Abstract
Recent developments in international banking have presented policy makers with some real challenges. The rise of offshore banking centres has challenged the dominant position of national money markets. The Eurocredit market is viewed as ‘the’ international money market, and the main money market for several national banking systems. As a consequence, the composition of bank portfolios has changed and the share of foreign assets has risen substantially as banks have come to play an important role in the financing of current account imbalances, particularly those of developing countries. The purpose of this paper is to examine the impact of the international lending expansion on the return and risk of the operations of Canadian chartered banks.
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