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Domestic Choices, International Markets
Andrew Carl Sobel
其他書名
Dismantling National Barriers and Liberalizing Securities Markets
出版University of Michigan Press, 1994
主題Business & Economics / International / GeneralBusiness & Economics / Investments & Securities / GeneralBusiness & Economics / Investments & Securities / StocksBusiness & Economics / International / Economics & TradeBusiness & Economics / Industries / Financial ServicesPolitical Science / Public Policy / Economic Policy
ISBN047210506X9780472105069
URLhttp://books.google.com.hk/books?id=toexAAAAIAAJ&hl=&source=gbs_api
註釋Most emphasize the interdependence of the world's financial markets to explain this phenomenon. If this were the case, though, one would expect regulation and transaction costs to converge across markets by competitive deregulation. This has not happened. Significantly, the markets have remained overwhelmingly national with only a modest increase in international activity. In an alternate explanation, Andrew Sobel argues that opening up national doors was really a secondary consequence of policy competitions among sectors of the domestic financial services industry. Changes that occurred earlier in the United States served as examples and constrained the range of choices considered by policy makers in other nations. The author shows how information and reputation networks award disproportionate influence to U.S. actors and institutions. Thus U.S. leadership persists.