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Globalization and Financial Services in Emerging Economies

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The World Bank and the Journal of Banking and Finance are organizing the conference "Globalization and Financial Services in Emerging Economies," at the World Bank Headquarters in Washington, D.C. on June 20-21, 2005. This conference will bring together researchers from the two disciplines, policymakers, and practitioners to present and discuss the challenges and opportunities that globalization poses to the financial services industry in emerging economies. The experiences of different regions of the world, in particular those of East Asia, Eastern Europe, and Latin America, will be presented. Separate sessions will discuss issues related to the banking sector and to capital markets. 

Financial globalization has deepened in recent years, with emerging economies participating actively, but not without difficulties, in this process. Emerging countries have issued significant amounts of debt and equity in the international financial markets. There has also been a marked increase in trade and FDI in international financial services activities and a consolidation of financial institutions, with foreign banks playing a predominant role. This process has been aided by international policies and by government efforts to liberalize and deregulate the financial sectors, open the capital accounts, and emulate the performance of the financial systems in developed countries.

The determinants of financial globalization and its effects on the financial systems of emerging economies have been studied from very different angles by the finance/financial development literature and the open macroeconomics/international finance literature. But the interaction between scholars and policy markers in these two strands of the literature has been rather sparse. This conference will bring together researchers from the two disciplines, policymakers, and practitioners to present and discuss the challenges and opportunities that globalization poses to the financial services industry in emerging economies. The experiences of different regions of the world, in particular those of East Asia, Eastern Europe, and Latin America, will be presented. Separate sessions will discuss issues related to the banking sector and to capital markets.


Conference organizers:

Maria Soledad Martinez Peria (World Bank)
Fariborz Moshirian (University of New South Wales and Journal of Banking & Finance)
Sergio Schmukler (World Bank)


 Conference website: http://www.worldbank.org/research/               JBF Announcement (pdf format)
                               
globalization_and_financial_services.htm




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