The empirical data indicate that the condition of good substitutability for many services provided by nature at the current level of consumption is met. (sciencedaily.com)
Indeed, in a classic paper written in the early 1960s, Mundell (Mundell, 1963) showed how, in a world of complete asset substitutability and perfect capital mobility, real interest rates would be largely determined by international market forces with the exchange rate moving in response to changes in domestic monetary policy to provide most of the desired accommodation or tightening. (bankofcanada.ca)
While many of the criteria are related, in that a large bank is also likely to be connected to a lot of others and to be present in many countries, giving it a high cross-jurisdictional score, some relatively smaller banks (banks that nonetheless still hold hundreds of billions of dollars in assets) score higher in terms of substitutability because they are important in payments activity, underwriting activity, or, in the case of State Street, assets under custody. (ritholtz.com)