The Future of Global Financial Services / Edition 1

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This book explores the future of the financial services industry, giving readers an idea of the kinds of institutions and services that will survive in the early twenty-first century.

  • An informative and provocative exploration of the future of the financial services industry.
  • Focuses on likely changes in the near future, such as greater use of the Internet for banking transactions and the increasing globalization of financial services.
  • Points to the probable disappearance of the insurance sector as a separate industry.
  • Describes changing conditions in key financial centres, especially the US, the UK, Germany, Japan and Switzerland.
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Editorial Reviews

From the Publisher
"Robert Grosse shows that, despite the internet, most financial services are still delivered locally; indeed the world's largest international financial institutions (such as Allianz and Merrill Lynch) are leaders in their home markets but are not true global leaders. He also shows that, in retail banking, the performance of commercial banks is strongly determined by the growth of their home markets." Alan Rugman, Indiana University

"In this important book Robert Grosse shows that, despite the internet, there are few globally active financial institutions and that there are no truly global competitors. Most financial services are still delivered locally: as a notable example, in retail banking the performance of commercial banks is stongly determined by the growth of their home markets. The future of financial services will be local rather than global." Alan Rugman, Kelley School of Business

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Product Details

Meet the Author

Robert Grosse is Professor of International Business and Director of Research at Thunderbird, The American Graduate School of International Management in Arizona. He has more than 20 years experience of teaching international finance, international banking, finance in emerging markets, and other finance and global strategy seminars. He has also worked as a consultant to American Express, Banco de Costa Rica, Banco de Credito e Inversiones (Chile), Banco Ganadero (Colombia), Citibank, Chase Manhattan Bank, Manufacturers Hanover Bank, and Merrill Lynch.

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Table of Contents

1 Introduction 3
2 The globalization of financial services 15
3 The virtualization of financial services 35
4 Government regulation : the second key factor underlying industry structure 55
5 The financial landscape : organizations and allfinanz banking (the status quo) 73
6 Competitive strategies of international financial institutions 87
7 Competitiveness of banks from key countries (or, why are the US banks ahead?) 105
8 Responding to the challenge of the new economy 125
9 Why insurance won't survive 139
10 Investment banking at the crossroads 153
11 Financial instruments and financial structures 167
12 The generation of long-term investment to support bond and stock-market growth 179
13 International financial centers 191
14 Surviving the twenty-first century 201
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