Domestic banking structures, public policies on financial services regulation and supervision, and the institutional arrangements for delivering these policies have changed significantly between 1970 and 1995. The globalisation of financial services has spurred many of these changes while being itself further encouraged by decisions taken at the domestic level. In reviewing the long list of economic and political changes in financial services, several broader questions arise. Has the present phase of globalization brought about significant convergence in economic and political structures among the five countries? Are there limits on the extent to which convergence is likely to take place? To what extent have the changes in financial services led to the replacement of the old, esoteric world of banking politics with a new, more open, transparent and democratic politics? When the changes in financial services structure and policies are assessed, can it be said that individual citizens purchasing these services are better protected and their interests more attended to than in the pre-1970 world of segmented markets and domestic protectionism?
KeywordsFinancial Service Commercial Bank Security Market Deposit Insurance Saving Bank
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