"Иностранный язык" (английский язык) для экономистов

     The expansion of trade in recent decades has been paralleled by the growth of multinational banking. Banks have historically financed international trade, but the remarkable recent development has been the expansion of branches and subsidiaries that are physically located abroad, as well as the increased volume of loans to foreign borrowers. In 1960 only 8 U.S. banks had foreign offices. By 1987, about 150 U.S. banks had about 900 foreign branches.

     Similarly, the number of foreign banks with offices in the United States increased almost three-fold during the 1970s and 1980s. Most of these banks are business-oriented banks, but some have also engaged in retail banking. In 1978 the U.S. Congress passed the International Banking Act, which imposed constraints on the activities of foreign banks in the United States, removing some of the advantages they had acquired in relation to U.S. banks. Foreign banks have also penetrated the American market by acquiring ownership of existing banks.

     The growth of the Eurodollar market has forced major U.S. banks to operate branches not only in Europe but also in Asia. The world's banking system played a key role in the recycling of petrodollars, arising from the surpluses of the oil-exporting countries and the deficits of the oil-importing nations. This activity, while it smoothed international financial arrangements, is currently proving worrisome as foreign debtors find it more difficult to pay back outstanding loans.