By Richard Herring
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Extra info for Financial Regulation in the Global Economy (Integrating National Economies: Promise & Pitfalls)
In addition he would like to acknowledge help from several past and present members of the Basel Committee on Banking and Supervision and to experts at the Bank for International Settlements, the Bank of England, and the Federal Reserve who shared their insights in interviews conducted in the preparation of this book. He is also Page ix grateful to members of the Biennial Multinational Banking Seminar and the Shadow Financial Regulatory Committee who have contributed to his understanding of financial regulation.
He is grateful to Kacy Collons and Kirsten Wallenstein for research assistance. The authors would like to thank Ralph Bryant, Stephan Haggard, Myron Kwast, Robert Lawrence, Larry Promisel, and the participants in a Brookings review conference held on October 15, 1993, and their discussants, Yasuhiro Maehara and Richard Webb, for their constructive criticisms and suggestions. Robert Litan completed the draft of this book, which was reviewed at the conference, while he was at Brookings and before he joined the Department of Justice.
Wolfensohn Page vii Foreword Technological advances have reduced the costs of cross-border transactions in all sectors of the economy. Spectacular reductions in the costs of transportation, telecommunications, and computation have greatly increased the ease with which firms can bridge the natural barriers of time and space that separate national markets, especially in financial services. Restrictions against cross-border financial transactions are almost always unwise, both for the countries that impose them and for the world as a whole.