국경간(Cross-Border) 금융서비스 거래: 협의의 정의와 거래 가능성

Abstract

Financial globalization caused by the development of information technology changes the method of financial transactions. The more unnecessary are physical presences of financial firms, the more they focus on to the virtual channels. This environment makes a similar influence on cross-border transactions of financial services. They become to need not as many of branches or subsidiaries as they were to supply financial services to the customer in the other country.This paper studies the environmental change in the cross-border financial service transaction. First it redefines the meaning of 'cross-border' as the case in which financial services are traded across borders on an on-line network such as the internet contrasting with the conventional meaning, then examines the possibility of its transaction in a theoretical perspective. The development of information technology makes the cost structure of financial industry more efficient through the economy of scale. The difference of the cost structure between countries would indicate the direction of the trade pattern. However, what this paper emphasizes is that institutional matters such as financial supervision could give rise to an unusual pattern of trade. Without the convergence of the levels of financial supervision among countries the cost reduction would not be reflected on the trade pattern.