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The Globalization of Financial Services
Banking, foreign exchange, bonds, equities and insurance services are now provided through an increasingly global marketplace. In financial services, as in other activities, globalization can be seen as a process opening up national economies and markets, widening the extent and form of cross-border transactions, deepening the international character of productive activity. As such, globalization is propelled by liberalization of trade and deregulation of capital markets, underpinned by technological change which is lowering communication and transport costs and enhancing the international tradeability of services.
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Contributors
Contents
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Banking, foreign exchange, bonds, equities and insurance services are now provided through an increasingly global marketplace. In financial services, as in other activities, globalization can be seen as a process opening up national economies and markets, widening the extent and form of cross-border transactions, deepening the international character of productive activity. As such, globalization is propelled by liberalization of trade and deregulation of capital markets, underpinned by technological change which is lowering communication and transport costs and enhancing the international tradeability of services.
This volume brings together a range of articles examining the nature of globalization in financial services and the implications of the internationalization process for financial and regulatory policies. Contributions range from early analyses by Milton Friedman of the Eurodollar market, Harry Johnson of regional financial centres and Herbert Grubel of multinational banking to more recent studies examining the stock market crash of 1987, the globalization of payment systems and the financial collapse of BCCI and Barings.
The 38 articles are divided into six sections covering trade in financial services, multinational banking, Eurocurrency banking, offshore services, exchange and securities and regulatory issues.
This volume brings together a range of articles examining the nature of globalization in financial services and the implications of the internationalization process for financial and regulatory policies. Contributions range from early analyses by Milton Friedman of the Eurodollar market, Harry Johnson of regional financial centres and Herbert Grubel of multinational banking to more recent studies examining the stock market crash of 1987, the globalization of payment systems and the financial collapse of BCCI and Barings.
The 38 articles are divided into six sections covering trade in financial services, multinational banking, Eurocurrency banking, offshore services, exchange and securities and regulatory issues.
Contributors
38 articles, dating from 1969 to 1997
Contributors include: R.Z. Aliber, R.S. Dale, M. Friedman, H.G. Grubel, H.G. Johnson, C.P. Kindleberger, J. Niehans, R. Roll, H.C. Wallich, I. Walter
Contributors include: R.Z. Aliber, R.S. Dale, M. Friedman, H.G. Grubel, H.G. Johnson, C.P. Kindleberger, J. Niehans, R. Roll, H.C. Wallich, I. Walter
Contents
Contents: Acknowledgments
Part I: Trade in Financial Services
1. H.W. Arndt (1984), ‘Measuring Trade in Financial Services’
2. H.W. Arndt (1988), ‘Comparative Advantage in Trade in Financial Services’
3. Fariborz Moshirian (1994), ‘Trade in Financial Services’
4. Ingo Walter and H. Peter Gray (1983), ‘Protectionism and International Banking: Sectorial Efficiency, Competitive Structure and National Policy’
5. Sydney J. Key (1990), ‘Is National Treatment Still Viable? US Policy in Theory and Practice’
6. Robert Carter (1990), ‘Obstacles to International Trade in Insurance’
Part II: Multinational Banking
7. Herbert G. Grubel (1977), ‘A Theory of Multinational Banking’
8. Jean M. Gray and H. Peter Gray (1981), ‘The Multinational Bank: A Financial MNC?’
9. Charles P. Kindleberger (1983), ‘International Banks as Leaders or Followers of International Business: An Historical Perspective’
10. Robert Z. Aliber (1984), ‘International Banking: A Survey’
11. Barry Williams (1997), ‘Positive Theories of Multinational Banking: Eclectic Theory versus Internalisation Theory’
Part III: Eurocurrency Banking
12. Henry C. Wallich (1979), ‘The Eurocurrency Market’
13. Milton Friedman (1969), ‘The Euro-Dollar Market: Some First Principles
14. Jürg Niehans and John Hewson (1976), ‘The Eurodollar Market and Monetary Theory’
15. M.K. Lewis and K.T. Davis (1987), ‘Multipliers and the Portfolio Approach: A Geometric Exposition’
16. R.B. Johnston (1979), ‘Some Aspects of the Determination of Euro-currency Interest Rates’
17. Laurie S. Goodman (1980), ‘The Pricing of Syndicated Eurocurrency Credits’
18. M.K. Lewis (1986), ‘The Future of Banking’
