Explaining liberalization commitments in financial services trade |
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Authors: | Philipp?Harms Aaditya?Mattoo Email author" target="_blank">Ludger?SchuknechtEmail author |
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Institution: | (1) Germany, University of Konstanz, Kaiserstr. 29, D-60311;(2) The World Bank, Kaiserstr. 29, D-60311 Washington, D.C.;(3) European Central Bank, Kaiserstr. 29, D-60311 Frankfurt/Main |
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Abstract: | The paper examines 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, it empirically investigates the role of domestic political
economy forces, international bargaining considerations, and the state of complementary policy. The empirical results confirm
the relevance of the 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. JEL no. D78, F13, G20 |
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Keywords: | Financial services financial sector liberalization GATS endogenous protection trade in services |
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