Explaining Liberalization Commitments In Financial Services Trade

Author : Ludger Schuknecht,Philipp Harms,Aaditya Mattoo
Publisher : World Bank Publications
Page : 48 pages
File Size : 47,6 Mb
Release : 2003
Category : Financial services industry
ISBN : 8210379456XXX

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Explaining Liberalization Commitments in Financial Services Trade by Ludger Schuknecht,Philipp Harms,Aaditya Mattoo Pdf

The authors examine the determinants of market access commitments in international financial services trade in the General Agreement on Trade in Services (GATS). Based on a theoretical model, they investigate empirically the role of domestic political economy forces, international bargaining considerations, and the state of complementary policy. The empirical results confirm the relevance of the authors' model in explaining banking and (to a somewhat lesser degree) securities services liberalization commitments. The findings imply that those who seek greater access to developing country markets for financial services must do more to counter protectionism at home in areas of export interest for developing countries.

Author : Philipp Harms
Publisher : Unknown
Page : 41 pages
File Size : 40,7 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1290704347

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Explaining Liberalization Commitments in Financial Services Trade by Philipp Harms Pdf

Harms, Mattoo, and Schuknecht examine the determinants of market access commitments in international financial services trade in the General Agreement on Trade in Services (GATS). Based on a theoretical model, they investigate empirically the role of domestic political economy forces, international bargaining considerations, and the state of complementary policy.The empirical results confirm the relevance of the authors' model in explaining banking and (to a somewhat lesser degree) securities services liberalization commitments. The findings imply that those who seek greater access to developing country markets for financial services must do more to counter protectionism at home in areas of export interest for developing countries.This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to assess the implications of liberalizing trade in services. This research was supported in part by the U.K. Department for International Development.

Author : Aaditya Mattoo
Publisher : World Bank Publications
Page : 58 pages
File Size : 55,7 Mb
Release : 1999
Category : Competition
ISBN : 8210379456XXX

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Financial Services and the World Trade Organization by Aaditya Mattoo Pdf

It is difficult to design and implement an effective safety net for banks, because overgenerous protection of banks may introduce a risk-enhancing moral hazard and destabilize the very system it is meant to protect. The safety net that policymakers design must provide the right mix of market and regulatyory discipline, enough to protect depositors without unduly undermining market discipline on banks.

Author : Rüdiger Wolfrum,Peter-Tobias Stoll,Clemens Feinäugle
Publisher : BRILL
Page : 816 pages
File Size : 42,6 Mb
Release : 2008-05-19
Category : Business & Economics
ISBN : 9789047427360

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WTO - Trade in Services by Rüdiger Wolfrum,Peter-Tobias Stoll,Clemens Feinäugle Pdf

This volume will be a valuable reference tool for the WTO community as a whole, as well as for professionals and researchers, who deal with one of the sectors concerned, e.g. financial services and telecommunications.

Author : Petros C. Mavroidis
Publisher : MIT Press
Page : 753 pages
File Size : 45,8 Mb
Release : 2020-11-24
Category : Law
ISBN : 9780262360616

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The Regulation of International Trade, Volume 3 by Petros C. Mavroidis Pdf

A comprehensive analysis of GATS that considers its historical context, the national preferences that shaped it, and a path to a GATS 2.0. The previous two volumes in The Regulation of International Trade analyzed the General Agreement on Tariffs and Trade (GATT), the first successful agreement to generate multilateral trade liberalization, and the World Trade Organization (WTO), for which the GATT laid the groundwork. In this third volume, Petros Mavroidis turns to the General Agreement on Trade in Services (GATS), a WTO treaty that took effect in 1995, and offers a comprehensive analysis that considers the historical context of the GATS, the national preferences that shaped it, and a path to a GATS 2.0.

Author : Nico Valckx
Publisher : Unknown
Page : 36 pages
File Size : 50,6 Mb
Release : 2005
Category : Electronic
ISBN : OCLC:1290347911

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WTO Financial Services Commitments by Nico Valckx Pdf

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.

Author : Piritta Sorsa
Publisher : International Monetary Fund
Page : 64 pages
File Size : 47,8 Mb
Release : 1997-05
Category : Business & Economics
ISBN : UCSD:31822026247007

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The GATS Agreementon Financial Services by Piritta Sorsa Pdf

The World Trade Organization (WTO) Agreement on Financial Services is of substantial interest to the Fund as it has the potential to consolidate financial sector reform, to promote investment and capital mobility, and efficient allocation of savings worldwide. It also creates an additional international institutional framework for services transactions dealing with investment rules, and capital and current account transactions. About twothirds of WTO members2 that participated in the Uruguay Round (UR) multilateral trade negotiations made some specific market access commitments in financial services. The participants represent the bulk of world banking assets (90 percent) and world stock market capitalization (90 percent) in 1994.

