<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672007000100063</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The Determinants and Effects of Foreign Bank Entry in Argentina and Brazil: A Comparative Analysis]]></article-title>
<article-title xml:lang="es"><![CDATA[Los determinantes y efectos de la entrada de la banca extranjera en Argentina y Brasil: un análisis comparativo]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Paula]]></surname>
<given-names><![CDATA[Luiz Fernando de]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Alves Jr.]]></surname>
<given-names><![CDATA[Antonio José]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,University of the State of Rio de Janeiro  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Rural Federal University of the Rio de Janeiro  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2007</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2007</year>
</pub-date>
<volume>66</volume>
<numero>259</numero>
<fpage>63</fpage>
<lpage>102</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672007000100063&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672007000100063&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672007000100063&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This paper aims at analyzing the recent experience of foreign bank entry in Argentina and Brazil, focusing in its determinants and effects. It shows that the experience of foreign bank entry in Argentina and Brazil has not contributed effectively to the improvement of the macroeconomic efficiency of the financial system. The expected results of foreign bank entry -more diversified portfolio with predominance of credit operations, greater efficiency and enhancement of the soundness of the financial system- did not materialize in Argentina and Brazil. In both countries foreign banks behavior was similar to domestic private banks, in terms of portfolio allocation, credit policy, etc., although in Argentina there issome evidence that in tranquil times foreign bank entry contributed to the enhancement of the financial system. Argentina's case also illustrates that the presence of international banks is not enough to prevent local banking crises and sizable losses for depositors. In the case of Brazil, contrasting with Argentinean experience, domestic private banks reacted positively to foreign bank penetration, expanding their activities organically or by mergers and acquisitions, as they accumulated capabilities to survive in an environment of macroeconomic instability and were less affected by the 1994-1995 crisis than domestic banks in Argentina.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Este trabajo tiene como objetivo analizar la reciente experiencia de la entrada de la banca extranjera en Argentina y Brasil, enfocándose en sus determinantes y efectos. Se muestra que la penetración de los bancos extranjeros en estos países no ha contribuido efectivamente a la mejora de la eficiencia macroeconómica del sistema financiero. Los resultados esperados -más diversificación de la cartera con predominancia de las operaciones de crédito y mayor eficiencia y realce de la validez del sistema financiero- no se han materializado en Argentina y Brasil. En ambos países el comportamiento de los bancos extranjeros fue similar al de los bancos nacionales privados, en términos de asignación de cartera, política de crédito, etcétera; aunque en Argentina hay algunas evidencias de que, en tiempos tranquilos, la entrada de la banca extranjera contribuyó al realce del sistema financiero. El caso de Argentina también ilustra que la presencia de los bancos extranjeros no puede ser suficiente para prevenir la crisis de la banca local y pérdidas importantes para los depositantes. En el caso de Brasil, en contraste con la experiencia argentina, los bancos nacionales privados reaccionaron positivamente a la penetración del banco extranjero, expandiendo sus actividades orgánicamente o por fusiones y adquisiciones a medida que acumularon capacidades para sobrevivir en un ambiente de inestabilidad macroeconómica y fueron menos afectados por la crisis de 1994-1995 que los bancos nacionales en Argentina.]]></p></abstract>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Belaisch]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Do Brazilian Banks Compete?]]></source>
<year>2003</year>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bresser-Pereira]]></surname>
<given-names><![CDATA[L.C.]]></given-names>
</name>
<name>
<surname><![CDATA[Ferrer]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dolarização crônica: Argentina e Brasil]]></article-title>
<source><![CDATA[Revista de Economía Política]]></source>
<year>1991</year>
<volume>11</volume>
<numero>11</numero>
<issue>11</issue>
<page-range>5-15</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Carvalho]]></surname>
<given-names><![CDATA[C.E.]]></given-names>
</name>
<name>
<surname><![CDATA[Studart]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Alves Jr.]]></surname>
<given-names><![CDATA[A.J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Desnacionalização do setor bancário e financiamento das empresas: a experiência brasileira recente]]></source>
<year>2002</year>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Carvalho]]></surname>
<given-names><![CDATA[F.C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Recent Expansion of Foreign Banks in Brazil: First Results]]></article-title>
<source><![CDATA[Latin American Business Review]]></source>
<year>2002</year>
<volume>2</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>93-119</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Clarke]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Cull]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Peria]]></surname>
<given-names><![CDATA[M.S.M.]]></given-names>
</name>
<name>
<surname><![CDATA[Sánchez]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Foreign Bank Entry: Experience, Implications for Developing Countries, and Agenda for Further Research]]></source>
