<?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>S0185-16672006000100015</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The Role of Foreign Banks in Emerging Countries. The Case of Argentina, 1993-2000]]></article-title>
<article-title xml:lang="es"><![CDATA[El papel de los bancos extranjeros en los países emergentes: el caso de Argntina, 1993-2000]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Tonveronachi]]></surname>
<given-names><![CDATA[Mario]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Università di Siena Dipartimento di Economia Politica ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Italy</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2006</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2006</year>
</pub-date>
<volume>65</volume>
<numero>255</numero>
<fpage>15</fpage>
<lpage>60</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672006000100015&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672006000100015&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672006000100015&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The consensus used to be that, overall, emerging countries would benefit from the presence of foreign banks. The expansion and strengthening of international banks' position during the 1990s has however heightened the debate on the merits of such presence, and the consensus has somehow weakened. Distoguishing between foreign banks' presence and their dominance of the host market, the paper analyses the experience of Argentina in the period 1993-2000. To this end, the entire series of banks' balance sheets is for the first time reconstructed. The results suggest that no major benefit derived from the increased share of funds intermediated by foreign banks, while all the banking system gained from a period of higher growth and monetary stability. Being part of Argentine public authorities' strategy, the increasing dominance by foreign banks resulted as one of the factors leading to the impoverishment of bio-diversity in Argentine banking. However, some of the problems that plagued the Argentine economy in the 1990s might be the result of the adoption of a complete financial opening rather than of the increasing dominance by foreign banks.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El consenso sobre los beneficios netos de la presencia de bancos extranjeros en los países emergentes parece en alguna medida debilitarse a raíz de la experiencia de los años noventa, que constituye una fase de fuerte expansión y fortalecimiento de dicha presencia. Distinguiendo entre la presencia y la dominancia en el mercado local por parte de los bancos extranjeros, el presente trabajo analiza la experiencia argentina en el período 1993-2000. Para este fin, se reconstruyo por primera vez la serie completa de los balances bancarios. Los resultados sugieren que la aumentada presencia de bancos extranjeros no ha producido beneficios significativos, mientras que todo el sistema bancario se ha aventajado por el clima de mayor crecimiento y de estabilidad monetaria. Como parte de la estrategia perseguida por parte del poder público, la creciente dominancia de los bancos extranjeros resulta uno de los factores que han empobrecido la biodiversidad de la banca argentina. De todos modos, parte de los problemas que atormentaron a la economía argentina en los años noventa podrían ser considerados más como el resultado de la adopción de una abertura financiera completa que como consecuencia de la dominancia creciente por parte de los bancos extranjeros.]]></p></abstract>
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