Globalization and National Financial Systems

✍ Scribed by James A. Hanson, Patrick Honohan, Giovanni Majnoni

• Publisher: World Bank
• Year: 2003
• Tongue: English
• Leaves: 296
• Series: World Bank Publication
• Edition: illustrated edition
• Category: Library

✦ Synopsis

Finance is a key dimension of globalization, given the ease with which capital flows between countries and the impact such flows can have on countries with weak national financial systems.. Yet analysts and policy-makers often remain focused on the domestic financial market until a crisis, seemingly still thinking of finance as primarily national. The result is that they behave reactively and often belatedly to the pressures from abroad.

Globalization and National Financial Systems breaks new ground by exploring the new challenges, constraints, and opportunities presented to the national financial systems of developing countries, all of which are small when viewed against the background of global finance. Banking, securities, contractual savings, as well as systemic macroeconomic aspects are all considered.

In its discussion of such dimensions as creeping dollarization, offshore deposits, foreign bank entry, international outsourcing of financial services, the role of economies of scale and international risk diversification, and the emergence of an international regulatory framework, the volume takes the reader far beyond standard treatments of financial policy.

It is an excellent resource for banking and investment professionals, economists, and all those interested in globalization and emerging economies.

✦ Table of Contents

0821352083......Page 1
CONTENTS......Page 6
Foreword......Page 8
Contributors......Page 10
1. Globalization and National Financial Systems: Issues of Integration and Size......Page 14
Part I. Macroeconomics and Globalization......Page 46
2. Deposit Dollarization and the Financial Sector......Page 48
Part II. Banking......Page 78
3. Bank Efficiency and Financial System Size......Page 80
4. Are Small Countries “Underbanked”?......Page 104
5. Foreign Banks in Low-Income Countries: Recent Developments and Impacts......Page 122
Part III. Securities Markets......Page 156
6. Securities Market Efficiency......Page 158
7. The Value of International Portfolio Diversification......Page 188
Part IV. Pension Issues......Page 202
8. Pension Reform and Pension Service Efficiencies......Page 204
9. Promoting Pension Funds......Page 236
Part V. Regulation......Page 270
10. Regulatory Harmonization and the Globalization of Finance......Page 272