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 for the internationalization process for financial and regulatory policies. Contributions range from early analyses by Milton Friedman of the Eurodollar market, Harry Johnson and Herbert Grubel present 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.
Part 1 Trade in financial services: measuring trade in financial services, H.W. Arndt
comparative advantage in trade in financial services, H.W. Arndt
trade in financial services, Fariborz Moshirian
protectionism and international banking - sectorial efficiency, competitive structure and national policy, Ingo Walter and H. Peter Gray
is national treatment still viable? US policy in theory and practice, Sydney J. Key
obstacles to international trade in insurance, Robert Carter. Part 2 Multinational banking: a theory of multinational banking, Herbert G. Grubelanca
the multinational bank - a financial MNC?, Jean M. Gray and H. Peter Gray
international banks as leaders or followers of international business - an historic perspective, Charles P. Kindleberge
international banking - a survey, Robert Z. Aliber
positive theories on multinational banking - eclectic theory versus internationalization theory, Barry Williams. Part 3 Eurocurrency banking: the Eurocurrency market, Henry C. Wallich
the Euro-Dollar market - some first principles, Milton Friedman
the Eurodollar market and monetary theory, Jurg Niehans and John Hewson
multipliers and the portfolio approach - a geometric exposition, M.K. Lewis and K.T. Davis
some aspects of the determination of Euro-currency interest rates, R.B. Johnston
the pricing of syndicated Eurocurrency credits, Laurie S. Goodman
the future of banking, M.K. Lewis
developments in the international syndicated loan market in the 1980's, T.J. Allen. (Part contents).