International Banking Management

Handbook of International Banking

To Judith and Jullie

Handbook of International Banking

Edited by

Andrew W. Mullineux

Professor of Global Finance, University of Birmingham, UK and

Victor Murinde

Professor of Finance, University of Birmingham, UK

Edward Elgar

Cheltenham, UK • Northampton, MA, USA

© Andrew W. Mullineux and Victor Murinde 2003 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited Glensanda House Montpellier Parade Cheltenham Glos GL50 1UA UK Edward Elgar Publishing, Inc. 136 West Street Suite 202 Northampton Massachusetts 01060 USA

A catalogue record for this book is available from the British Library Library of Congress Cataloguing in Publication Data Handbook of International Banking / edited by Andrew W. Mullineux and Victor Murinde. p. cm. Includes index. 1. Banks and banking, International—Handbooks, manuals, etc. 2. International finance—Handbooks, manuals, etc. I. Title: International banking. II. Mullineux, A.W. III. Murinde, Victor. HG3881 .H2665 332.1 5—dc21 ISBN 1 84064 093 6 Printed and bound in Great Britain by MPG Books Ltd, Bodmin, Cornwall 2003 2002032048

Contents

List of figures List of tables List of exhibits List of contributors Preface PART I 1 2 THE GLOBALIZATION OF BANKING 3 ix xi xiii xv xxix

Globalization and convergence of banking systems Andrew W. Mullineux and Victor Murinde Multinational banking: historical, empirical and case perspectives Elisa A. Curry, Justin G. Fung and Ian R. Harper Asset-backed securitization, collateralized loan obligations and credit derivatives Warrick Ward and Simon Wolfe BANKING STRUCTURES AND FUNCTIONS

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PART II 4 5

The new world of euro banking Jean Dermine Competitive banking in the EU and Euroland...