This document describes the rapid growth of transnational banking in 1960 and its main causes. This growth is the result of the asymmetry between the detailed and strict official regulations that govern operations for residents of a country, in their own national currencies, and the freedom that non-residents have to operate in foreign currencies within the same system. Since the 1970s, a growing proportion of multinational banks' lending operations went to peripheral countries, leading to the privatization of their external debt structure. The main causes of this trend are outlined and the changes that took place in the mechanisms of the "euro dollar market" that facilitated the access of peripheral countries to said market are described, and the trends presented by the financing of the developing countries in the "Eurocurrency market" are examined.
Griffith-Jones, S. (1978). El crecimiento de la banca multinacional, los mercados de euro monedas y los países de la periferia. Estudios Internacionales, 11(44), p. 71–87. https://doi.org/10.5354/0719-3769.1978.16437
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