Titlebook: Regulation and Supervision of Financial Institutions in the NAFTA Countries and Beyond; George M. Furstenberg (Rudy Professor of Economics

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Sound Finance and the Wealth of Nationsronment underpinning the financial sector, are important factors in this relationship. Hence, attention must turn toward ensuring that the appropriate financial infrastructure is in place to support the development of an efficient financial system.

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me ever more integrated in the region. Banking and financial systems thus also must increasingly inform, adjudicate, transact, invest, insure, and intermedi­ ate all across North America. Presently, however, there is no single, or up­ to-date source of information on the banking and finance systems

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Competition and Convergence of Bank Regulation in NAFTAng power of U.S. regulators. These advantages will be eroded by the formation of the European monetary union. Regulatory harmonization in NAFTA would be enhanced if member countries were to follow the EU principle of mutual recognition of national standards. Such a principle would also speed up regulatory convergence at the global level.

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Trade in Financial Services in NAFTA: A Public Choice Approachand regulations out of proportion to all other countries. This legal structure creates many classes of banks with different regulatory entitlements. This has worked against competition in general and has been specifically restrictive for foreign.banks whose home countries have more permissive banking powers.

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Integration and Globalization of the Canadian and U.S. Banking Industries: A Modest Role For NAFTA?Despite a less than central role for NAFTA in setting the agenda of international banking issues, important policy concerns remain. These include internal policy debates within NAFTA countries, because the legal and regulatory environment in each of the signatory countries affects banks from each of the other countries.

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Lessons for Transitional and Developing Economies From U.S. Deposit Insurance Reformses and implications. It concludes that banks are more fragile, but that this has translated into greater breakage (failure) only with the help of well-intentioned but counterproductive government policies. Particularly troublesome are state-owned banks, which are typically used to allocate credit b

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International Agreements in the Area of Banking and Finance: Accomplishments and Outstanding Issuesnancial stability have been reached by committees operating at the Bank for International Settlements under the aegis of the Governors of the G–10. Such agreements have moral authority, being based on discussions among representatives of sovereign states, but are nevertheless enforceable only by dom