Also, in 1998 Mexico further liberalized the foreign investment rules that applied specifically to the banking industry. Historical cost is a measure of a foreign direct investment position according to the values carried on the books of affiliates. Therefore, this valuation reflects price levels of earlier time periods. The views expressed are those of the author and do not necessarily reflect the positions of the Federal Reserve Bank of Dallas or the Federal Reserve System. Articles may be reprinted on the condition that the source is credited and a copy of the publication containing the reprinted material is provided to the Research Department, El Paso Branch, Federal Reserve Bank of Dallas.
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