Financial Services Liberalization in the Wto

Financial Services Liberalization in the Wto

by Wendy Dobson, Pierre Jacquet
     
 

The financial services agreement (FSA) was reached in the World Trade Organization in December 1997 and is to be implemented in early 1999-but this will be only a modest first step toward creating efficient financial sectors worldwide. What other steps should governments take?

During the negotiations in the WTO in Geneva, the industrial and developing countries

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Overview

The financial services agreement (FSA) was reached in the World Trade Organization in December 1997 and is to be implemented in early 1999-but this will be only a modest first step toward creating efficient financial sectors worldwide. What other steps should governments take?

During the negotiations in the WTO in Geneva, the industrial and developing countries agreed to lock in a series of reforms that had been achieved in many countries through unilateral action, regional cooperation, and, more recently, as a condition of IMF assistance. Dobson and Jacquet evaluate the WTO financial services negotiations agreement and analyze the basic rationale for FSA: that efficient financial sectors are important contributors to economic growth and stability, a conclusion that is highlighted by the pivotal role of weak financial sectors in triggering the Asian financial crisis. They assess the impact of the agreement and the financial crisis on financial-sector liberalization in several important emerging-market economies. The authors explain remaining obstacles to establishing efficient and open financial sectors and conclude with a blueprint for liberalizing financial services in the future.

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Product Details

ISBN-13:
9780881322545
Publisher:
Peterson Institute for International Economics
Publication date:
06/05/1998
Pages:
390
Product dimensions:
8.90(w) x 6.00(h) x 0.70(d)

What People are saying about this

Mary S. Podesta
The report makes a strong case on the benefits to be achieved by developing countries from opening their financial service sectors to participation by foreign firms...(and) does an excellent job of describing the limitations of the existing GATS process and the incentive it provides to countries to maintain the status quo.
-- Associate Counsel-International, The Investment Company Institute,

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