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U.S. Banks' Exposure to Foreign Financial Losses [i] (May 2002)

handle is hein.congrec/cbo0708 and id is 1 raw text is: U.S. Banks' Exposure to Foreign Financial Losses May 2002 Note Numbers in the text and tables may not add up to totals because of rounding. Preface In the early 1980s, several large U.S. banks verged on insolvency because of losses from their international lending exposure in emerging-market countries. More recently, episodes of financial instability abroad have raised the question of how vulnerable U.S. banks currently are to serious downturns in foreign economies or to crises in global financial markets. This Congressional Budget Office (CBO) paper reports on the U.S. banking industry's foreign exposure and discusses the limitations of currently reported measures of such financial claims. The paper was prepared at the request of the Senate Committee on Banking, Housing, and Urban Affairs. In keeping with CBO's mandate to provide objective, impartial analysis, this report makes no recommendations. Judith S. Ruud of CBO's Microeconomic and Financial Studies Division wrote the paper under the direction of Roger Hitchner and David Moore. The author wishes to thank Sally Davies, Ron Feldman, Mark Hadley, Arlene Holen, Juann Hung, Deborah Lucas, Angelo Mascaro, Robert McCauley, David Palmer, David Torregrosa, and Thomas Woodward for their valuable comments on an earlier draft of this paper. Ricardo Llaudes provided research assistance and prepared earlier drafts of the graphics. Leah Mazade edited the paper, and Christine Bogusz proofread it. Angela Z. McCollough typed the earlier drafts. Kathryn Winstead prepared the paper for publication, and Lenny Skutnik produced the printed copies. Annette Kalicki prepared the electronic versions for CBO's Web site. Dan L. Crippen Director May 2002 Contents

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