THE FRUSTRATED QUEST TO GLOBALIZE BANKING

• Published in: Globalizing in Hard Times p. 23
• Main Author: Leonardo Martinez-Diaz
• Format: Book Chapter
• Language: English
• Published: United States Cornell University Press 22.10.2009
• Edition: 1
• Subjects: Administrative law; Bank loans; Bank markets; Banking; Banking crises; Banking industry; Banking policy; Banking reforms; Banking regulation; Banks; Business; Central banks; Commercial regulation; Development studies; Economic conditions; Economic crises; Economic disciplines; Economic regulation; Economics; Finance; Financial economics; Financial instruments; Financial markets; Financial services industries; Globalization; Industrial sectors; Industry; International development; International economic organizations; International financial institutions; International political organizations; Law; Liberalization; Loans; Political change; Political organizations; Political processes; Political science; Politics; Service industries; Social sciences; World Bank
• ISBN: 9780801447556; 0801447550

During the late 1980s and 1990s, a diverse group of actors began to work toward a common goal: the elimination of barriers to foreign participation in the banking sectors of large emerging economies. The group included the Bretton Woods institutions (the World Bank and the International Monetary Fund), some of the largest American and European financial institutions, their home governments, and their countries’ trade negotiators. Their motivations were different; the Bretton Woods institutions peddled liberalization in the name of sound financial policy and economic growth, foreign banks did so with an eye to raising profits through overseas expansion, and their