Globalization of Financial Institutions: Evidence from Cross-Border Banking Performance [Archive.org URL]

This 117 page .pdf paper addresses the causes, consequences and implications of cross-border consolidation of financial institutions. It finds that, on average, domestic banks have higher profit efficiencies than foreign banks (with the exception of U.S. banks which operate efficiently at home and abroad). The results do not preclude successful international expansion but they do suggest limits to global consolidation.

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