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Liberalising Trade in Financial Services: Global and Regional Economic Effects

Author

Listed:
  • Verikios, George

    (Productivity Commission)

  • Zhang, Xiao-guang

    (Productivity Commission)

Abstract

This paper applies a global general equilibrium model to quantify the impact on the global and regional economies of liberalising trade in financial services. The paper uses recent estimates of trade barriers for financial services in both developed and developing countries. The simulation results indicate that liberalising trade in financial services would benefit the world as a whole in terms of increased real income. Most regions are projected to gain as well, although the distribution of gains among regions is not even. In general, regions with the highest barriers, such as developing countries, benefit most. The analysis demonstrates that commercial presence of foreign firms via foreign direct investment (FDI) is a major source of gains from services trade liberalisation.

Suggested Citation

  • Verikios, George & Zhang, Xiao-guang, 2003. "Liberalising Trade in Financial Services: Global and Regional Economic Effects," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 18, pages 307-335.
    • Handle: RePEc:ris:integr:0236
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    Citations

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    Cited by:

    1. Nevine Eid, 2006. "FDI-Growth Relationship: Is Financial Deepening a Pre-condition," EcoMod2006 272100023, EcoMod.
    2. Nevine Mokhtar Eid, 2008. "Financial Development: A Pre-Condition for Foreign Direct Spillover Effects in Egypt," Working Papers 12, The German University in Cairo, Faculty of Management Technology.

    More about this item

    Keywords

    Trade in services; Financial services; Foreign direct investment; International capital mobility; Computable general equilibrium modelling;
    All these keywords.

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

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