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Financial services in an increasingly integrated global financial market

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  • Moshirian, Fariborz

Abstract

This paper discusses aspects of global financial services. As part of financial globalisation, financial institutions have evolved both nationally and internationally. FDI is becoming an important vehicle for multinational banks to enter developing countries. This in turn is changing the composition of trade in financial services. The experience of regional integration in Europe and the emergence of large multinational European banks signal a new era of global competition and consolidation of financial institutions. Home bias in international financial services is much less where financial integration is taking place. With financial globalisation, one should expect more diversification of ownership of multinational banks around the world, particularly when China and India are now able to have strategic investment in some of the key investment banks around the world. Financial globalisation requires stronger and more effective international institutions as a way of monitoring the activities of multinational financial institutions at both the national and international levels.

Suggested Citation

  • Moshirian, Fariborz, 2008. "Financial services in an increasingly integrated global financial market," Journal of Banking & Finance, Elsevier, vol. 32(11), pages 2288-2292, November.
    • Handle: RePEc:eee:jbfina:v:32:y:2008:i:11:p:2288-2292
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    References listed on IDEAS

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    Cited by:

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    2. Soedarmono, Wahyoe & Tarazi, Amine, 2013. "Bank opacity, intermediation cost and globalization: Evidence from a sample of publicly traded banks in Asia," Journal of Asian Economics, Elsevier, vol. 29(C), pages 91-100.
    3. Arribas Ivan & Perez Francisco & Tortosa-Ausina Emili, 2010. "The Determinants of International Financial Integration Revisited: The Role of Networks and Geographic Neutrality," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 15(1), pages 1-55, December.
    4. Soedarmono, Wahyoe & Machrouh, Fouad & Tarazi, Amine, 2011. "Bank market power, economic growth and financial stability: Evidence from Asian banks," Journal of Asian Economics, Elsevier, vol. 22(6), pages 460-470.
    5. Nicholas Apergis & Christina Christou & Stephen Miller, 2012. "Convergence patterns in financial development: evidence from club convergence," Empirical Economics, Springer, vol. 43(3), pages 1011-1040, December.
    6. Tabak, Benjamin M. & Langsch Tecles, Patricia, 2010. "Estimating a Bayesian stochastic frontier for the Indian banking system," International Journal of Production Economics, Elsevier, vol. 125(1), pages 96-110, May.
    7. Phan, Hien Thu & Anwar, Sajid & Alexander, W. Robert J. & Phan, Hanh Thi My, 2019. "Competition, efficiency and stability: An empirical study of East Asian commercial banks," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
    8. Wahyoe Soedarmono & Amine Tarazi, 2014. "Market structure, financial intermediation and riskiness of banks:Evidence from Asia Pacific," Working Papers hal-00947575, HAL.
    9. Thanh Pham Thien Nguyen & Son Hong Nghiem & Eduardo Roca & Parmendra Sharma, 2016. "Efficiency, innovation and competition: evidence from Vietnam, China and India," Empirical Economics, Springer, vol. 51(3), pages 1235-1259, November.

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