Theoretical, Ethical and Strategic Issues in Liberalization and Globalization Finance the Case of Cross-Border Banking in Nigeria

This paper analyzed the fundamental claim of the equilibrium theory and the derived claims applied to cross-border banking. It shows that the claims lack empirical content and are misleading. This led to the conclusion that it is neither ethical nor prudent for strategically disadvantaged nations such as Nigeria to play the game of international finance on the false expectation that the claims are valid. Further, that unless financial economic agents cease to be motivated by greed, selfishness and hedonism or Nigeria acquired the capacity to play and win international financial games, its gains from internalization of finance will be disastrous