason to avoid offence. Moreover verifying information about
a foreign client's assets, business dealings, and community standing
can be difficult for US banks. The Federal Reserve board found in its
private banking review that foreign clients were particularly difficult
for private banks to assess due to a lack of independent data bases
of information, suit as credit reports. While private banks routinely
claim that their private bankers gain intimate knowledge of their clients,
the case histories demonstrate that too often is not true. For example,
in one case, a private banker was unaware for more than three years
that he was handling the accounts of the some of the an African head
of state.
III.
3. Culture of Secrecy
A culture of secrecy pervades the private banking industry. Numbered
accounts at Swiss banks are but one example. There are other layers
of secrecy that private banks and clients routinely use to mask accounts
and transactions. For example, private banks routinely create shell
companies and trusts to shield the identify of the beneficial owner
of a bank account. Private banks also open accounts under code names
and will, when asked, refer to clients by code names of encode account
transactions.
III.
4. Secrecy Jurisdictions
In additions to shell corporations and codes, a number of private banks
also conduct business in secrecy jurisdictions such as Switzerland and
Cayman Islands, which impose criminal sanctions on the disclosure of
bank information, related to clients and restrict US bank oversight.
The secrecy laws are so light, they even restrict internal bank oversight.
III.
5. Culture of Lax Controls
In addition to secrecy, private banking operates
in a corporate culture that is at times indifferent or resistant to
anti-money laundering controls, such as due diligence requirements and
accounts monitoring. The problem begins with the private banker, who,
in most private banks, is responsible for the initial enforcement of
anti-money laundering controls. It is the private banker who is charged
with researching the background of prospective clients, and it is the
private banker who is, asked in the first instance to monitor existing
accounts for suspicious activity. But it is also the job of the private
banker to open accounts and expand client deposits. According to John
Reed, Co-chairman of Citigroup (with 30 years of banking experience),
private bankers tend to become advocates for their clients and has lost
the detachment needed to monitor their transactions. He also observed
that private bankers often don't have the temperament or discipline
needed to ask clients detailed questions about their funds and transactions
and to record the information provided in a proper form.
The
fundamental problem is that private bankers are being asked to fill
contradictory roles-to develop a personal relationship with a client
and increase their deposits with the bank, while also monitoring their
accounts for suspicious activity and questioning specific transactions.
Human nature makes these contradictory roles difficult to perform, and
anti-money laundering duties often suffer.
Private Banks have dealt with this problem by setting up systems to
ensure that private banker activities are reviewed by third parties,
such as supervisors, compliance personnel or auditors. The subcommittee
staff investigation has found, however, that while strong oversight
procedures exist on paper, in practice private bank oversight is often
absent, weak or ignored.
III.
6. Cut throat Competiti
Another factor creating money laundering
concerns is the ongoing competition among private banks for clients,
due to profitability of the business. A Federal Report on private banking
states. : “As the target market for private banking is growing, so is
the level of competition among institutions that provide private banking
services” [FRB, 1997]. Private Banks interviewed by the subcommittee
Staff confirms that the markets remain highly competitive; most also
reported to have plans to expand operations. The dual pressures of competition
and expansion are disincentives for private banks to impose tough anti-money
laundering controls that may discourage new business or cause existing
clients to move to other institutions.
In addition to the general factors cited above, the
actual products and services offered by the private bank also create
opportunities for money laundering.
1. Multiple Accounts: A striking feature of the private
bank accounts examined is their complexity. Private bank clients often
have many accounts in many locations. Some are personal checking, money
market or credit card accounts. Others are in the name of one or more
shell companies and multiple investment accounts are common, including
mutual funds, stock, bonds and time deposits. The reality right now
is that private banks allow clients to have multiple accounts in multiple
locations under multiple names and do not aggregate the information.
This approach creates vulnerabilities to money laundering by making
it difficult for banks to have a comprehensive understanding of their
own client's accounts. In addition, it complicates regulatory oversight
and law enforcement, by making it difficult for banks to have a comprehensive
understanding of their own clients accounts. It also complicates regulatory
oversight and law enforcement, by making it nearly impossible for an
outside reviewer to be sure that all private bank accounts belonging
to an individual have been identified.
2. Secrecy Products: Most private banks offer a number
of products and services that shield a client's ownership of funds.
They include offshore trusts and shell corporations, special name accounts,
and codes used to refer to clients or fund transfers.
