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Financial Services Liberalization in the World Trade Organization

Author

Listed:
  • Wendy Dobson
  • Pierre Jacquet

Abstract

The 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.

Suggested Citation

  • Wendy Dobson & Pierre Jacquet, 1998. "Financial Services Liberalization in the World Trade Organization," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 59.
  • Handle: RePEc:iie:ppress:59
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    Cited by:

    1. Rupa Chanda, 2010. "Trade in Financial Services: India's Opportunities and Constraints," Working Papers id:2523, eSocialSciences.
    2. Rudolf Adlung, 1999. "Liberalizing trade in services: from Marrakech to Seattle," Intereconomics: Review of European Economic Policy, Springer;German National Library of Economics;Centre for European Policy Studies (CEPS), vol. 34(5), pages 211-222, September.
    3. Pierre JACQUET & Jean-Paul POLLIN, 2007. "Systèmes financiers et croissance," LEO Working Papers / DR LEO 1534, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    4. 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.
    5. Dr. Ananya Raihan, 2003. "Ongoing Negotiations on the GATS FSA: Bangladesh’s Concerns and Position," CPD Working Paper 33, Centre for Policy Dialogue (CPD).

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