Author : Mr.Alexander Lehmann,Mr.Jaroslaw Wieczorek,Ms.Natalia T. Tamirisa
Publisher : International Monetary Fund
Page : 25 pages
File Size : 40,5 Mb
Release : 2003-12-01
Category : Business & Economics
ISBN : 9781451972207

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International Trade in Services by Mr.Alexander Lehmann,Mr.Jaroslaw Wieczorek,Ms.Natalia T. Tamirisa Pdf

This paper reviews the characteristics of international trade in services and of the World Trade Organization’s General Agreement on Trade in Services (GATS) framework, which was established to regulate it. Further liberalization of services trade in developing countries, as currently envisaged in the context of the WTO Doha Development Agenda, holds a number of potential benefits, such as underpinning the liberalization of goods trade, but it is also being resisted due to its potential adjustment costs. Two implications for IMF activities are examined: coherence among the three principal international economic institutions and sequencing with macroeconomic stabilization and regulatory reforms.

Author : Nico Valckx
Publisher : International Monetary Fund
Page : 42 pages
File Size : 43,9 Mb
Release : 2002-12
Category : Business & Economics
ISBN : UCSD:31822032179137

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WTO Financial Services Commitments by Nico Valckx Pdf

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.

Author : Sherry Stephenson
Publisher : World Bank Publications
Page : 100 pages
File Size : 51,5 Mb
Release : 1999
Category : Barriers
ISBN : 8210379456XXX

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Approaches to Liberalizing Services by Sherry Stephenson Pdf

Abstract: May 1999 - Liberalization of services at the subregional level has followed two broad approaches-the GATS model and the NAFTA model-neither of which automatically guarantees the full liberalization of trade in services. The question that participants in integration efforts at both the subregional and the broader regional level must ask is what kind of approach to liberalizing services offers both maximum transparency and the greatest degree of nondiscrimination for service suppliers. Only since completion of the Uruguay Round have developing countries in East Asia and the Western Hemisphere shown interest in liberalizing services. Ambitious efforts are now being made to incorporate services in liberalization objectives of both subregional and regional integration efforts, including in the Asia-Pacific region under APEC and in the Western Hemisphere under the Free Trade Area of the Americas (FTAA) process. At the subregional level, member countries of both ASEAN (in East Asia) and MERCOSUR (in Latin America) have chosen to follow the liberalization model set forth in the World Trade Organization's (WTO) General Agreement on Trade in Services (GATS), and to open their services markets gradually and piecemeal. In the Western Hemisphere, Mexico has successfully promoted the NAFTA model of a more comprehensive liberalization of services markets-and several Latin American countries have adopted the same approach. Regionally, APEC has chosen a concerted voluntary approach to liberalizing services markets. Within the Western Hemisphere, participants are defining which approach they will use in the negotiations on services launched as part of the FTAA in April 1998. In all these efforts, a stated desire to promote more efficient services markets is often hindered by reluctance to open services markets rapidly or comprehensively because of historically entrenched protectionism in the sector and ignorance of the regulatory measures that impede trade in services. Presumably it would be easier to liberalize services at the subregional level, among countries at similar stages of development (although liberalization's economic value there might be questioned). Liberalizing services at the broader regional level is a difficult and ambitious goal, given the diversity of countries involved in such efforts. Thus liberalization will probably move more slowly at the regional than at the subregional level-perhaps even more slowly than at the multilateral level. It is possible that the new round of multilateral talks on services scheduled to begin under the WTO in 2000 may well eclipse the recently begun regional efforts. This paper-a product of Trade, Development Research Group-is part of a larger effort in the group to assist developing countries in the multilateral trade negotiations. The author may be contacted at [email protected].