19. T.J. Allen (1990), ‘Developments in the International Syndicated Loan Market in the 1980s’
Part IV: Offshore Services
20. Henry C. Wallich (1979), ‘Offshore Financial Centers’
21. Milka Casanegra de Jantscher (1976), ‘Tax Havens Explained’
22. Ian McCarthy (1979), ‘Offshore Banking Centers: Benefits and Costs’
23. K. Alec Chrystal (1984), ‘International Banking Facilities’
24. Harry G. Johnson (1976), ‘Panama as a Regional Financial Center: A Preliminary Analysis of Development Contribution’
25. Zoran Hodjera (1978), ‘The Asian Currency Market: Singapore as a Regional Financial Center’
26. Herbert G. Grubel (1982), ‘Towards a Theory of Free Economic Zones’
27. Mark P. Hampton (1996), ‘Exploring the Offshore Interface: The Relationship Between Tax Havens, Tax Evasion, Corruption and Economic Development’
Part V: Exchange and Securities
28. Gavin Bingham (1991), ‘Foreign Exchange Market: Structure, Intervention and Liquidity’
29. Alan Kirman (1995), ‘The Behaviour of the Foreign Exchange Market’
30. Richard Roll (1988), ‘The International Crash of October 1987’
31. Brian Scott-Quinn (1990), ‘US Investment Banks as Multinationals’
32. Charles Lucas (1994), ‘Financial Innovation’
33. Charles S. Sanford, Jr. (1994), ‘Financial Markets in 2020’
Part VI: Regulatory Issues
34. Yoshiharu Oritani (1991), ‘Globalization of Payment Network and Risks’
35. Richard Dale (1991), ‘Regulating Banks’ Securities Activities: A Global Assessment’
36. Richard Dale (1994), ‘International Banking Regulation’
37. Brian Quinn (1995), ‘Derivatives and Risk Management: Insight from the Barings Experience’
38. Mervyn K. Lewis (1997), ‘Counteracting Fraud: The Case of BCCI Revisited’
Index
Part I: Trade in Financial Services
1. H.W. Arndt (1984), ‘Measuring Trade in Financial Services’
2. H.W. Arndt (1988), ‘Comparative Advantage in Trade in Financial Services’
3. Fariborz Moshirian (1994), ‘Trade in Financial Services’
4. Ingo Walter and H. Peter Gray (1983), ‘Protectionism and International Banking: Sectorial Efficiency, Competitive Structure and National Policy’
5. Sydney J. Key (1990), ‘Is National Treatment Still Viable? US Policy in Theory and Practice’
6. Robert Carter (1990), ‘Obstacles to International Trade in Insurance’
Part II: Multinational Banking
7. Herbert G. Grubel (1977), ‘A Theory of Multinational Banking’
8. Jean M. Gray and H. Peter Gray (1981), ‘The Multinational Bank: A Financial MNC?’
9. Charles P. Kindleberger (1983), ‘International Banks as Leaders or Followers of International Business: An Historical Perspective’
10. Robert Z. Aliber (1984), ‘International Banking: A Survey’
11. Barry Williams (1997), ‘Positive Theories of Multinational Banking: Eclectic Theory versus Internalisation Theory’
Part III: Eurocurrency Banking
12. Henry C. Wallich (1979), ‘The Eurocurrency Market’
13. Milton Friedman (1969), ‘The Euro-Dollar Market: Some First Principles
14. Jürg Niehans and John Hewson (1976), ‘The Eurodollar Market and Monetary Theory’
15. M.K. Lewis and K.T. Davis (1987), ‘Multipliers and the Portfolio Approach: A Geometric Exposition’
16. R.B. Johnston (1979), ‘Some Aspects of the Determination of Euro-currency Interest Rates’
17. Laurie S. Goodman (1980), ‘The Pricing of Syndicated Eurocurrency Credits’
18. M.K. Lewis (1986), ‘The Future of Banking’
19. T.J. Allen (1990), ‘Developments in the International Syndicated Loan Market in the 1980s’
Part IV: Offshore Services
20. Henry C. Wallich (1979), ‘Offshore Financial Centers’
21. Milka Casanegra de Jantscher (1976), ‘Tax Havens Explained’
22. Ian McCarthy (1979), ‘Offshore Banking Centers: Benefits and Costs’
23. K. Alec Chrystal (1984), ‘International Banking Facilities’
24. Harry G. Johnson (1976), ‘Panama as a Regional Financial Center: A Preliminary Analysis of Development Contribution’
25. Zoran Hodjera (1978), ‘The Asian Currency Market: Singapore as a Regional Financial Center’
26. Herbert G. Grubel (1982), ‘Towards a Theory of Free Economic Zones’
27. Mark P. Hampton (1996), ‘Exploring the Offshore Interface: The Relationship Between Tax Havens, Tax Evasion, Corruption and Economic Development’
Part V: Exchange and Securities
28. Gavin Bingham (1991), ‘Foreign Exchange Market: Structure, Intervention and Liquidity’
29. Alan Kirman (1995), ‘The Behaviour of the Foreign Exchange Market’
30. Richard Roll (1988), ‘The International Crash of October 1987’
31. Brian Scott-Quinn (1990), ‘US Investment Banks as Multinationals’
32. Charles Lucas (1994), ‘Financial Innovation’
33. Charles S. Sanford, Jr. (1994), ‘Financial Markets in 2020’
Part VI: Regulatory Issues
34. Yoshiharu Oritani (1991), ‘Globalization of Payment Network and Risks’
35. Richard Dale (1991), ‘Regulating Banks’ Securities Activities: A Global Assessment’
36. Richard Dale (1994), ‘International Banking Regulation’
37. Brian Quinn (1995), ‘Derivatives and Risk Management: Insight from the Barings Experience’
38. Mervyn K. Lewis (1997), ‘Counteracting Fraud: The Case of BCCI Revisited’
Index
