Multinational banking and economic development: a case study |
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| Institution: | 1. Department of International Business, Faculty of Management, Rutgers University, Newark, NJ 07102, USA;1. Servicio de Neumología de la EOXI Vigo, Instituto de Investigación Biomédica de Vigo, Vigo, Pontevedra, España;2. Departamento de Medicina Preventiva, Facultad de Medicina, Universidad de Santiago de Compostela, Santiago de Compostela, La Coruña, España;3. CIBER de Epidemiología y Salud Pública, CIBERESP, España;1. Department of Electronic & Electrical Engineering, University of Strathclyde, UK;2. Newcastle Business School, Northumbria University, UK;3. Institut Mines-Télécom Business School, Evry, France;1. Research Group on Health Psychology, Faculty of Psychology and Educational Sciences, KU Leuven, Leuven, Belgium;2. Departement de Psychologie, Université de Montréal, Montréal, Quebec, Canada;3. Centre de Recherche de l’Institut Universitaire de Gériatrie de Montréal (CRIUGM), Montréal, Quebec, Canada;4. Center for Health and Medical Psychology, Örebro University, Örebro, Sweden;5. Department of Clinical Psychological Science, Maastricht University, Maastricht, The Netherlands;6. Department of Stomatology, Faculty of Dentistry, Université de Montréal, Montréal, Quebec, Canada;7. Groupe de Recherche sur le Systeme Nerveux Central (GRSNC), Université de Montréal, Montréal, Quebec, Canada;1. School of Management, Shanghai University, Shanghai 200444, PR China;2. Department of Automation, East China University of Science and Technology, Shanghai 200237, PR China;1. School of Geographic and Oceanographic Sciences, Nanjing University, Nanjing 210023, China;2. Sanrun Environmental Protection Technology Limited Company, Shandong 250000, China |
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| Abstract: | Evidence of inward foreign direct investment by commercial banks into two regions of China is used to examine the effect or relaxation of controls over inward investment on investment by nonfinancial firms. The existence of sophisticated intermediaries with experience in the international financial system creates conditions for a verifiable, sharp increase in the rate of inward investment by multinational corporations. Two explanations are advanced: the newly available expertise in the international financial system allows multinational firms to invest with the assurance that they will have sophisticated capability to hedge risks and, because the financial sector is a sensitive sector, permission for multinational banks to enter is a sign of a commitment to a policy of open industrialization. |
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