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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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

id	okr-10986-18319
recordtype	oai_dc
spelling	okr-10986-183192021-04-23T14:03:42Z Explaining Liberalization Commitments in Financial Services Trade Harms, Philipp Mattoo, Aaditya Schuknecht, Ludger 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 SERVICES 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 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 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. 2014-05-14T20:51:53Z 2014-05-14T20:51:53Z 2003-03 http://documents.worldbank.org/curated/en/2003/03/2178282/explaining-liberalization-commitments-financial-services-trade http://hdl.handle.net/10986/18319 English en_US Policy Research Working Paper;No. 2999 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	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 SERVICES 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 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
spellingShingle	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 SERVICES 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 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 Harms, Philipp Mattoo, Aaditya Schuknecht, Ludger Explaining Liberalization Commitments in Financial Services Trade
relation	Policy Research Working Paper;No. 2999
description	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.
format	Publications & Research :: Policy Research Working Paper
author	Harms, Philipp Mattoo, Aaditya Schuknecht, Ludger
author_facet	Harms, Philipp Mattoo, Aaditya Schuknecht, Ludger
author_sort	Harms, Philipp
title	Explaining Liberalization Commitments in Financial Services Trade
title_short	Explaining Liberalization Commitments in Financial Services Trade
title_full	Explaining Liberalization Commitments in Financial Services Trade
title_fullStr	Explaining Liberalization Commitments in Financial Services Trade
title_full_unstemmed	Explaining Liberalization Commitments in Financial Services Trade
title_sort	explaining liberalization commitments in financial services trade
publisher	World Bank, Washington, DC
publishDate	2014
url	http://documents.worldbank.org/curated/en/2003/03/2178282/explaining-liberalization-commitments-financial-services-trade http://hdl.handle.net/10986/18319
_version_	1764439320273354752

Explaining Liberalization Commitments in Financial Services Trade

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