Globalization and National Financial Systems
Edited by James A. Hanson, Patrick Honohan, Giovanni MajnoniISBN: 0-8213-5208-3;
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 groundby 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, aswell 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...
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