The GATS Agreementon Financial Services: A Modest Start to Multilateral Liberalization

May 1, 1997

Preview Citation

Format: Chicago

Piritta Sorsa. The GATS Agreementon Financial Services: A Modest Start to Multilateral Liberalization, (USA: International Monetary Fund, 1997) accessed November 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper analyzes the links between multilateral, and unilateral financial liberalization, the former represented by the General Agreements on Trade in Services (GATS). It provides an overview of the main features of the GATS and what the participants in banking and securities within its framework, and compares GATS liberalization with the actual state of liberalization of the participants’ financial sectors. The results suggest that in many countries multilaterally liberalized financial sector policies are more restrictive than the actual state of openness or development of financial sectors. Many emerging markets liberalized little under the GATS despite often well-developed financial markets, while the opposite was true in some less developed developing countries.

Subject: Banking, Economic sectors, Emerging and frontier financial markets, Financial markets, Financial regulation and supervision, Financial sector, Financial sector development, Financial sector reform, Financial services

Keywords: Access restriction, Africa, Asia and Pacific, Broad money, Capital account, Developing country group, Economic value, Emerging and frontier financial markets, Emerging market group, Europe, Financial sector, Financial sector development, Financial sector reform, Global, Liberalization negotiations, Market access, Market pressure, Markets group, Middle East, Multilateral liberalization, Single market, Unilateral liberalization, World banking assets, WP

Publication Details

Pages:

57
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1997/055
Stock No:

WPIEA0551997
ISBN:

9781451969221
ISSN:

1018-5941

Notes

GATS is the General Agreement on Trade Services.

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