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Liberalization of Trade in Financial Services and Financial Sector Stability (Empirical Approach)

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Listed author(s):
  • Alexei P Kireyev

Abstract

The paper explores empirically the links between the WTO-driven liberalization of trade in financial services and the stability of national financial systems. Econometric testing of indicators intended to proxy financial sector stability-subdivided into exchange rate and banking sector stability-suggests that opening of the financial sector is an efficient policy instrument at the disposal of the authorities for achieving a variety of macroeconomic goals. While liberalization is found to be broadly conducive to stability, the outcome of liberalization on exchange rate stability is less predictable than on banking sector stability.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/139.

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Length: 27
Date of creation: 01 Aug 2002
Handle: RePEc:imf:imfwpa:02/139
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Keywords: Financial services; Trade liberalization; financial sector stability; financial sector; financial stability; trade in services; services liberalization; Macroeconomic Aspects Of International Trade And Finance; Financial Institutions And Services;

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  1. Clements,Michael & Hendry,David, 1998. "Forecasting Economic Time Series," Cambridge Books, Cambridge University Press, number 9780521634809.
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Cited by:

  1. Ivana Prica, 2008. "Financial Servicies Liberalization And International Integration In South Eastern Europe," Economic Annals, Faculty of Economics, University of Belgrade, vol. 53(178-179), pages 122-144, July - De.
  2. Auboin, Marc, 2007. "Fulfilling the Marrakesh Mandate on Coherence: Ten years of cooperation between the WTO, IMF and World Bank," WTO Discussion Papers 13, World Trade Organization (WTO), Economic Research and Statistics Division.
  3. Valckx, Nico, 2004. "WTO financial services commitments: Determinants and impact on financial stability," International Review of Financial Analysis, Elsevier, vol. 13(4), pages 517-541.
  4. Bayraktar, Nihal & Yan Wang, 2004. "Foreign bank entry, performance of domestic banks, and sequence of financial liberalization," Policy Research Working Paper Series 3416, The World Bank.

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