Abstract
The paper reviews and structures theoretical approaches to analyze the process of international financial intermediation. Most of them focus on the internationalization of banks and are not completely successful in their objective. A framework is developed for interpreting the emergence and existence of international financial intermediaries. As a result, some additional building blocks are given to construct a theory of international financial intermediation. Central elements herein are the existence of locational endowments and of market imperfections such as costs, asymmetric information, and regulation.
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