3. Movements of Funds: Current account transactions
at private banks routinely involve large sums of money. The size of
client transaction increases the banks vulnerability to money laundering
by providing an attractive venue for money launderers who want to move
large sums without attracting notice. In addition, most private banks
provide products and services that facilitate the quick, confidential
and hard-to-trace movement of money across jurisdictional lines.
4. Credit: Another common private bank service involves
the extension of credit to clients. Several private bankers told the
subcommittee that private banks urge their private bankers to convince
clients to leave their deposits in the bank and use them as collateral
for large loans. This practice enables a bank to earn a free not only
on the deposits under their management, but also on the loans. This
practice also however, creates vulnerablilty for money laundering by
allowing a client to deposit questionable funds and replace them with
“clean" money from a loan. Moreover, as the client loans are fully
collaborative by assets on deposits with the bank, the bank may not
scrutinize the loan purpose and repayment prospects as carefully as
for a conventional loan, and may unwittingly further a money launderer's
efforts to hide illicit proceeds behind seemingly legitimate transactions.
5. Development of Off -Shore Banking: Originally, off-shore
centers were quite literally islands, hence the expression. Today the
term is used rather loosely for financial centers, which operate within
a low tax regime; this enables international transfers of money to take
place with a great deal of facility and with no hindrance to capital
flows.
i. The development of the offshore banking sector has
made it difficult to prevent money laundering.
ii. As Helmut Schmidt once observed, central banks
"did not see that they were losing their grip over the markets
when they allowed commercial banks to establish offshore affiliations."
iii. Governments regard it as synonymous with enhanced
competitiveness.
iv. Competitiveness is deemed to be inconsistent with
tight monitoring and control, and offshore banks and corporations attract
funds largely because they promise both anonymity and the possibility
of tax avoidance, and in some cases, tax evasion.
v. The Cayman Islands, the Netherlands Antilles, Aruba
and Cyprus are all examples of offshore banking havens that have been
used or confirmed to be used by criminal organizations for laundering
the proceeds from their illicit activities.
vi. Such centers offer offshore attractive opportunities
for the transfer and secretion of funds in places where they are relatively
safe from identification and seizure by law enforcement.
vii. Most often, offshore corporations are created
simply to launder and hide money.
IV. World's Worst Banking Scandal
The world's worst banking scandal, inflicting huge financial losses
on thousands of people worldwide, surfaced in the media in 1991. This
was the Bank of Credit and Commerce International (BCCI). As could be
expected, it had heavy ties with the CIA, terrorist organizations, drug
traffickers, and any other crooked financial transactions shunned by
most other banks. It financed terrorist activities, financial drug trafficking
deals, defrauded depositors. Years before it was shut down, Robert Gates,
FBIO Chief, referred to BCCI as the Bank of Crooks and Criminals.
BCCI started operations in Pakistan in 1972, with much of its funding
provided by Bank of America and the CIA. Bank of America claims that
it sold its BCCI interest in the early 1980s, but records show that
Bank of America continued to control much of BCCI's operations until
shortly before BCCI was shut down. In the early 1970s, CIA operative
Gunther Russbacher transferred sizable amounts of CIA funds into the
bank for the start-up operations.
The CIA knew about BCCI's activities, and found its mindset to be very
manipulating and planned its own operations through BCCI. BCCI was customers
made for the covert and corrupt activities of the CIA, the MOSSAD, drug
dealers and terrorists. CIA operatives used the bank to launder money
from CIA enterprises, including drug trafficking proceeds, and from
its various financial activities within the United States, including
its use of savings and loans, to fund unlawful arms shipments, finance
terrorist operations, undermine foreign governments, and other covert
activities. Investigating reports showed that BCCI was able t o simultaneously
manipulate the spy agencies of numerous countries, including the US,
Israel, Pakistan, China, Saudi Arabia, among others. BCCI was supplying
funds for terrorist Organizations such as Abu Nidal. BCCI rigged international
commodity markets that permitted certain insiders to make hundreds of
millions of dollars in profits, offset by the same amount lost by depositors.
BCCI was laundering money (drug money) for drug cartels throughout the
world.
