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Financial Services Liberalisation in Transition Countries and the Role of the WTO

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  • Ivana Prica

    ()
    (Faculty of Economics, University of Belgrade, Serbia)

  • Jelica Petrović VujaÄić

    ()
    (Faculty of Transport and Traffic Engineering, University of Belgrade, Serbia)

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    Abstract

    While a bulk of economic theoretical and empirical research deals with various aspects of financial liberalisation, there is far less research devoted to the measurement of financial liberalisation. In this paper we calculate an index of financial liberalisation in 18 transition countries in the Central, Eastern and South-East Europe (CESE) and the Commonwealth of Independent States (CIS). This index was previously developed in works of Aaditya Mattoo (1999) to measure financial liberalisation that the WTO member countries have committed to. We make a slight modification to scaling to take into account the specific aspects of CESE and CIS countries and also apply the index to a non-WTO member (Serbia) using its currently applied regime. In this paper we will examine the influence of the General Agreement on Trade in Services (GATS) framework on liberalisation commitments in financial services sector in the target countries.

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    Bibliographic Info

    Article provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.

    Volume (Year): 57 (2010)
    Issue (Month): 4 (December)
    Pages: 487-501

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    Handle: RePEc:voj:journl:v:57:y:2010:i:4:p:487-501

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    Web page: http://www.panoeconomicus.rs/

    Related research

    Keywords: Financial services; Financial liberalisation; Transition; WTO;

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    References

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    1. Beck, Thorsten & Demirguc-Kunt, Asli & Martinez Peria, Maria Soledad, 2007. "Reaching out: Access to and use of banking services across countries," Journal of Financial Economics, Elsevier, vol. 85(1), pages 234-266, July.
    2. Ramkishen Rajan & Rahul Sen, 2002. "Liberalisation of International Trade in Financial Services in Southeast Asia: Indonesia, Malaysia, Philippines and Thailand," Centre for International Economic Studies Working Papers 2002-17, University of Adelaide, Centre for International Economic Studies.
    3. Eschenbach, Felix & Hoekman, Bernard, 2006. "Services Policies in Transition Economies: On the EU and WTO as Commitment Mechanisms," CEPR Discussion Papers 5624, C.E.P.R. Discussion Papers.
    4. Demirguc-Kunt, Asli & Levine, Ross, 2008. "Finance and economic opportunity," Policy Research Working Paper Series 4468, The World Bank.
    5. Philipp Harms & Aaditya Mattoo & Ludger Schuknecht, 2003. "Explaining liberalization commitments in financial services trade," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 139(1), pages 82-113, March.
    6. Demirguc-Kunt, Asli, 2006. "Finance and economic development : policy choices for developing countries," Policy Research Working Paper Series 3955, The World Bank.
    7. Claessens, Stijn, 2006. "Competitive implications of cross-border banking," Policy Research Working Paper Series 3854, The World Bank.
    8. 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.
    9. Ramkishen Rajan & Graham Bird, 2002. "Will Asian Economies Gain from Liberalizing Trade in Services?," Centre for International Economic Studies Working Papers 2002-22, University of Adelaide, Centre for International Economic Studies.
    10. Mattoo, Aaditya & Rathindran, Randeep & Subramanian, Arvind, 2001. "Measuring services trade liberalization and its impact on economic growth : an illustration," Policy Research Working Paper Series 2655, The World Bank.
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