By Alfred Slager
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Extra resources for Internationalization of Banks: Patterns, Strategies and Performance
Historically, the central banks have played an important role as regulators, their interest being the control of monetary policy and ﬁnancial stability. Domestically, various regulators have been established, for banks and/or securities. 3 lists major regulatory developments between 1980 and 2000, clustered per region and country. The table indicates that relatively many regulatory events were shaped in a short period: from the mid-1980s until the early 1990s. The capital adequacy regulation codiﬁed in the Basle Accord is regulation speciﬁcally designed for international active banks, as the subsequent discussion will show the implementation has especially inﬂuenced internationalization of Japanese banks, hastening their retreat from international banking.
A single market in ﬁnancial services does not necessarily imply a homogenous market for all services; “retail customers will continue to do business with their familiar institutions in their countries, while wholesale market arbitrage and potential competition ensure that product prices are brought closely into line throughout the EC” (Chrystal & Coughlin, 1992). Or as The Economist observed in 1992, “the merger wave is a preemptive strike at competition that has not materialized” and “as merged banks [in the European Union] reduce local competition, they raise the level of competition on a European scale” (The Economist, 1992).
This common passport allowed home country authorization, but the credit institution must conform to all local laws. Finally, the directive is supported by the Own Funds Directive, establishing common deﬁnitions for the bank’s capital base, and the Solvency Ratio Directive, where these deﬁnitions are used to establish minimum asset ratios for all credit institutions. 11 Strict regulatory controls discouraged ﬁnancial transactions and internationalization of ﬁnancial markets did Banking since the 1980s: Challenges and Issues 27 not grow substantially relative to economic growth (Arora, 1995).