Financial Services Liberalization in the World Trade Organization
AbstractThe stakes were high in the financial services negotiations that were completed in December 1997 at the World Trade Organization (WTO). The developing countries were eager to strengthen and modernize their financial systems. The industrial countries sought access to important emerging markets in Latin America and Asia for their banking, insurance, brokerage, and other financial services firms. In the end, both sides agreed to bind unilateral and regional financial opening and reform that was already under way in many countries, industrial and developing alike. * The authors assess the agreement reached in the WTO, identifying its shortcomings and suggesting ways that it can be bolstered in future negotiations. They analyze the impact of the agreement, and of the Asian financial crisis, on the state of liberalization and market opening in several important emerging-market economies--including a summary of the remaining obstacles to establishing efficient and open financial sectors. * This book estimates the benefits of opening the financial sector to foreign competition. It assesses the macroeconomic benefits that flow from an improved financial sector and discusses the risks and costs involved in liberalization. The authors conclude with a blueprint for future efforts to liberalize financial services and emphasize that the recent financial services agreement represented only a beginning step in that process.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoThis book is provided by Peterson Institute for International Economics in its series Peterson Institute Press: All Books with number 59 and published in 1998.
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Dr. Ananya Raihan, 2003. "Ongoing Negotiations on the GATS FSA: Bangladesh’s Concerns and Position," CPD Working Paper 33, Centre for Policy Dialogue (CPD).
- Jack M. Mintz, 2003. "Taxing Financial Activity," International Tax Program Papers 0305, International Tax Program, Institute for International Business, Joseph L. Rotman School of Management, University of Toronto.
- Rupa Chanda, 2010. "Trade in Financial Services: India's Opportunities and Constraints," Working Papers id:2523, eSocialSciences.
- Rudolf Adlung, 1999. "Liberalizing trade in services: from Marrakech to Seattle," Intereconomics: Review of European Economic Policy, Springer, vol. 34(5), pages 211-222, September.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peterson Institute webmaster).
If references are entirely missing, you can add them using this form.