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The internationalization of financial services in Asia

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  • Claessens, Stijn
  • Glaessner, Tom

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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Bibliographic Info

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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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;

References

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  1. 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.
  2. 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.
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  7. Gelb, Alan & Sagari, Silvia, 1990. "Trade in banking services : issues for multilateral negotiations," Policy Research Working Paper Series 381, The World Bank.
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  10. 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.
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  12. Liliana Rojas-Suárez & Donald J. Mathieson, 1993. "Liberalization of the Capital Account," IMF Occasional Papers 103, International Monetary Fund.
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Citations

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Cited by:
  1. Harms, Philipp & Mattoo, Aaditya & Schuknecht, Ludger, 2003. "Explaining liberalization commitments in financial services trade," Policy Research Working Paper Series 2999, The World Bank.
  2. Alejandro Micco & Ugo Panizza & Mónica Yañez, 2004. "Bank Ownership and Performance," IDB Publications 6685, Inter-American Development Bank.
  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.
  4. 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.
  5. 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..
  6. Kaleeswaran Kalirajan, 2001. "Restrictions on trade in distribution services," Labor and Demography 0105008, EconWPA.
  7. Gual, Jordi, 2004. "The Integration of EU Banking Markets," CEPR Discussion Papers 4212, C.E.P.R. Discussion Papers.
  8. 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.
  9. 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.
  10. 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.
  11. Alexei Kireyev, 2002. "Liberalization of Trade in Financial Services and Financial Sector Stability (Analytical Approach)," IMF Working Papers 02/138, International Monetary Fund.
  12. 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 & Francis Journals, vol. 15(10), pages 731-738.
  13. Alejandro Micco & Ugo Panizza & Mónica Yañez, 2004. "Propiedad y desempeño de la banca," Research Department Publications 4382, Inter-American Development Bank, Research Department.
  14. Haouat, Meriem & Moccero, Diego Nicolas & Sosa Navarro, Ramiro, 2010. "Foreign Banks and Credit Volatility: The Case of Latin American Countries," MPRA Paper 22991, University Library of Munich, Germany.
  15. 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.
  16. Adrian E. Tschoegl, 2004. "Financial Crises and the Presence of Foreign Banks," International Finance 0405016, EconWPA.
  17. 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.
  18. Claessens, Stijn, 2006. "Competitive implications of cross-border banking," Policy Research Working Paper Series 3854, The World Bank.
  19. Kwan, Simon H., 2003. "Operating performance of banks among Asian economies: An international and time series comparison," Journal of Banking & Finance, Elsevier, vol. 27(3), pages 471-489, March.
  20. Gual, Jordi, 2003. "Integration of EU banking markets, The," IESE Research Papers D/504, IESE Business School.
  21. 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.

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