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Who Needs Foreign Banks?

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  • Daniel Gros

Abstract

This paper shows that countries with weak banking system and fiscal institutions, should benefit from the presence of foreign banks, which can constitute a commitment and transparency device. Foreign banks can also reduce the probability of self-fulfilling speculative attacks. A strong presence of foreign banks can make a currency peg feasible in the first place by rendering it more resistant to speculative attacks. The European experience is instructive in this respect. In all the 10 countries from Central and Eastern Europe (CEEC) that will join the EU in 2004/7 the banking system is now dominated by foreign banks.

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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 998.

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Date of creation: 2003
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Handle: RePEc:ces:ceswps:_998

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  1. R. T.A. de Haas & I. P.P van Lelyveld, 2004. "Foreign Bank Penetration and Private Sector Credit in Central and Eastern Europe," Journal of Emerging Market Finance, Institute for Financial Management and Research, Institute for Financial Management and Research, vol. 3(2), pages 125-151, August.
  2. Goodfriend, M. & King, R.G., 1988. "Financial Deregulation, Monetary Policy, And Central Banking," RCER Working Papers, University of Rochester - Center for Economic Research (RCER) 121, University of Rochester - Center for Economic Research (RCER).
  3. Berglöf, Erik & Bolton, Patrick, 2003. "The Great Divide and Beyond - Financial Architecture in Transition," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3476, C.E.P.R. Discussion Papers.
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Cited by:
  1. Adrian E. Tschoegl, 2004. "Financial Crises and the Presence of Foreign Banks," International Finance, EconWPA 0405016, EconWPA.
  2. Christian Bauer & Bernhard Herz & Volker Karb, 2006. "Are twin currency and debt crises special?," Working Papers, Bavarian Graduate Program in Economics (BGPE) 019, Bavarian Graduate Program in Economics (BGPE).
  3. Bauer, Christian & Herz, Bernhard & Karb, Volker, 2006. "How likely are macroeconomic crises in the CIS?," Research in International Business and Finance, Elsevier, Elsevier, vol. 20(2), pages 227-238, June.

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