WTO Financial Services Commitments: Determinants And Impact On Financial Stability

Topics:
World Bank
Tags:
Banking,
Commitment,
Finance,
Financial,
Financial Service,
Financial Services,
Free Trade,
Liberalization,
World Trade Organization
Source:
Institute for Agriculture and Trade Policy

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Overview: The paper investigates the factors that have influenced WTO members to take on their chosen level of liberalization commitments in the framework of liberalization of trade in financial services and the impact of such commitments on financial sector stability. The most important factors are economic growth, current account, and trends in banking sector development, policy restrictiveness, and peer group effects. The econometric evidence suggests that more liberal commitments may be associated with greater vulnerability to currency and banking crises-most likely a short-term effect, which should be mitigated with time through increased market efficiency and better resource allocation.

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Format: PDF | Size: 1,229KB | Date: Dec 2002 | Pages: 36

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