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Country and Firm Sources of International Competitiveness: The Case of the Foreign Exchange Market (1997)
BibTeX
@MISC{Tschoegl97countryand,
author = {Adrian E. Tschoegl and Anthony M. Santomero},
title = {Country and Firm Sources of International Competitiveness: The Case of the Foreign Exchange Market},
year = {1997}
}
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Abstract
: Competitiveness in the foreign exchange market depends on both country and firm-specific factors. Country-specific factors in the form of the importance in the foreign exchange market of the home currency and the home regulatory and legal system explain much; of the two the legal and regulatory system appears more critical. Firm-specific factors in the form of the size and international reach of the banks that make the market play a role. When the domestic market is particularly rivalrous, in the sense that firms face strong domestic competitors, that itself is an important factor. Still nothing is absolute; some banks overcome national weakness and some banks do not live up to the potential inherent in their national origin. Lastly, a bank's competitiveness tends to persist in time and to extend across even to unrelated currency markets. This paper was presented at the Wharton Financial Institutions Center's conference on The Performance of Financial Institutions, May 8-10, 1997. ...
Keyphrases
foreign exchange market firm source international competitiveness firm-specific factor legal system national origin strong domestic competitor regulatory system national weakness financial institution domestic market wharton financial institution center international reach potential inherent country-specific factor unrelated currency market important factor home currency
