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2.FDIingoodsandpatternsofinvestmentinfinancialservices

AccordingtothestudybyKoseetal.(2006),themainsourceof

internationalinvestmentindevelopingcountriesisFDI.Inother

words,mostcompaniesthatinvestinmanufacturingproductsprefer

togoandinvestdirectlyinemergingcountries.Ifthistrendis

goingtocontinue,thenitisalsopossiblethatbanksandother

financialinstitutionswillhavemoreincentivetofollowthemanufacturers

and/orfollowthesamestrategyinemergingcountries.In

otherwords,whilehomebiaswillcontinueaslongasthecountries

arenotintegratedaspartofoneregionalorglobaleconomy,capital

andfinancialservicesareflowingtoemergingcountriesaslong

asthesecountriesallowtheentranceofforeigncompanies.

AccordingtoDomanski(2005),thevalueoftheFinancialSector

FDI,intheformofcrossbordermergerandacquisitionstargeting

banksinemergingcountries,hasincreasedfrom$2.5billionin

1991–1995to$67.5billionfor2001–2005.LatinAmericahasbeen

thelargestrecipientofthistypeofFDI(48percent),followedby

Asia(36percentoftotalM&As)andthenEasternEuropewith17

percentoftotalM&Aover1991–2005.Wearealsoseeingthepartial

privatisationofbanksinChinawheresomeforeignbankswere

abletohaveaccesstosomeassetsofthesebanks.

Asfinancialglobalisationintensifies,onecanseethatthewayof

providingfinancialserviceswillchange.AsmoreFDIistakingplace

inemergingcountries,financialinstitutionsaretryingtohaveentry

intothesemarketsandhencehavedirectaccesstothehostcountries’

customers.Thisinturnwillleadtoanincreaseininternational

financialservices,mainlyofferedintheformofFDIentry.

AsregionalblockssuchasASEANorAPECintensifytheremoval

oftheirfinancialbarriers,onecouldexpectlargerbankstoemerge

intheseblocksandatthesametime,toseestrongcompetition

fromtheUSandtheEUintothesetworegionalb