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1、International Activities of U.S. Banksand in U.S. Banking MarketsJames V. Houpt, of the Board’s Division of BankingSupervision and Regulation, prepared this article.Mark Peirce, as well as Steve Schacht and SuzieTaylor, provided assistance with data.The globalization
2、 of financial markets, made possiblelargely through market deregulation and technologi-cal gains, has been widely recognized. Increasedtrading and derivatives activities, in particular, areoften cited as making financial markets more liquidand efficient and bringing mar
3、kets throughout theworld closer together. International lending by U.S.and foreign banks, along with international trade andthe innovative financing necessary to support tradeand economic growth, has also grown rapidly inrecent decades.Nevertheless, the extent of glob
4、al markets andeconomies can be exaggerated, and trends can bereversed. Lenders and investors constantly reassessrisks, and government actions affect the openness andattractiveness of markets to outsiders. The record ofinternational banking, and of international trade
5、 ingeneral, is not one of uninterrupted growth, as wars,social and political forces, and shifting economic andfinancial conditions of countries change markets andbusiness patterns.A review of data on the activities of U.S. banksabroad and foreign banks in the United S
6、tates canreveal much about the progress that banks and gov-ernments are making in developing truly internation-ally diversified banking markets and institutions. Thedata can also highlight trends in international lend-ing and in the structuring of worldwide operations
7、 byfinancial institutions. Walter Bagehot, the renownednineteenth-century economist, once stated that thecharacteristic danger of great nations is that they mayat last fail from not comprehending the great insti-tutions they have created. It is useful, therefore, toun
8、derstand the structure and evolution of the bankingorganizations that play vital roles in the world econ-omy. Such background aids
