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 politi...

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Bibliographic Details
Main Authors:	Harms, Philipp, Mattoo, Aaditya, Schuknecht, Ludger
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
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 http://hdl.handle.net/10986/18319

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Summary:	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.

Explaining Liberalization Commitments in Financial Services Trade

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