<year>2001</year>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Claessens]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Demirguç-Kunt]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Huizinga]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How does Foreign Entry Affect the Domestic Banking Market?]]></article-title>
<source><![CDATA[Journal of Banking and Finance]]></source>
<year>2001</year>
<volume>25</volume>
<page-range>891-911</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="book">
<collab>CGFS (Committee on the Global Financial System)</collab>
<source><![CDATA[Foreign Direct Investment in the Financial Sector of Emerging Market Economies]]></source>
<year>2004</year>
<publisher-name><![CDATA[BIS]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dages]]></surname>
<given-names><![CDATA[B.G.]]></given-names>
</name>
<name>
<surname><![CDATA[Goldberg]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Kinney]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Foreign and Domestic Bank Participation in Emerging Markets: Lessons from Mexico and Argentina]]></article-title>
<source><![CDATA[FRBNY Economic Policy Review]]></source>
<year>2000</year>
<page-range>17-36</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Del Negro]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Kay]]></surname>
<given-names><![CDATA[S.J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Global Banks. Local Crisis: Bad News from Argentina]]></article-title>
<source><![CDATA[Federal Reserve Bank of Atlanta]]></source>
<year>2002</year>
<page-range>1-18</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Demirguç-Kunt]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Huizinga]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Determinants of Commercial Bank Interest Margins and Profitability: Some International Evidence]]></source>
<year>1998</year>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Domanski]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Foreign Banks in Emerging Market Economies: Changing Players, Changing Issues]]></article-title>
<source><![CDATA[BIS Quarterly Review]]></source>
<year>2005</year>
<page-range>69-81</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dymski]]></surname>
<given-names><![CDATA[G.A.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Bank Merger Wave: The Economic Causes and Social Consequences of Financial Consolidation]]></source>
<year>1999</year>
<publisher-loc><![CDATA[Armonk ]]></publisher-loc>
<publisher-name><![CDATA[M.E. Sharpe]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dymski]]></surname>
<given-names><![CDATA[G.A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Global Bank Merger Wave: Implications for Developing Countries]]></article-title>
<source><![CDATA[The Developing Economies]]></source>
<year>2002</year>
<volume>40</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>435-66</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="">
<collab>ECLAC (Economic Commision for Latin America)</collab>
<source><![CDATA[Foreign Investment in Latin America and the Caribbean, 1999 Report]]></source>
<year>2000</year>
<publisher-loc><![CDATA[Santiago, Chile ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fanelli]]></surname>
<given-names><![CDATA[J.M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Growth, Instability and the Convertibility Crisis in Argentina]]></article-title>
<source><![CDATA[CEPAL Review]]></source>
<year>2002</year>
<numero>77</numero>
<issue>77</issue>
<page-range>25-43</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fanelli]]></surname>
<given-names><![CDATA[J.M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Estrategias para la Reconstrucción Monetaria y Financiera de la Argentina]]></source>
<year>2003</year>
<publisher-loc><![CDATA[Buenos Aires ]]></publisher-loc>
<publisher-name><![CDATA[Siglo XXI]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ferrari-Filho]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Paula]]></surname>
<given-names><![CDATA[L.F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Legacy of the Real Plan and an Alternative Agenda for the Brazilian Economy]]></article-title>
<source><![CDATA[Investigación Econômica]]></source>
<year>2003</year>
<volume>LXIII</volume>
<numero>244</numero>
<issue>244</issue>
<page-range>57-92</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Focarelli]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Pozzolo]]></surname>
<given-names><![CDATA[A.F.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Determinants of Cross-border Bank Shareholdings: An Analysis with Bank-level Data from OECD Countries]]></source>
<year>2000</year>
<publisher-name><![CDATA[Bank of Italy Research Department]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Guimarães]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How does Foreign Entry Affect Domestic Banking Market? The Brazilian Case]]></article-title>
<source><![CDATA[Latin American Business Review]]></source>
<year>2002</year>
<volume>3</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>121-40</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hawkins]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Mihaljek]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Banking Industry in the Emerging Market Economies: Competition, Consolidation and Systemic Stability]]></source>
<year>2001</year>
<publisher-loc><![CDATA[Basle ]]></publisher-loc>
<publisher-name><![CDATA[Bank for International Settlements]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hermann]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A experiência argentina de liberalização financeira nos anos 1990: uma análise crítica]]></article-title>
<source><![CDATA[Economia Aplicada]]></source>
<year>2001</year>
<volume>5</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>281-313</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="book">
<collab>IMF (International Monetary Fund)</collab>
<source><![CDATA[International Capital Markets: Developments. Prospects, and Key Policy Issues]]></source>
