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The internationalization of financial services in Asia

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Author Info
Claessens, Stijn
Glaessner, Tom

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Abstract

The internationalization of financial services -- eliminating discrimination between the treatment of foreign and domestic providers of financial services and removing barriers to the cross-border provision of financial services -- is of global interest, especially in Asia. Most of Asia limits the entry of foreign financial firms much more than otherwise comparable countries do. Empirical evidence for Asia and elsewhere suggests that this slows down institutional development and that, as a result, it costs more to provide financial services. Asian countries could benefit from accelerating the opening of the financial services sector, in conjunction with the further liberalization of capital accounts and domestic deregulation of financial markets. Apart from other benefits, internationalization helps build more robust, efficient financial systems by introducing international practices and standards; by improving the quality, efficiency, and breadth of financial services; and by allowing more stable sources of funds. The ongoing WTO (World Trade Organization) negotiation of financial services under GATS (General Agreement on Trade in Services) gives countries the opportunity to commit to opening their financial sectors. Safeguards can be built into the process, and the liberalization can be phased in gradually.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 1911.

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Date of creation: 30 Apr 1998
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Handle: RePEc:wbk:wbrwps:1911

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Related research
Keywords: Banks&Banking Reform; Decentralization; Fiscal&Monetary Policy; Payment Systems&Infrastructure; Economic Theory&Research; Banks&Banking Reform; Financial Economics; National Governance; Economic Theory&Research; Health Economics&Finance;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Donald J. Mathieson & Liliana Rojas-Suárez, 1993. "Liberalization of the Capital Account: Experiences and Issues," IMF Occasional Papers 103, International Monetary Fund.
  2. Molyneux, Phil & Lloyd-Williams, D. M. & Thornton, John, 1994. "Competitive conditions in european banking," Journal of Banking & Finance, Elsevier, vol. 18(3), pages 445-459, May. [Downloadable!] (restricted)
  3. Guasch, J Luis & Glaessner, Thomas, 1993. "Using Auctions to Allocate and Price Long-Term Credit," World Bank Research Observer, Oxford University Press, vol. 8(2), pages 169-94, July.
  4. Claessens, Stijn & Demirguc-Kunt, Asli & Huizinga, Harry, 1998. "How does foreign entry affect the domestic banking market?," Policy Research Working Paper Series 1918, The World Bank. [Downloadable!]
  5. Daniel E. Nolle & Rama Seth, 1996. "Do banks follow their customers abroad?," Research Paper 9620, Federal Reserve Bank of New York. [Downloadable!]
  6. Peek, Joe & Rosengren, Eric S, 1997. "The International Transmission of Financial Shocks: The Case of Japan," American Economic Review, American Economic Association, vol. 87(4), pages 495-505, September. [Downloadable!] (restricted)
    Other versions:
  7. Patrick Honohan, 1997. "Banking system failures in developing and transition countries: Diagnosis and predictions," BIS Working Papers 39, Bank for International Settlements. [Downloadable!]
  8. Vittas, Dimitri & Demirguc-Kunt, Asli & Musalem, Alberto, 1993. "North American free trade agreement : issues on trade in financial services for Mexico," Policy Research Working Paper Series 1153, The World Bank. [Downloadable!]
  9. Hoekman, Bernard & Primo Braga, Carlos, 1997. "Protection and Trade in Services: A Survey," CEPR Discussion Papers 1705, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  10. Altunbas, Y. & Gardener, E. P. M. & Molyneux, P. & Moore, B., 2001. "Efficiency in European banking," European Economic Review, Elsevier, vol. 45(10), pages 1931-1955, December. [Downloadable!] (restricted)
  11. Jith Jayaratne & Philip E. Strahan, 1996. "Entry restrictions, industry evolution and dynamic efficiency: evidence from commercial banking," Research Paper 9630, Federal Reserve Bank of New York. [Downloadable!]
  12. DeYoung, Robert & Nolle, Daniel E, 1996. "Foreign-Owned Banks in the United States: Earning Market Share or Buying It?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(4), pages 622-36, November. [Downloadable!] (restricted)
