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CONTENTS
1. Introduction = 1
2. Financial Intermediation = 6
 Concepts and Definitions = 6
 Financial Intermediation and Economic Development = 10
 Geographical Transmission of Financial Technology = 13
3. The Progressive Internationalization of Financial Intermediation = 15
 Foreign Trade Proportions = 16
 World Aggregates for Output, Trade, and International Banking = 19
 Eurocurrency and International Banking = 23
 International Banking by Nationality of Ownership = 30
 International Financial Intermediation in the United States = 35
 Banking in the United Kingdom and Germany : Two Contrasting Cases = 45
 International Financial Intermediation in Japan = 49
 New Trends in the 1980s 51
4. Why Has Internationalization Occurred? = 58
 Saving, Investment, and Financial Intermediation in a Single Integrated Capital Market = 58
 Postwar National Financial Markets = 60
 Explanations for the Growth of International Financial Intermediation = 62
 The Relative Importance of Different Explanations = 68
5. How Far Has Internationalization Progressed? = 74
 A Summary Judgment and Two Qualifications = 74
 Terminology = 76
 Research on Exchange­Market Intervention and Portfoli－Balance Models = 79
 Research on Direct Comparison of Returns = 81
 Studies of the Correlation between Domestic Investment and National Saving = 82
6. Has Intelnationalization Been Helpful or Harmful? = 87
 Economic Benefits = 87
 Consequences for National Economic Policies = 91
 "Inappropriate" Valuations and "Excessive" Variability in Asset Prices = 95
 Potential Fragility and Instability of Financial Activity = 108
 Use of Scarce Resources = 110
 Some Political Considerations = 111
 Balancing Costs and Benefits = 112
7. The Regulation and Supervision of Financial Intermediation = 119
 Basic Motives for Supervision and Regulation = 119
 Costs of Regulation and Supervision = 125
 Innovation in Response to Regulation = 127
 International Aspects of Regulation and Supervision = 128
8. International Collective­Goods Problems in Regulation and Supervision = 134
 Offshore Financial Centers = 134
 Global Public Policy Problems = 140
 Some Examples = 142
 Nascent Cooperative Efforts = 144
9. Broad Choices for the Evolution of Government Policies = 151
 Drift in the Short Run = 152
 Dis­Integration = 153
 Enchanced Multilateral Decisionmaking = 157
 What Is Cooperation? = 762
Bibliography = 164
Index = 176
Tables
 3－1. Economic Activity, International Trade, and International Banking, Selected Years, 1964­85 = 22
 3－2. Assets（including Interbank Claims）Reported by Banking Offices in Fifteen Industrial Countries and Eight Offshore Banking Centers, December 31, 1982 = 26
 3－3. Institutions or Offices Owned by Foreign Banks Operating in Selected Host Countries, December 1960­June 1985 = 31
 3－4. Relative Importance of Assets of Foreign­Owned Banking Institutions Operating in Selected Host Countries, December 1960­June 1985 = 33
 3－5. International Assets Reported by Banking Offices in Main BIS Reporting Countries, by Nationality of Ownership, December 1983 = 34
 3－6. External Assets and Liabilities of the U.S. Economy, Selected Years, 1952­85 = 36
 3－7. Indicators of International Banking, United States, Selected Years, 1952­85 = 40
 3－8. International Banking in Relation to Banks' Total Assets and International Trade, United States, Selected Years, 1952­85 = 42
 3－9. Financial Assets of All Banking Offices in the United Kingdom, Selected Years, 1963­83 = 44
 3－10. Assets of All Banking Offices in the Federal Republic of Germany, Selected Years, 1952­85 = 48
 3－11. External Assets and Liabilities of the Japanese Economy, Selected Years, 1972­85 = 50
 3－12. Assets of All Banking Offices in Japan, Selected Years, 1973－85 = 52
 3－13. New Lending Facilities Arranged in International Financial Markets, 1981­85 = 56
 6－1. Alternative Measures of Variability in the Nominal Exchange Value of the U.S. Dollar, Selected Periods, 1973­86 = 98
 8－1. Indicators of Banking Growth in Selected Offshore Centers, 1970－85 = 136
Figures
 3－1. Trade in Goods and Services as a Proportion of Gross Domestic Product, Major Industrial Countries, 1953­85 = 17
 3－2. Ratios of Exports and Imports of Goods and Services to Gross Domestic Product, Current and Constant Prices, United States, 1948­86 = 18
 3－3. International Banking, World Exports of Goods and Services, and World Output, 1964­85 = 20
 3－4. International Banking and World Trade in Goods and Services. 1964­85 = 23
 3－5. Net External­Assets Position of the United States, 1946­86 = 39
 3－6. Asset Balance Sheet of All Banking Offices Located in the United Kingdom, 1963­83 = 47
 6－1. Nominal Exchange Value of the U.S. Dollar, Monthly­Average Data, 1973­86 = 99
 6－2. Nominal Exchange Value of the German Deutsche Mark, Monthly Average Data, 1973­86 = 100
 6－3. Nominal Exchange Value of the Japanese Yen, Monthly­Average Data, 1973­86 = 101
 6－4. Nominal and Real Exchange Values of the U.S. Dollar, 1973­86 = 104