The tremendous growth and expansion of global financial services have produced significant changes in the banking sector worldwide. North America, especially, has experienced far reaching changes due to both global and regional developments. NAFTA (the North American Free Trade Agreement) has had a significant impact on banking in Canada, the United States and Mexico, and will continue to do so. As the principle of national treatment is a vitally important fixture of the accord, governments - federal, state and provincial - in all three nations are now required to open up and level the playing field for financial competitors throughout North America. This book aims to present, analyse and discuss the evolution, current state and outlook for financial services in North America, with special attention to the banking sector. Authors from all three nations and representing different policy perspectives address the theme within the context of the globalization of trade and financial services; changes in domestic banking and regulatory policies in Canada, Mexico and the United States; and the impact of NAFTA and its financial services provisions on the banking sector of each nation.
The Editors. The Contributors. Acknowledgements. Introduction (J. Haar, K. Dandapani). Regional integration and trends in financial services (H.M. Makler). NAFTA and financial services: implications for banks (S. Lande et al.). The US banking industry in transition (J.R. Barth et al.). Canadian banking strategy in North America (J.L. Darroch). Internationalization of the Mexican financial market (I. Perrotini). Globalization of financial services: implications for competition in the North American market (C. Palomares). Beyond NAFTA: banking trends in Latin America (E.N. Roussakis). Mexico and the IMF: regional banking crisis-global consequences (J.A. Adams Jr.). The effect of NAFTA on the entry of foreign banks in Mexico and the United States (S.E. Lucio, II). Conclusion (J. Haar, K. Dandapani). Author index. Subject index.