International banking has been an important driver of financial globalisation and integration, thus contributing to welfare gains over time and across countries. During the recent crisis, however, the plight of many internationally active banks epitomised the fragility of the financial system....

Although the globalization of markets and the rapid growth in worldwide information technologies supports harmonization and integration between countries, substantial differences still exist throughout the world. Global Divergence in Trade, Money and Policy explores the disparities between a...