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Foreign Direct investment in the banking sector of emerging markets
Despite the increasing literature related to the topics of Foreign Direct Investment(FDI) in manufacturing sector of European transitional economies, the ones related to FDI in the banking sector have received little attention.〔Voinea, L., and Mihaescu, M., (2006), “The Determinants of Foreign Banking Activity in South East Europe: Do FDI, Bilateral Trade and EU Policies Matter?”, Global Development Network Southeast Europe〕 Nevertheless, over the past years numerous studies and theories have emerged in an attempt to explain the motives behind foreign bank entry in CEE countries. Although there is not a universally accepted theory explaining the motives behind a Banks decision to start it operations abroad several reasons are addressed in the existing literature.〔Buch, C.M., (2000), “Why do Banks go Abroad? - Evidence from German Data, "Financial Markets Institutions and Instruments" Vol. 9 (1).〕). Research has revealed factors like the degree of economic integration between the home and host country, market opportunities available and entry restrictions like the factors that affect a banks decision to start its operations on a foreign market.〔Bol, H. and R.Lensink, J.de Haan (2002), “Do Reforms in Transition Economies Affect Foreign Bank Entry?” CCSO Working Paper No. 05.〕〔Lensink,. R and de Haan, J., (2002), “Do Reforms in Transition Economies Affect Foreign Bank Entry?” International Review of Finance, Vol. 3:3.〕
== Follow the customer / level of integration between home and host country ==
One of the most important reason that affects a banks decision to entry a foreign market is to “follow the customer” also called the defensive hypothesis. Foreign banks building upon the expertise in their home country they can differentiate themselves from their competitors in the host country by offering complex and specialized services to their home country corporate customers. Years of long-lasting relationship have provided the banks with crucial information about the unique financial needs that their clients have, the knowledge of which is unavailable to host country institutions. In addition, through this relationship banks are able to develop a competitive advantage stemming through the lower marginal costs that those banks experience when dealing with loan renewals over their local competitors.〔Wezel, T. (2003): “Determinants of German Foreign Direct Investment in Latin American and Asian Emerging Markets in the 1990s”, Economic Research Centre of the Deutsche Bundesbank, Discussion Paper No. 11/03.〕 Unlike manufacturing where knowledge can be protected through patterns and other means, commercial intelligence can be easily gained by any bank with an interest in starting its operations in specific market or industries. In addition, letting other financial institutions to develop a relationship with its existing corporate clients can result in the loss of market share in the banks home county. In order to prevent this from happening banks are obliged to follow the client by opening an office (branch, subsidiary) abroad themselves in order to defend their unique bank client relationship.〔Wezel, T. (2003): “Determinants of German Foreign Direct Investment in Latin American and Asian Emerging Markets in the 1990s”, Economic Research Centre of the Deutsche Bundesbank, Discussion Paper No. 11/03.〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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