  13. Gelb, Alan & Sagari, Silvia, 1990. "Trade in banking services : issues for multilateral negotiations," Policy Research Working Paper Series 381, The World Bank. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Kaleeswaran Kalirajan, 2001. "Restrictions on trade in distribution services," Labor and Demography 0105008, EconWPA. [Downloadable!]
  2. Jansen, Marion, 2006. "Services Trade Liberalization at the Regional Level: Does Southern and Eastern Africa Stand to Gain from EPA Negotiations?," CEPR Discussion Papers 5800, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  3. Mark M. Spiegel & Jose A. Lopez, 2009. "Foreign entry into underwriting services: evidence from Japan's "Big Bang" deregulation," Working Paper Series 2009-14, Federal Reserve Bank of San Francisco. [Downloadable!]
  4. Alexei Kireyev, 2002. "Liberalization of Trade in Financial Services and Financial Sector Stability (Analytical Approach)," IMF Working Papers 02/138, International Monetary Fund. [Downloadable!]
  5. Alejandro Micco & Ugo Panizza & Mónica Yañez, 2004. "Propiedad y desempeño de la banca," RES Working Papers 4382, Inter-American Development Bank, Research Department. [Downloadable!]
  6. Gabriella Montinola & Ramon Moreno, 2001. "The political economy of foreign bank entry and its impact: theory and a case study," Pacific Basin Working Paper Series 01-11, Federal Reserve Bank of San Francisco. [Downloadable!]
  7. Harms, Philipp & Mattoo, Aaditya & Schuknecht, Ludger, 2003. "Explaining liberalization commitments in financial services trade," Policy Research Working Paper Series 2999, The World Bank. [Downloadable!]
    Other versions:
  8. Jose A. Lopez & Mark M. Spiegel, 2006. "Foreign bank lending and bond underwriting in Japan during the lost decade," Working Paper Series 2006-45, Federal Reserve Bank of San Francisco. [Downloadable!]
  9. Kyriaki Kosmidou & Fotios Pasiouras & Angelos Tsaklanganos, 2005. "Factors influencing the profits and size of Greek banks operating abroad: a pooled time-series study," Applied Financial Economics, Taylor and Francis Journals, vol. 15(10), pages 731-738, June. [Downloadable!] (restricted)
  10. Dilli Raj Khanal, 2007. "Services Trade in Developing Asia:A Case Study of the Banking and Insurance Sector in Nepal," Working Papers 3907, Asia-Pacific Research and Training Network on Trade (ARTNeT), an initiative of UNESCAP and IDRC, Canada.. [Downloadable!]
  11. Rowena A. Pecchenino & Patricia S. Pollard, 2003. "A simple model of international capital flows, exchange rate risk, and portfolio choice," Working Papers 2000-009, Federal Reserve Bank of St. Louis. [Downloadable!]
  12. Bernard Hoekman, 2000. "The next round of services negotiations: identifying priorities and options," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 31-52. [Downloadable!]
  13. Gual, Jordi, 2004. "The Integration of EU Banking Markets," CEPR Discussion Papers 4212, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  14. Adrian E. Tschoegl, 2004. "Financial Crises and the Presence of Foreign Banks," International Finance 0405016, EconWPA. [Downloadable!]
  15. Clarke, George R. G. & Cull, Robert & Martinez Peria, Maria Soledad, 2001. "Does foreign bank penetration reduce access to credit in developing countries"evidence from asking borrowers," Policy Research Working Paper Series 2716, The World Bank. [Downloadable!]
  16. Alejandro Micco & Ugo Panizza & Mónica Yañez, 2004. "Bank Ownership and Performance," RES Working Papers 4381, Inter-American Development Bank, Research Department. [Downloadable!]
  17. Claessens, Stijn, 2006. "Competitive implications of cross-border banking," Policy Research Working Paper Series 3854, The World Bank. [Downloadable!]
  18. Marco Del Negro & Stephen Kay, 2002. "Global banks, local crises: bad news from Argentina," Economic Review, Federal Reserve Bank of Atlanta, issue Q3, pages 89-106. [Downloadable!]
  19. Gual, Jordi, 2003. "Integration of EU banking markets, The," IESE Research Papers D/504, IESE Business School. [Downloadable!]
  20. Unite, Angelo A. & Tabios, Guillermo Q. & Sullivan, Michael J., . "The Impact of Liberalization of Foreign Bank Entry on the Philippine Domestic Banking Market," Discussion Papers PASCN DP 2001-08, Philippine Institute for Development Studies. [Downloadable!]
  21. Okuda, Hidenobu & Rungsomboon, Suvadee, 2005. "The Effects of Foreign Bank Entry on the Thai Banking Market: Empirical Analysis from 1990 to 2002," CEI Working Paper Series 2004-20, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
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