Why do some countries adopt market-oriented reforms such as deregulation, privatization and liberalization of competition in their infrastructure industries while others do not? Why did the pace of adoption accelerate in the 1990s? Building on neo-institutional theory in sociology, we argue that...

Since 1995, two Spanish banks - Banco Santander Central Hispano (BSCH) and Banco Bilbao Vizcaya Argentaria (BBVA) - have become the largest retail banks in Latin America. This recent development merits careful analysis because foreign direct investment is rare in retail banking. The finding is...