英語翻譯
2.FDI in goods and patterns of investment in financial services
According to the study by Kose et al.(2006),the main source of
international investment in developing countries is FDI.In other
words,most companies that invest in manufacturing products prefer
to go and invest directly in emerging countries.If this trend is
going to continue,then it is also possible that banks and other
financial institutions will have more incentive to follow the manufacturers
and/or follow the same strategy in emerging countries.In
other words,while home bias will continue as long as the countries
are not integrated as part of one regional or global economy,capital
and financial services are flowing to emerging countries as long
as these countries allow the entrance of foreign companies.
According to Domanski (2005),the value of the Financial Sector
FDI,in the form of cross border merger and acquisitions targeting
banks in emerging countries,has increased from $2.5 billion in
1991–1995 to $67.5 billion for 2001–2005.Latin America has been
the largest recipient of this type of FDI (48 percent),followed by
Asia (36 percent of total M&As) and then Eastern Europe with 17
percent of total M&A over 1991–2005.We are also seeing the partial
privatisation of banks in China where some foreign banks were
able to have access to some assets of these banks.
As financial globalisation intensifies,one can see that the way of
providing financial services will change.As more FDI is taking place
in emerging countries,financial institutions are trying to have entry
into these markets and hence have direct access to the host countries’
customers.This in turn will lead to an increase in international
financial services,mainly offered in the form of FDI entry.
As regional blocks such as ASEAN or APEC intensify the removal
of their financial barriers,one could expect larger banks to emerge
in these blocks and at the same time,to see strong competition
from the US and the EU into these two regional blocks and India.
However,one should not underestimate the importance of more
efficient financial institutions in Asia,as these countries are trying
to expand their economic growth and become more competitive.
3.The emergence of mega-banks
While national reforms are improving the operation of domestic
banks in some parts of the world,regional integration such as the
EU has created a new banking system which is far more competitive
than before.International events and globalisation are also creating
global pressure on banks to become internationally more competitive.
As the European banks merged and create strong new financial institutions that could compete better globally.