The multinational bank: A financial MNC?

The theory of non-financial multinational corporations is applied to the multinational commercial bank. The incentives toward multinationality that characterize the expansion of non-financial firms have their counterparts in multinational banks. The theory of the MNC provides a useful basis for the development of a theory of the multinational bank when the subsidiary offices operate in foreign financial markets. When banks' foreign subsidiaries operate in supranational markets (such as the Eurocurrency markets), there is little or no equivalence because the multinational banks compete only among themselves: there is no competition with indigenous firms. The supranational markets give rise to a distinct type of subsidiary. These banking offices and the markets in which they operate serve to integrate national capital and money markets with some possible endangerment to the stability of the international financial system.     

Two-Way international trade in manufactures: A theoretical underpinning

Zusammenfassung Internationaler Zwei-Weg-Handel (≫Two Way-Trade≪) in Fertigwaren: Eine theoretische Untersuchung. — Der vorliegende Aufsatz gibt eine theoretische Grundlage für internationalen Handel in spezialisierten Gütern bei monopolistischer Konkurrenz. Der Handel mit spezialisierten Fertigwaren zeigt die wachsende Bedeutung eines ≫Zwei-Weg-Au\enhandels≪ (gleichzeitiger Export und Import derselben Warengruppe). Die Analyse unterstützt teilweise Linders Hypothese, da\ der Handel zwischen Nationen mit vergleichbaren Einkommensniveaus gr?\er sein dürfte. Die Untersuchung zeigt auch, da\ ziemlich bedeutende Zunahmen im Zwei-Weg-Handel von bilateralen Zollsenkungen erwartet werden k?nnen, wie sie bei der Bildung eines gemeinsamen Marktes oder einer Zollunion vorkommen.

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Résumé Commerce international en deux sens (≪two-way trade≫) en produits finis: Une étude théorique. — Cet article établit une base théorique du commerce international en marchandises différenciées lors d’une concurrence monopoliste. Le commerce en produits finis différenciés explique l’importance augmentante du commerce international en deux sens (exportation et importation simultanées d’un méme groupe de marchandises). L’analyse confirme en partie l’hypothèse de Linder, suivant laquelle le commerce international augmentera en importance entre nations à niveaux de revenu comparables. L’analyse démontre en outre que d’assez importantes augmentations du commerce en deux sens peuvent être attendues de baisses bilatérales des tarifs douaniers telles qu’elles arrivent à la suite de la formation d’un marché commun ou d’une union douanière.

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Resumen Comercio internacional en dos direcciones con productos manufacturados: Un estudio teórico. — El présente articulo facilita una base teorica para explicar el comercio internacional en productos especializados bajo competencia monopolistica. Este comercio, que consiste en exportar e importar al mismo tiempo el mismo producto, muestra una importancia creciente. El anàlisis apoya en parte la hip?tesis de Linder que el comercio sera mayor entre paises con nivelés de ingresos similares. Demuestra adem?s que el comercio en dos direcciones experimentar? importantes incrementos a raiz de reducciones bilaterales de aranceles, como ocurre en el caso de crearse un mercado comün o una union arancelaria.

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Riassunto Commercio internazionale in due direzioni (≪Two-Way-Trade≫) di prodotti finiti: Una ricerca teorica. — II présente saggio dá una base teorica al commercio internazionale di merci specializzate in concorrenza monopolistica. Il commercio con prodotti finiti specializzati mostra il crescente significato di un ≪commercio estero in due direzioni≫ (contemporanea esportazione ed importazione dello stesso gruppo di merci). L’analisi sostiene in parte l’ipotesi di Linder che il commercio tra nazioni con livelli paragonabili di reddito dovrebbe essere maggiore. La ricerca mostra anche che nel commercio in due direzioni si possono aspettare da bilaterali abbassamenti dei dazi, incrementi abbastanza significativi corne si presentano nclla formazione di un mercato comune o di un unione doganale.

     

Culture and Economic Performance: Policy as an Intervening Variable

The role of cultural factors in determining relative rates of economic growth is shown to involve the interrelationship between cultural factors and governmental ability to institute growth-oriented policies in addition to the direct effects of cultural values on recognized economic forces. The role of culture can exert, therefore, a substantial indirect component and that component depends directly upon the form of government and political conditions in the different countries.