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Trade in banking services : issues for multilateral negotiations

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  • Gelb, Alan
  • Sagari, Silvia

Abstract

When the General Agreement on Tariffs and Trade was instituted in 1948, its mandate excluded such industries as banking, insurance and telecommunciaitons. These services sectors were highly regulated and protected in most countries, partly because of their sensitivity to national security and cultural identity. Under U.S. pressure, the Uruguay Round talks have included financial services, particularly banking. The response of developing countries to the U.S. proposal to liberalize trade in financial services ranges from cautious to hostile. Partly this reflects concern about the perceived comparative advantage of industrial countries and the desire of strong vested interests to continue to use the financial system as an instrument of public policy. It also reflects the weak situation of the banking industry in many developing countries. In some there is no real banking industry; in many the banking sector is technically insolvent and needs costly restructuring and reform. Opening the borders to foreign competition is essential to liberalization. But this process must proceed at the pace appropriate to the wide-ranging domestic reforms essential in most developing countries.

Suggested Citation

  • Gelb, Alan & Sagari, Silvia, 1990. "Trade in banking services : issues for multilateral negotiations," Policy Research Working Paper Series 381, The World Bank.
    • Handle: RePEc:wbk:wbrwps:381
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    References listed on IDEAS

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    Cited by:

    1. Claessens, Stijn & Glaessner, Tom, 1998. "The internationalization of financial services in Asia," Policy Research Working Paper Series 1911, The World Bank.

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