Author : Markus Krajewski
Publisher : Kluwer Law International B.V.
Page : 270 pages
File Size : 50,5 Mb
Release : 2003-01-01
Category : Law
ISBN : 9789041121417

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National Regulation and Trade Liberalization in Services by Markus Krajewski Pdf

Like tariffs and other border measures, national regulatory barriers impede international trade. Unlike tariffs, however, such barriers usually indicate an important domestic policy choice. This 'conflict of interest' has emerged as a crucial issue in international law, particularly with regard to services, such as telecommunications and health services. This study is the first to analyze the potential impact of incompatibilities between national regulatory regimes and the rules and obligations imposed by the General Agreement on Trade in Services (GATS). In the process of arriving at his challenging concluding theses, the author investigates such relevant concepts as the following: the political and ideological dynamics of GATS negotiations services trade liberalization in regional integration systems, particularly in EC law policies common to diverse national regulatory systems the notions of 'deregulation' and 'privatization' the human rights implications of international trade law the GATS obligations of market access, national treatment, and most-favoured-nation treatment the role of the WTO's dispute settlement organs GATS transparency obligations Professor Krajewski's study is of enormous significance to specialists in regulatory policies and instruments at all national and sectoral levels, especially in the context of ongoing GATS negotiations. As the author warns: Unless GATS negotiators and national regulators have a thorough understanding of the relationship between GATS obligations and regulatory policies and instruments, they cannot effectively use the flexible elements of GATS and could reach an agreement which they may later regret.

Author : United Nations Conference on Trade and Development
Publisher : Unknown
Page : 164 pages
File Size : 44,6 Mb
Release : 2010
Category : Political Science
ISBN : UCBK:C107411463

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Most-favoured-nation Treatment by United Nations Conference on Trade and Development Pdf

The publication contains an explanation of Most Favored Nation (MFN) treatment and some of the key issues that arise in its negotiation, particularly the scope and application of MFN treatment to the liberalization and protection of foreign investors in recent treaty practice. The paper provides policy options as regards the traditional application of MFN treatment and identifies reactions by States to the unexpected broad use of MFN treatment, and provides several drafting options, such as specifying or narrowing down the scope of application of MFN treatment to certain types of activities, clarifying the nature of "treatment" under the IIA, clarifying the comparison that an arbitral tribunal needs to undertake as well as a qualification of the comparison "in like circumstances" or excluding its use in investor-State cases.

Author : Carlo Maria Cantore
Publisher : Unknown
Page : 259 pages
File Size : 51,8 Mb
Release : 2018
Category : Commercial treaties
ISBN : 110840202X

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The Prudential Carve-out for Financial Services by Carlo Maria Cantore Pdf

The World Trade Organization's General Agreement on Trade in Services (GATS) sets out a framework and rules for the liberalization of international trade in services. Paragraph 2(a) of the GATS Annex on Financial Services is generally known as the Prudential Carve-Out (PCO). Notwithstanding GATS obligations, it allows WTO Members to pursue prudential regulatory objectives. This book studies the GATS PCO in light of its negotiating history and economic rationale as well as PCOs in all preferential trade agreements notified to the WTO Secretariat up to the summer of 2017. The author clarifies the state of play of international cooperation on financial services regulation; provides a current understanding of the GATS PCO; analyses how PCOs are drafted in preferential trade agreements and, finally, he seeks to understand whether alternative approaches to the mainstream understanding of the PCO are possible and suggests options for reform.

Author : Pierre Sauve,Aaditya Mattoo
Publisher : World Bank Publications
Page : 244 pages
File Size : 41,8 Mb
Release : 2003-08-29
Category : Political Science
ISBN : 9780821383438

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Domestic Regulation and Service Trade Liberalization by Pierre Sauve,Aaditya Mattoo Pdf

Trade in services, far more than trade in goods, is affected by a variety of domestic regulations, ranging from qualification and licensing requirements in professional services to pro-competitive regulation in telecommunications services. Experience shows that the quality of regulation strongly influences the consequences of trade liberalization. WTO members have agreed that a central task in the ongoing services negotiations will be to develop a set of rules to ensure that domestic regulations support rather than impede trade liberalization. Since these rules are bound to have a profound impact on the evolution of policy, particularly in developing countries, it is important that they be conducive to economically rational policy-making. This book addresses two central questions: What impact can international trade rules on services have on the exercise of domestic regulatory sovereignty? And how can services negotiations be harnessed to promote and consolidate domestic policy reform across highly diverse sectors? The book, with contributions from several of the world's leading experts in the field, explores a range of rule-making challenges arising at this policy interface, in areas such as transparency, standards and the adoption of a necessity test for services trade. Contributions also provide an in-depth look at these issues in the key areas of accountancy, energy, finance, health, telecommunications and transportation services.

Author : Wendy Dobson
Publisher : Unknown
Page : 352 pages
File Size : 47,7 Mb
Release : 1998
Category : Electronic journals
ISBN : 0881322547

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Financial Services Liberalization in the WTO by Wendy Dobson Pdf