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International Banking and Financial Centers

  • Yoon S. Park
  • Musa Essayyad
Book

Table of contents

  1. Front Matter
    Pages i-xiv
  2. Recent Developments in International Financial Centers

  3. Cost/Benefit Analysis of International Financial Centers

    1. Front Matter
      Pages 129-129
    2. Musa Essayyad, M. M. Haddad, Omar Benkato
      Pages 159-173
    3. Adrian E. Tschoegl
      Pages 175-187
  4. New Appraisal of International Banking Facilities

    1. Front Matter
      Pages 189-189
    2. Sydney J. Key, Henry S. Terrell
      Pages 191-217
    3. Michael H. Moffett, Arthur I. Stonehill
      Pages 219-232
  5. Global Perspective on International Financial Centers

  6. Back Matter
    Pages 269-271

About this book

Introduction

The development of international financial centers (IFCs) has paralleled the rapid expansion of international banking and Eurocurrency activities. During the past decade and a half, the international banking and financial markets have experienced phenomenal growth along with the parallel expansion of IFCs. The size of the Eurocurrency market grew from $110 billion in 1970 to over $4,000 billion by 1987, while the total international assets of all banking institutions rose from $130 billion to $4,800 billion during the same period. Some of the preeminent IFCs are playing a major role in the international financial markets, as demonstrated by the size of their international assets: Bahamas ($144 billion), Cayman Islands ($174 billion), Singapore ($150 billion), Hong Kong ($130 billion), Bahrain ($46 billion), and Panama ($32 billion). The patterns of Euroborrowing and Eurolending activities in these IFCs have been undergoing major changes. These changes came about as a result of the introduction of the floating exchange rate system in 1973, recent financial deregulation, internationalization of the financial markets, securitization of financial assets and liabilities, and global financial innovations. Since the pioneering work of Kindleberger in 1974 on the formation of financial centers, there has not been a comprehensive study to reflect the recent developments, trends and the mystique that have surrounded the IFCs' functions and operations in the international money and capital markets.

Keywords

Finance banking development economy international finance trends

Editors and affiliations

  • Yoon S. Park
    • 1
  • Musa Essayyad
    • 2
  1. 1.School of Government and Business AdministrationGeorge Washington UniversityUSA
  2. 2.School of BusinessUniversity of AlaskaAnchorageUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-94-009-2504-5
  • Copyright Information Springer Science+Business Media B.V. 1989
  • Publisher Name Springer, Dordrecht
  • eBook Packages Springer Book Archive
  • Print ISBN 978-94-010-7630-2
  • Online ISBN 978-94-009-2504-5
  • Buy this book on publisher's site
Industry Sectors
Finance, Business & Banking