| Financial Services Liberalization in the Wto Contributor(s): Dobson, Wendy (Author), Jacquet, Pierre (Author) |
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ISBN: 0881322547 ISBN-13: 9780881322545 Publisher: Peterson Institute for International Economic OUR PRICE: $24.75 Product Type: Paperback Published: June 1998 Annotation: The Asian financial crisis erupted partly because of weaknesses in the region's financial sectors. The crisis was moving at full steam while the financial services negotiations were being completed on December 12, 1997, in the World Trade Organization (WTO) in Geneva. There, the industrial and developing countries agreed to lock in a series of reforms that had already been achieved in many countries through unilateral action, regional cooperation, and, more recently, as a condition of IMF assistance. Dobson and Jacquet discuss the WTO financial services negotiations and evaluate the agreement that emerged. They assess the impact of the agreement and the financial crisis on financial-sector liberalization in several important emerging-market economies. The authors explain remaining obstacles to establishing efficient and open financial sectors and conclude with a blueprint for liberalizing financial services in the future. Financial Services Liberalization in the WTO has been translated into Chinese and Greek by various publishers. |
| Additional Information |
| BISAC Categories: - Business & Economics | Banks & Banking - Political Science | International Relations - Trade & Tariffs - Business & Economics | Industries - Financial Services |
| Dewey: 332.1 |
| LCCN: 97-39379 |
| Physical Information: 0.73" H x 6.12" W x 9.08" (1.15 lbs) 376 pages |
| Descriptions, Reviews, Etc. |
| Publisher Description: The stakes were high in the financial services negotiations that were completed in December 1997 at the World Trade Organization (WTO). The developing countries were eager to strengthen and modernize their financial systems. The industrial countries sought access to important emerging markets in Latin America and Asia for their banking, insurance, brokerage, and other financial services firms. In the end, both sides agreed to bind unilateral and regional financial opening and reform that was already under way in many countries, industrial and developing alike. The authors assess the agreement reached in the WTO, identifying its shortcomings and suggesting ways that it can be bolstered in future negotiations. They analyze the impact of the agreement, and of the Asian financial crisis, on the state of liberalization and market opening in several important emerging-market economies--including a summary of the remaining obstacles to establishing efficient and open financial sectors. This book estimates the benefits of opening the financial sector to foreign competition. It assesses the macroeconomic benefits that flow from an improved financial sector and discusses the risks and costs involved in liberalization. The authors conclude with a blueprint for future efforts to liberalize financial services and emphasize that the recent financial services agreement represented only a beginning step in that process. |