Brookings-Wharton papers on financial services

Abstract

The third in a series of annual volumes on the financial sector from the Brookings Institution and the Wharton School at the University of Pennsylvania explores the ongoing process of globalization in the financial services industry. Leading financial experts from the corporate, government, and academic communities examine global trends in banking, in reinsurance industries, and in securities markets; the challenges these trends pose for national regulations; the evolution of global accounting standards; the alleged effects of global hedge funds on capital flows into and out of emerging markets; and the erosion of legal barriers to the establishment of foreign financial services firms around the world. Opening remarks by Secretary of the Treasury Lawrence Summers present both national security and economic arguments for direct American support for increased global interdependence in trade in goods and services, including U.S. support for international financial institutions.

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