International financial transactions have grown in recent years far faster than has our ability to understand their significance for national economies. This article seeks to explain the rise in bank loans from banks outside the United States to U.S. businesses. The article looks at the...

Foreign banks in the United States are often thought to specialize in providing services to multinational firms from their home countries. This article examines data on Japanese bank loans and the liabilities of Japanese-owned firms to determine whether the increase in Japanese bank assets in...

U.S. corporations have floated stocks and bonds in unprecedented amounts in the last year. How much have corporate treasurers reduced their firms' interest payments through such refinancing? After assessing the motives for refinancing, the authors estimate the aggregate interest savings achieved...

This article examines the reasons for the phenomenal growth of financial derivative markets in recent years. The author shows how specific demand forces have largely determined the direction and speed of the derivatives' spread.

Using quarterly data for the United States, Japan, and the United Kingdom, this article investigates the relationship between changes in fundamental economic conditions and the international reactions of stock and bond markets. The author assesses the degree to which the transmission of...

During the 1980s, U.S. commercial banks faced increased competition in their lending activity from large finance companies. This article analyzes the differential performance of banks and finance companies in various segments of the consumer and business credit markets. In particular, it...