Explaining Liberalization Commitments in Financial Services Trade

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.

Bibliographic Details

Main Authors:	Harms, Philipp, Mattoo, Aaditya, Schuknecht, Ludger
Language:	English en_US
Published:	World Bank, Washington, DC 2003-03
Subjects:	MARKET ACCESS, TRADE LIBERALIZATION, INTERNATIONAL FINANCIAL SYSTEM, FINANCIAL SERVICES, SERVICING, ECONOMIC POLICY, POLICY FRAMEWORK, BANKING SYSTEMS, SECURITIES REGULATION, PROTECTIONIST MEASURES, DEVELOPING COUNTRIES, EXPORT DEVELOPMENT AGREEMENT ON TRADE, AGRICULTURAL EXPORTERS, AGRICULTURAL PRODUCTS, AGRICULTURE, AIC, APPLIED TARIFF, AVERAGE COSTS, AVERAGE TRADE, BANK BRANCHES, BANKING SECTOR, BANKING SERVICES, BARGAINING POWER, BASKET OF GOODS, CAPITAL MOBILITY, CENTRAL BANK, CLOSED ECONOMY, COLLECTIVE ACTION, COMMERCIAL PRESENCE, COMMON MARKET, COMPETITIVE DISADVANTAGE, CONCESSIONS, CONSUMPTION ABROAD, COUNTRY MARKETS, CROSS-BORDER SUPPLY, DEMAND CURVE, DOMESTIC BANKS, DOMESTIC EXPORT, DOMESTIC FIRMS, DOMESTIC MARKET, DOMESTIC MARKETS, DOMESTIC OUTPUT, ELASTICITY, ENTRY BARRIERS, EQUITY LIMITATIONS, EUROPEAN CENTRAL BANK, EXPECTED PRESENT VALUE, EXPORT MARKETS, EXPORT SHARE, EXPORT SHARES, EXPORTED GOOD, EXPORTS, FINANCIAL CRISIS, FINANCIAL INSTITUTIONS, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL SUPPORT, FOREIGN BANK, FOREIGN BANKS, FOREIGN COMPETITION, FOREIGN COMPETITORS, FOREIGN EQUITY, FOREIGN FIRMS, FOREIGN MARKET, FOREIGN MARKETS, FOREIGN OWNERSHIP, FOREIGN PRESENCE, FOREIGN TRADE, FREE ACCESS, FREE TRADE, FREE TRADE IN GOODS, GATS, GDP, GLOBAL MARKETS, INEFFICIENCY, INFLATION, INTEREST GROUPS, INTERNATIONAL NEGOTIATING, LIBERALIZATION COMMITMENTS, LIBERALIZING COMMITMENTS, LIBERALIZING TRADE, MACROECONOMIC INSTABILITY, MACROECONOMIC STABILITY, MARGINAL COSTS, MARGINAL PRODUCT, MARKET ACCESS COMMITMENTS, MEASURE OF TRADE, MEMBER COUNTRIES, MODES OF SUPPLY, NATIONAL REGIMES, NATIONAL TREATMENT, OPEN ECONOMY, OPENNESS, POLITICAL ECONOMY, PRESENCE OF NATURAL PERSONS, PRO-COMPETITIVE EFFECTS, PROFESSIONAL SERVICES, PROTECTIONISM, PRUDENTIAL REGULATION, QUANTITATIVE RESTRICTIONS, SERVICES INDUSTRY, SERVICES LIBERALIZATION, SERVICES NEGOTIATIONS, SERVICES SECTOR, SERVICES TRADE, SOCIAL WELFARE, SPECIFIC SERVICES SECTORS, STATIC ANALYSIS, TARIFF RATE, TARIFF RATES, TOTAL OUTPUT, TRADE BARRIERS, TRADE IN SERVICES, TRADE NEGOTIATIONS, TRADE OPENNESS, TRADE POLICIES, TRADE POLICY, TRADE PROTECTION, TRADING PARTNERS, TRANSACTION COSTS, URUGUAY ROUND, WAGE RATE, WAGES, WORLD MARKET, WORLD MARKET PRICE, WORLD TRADE, WTO, EXPORT DEVELOPMENT, AGREEMENT ON TRADE,
Online Access:	http://documents.worldbank.org/curated/en/2003/03/2178282/explaining-liberalization-commitments-financial-services-trade https://hdl.handle.net/10986/18319
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