IV
1. Frauds from Small Bank Accounts
The "fraudsters" use fake certificates of
deposit drawn on other branches of an international bank, which can
range from US$10 million to US$ 25 million. The “fraudsters” also use
fund transfers, which involve real dollars, opening up small accounts
into which they then pour millions of dollars. “Fraudsters” will also
use counterfeit letters of agreement, drawn on bank letter heads, seemingly
vouching for a client from another branch of that bank, or confirming
a deal has been approved etc. The problem which creates a temptation
to approve such transactions, is that these banks May be turning away
legitimate business. Thus there is concern that banks operating overseas
may be at a competitive disadvantage because they adhere to standards
for “knowing your customers” identifying beneficial owners of transactions
refusing suspicious or unusual transactions, etc. The banks should be
advised informally that the answer is not to lower standards in t he
home country o r a broad, but to intensify efforts to ensure that all
major financial centers operate within the limits of an international
consensus on counter measures.
V. What Bankers need to Know: Anti Money Laundering Controls?
International banking continues to grow, developing
worldwide connections among banks, as well as the increasing sophistication
of banking methods. The constant challenge is to ensure that every bank
can account for its customers. Every government has laws which ensure
the prosecution of financial crimes, and that every society sets moral
and ethical standards for the conduct of commerce. Many important financial
centers have now adopted legislation to curb drug related money laundering,
and the number of governments which have ratified the 1988 UN Convention
continued to increase. But the race between criminals seeking new ventures,
and oversight bodies seeking more widespread compliance, still goes
to the crooks.
Money Laundering is the biggest Fear for Finance Industry.
The entire industry in the world or any separate country must understand
that financial crime needs to be understood, analyzed and fought proactively.
Banking Industry needs to be one step ahead of money launderers in order
to control the menace of money laundering and financial crimes. Concern
regarding financial crime is growing to unprecedented levels amongst
UK financial institutions, [Logic CMG Report, 2003]
One of the best control techniques for the banks
to control money laundering is to know your customer.[FSA Report, 2003]
The consultation paper, published in August 2003, describes the FSA's
money laundering directions on two important anti-money laundering controls:
One, Issues relating to obtaining and using customer information for
anti-money laundering purposes, and secondly on Anti- money laundering
monitoring, assessing customers use firms' products and services and
how possible money laundering activities can be identified from this.[FSA]
Eleven world money centre banks agreed in October
2000, to a set of anti-money laundering guidelines - for private banking
activities. These guidelines state at the outset that “bank policy will
be to prevent the use of its worldwide operations for criminal purposes.”
SWIFT is the principal international service for wire
transfer message trafficking that can initiate funds transfers. In Russia
and some East European states, banks can be readily purchased for very
little money - though few of them have electronic banking access to
SWIFT. SWIFT is a co-operative society located in Belgium having 2600
institutions in 65 countries. It provides services to security bankers
and dealers; clearing institutions; and recognized security exchanges
This is what the future nightmare envisioned by the
authorities will be like - with organized crime in control of banks
and able to launder huge sums of money not only for themselves but also
for other criminal organizations. Already in Russia it is said that
criminal groups control over 400 banks and 47 exchanges. This is worrying
bank chairmen in Russia as between 1994 to July 1995, there were thirty
assassination attempts against top bank officials, sixteen of who were
killed. These killings along with earlier ones were important indicators
of the efforts by criminal organizations to infiltrate the Russian banking
system. Infiltration of the banking system offers significant advantages
for criminal organizations, not least the opportunity it gives to facilitate
money laundering for both Russian and foreign criminal organizations.
Russian officials have worked with FATF and us government agencies to
put into place more effective regulations and proceedings to combat
money laundering, in accordance with international standards.
In February 1988, the OECD's Financial Action Task
Force- for money laundering in its Annual Report highlighted the problem
in Mexico and stated “One of the most favored technique continues to
be out bound currency smuggling, along with electronic transfers, Mexican
bank drafts and the parallel peso exchange market. Corruption remains
the chief impediments to Mexican's anti-laundering efforts.”
Under the auspices of UNO, there is an international
campaign to crack down on an essential component of the problem of money
laundering. Now countries have enacted laws to prevent money laundering
and allow closer scrutiny of suspect bank accounts of criminals.
Government of India has issued anti-money laundering
guidelines before introduction of the Prevention of Money Laundering
Bill in Parliament. Indian Bill embraces money laundering from drug-trafficking,
terrorism, profits from prostitution, extortion, smuggled items 1ike
gold, diamond etc. India ' s security is threatened by the spread of
international crime control, free trade, globalization and advances
in telecommunications leading to the increased reach of crime syndicates.
