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Services trade liberalisation and global imbalances: a critical review of the empirical evidence

Author

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  • Georgiadis, Georgios
  • Mijakovic, Andrej

Abstract

This box assesses recent empirical analysis claiming that services trade liberalisation could be a remedy for global imbalances. The main finding of the box is that global imbalances – i.e. the magnitude of current account surpluses and deficits across countries – would remain essentially unchanged as a result of services trade liberalisation. Nonetheless (services) trade liberalisation should be expected to raise welfare overall, e.g. by fostering productivity growth. JEL Classification: F13, F14, F32, F41

Suggested Citation

  • Georgiadis, Georgios & Mijakovic, Andrej, 2019. "Services trade liberalisation and global imbalances: a critical review of the empirical evidence," Economic Bulletin Boxes, European Central Bank, vol. 5.
    • Handle: RePEc:ecb:ecbbox:2019:0005:2
    Note: 2435756
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    More about this item

    Keywords

    Global imbalances; Services trade;

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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