Trade Policy in Financial Services [electronic resource] / Brad J McDonald.
Material type: TextSeries: IMF Working Papers; Working Paper ; No. 00/31Publication details: Washington, D.C. : International Monetary Fund, 2000Description: 1 online resource (39 p.)ISBN: 1451845014 :ISSN: 1018-5941Subject(s): Commercial Presence | Cross-Border Trade | Financial Sector | Financial Services | Gats | Services Trade | Chile | Kenya | Korea, Republic of | Portugal | United StatesAdditional physical formats: Print Version:: Trade Policy in Financial ServicesOnline resources: IMF e-Library | IMF Book Store 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.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.
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