The Bill in Section 3 deals with the offense of money laundering which
states that whenever a person acquires, owns, possesses or transfers
any proceeds of crime or knowingly enters into any transactions or deals
or aids the concealment of the “proceeds of crime”. Means any property
derived or obtained, directly or indirectly, by any person as a result
of criminal activity relating to a scheduled offence or the value of
such property. The Bill has the schedule offence which lists 16 sections
of Indian Penal Code, 6 Sections of Arms Act, 9 sections of Narcotic
Drugs Act and 4 sections of the Prevention of Corruption Act. Thus the
Bill covers all activities which are capable of producing illegal money.
The Reserve Bank of India's panel has recommended rules against money
laundering [RBI]. According to the RBI's panel “The existing framework
against money laundering activities in India needs further strengthening”,
This can be done by improving procedures and policies for preparing
appropriate (banks) customer profiles and coordination and cooperation
with regulatory and other authorities. The panel said banks operating
in India should ascertain the source of funds in deposit schemes offered
to expatriate Indians as part of their drive to prevent money laundering.
It also suggested each bank appointed an anti-money laundering compliance
officer and create profiles of customers. It called for creation of
a data bank of suspicious transactions, which could then be circulated
to banks to help them defect patterns of suspicious behaviors. However,
the REI did not say when it intends to implement the recommendations.
But technological initiatives in the Indian banking space have gradually
gathered momentum ever since REI announced the policy of privatization
of banking in 1993. Infrasoft Technologies has launched a money laundering
software in India on the 17th of September, 2003. This is a huge development
being India's first globally of adoptable Anti Money Laundering (AML)
Software named OMNI Enterprise. Considering the size and dimension of
the problem, and the alarm, Infrasoft Technologies, a specialist banking
product player, is counting on its early mover advantage to make the
lead way in the anti- money laundering products sphere that is estimated
to be worth close to US$ 10 billion.
The United States has desired India to play a more
aggressive role in its global campaign against terrorism and terrorist
financing by joining groups striving to curb money laundering. The Indian
Parliament is yet to pass The Prevention of Money Laundering Bill, 1999,
and the country is yet to join the Paris based Financial Action Task
Force consisting of 29 nations which was set up in 1989 to prevent international
money laundering. Since the September 11 attack, cutting off money to
terrorists has topped the agenda of FATF, which includes the United
States, Britain, Canada, France, Brazil and Switzerland. The panel has
used FATF rules as a guideline. Alarmed with reports of money from global
terrorist organizations flowing into their account, banks across the
globe are implementing special anti-money laundering software to detect
unusual flow of money.
References
1. Agarwal, J. D. and Aman Agarwal (2002) "Liberalization of Capital
Flows, Banking System & Trade: Focus on Crisis Situations";
Invited paper for INTERNATIONAL REVIEW OF COMPARATIVE PUBLIC POLICY
titled “International Financial Systems and Stock Volatility” Volume
13, pages 151-212.
2. Agarwal, J. D. and Aman Agarwal (2004) "Globalization and International
Capital Flows", Invited to deliver the Keynote Address at the National
Conference on “Globalization – Decadal Indian Experience”, organized
by ATMA MAYYIL and the Institute of Technology, Kannur University, Kerela,
INDIA on 17th January 2004. ANANYA, Journal of National Institute of
Financial Management (Invited Paper),INDIA 2004.
3. Agarwal, J.D., (2004a), “Financial Developments in the World Economy”
delivered the late Professor K.S. Mathur Memorial Lecture, by University
of Rajasthan on Saturday, 3rd January 2004 in Senate Hall of University
of Rajasthan, Jaipur, INDIA; forthcoming Finance India Vol. XVIII Special
Issue, 2004.
4. Agarwal, J.D., (2004b), “Volatility of International Financial Markets:
Regulation and Financial Supervision” delivered as Keynote Address at
the 4th International Conference in Finance organized by Faculty of
Administration & Economics, University of Santiago de Chile, CHILE
on 7th January 2004; forthcoming Finance India Vol. XVIII No. 1, March
2004.
5. Ca;vp. Guillermo A., Rudi Dornbusch and Maurice Obtfeld, (2001);
“Money, Capital Mobility and Trade” Essays in Honor of Robert Mundell
(Volume I & II), MIT Press, London, England
6. FRB, (1997); “Federal Reserve Report 1997”, Federal Reserve Board,
199
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