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This paper argues that the financial intermediation of Mexican financial industry declined after the foreign currency crisis and NAFTA in 1994, though the industry has been rapidly integrated into international capital market since then, using the data of national competitiveness produced by International Institute for Management Development in Swiss. The following four facts support the argument. First, the country risk of Mexico has decreased significantly since 1994, which means that the fund raising cost from international capital market dropped down. Second, it became easier for foreign firms to get access to the domestic capital market, and for domestic firms to the international capital market. Third, the credit to domestic firms, investment of venture capital, financial support to export companies decreased, and the stock market has become less dynamic. Fourth, the financial service to average consumers and the financial regulation has become less efficient. In summary, though Mexican financial industry of 2006 is regarded higher than that before 1994 from international point of view, it has not yet recovered the past competitiveness.