World financial markets have become substantially integrated over the last two decades. Contrary to widespread expectations, however, this integration has not led to any greater convergence of interest rates across countries. This article examines why convergence has not occurred and more...

The rising share of U.S. corporate loans booked by foreign-owned banks and the withdrawal of U.S. banks from foreign lending raise concerns about the competitiveness of U.S. banks. This article investigates how differential capital costs may have placed U.S. banks at a disadvantage relative to...

Using quarterly data for the United States, Japan, and the United Kingdom, this article investigates the relationship between changes in fundamental economic conditions and the international reactions of stock and bond markets. The author assesses the degree to which the transmission of...

Remarks on Derivatives: Practices and Principles, a report by the Global Derivatives Study Group of the Group of Thirty, presented at the Group of Thirty Meeting, Washington, D.C., September 27, 1993.