Theories emphasising the "Balkanisation" of banking since the global financial crisis fail to capture a "secular trend" towards emerging markets that was at work before 2008, according to Stijn Claessens, a senior adviser to the US Federal Reserve.
Although cross-border credit flows have plummeted since the crisis, looking at the numbers of foreign banks and differentiating between emerging markets and advanced economies tells a different story, Claessens said today during a keynote speech at th
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