<year>2001</year>
<publisher-loc><![CDATA[Washington ]]></publisher-loc>
<publisher-name><![CDATA[IMF]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kiguel]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Argentine Financial System in the Nineties]]></source>
<year></year>
<conf-name><![CDATA[ Domestic Finance and Global Capital in Latin America Conference, 2001]]></conf-name>
<conf-date>2001</conf-date>
<conf-loc>Atlanta </conf-loc>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kregel]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Prospects for European Bank Concentration in Light of Recent US Experience]]></article-title>
<source><![CDATA[Latin American Business Review]]></source>
<year>2002</year>
<volume>2</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>7-17</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Levine]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Financial Development and Economic Growth]]></source>
<year>1996</year>
<publisher-loc><![CDATA[Washington ]]></publisher-loc>
<publisher-name><![CDATA[The World Bank]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[McQuerry]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Banking on it: Increased Foreign Entry in Brazil]]></article-title>
<source><![CDATA[EcoSouth]]></source>
<year>2001</year>
<volume>3</volume>
<numero>3</numero>
<issue>3</issue>
</nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Moguillansky]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Studart]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Vergara]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Foreign Banks in Latin America: A Paradoxical Result]]></article-title>
<source><![CDATA[CEPAL Review]]></source>
<year>2004</year>
<numero>82</numero>
<issue>82</issue>
<page-range>19-33</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Paula]]></surname>
<given-names><![CDATA[L.F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Expansion Strategies of European Banks to Brazil and their Impacts on the Brazilian Banking Sector]]></article-title>
<source><![CDATA[Latin American Business Review]]></source>
<year>2002</year>
<volume>3</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>59-91</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Paula]]></surname>
<given-names><![CDATA[L.F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Determinants of Recent Foreign Bank Penetration in Brazil]]></article-title>
<source><![CDATA[CEPAL Review]]></source>
<year>2003</year>
<numero>79</numero>
<issue>79</issue>
<page-range>160-76</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Paula]]></surname>
<given-names><![CDATA[L.F.]]></given-names>
</name>
<name>
<surname><![CDATA[Alves Jr.]]></surname>
<given-names><![CDATA[A.J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Banking Behaviour and the Brazilian Economy After the Real Plan: a Post-Keynesian Approach]]></article-title>
<source><![CDATA[Banca Nazionale del Lavoro Quarterly Review]]></source>
<year>2003</year>
<numero>227</numero>
<issue>227</issue>
<page-range>337-65</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Paula]]></surname>
<given-names><![CDATA[L.F.]]></given-names>
</name>
<name>
<surname><![CDATA[Oreiro]]></surname>
<given-names><![CDATA[J.L.]]></given-names>
</name>
<name>
<surname><![CDATA[Silva]]></surname>
<given-names><![CDATA[G.J.C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fluxos e controle de capitais no Brasil: uma avaliação e proposta de política]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Sicsú]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Oreiro]]></surname>
<given-names><![CDATA[J.L.]]></given-names>
</name>
<name>
<surname><![CDATA[Paula]]></surname>
<given-names><![CDATA[L.F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Agenda Brasil: políticas econômicas para o crescimento com estabilidade de preços]]></source>
<year>2003</year>
<publisher-loc><![CDATA[Barueri ]]></publisher-loc>
<publisher-name><![CDATA[Manole]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Peek]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Rosengren]]></surname>
<given-names><![CDATA[E.S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Implications of the Globalization of the Banking Sector: The Latin American Experience]]></article-title>
<source><![CDATA[New England Economic Review]]></source>
<year>2000</year>
<publisher-name><![CDATA[Federal Reserve Bank de Boston]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rocha]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Evolução da concentração bancária no Brasil: 1994-2000]]></source>
<year>2001</year>
<publisher-loc><![CDATA[Brasilia ]]></publisher-loc>
<publisher-name><![CDATA[Banco Central do Brasil]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Santomero]]></surname>
<given-names><![CDATA[A.M.]]></given-names>
</name>
<name>
<surname><![CDATA[Eckles]]></surname>
<given-names><![CDATA[D.L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Determinants of Success in the New Financial Services Environment]]></article-title>
<source><![CDATA[FRBNY Economic Policy Review]]></source>
<year>2000</year>
<page-range>11-23</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sebastian]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Hernansanz]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Spanish bank&#8217;s Strategy in Latin America]]></article-title>
<source><![CDATA[SUERF Studies]]></source>
<year>2000</year>
<numero>9</numero>
<issue>9</issue>
<publisher-loc><![CDATA[Viena ]]></publisher-loc>
<publisher-name><![CDATA[Société Universitaire Européenne de Recherches Financieres]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Studart]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Efficiency of Financial Systems. Liberalization and Economic Development]]></article-title>
<source><![CDATA[Journal of Post Keynesian Economics]]></source>
<year>1996</year>
<volume>18</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>269-92</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
