Trade Policy in Financial Services

Brad McDonald, Geoffrey Bannister, Natalia Tamirisa, Piritta Sorsa and Jaroslaw Wieczorek

No 2000/031, IMF Working Papers from International Monetary Fund

Abstract: This paper reviews the economics of trade policy in financial services, highlighting differences between trade across borders and through commercial presence. Trade liberalization could complement other financial reforms by enhancing the efficiency, quality, and variety of financial services and by encouraging improvement of financial regulations and practices. However, it raises sectoral, strategic, and cultural concerns. The design of trade policy should therefore emphasize the nexus with the macroeconomic framework and other financial sector policies, especially prudential and capital account regulations. It should also differentiate between types of trade. National reforms should be coordinated with multilateral trade agreements and initiatives on international financial architecture.

Keywords: WP; financial service; liberalization; trade; provider; Financial services; capital account; GATS; cross-border trade; financial services trade; liberalization commitment; financial services liberalization; liberalization of financial services; financial services market; liberalization in financial services; place of trade liberalization; trade reform; liberalization of trade; liberalization of cross-border trade; Policy implications of trade liberalization; Trade in services; Trade liberalization; Capital flows; Financial sector; Global (search for similar items in EconPapers)
Pages: 39
Date: 2000-02-01
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Citations: View citations in EconPapers (6)

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