CHAPTER 9 International banking
Banking has gone far beyond the physical borders between countries, and economies have become heavily intertwined with each other through the international banking network, as one of the most prominent outcomes after decades of financial globalization. As of the second quarter of 2020, outstanding claims through cross-border banking amount to above 16 trillion US dollars, according to the Bank for International Settlements (BIS) international banking statistics—down from its historical peak of over 22 trillion US dollars in early 2008, and cross-border claims through banks nowadays account for about half of total global financial claims. On the other hand, recent ...
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