El desarrollo del sector financiero en un mundo que se globaliza: el ejemplo de una economía de mercado emergente

Abstract

Economic integration creates preconditions and motives for the internationalisation of banks and providing global financial services. The entry of foreign banks into the Central and Eastern European countries (CEECs) markets has been rapid and remarkable. The paper presents some empirical results of foreign bank entry motives, activities and operation in a small open economy (Estonia) on the threshold of joining the European Union integrated financial market. Some results of a sample survey undertaken among retail customers of foreign-owned Estonian commercial banks in 2001 are presented and analysed. The main aims of the survey were: (1) to identify the characteristics of most important bank choice and bank-customer contacts; (2) to evaluate the range and quality of bank services and products; (3) to evaluate value creation in the process of bank-customer relationships. The survey results lead to some conclusions about the results of globalisation process in the financial sector of a small open economy.