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Liberalizing financial services trade in Africa: Going regional and multilateral

Author

Listed:
  • Jansen, Marion
  • Vennes, Yannick

Abstract

This paper analyses the possible gains from regional and multilateral liberalization of financial services trade for African countries taking into account the implications of such liberalization for financial regulation and capital account liberalization. It also describes existing efforts to integrate financial markets within four African regions (WAEMU, CEMAC, SADC and COMESA) and discusses the existing GATS commitments of the relevant countries with respect to financial services. Although the regions differ significantly, there is scope for further regional integration in all of them. Significant scope also exists for further multilateral liberalization of financial services, in particular with respect to Mode3.

Suggested Citation

  • Jansen, Marion & Vennes, Yannick, 2006. "Liberalizing financial services trade in Africa: Going regional and multilateral," WTO Staff Working Papers ERSD-2006-03, World Trade Organization (WTO), Economic Research and Statistics Division.
  • Handle: RePEc:zbw:wtowps:ersd200603
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    File URL: https://www.econstor.eu/bitstream/10419/72069/1/510193897.pdf
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    References listed on IDEAS

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    1. B. Gerard Dages & Linda S. Goldberg & Daniel Kinney, 2000. "Foreign and domestic bank participation in emerging markets: lessons from Mexico and Argentina," Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 17-36.
    2. Hélène Rey & Philippe Martin, 2006. "Globalization and Emerging Markets: With or Without Crash?," American Economic Review, American Economic Association, vol. 96(5), pages 1631-1651, December.
    3. Jan Willem Gunning & Paul Collier, 1999. "Explaining African Economic Performance," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 64-111, March.
    4. Barajas, Adolfo & Steiner, Roberto & Salazar, Natalia, 2000. "The impact of liberalization and foreign investment in Colombia's financial sector," Journal of Development Economics, Elsevier, vol. 63(1), pages 157-196, October.
    5. Aditya Narain & Pau Rabanal & Steen Byskov, 2003. "Prudential Issues in Less Diversified Economies," IMF Working Papers 03/198, International Monetary Fund.
    6. Stephenson, Sherry M., 2002. "Regional versus multilateral liberalization of services," World Trade Review, Cambridge University Press, vol. 1(2), pages 187-209, July.
    7. Peter M. Garber, 1998. "Derivatives in International Capital Flows," NBER Working Papers 6623, National Bureau of Economic Research, Inc.
    8. Kevin C. Murdock & Thomas F. Hellmann & Joseph E. Stiglitz, 2000. "Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?," American Economic Review, American Economic Association, vol. 90(1), pages 147-165, March.
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    Citations

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    Cited by:

    1. Jansen, Marion, 2006. "Services Trade Liberalization at the Regional Level: Does Southern and Eastern Africa Stand to Gain from EPA Negotiations?," CEPR Discussion Papers 5800, C.E.P.R. Discussion Papers.
    2. Patrick Honohan & Thorsten Beck, 2007. "Making Finance Work for Africa," World Bank Publications, The World Bank, number 6626, 06-2020.

    More about this item

    Keywords

    regional integration; WTO; financial services trade; Africa;

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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