Financial Services in an Increasingly Integrated Global Financial Market

5 Pages Posted: 29 Sep 2008

See all articles by Fariborz Moshirian

Fariborz Moshirian

Institute of Global Finance, UNSW Business School

Date Written: September 29, 2008

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.

Keywords: Financial globalisation, Financial services, Financial integration

JEL Classification: G15, G25

Suggested Citation

Moshirian, Fariborz, Financial Services in an Increasingly Integrated Global Financial Market (September 29, 2008). Journal of Banking and Finance, Vol. 33, No. 1, 2009, Available at SSRN: https://ssrn.com/abstract=1275222

Fariborz Moshirian (Contact Author)

Institute of Global Finance, UNSW Business School ( email )

Sydney, NSW 2052
Australia
+61 2 93855859 (Phone)
+61 2 94877519 (Fax)

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