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Explaining liberalization commitments in financial services trade

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  • Philipp Harms
  • Aaditya Mattoo
  • Ludger Schuknecht

    ()

Abstract

The authors examine the determinants of market access commitments in international financial services trade in the General Agreement on Trade in Services (GATS). Based on a theoretical model, they investigate empirically the role of domestic political economy forces, international bargaining considerations, and the state of complementary policy. The empirical results confirm the relevance of the authors'model in explaining banking and (to a somewhat lesser degree) securities services liberalization commitments. The findings imply that those who seek greater access to developing country markets for financial services must do more to counter protectionism at home in areas of export interest for developing countries.

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Bibliographic Info

Article provided by Springer in its journal Review of World Economics.

Volume (Year): 139 (2003)
Issue (Month): 1 (March)
Pages: 82-113

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Handle: RePEc:spr:weltar:v:139:y:2003:i:1:p:82-113

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Related research

Keywords: Financial services; financial sector liberalization; GATS; endogenous protection; trade in services;

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References

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  1. Grossman, G.M. & Helpman, E., 1992. "Protection for Sale," Papers 162, Princeton, Woodrow Wilson School - Public and International Affairs.
  2. Francois, Joseph & Schuknecht, Ludger, 1999. "Trade in Financial Services: Procompetitive Effects and Growth Performance," CEPR Discussion Papers 2144, C.E.P.R. Discussion Papers.
  3. Markusen, James R, 1989. "Trade in Producer Services and in Other Specialized Intermediate Inputs," American Economic Review, American Economic Association, vol. 79(1), pages 85-95, March.
  4. Grossman, Gene & Helpman, Elhanan, 1994. "The Politics of Free Trade Agreements," CEPR Discussion Papers 908, C.E.P.R. Discussion Papers.
  5. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June.
  6. Cludia M. Buch, 1997. "Opening up for foreign banks: How Central and Eastern Europe can benefit," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 5(2), pages 339-366, November.
  7. Hoekman, Bernard, 1995. "Tentative first steps : an assessment of the Uruguay Round agreement on services," Policy Research Working Paper Series 1455, The World Bank.
  8. kishore gawande & pravin krishna, 2005. "The Political Economy of Trade Policy: Empirical Approaches," International Trade 0503003, EconWPA.
  9. James R. Barth & Gerard Caprio, Jr. & Ross Levine, 2002. "Bank Regulation and Supervision: What Works Best?," NBER Working Papers 9323, National Bureau of Economic Research, Inc.
  10. Aadtya Mattoo, 2000. "Financial Services and the WTO: Liberalisation Commitments of the Developing and Transition Economies," The World Economy, Wiley Blackwell, vol. 23(3), pages 351-386, 03.
  11. Claessens, Stijn & Demirguc-Kunt, Asl[iota] & Huizinga, Harry, 2001. "How does foreign entry affect domestic banking markets?," Journal of Banking & Finance, Elsevier, vol. 25(5), pages 891-911, May.
  12. Finger, J. Michael & Schuknecht, Ludger, 1999. "Market access advances and retreats : the Uruguay Round and beyond," Policy Research Working Paper Series 2232, The World Bank.
  13. Hoekman, Bernard & Primo Braga, Carlos A., 1997. "Protection and trade in services : a survey," Policy Research Working Paper Series 1747, The World Bank.
  14. Claessens, Stijn & Glaessner, Tom, 1998. "The internationalization of financial services in Asia," Policy Research Working Paper Series 1911, The World Bank.
  15. Barth, James R. & Caprio Jr, Gerard & Levine, Ross, 2001. "The regulation and supervision of banks around the world - a new database," Policy Research Working Paper Series 2588, The World Bank.
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Citations

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Cited by:
  1. Ivana Prica & Jelica Petrović VujaÄić, 2010. "Financial Services Liberalisation in Transition Countries and the Role of the WTO," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(4), pages 487-501, December.
  2. Mattoo, Aaditya & Rathindran, Randeep, 2006. "Measuring Services Trade Liberalization and Its Impact on Economic Growth: An Illustration," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 21, pages 64-98.
  3. Philippa Dee & Anne McNaughton, 2011. "Promoting Domestic Reforms through Regionalism," Governance Working Papers 23224, East Asian Bureau of Economic Research.
  4. Mattoo, Aaditya, 1999. "Financial services and the World Trade Organization - liberalization commitments of the developing and transition economies," Policy Research Working Paper Series 2184, The World Bank.
  5. Erik der Marel & Sébastien Miroudot, 2014. "The economics and political economy of going beyond the GATS," The Review of International Organizations, Springer, vol. 9(2), pages 205-239, June.
  6. Makoto Hisanaga, 2007. "Comparative Advantage Structure of U.S. International Services," KIER Working Papers 633, Kyoto University, Institute of Economic Research.

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