Globalization and National Financial Systems

Hanson, James A. ; Honohan, Patrick ; Majnoni, Giovanni

Washington, DC:World Bank and Oxford University Press

关键词: ASSET PRICING;    AVERAGE COSTS;    BANK CAPITAL;    BANK DEPOSITS;    BANK OF KOREA;   

DOI  :  10.1596/0-8213-5208-3
RP-ID  :  26060

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The volume is divided into fivetraditional areas of finance: the macroeconomy, banking,securities markets, pension issues, and regulations. Fourcross-cutting messages emerge. First, the erosion ofnational frontiers by trade, tourism, migration, and capitalaccount liberalization means that residents of all countrieshave substantial financial assets, and often liabilitiesdenominated in foreign currencies at home or abroad. Anyanalysis of national financial systems must take this intoaccount. More important, this factor constrainsgovernments' use of macroeconomic and financial policyand may contribute to economic fluctuations. Second,individuals and firms benefit substantially from theimproved risk and return menu associated with globaldiversification. Diversification is of particular importancein developing countries where the lack of size and diversityof the national economy results in instability in the valueof production. Third, the small size of most developingcountries limits the efficiency and quality of financialservices: banking, equity markets, and pensions. Thuscross-border provision of financial services, one facet ofglobalization, has potential benefits for small economies.Fourth, taking full advantage of the opportunities presentedby globalization and minimizing its costs depend oneffective regulation and supervision to ensure good qualityinformation, transparency, market integrity, and prudentinvesting by banks and pension funds.