Benefits and Costs on Integrated Financial Services Provision in Developing Countries

Abstract

MANY COUNTRIES, ESPECIALLY DEVELOPING countries, have been reforming their financial systems over the past two decades. These reforms have involved the removal of barriers to entry, the reduction of portfolio restrictions and lowering of directed lending requirements, and the general removal of many product limits. An important part of the reform efforts has been the dismantling of regulatory barriers separating banking, insurance, and securities activities. Legal and regulatory boundaries between different financial intermediaries have been rapidly disappearing in many countries, as in the repeal in 1999 of the Glass-Steagall Act in the United States. Integrated financial services provision (IFSP) is becoming the norm around the world, with many countries today having no or very few restrictions on the ability of banks to offer securities, asset management, or insurance services in addition to commercial banking services.

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