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Financial services in the Colombia-U.S. Free Trade Agreement

Author

Listed:
  • María Angélica Arbeláez Restrepo

    ()

  • Andrés Flórez

    ()

  • Natalia Salazar Ferro

    ()

Abstract

This study presents an analysis of the financial services chapter of the Free Trade Agreement (FTA) between Colombia and the United States. It evaluates the negotiation process, its results, and its expected impacts on Colombia´s financial sector during the next few years. After Colombia´s unilateral financial liberalization in he early 90´s, the FTA is the more recent step towards greater openness of the domestic financial system. Even though the financial system is not expected to face any great changes, the agreement will have mplications in specific areas such as insurance and changes in the current operation of collective investment chemes, as well as broader indirect effects on foreign investment. The study concludes that with the FTA, the ountry took advantage of the opportunity to start an internal reform process aimed at financial sector modernization and its greater efficiency, in order to deepen financial consolidation in favor of a productive ector more open to foreign competition.Resumen: Este estudio analiza el capítulo de servicios financieros del TLC entre Colombia y Estados Unidos. Evalúa elproceso de negociación, sus resultados y sus potenciales efectos sobre el sector financiero colombiano durantelos próximos años. Después de la liberalización financiera a principios de los 90, el TLC es el paso másreciente hacia una mayor apertura del mercado financiero doméstico. Aunque el sector financiero no enfrentagrandes cambios debidos al TLC, sí habrá algunas implicaciones en áreas específicas tales como los seguros yla operación de los esquemas de carteras colectivas, así como también efectos indirectos sobre la inversiónextranjera en el sector. El estudio concluye que el gobierno colombiano aprovechó el acuerdo para iniciar ladiscusión sobre una reforma interna al sector financiero que apunte a la modernización y a una mayoreficiencia.

Suggested Citation

  • María Angélica Arbeláez Restrepo & Andrés Flórez & Natalia Salazar Ferro, 2006. "Financial services in the Colombia-U.S. Free Trade Agreement," WORKING PAPERS SERIES. DOCUMENTOS DE TRABAJO 002725, FEDESARROLLO.
  • Handle: RePEc:col:000123:002725
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    File URL: http://hdl.handle.net/11445/808
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    Keywords

    Servicios financieros; Tratado de Libre Comercio; TLC; Sistema financiero; Mercados financieros; Inversión Extranjera;

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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