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Trade Policy in Financial Services

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Author Info

  • Bradley J. McDonald
  • Geoffrey J. Bannister
  • Natalia T. Tamirisa
  • Piritta Sorsa
  • Jaroslaw Wieczorek

Abstract

This paper reviews the economics of trade policy in financial services, highlighting differences between trade across borders and through commercial presence. Trade liberalization could complement other financial reforms by enhancing the efficiency, quality, and variety of financial services and by encouraging improvement of financial regulations and practices. However, it raises sectoral, strategic, and cultural concerns. The design of trade policy should therefore emphasize the nexus with the macroeconomic framework and other financial sector policies, especially prudential and capital account regulations. It should also differentiate between types of trade. National reforms should be coordinated with multilateral trade agreements and initiatives on international financial architecture.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/31.

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Length: 39
Date of creation: 01 Feb 2000
Date of revision:
Handle: RePEc:imf:imfwpa:00/31

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Related research

Keywords: Trade; Trade policy; financial services; financial sector; services trade; commercial presence; cross-border trade; financial institutions; trade in services; foreign providers; national treatment; financial system; market access; financial stability; domestic providers; services providers; foreign banks; financial reforms; foreign competition; direct investment; financial liberalization; financial regulations; financial reform; international trade; financial markets; services markets; foreign ownership; services sectors; foreign affiliates; services transactions; domestic consumers; services liberalization; financial sector liberalization; international financial system; trading partners; domestic financial institutions; financial systems; foreign participation; international financial markets; domestic banks; international capital; modes of supply; foreign services; foreign equity; foreign markets; financial regulation; international capital markets; foreign investment; prudential regulations; financial assets; international financial architecture; deposit insurance; liberalization of capital movements; foreign supplier; domestic regulations; financial intermediaries; financial repression; services negotiations; financial innovation; service suppliers; international finance; derivative; domestic capital; mfn exemptions; foreign equity participation; foreign service providers; derivative products; capital mobility; increased competition; insurance services; domestic market; moral hazard; interest rate controls; comparative advantage; foreign capital; domestic financial sector; licensing process; international financial community; financial intermediation; multilateral rules; consumption abroad; competitive disadvantage; specific services sectors; international banks; portfolio investment; information services; effective market access; cross-border exports; services agreement; domestic liberalization; asset valuation; trading services; domestic reform; exchange rate overvaluation; natural persons; cross-border supply; international capital movements; banking services; financial deregulation; domestic capital market; access to international capital; trade restrictions; services sector; type of service; liquidity support; domestic firms; services restrictions; services industry; money market; domestic financial system; international standards; provision of services; services operations; service provider; financial market; liberalizing trade; financial policies; overvaluation; domestic regulation; foreign bank; equity securities; professional services; international transactions; money market instruments;

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Citations

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Cited by:
  1. Natalia T. Tamirisa, 1999. "Trade in Financial Services and Capital Movements," IMF Working Papers 99/89, International Monetary Fund.
  2. Alexei Kireyev, 2002. "Liberalization of Trade in Financial Services and Financial Sector Stability (Analytical Approach)," IMF Working Papers 02/138, International Monetary Fund.
  3. Nico Valckx, 2002. "WTO Financial Services Commitments: Determinants and Impact on Financial Stability," IMF Working Papers 02/214, International Monetary Fund.
  4. Lupo Pasini, Federico, 2012. "The International Regulatory Regime on Capital Flows and Trade in Services," ADBI Working Papers 338, Asian Development Bank Institute.

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