Risk 25: How Basel III is turning borders into barriers
Turning borders into barriers
Globalisation has produced some powerful icons – the golden arches of McDonalds glowing in more than 100 countries, the Asian and European car plants clustered in Mexico and the southern states of the US, and the US-invented iPhone assembled in China from components made in a host of other countries. But underpinning these developments is a less visible force – the global capital markets that give companies the ability to issue foreign currency bonds and swap the proceeds back into domestic
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