Trade in banking services and the role of GATS
AbstractThe General Agreement on Trade in Services (GATS), which was concluded by participating countries in the Uruguay Round of negotiations, is the first multilateral effort to establish rules governing the conduct of international trade in services, including financial services. The GATS also provides the framework for multilateral negotiations on improved market access for foreign services and service suppliers. This article aims to clarify the issues regarding the consequences of liberalizing trade in banking services and the obligations assumed by member countries in the context of negotiations under the GATS. It argues that the benefits of liberalizing trade in banking services arise primarily from greater competition and better financial intermediation. It also points out the interdependence between sound macroeconomic management, appropriate financial regulation and supervision and a liberal trade regime in banking services.
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Bibliographic InfoArticle provided by University of the Philippines School of Economics and Philippine Economic Society in its journal Philippine Review of Economics.
Volume (Year): 40 (2003)
Issue (Month): 1 (June)
Trade in services; WTO; Philippine financial sector;
Find related papers by JEL classification:
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
- O19 - Economic Development, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
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