How Strong is the Case for Free Trade in Financial Services? Walking the Tightrope between Domestic Stability and International Shocks
This paper reviews the arguments in favor of free trade in financial services, tempered by the practical experience gained during the financial crises of 1997-1998. As such this paper may be useful background material for the next round of WTO negotiations. Financial services were already on the age...
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| Published in: | World economy Vol. 22; no. 9; pp. 1221 - 1232 |
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| Main Authors: | , |
| Format: | Journal Article |
| Language: | English |
| Published: |
Oxford, UK and Boston, USA
Blackwell Publishers Ltd
01-12-1999
Basil Blackwell for the Trade Policy Research Centre, etc Blackwell Publishing Ltd |
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| Online Access: | Get full text |
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| Abstract | This paper reviews the arguments in favor of free trade in financial services, tempered by the practical experience gained during the financial crises of 1997-1998. As such this paper may be useful background material for the next round of WTO negotiations. Financial services were already on the agenda of the last round of trade negotiations where liberalization met considerable resistance from emerging and developing countries. Also, the industrial world does not represent a homogenous block. US and UK policies are much more pro-free trade in financial products than those of other countries. Several OECD member still maintain limitations to free trade in financial products, while several countries of the EU have only eliminated restrictions in the early 1990s as part of the run-up to monetary union. |
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| AbstractList | Reviews the arguments in favour of free trade in financial services, tempered by the practical experience gained during the financial crises 1997-1998. Presents the theoretical case for the traditional gains from trade in financial products. Elaborates on the characteristics that differentiate trade in financial products from trade in ordinary goods and on why these different characteristics might justify a differentiated treatment. Recalls the macroeconomic implications of freer financial flows, and draws policy conclusions. (Quotes from original text) This paper reviews the arguments in favor of free trade in financial services, tempered by the practical experience gained during the financial crises of 1997-1998. As such this paper may be useful background material for the next round of WTO negotiations. Financial services were already on the agenda of the last round of trade negotiations where liberalization met considerable resistance from emerging and developing countries. Also, the industrial world does not represent a homogenous block. US and UK policies are much more pro-free trade in financial products than those of other countries. Several OECD member still maintain limitations to free trade in financial products, while several countries of the EU have only eliminated restrictions in the early 1990s as part of the run-up to monetary union. |
| Author | Steinherr, Alfred Perée, Eric |
| Author_xml | – sequence: 1 givenname: Alfred surname: Steinherr fullname: Steinherr, Alfred organization: European Investment Bank, Luxembourg – sequence: 2 givenname: Eric surname: Perée fullname: Perée, Eric organization: European Investment Bank, Luxembourg |
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| DOI | 10.1111/1467-9701.00256 |
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| Snippet | This paper reviews the arguments in favor of free trade in financial services, tempered by the practical experience gained during the financial crises of... Reviews the arguments in favour of free trade in financial services, tempered by the practical experience gained during the financial crises 1997-1998.... |
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| SubjectTerms | Alliances Convergence Economic impact Economic theory European Union Exchange rates Finance Financial services Free Trade International economics Manycountries Negotiation Studies Trade in services |
| Title | How Strong is the Case for Free Trade in Financial Services? Walking the Tightrope between Domestic Stability and International Shocks |
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