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WTO Financial Services Commitments; Determinants and Impacton Financial Stability

  • Nico Valckx

The paper investigates the factors that have influenced WTO members to take on their chosen level of liberalization commitments in the framework of liberalization of trade in financial services and the impact of such commitments on financial sector stability. The most important factors are economic growth, current account, trends in banking sector development, policy restrictiveness, and peer group effects. The econometric evidence suggests that more liberal commitments may be associated with greater vulnerability to currency and banking crises-most likely a short-term effect, which should be mitigated with time through increased market efficiency and better resource allocation.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/214.

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Length: 35
Date of creation: 01 Dec 2002
Date of revision:
Handle: RePEc:imf:imfwpa:02/214
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