This book, first published in 1992, measures and explains the performance of major competitor countries in international financial services. Covering the markets for foreign exchange, mergers and acquisition advice, syndicated loans, Eurobonds, international equities, Eurocommercial paper, and Euro paper notes, the author assesses performance on the basis of the shares of the major institutional players in the United States, Japan, the United Kingdom, and Europe. Explanations for the contrasts in national performance are sought through interviews with senior officials of financial institutions operating in selected markets. The role and importance of a number of explanatory factors are then examined, including the structure of national banking sectors, capital inputs, technology, regulation, and domestic economic conditions. The book concludes by asking how the banking sectors of different countries are likely to fare as international trade in financial services is liberalised.
• A comprehensive survey of the relative performance of financial services in the UK, US, Japan and Europe, and of the reasons for relative success and failure • A very large potential market, not just in economics, but also in financial institutions and government • Contains the results of many interviews with people working in financial institutions, and the author has been a consultant in the field since 1967
1. Introduction; 2. Assessing the comparative performance of financial services; 3. Changes in country shares of selected financial markets; 4. An analysis of country shares in selected financial markets; 5. A statistical comparison of national banking sectors: 1989; 6. Explanations of relative performance; 7. Britain's performance.