European Banks In The Developing World
This paper looks at the recent expansion of European banks in the developing countries. It argues that no specific European influence is apparent in emerging markets, other than a declining financial interest in former colonies. Actual developments in emerging markets are determined by domestic factors, financial liberalisation, and capital account liberalisation. The sole exception is provided by monetary unions of France and Portugal with former colonies. These highlight the drying up of local money markets as local banking becomes a branch activity of global banks. This is a paradoxical result, since financial liberalisation is usually supposed to result in financial development. It also suggests financial liberalisation may not be the best way of supporting the under-banked small and medium enterprise sector in developing countries.
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- Giovanni Cozzi & Jan Toporowski, 2006. "The Balance Sheet Approach To Financial Crises In Emerging Markets," Working Papers 149, Department of Economics, SOAS, University of London, UK.
- Jan Toporowski & Giovanni Cozzi, 2006. "The Balance Sheet Approach to Financial Crises in Emerging Markets," Economics Working Paper Archive wp_485, Levy Economics Institute.
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