Abstract
This article discusses two models of global banking, the multinational model and the international model. The global financial crisis demonstrated the greater resilience of the multinational model to strains in the wholesale funding markets. This article reviews long-term trend in global banking toward multinational banking and how the global financial crisis reinforced this trend. In addition, this article discusses regulatory and supervisory changes since the crisis that require liquidity to be held in particular jurisdictions, and affiliates to be operating subsidiaries rather than branches. Regulators in major jurisdictions are showing welcome resistance to the natural temptation to tilt the scale toward multinational banking.
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