In Globalizing in Hard Times, Leonardo Martinez-Diaz examines
the sudden and substantial increase in cross-border ownership of
commercial banks in countries where bank ownership had long been
restricted by local rules. Many parties the World Bank and the IMF,
the world's largest commercial banks, their home governments, and
their negotiators had been pushing for a relaxation of ownership
rules since the early 1980s and into the 1990s, when bank
profitability levels in advanced industrial societies went flat. In
their hunt for higher returns on assets, the major banks looked to
expand business overseas, but through the mid-1990s their efforts
to impose more liberal ownership regimes in nationalist countries
proved largely unsuccessful.
Martinez-Diaz illustrates the ongoing political resistance to
liberalized ownership rules in Mexico, Indonesia, Brazil, and South
Korea. He then demonstrates the importance of a series of events
the Mexican crisis and the Brazilian banking shock in 1994 1995 and
the Asian crisis of 1997 1998 among them in finally knocking down
barriers to foreign ownership of banks. After these upheavals,
policymakers who were worried about their political survival and
who were sometimes pressed by the IMF and foreign governments
reshaped the regulatory environment in key emerging markets.
Self-proclaimed global banks eagerly grasped the opportunity to
expand their operations worldwide, but after the initial shock,
domestic politics reasserted themselves, often diluting the new,
liberal rules."
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