Financial Services and Preferential Trade Agreements : Lessons from Latin America
This book deals with financial liberalization issues in the context of trade negotiations. The liberalization of trade and investment in financial services is only a subset of the broader financial liberalization agenda. The purpose of trade and in...
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| Language: | English |
| Published: |
World Bank
2012
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| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000334955_20100604045627 http://hdl.handle.net/10986/2461 |
| Summary: | This book deals with financial
liberalization issues in the context of trade negotiations.
The liberalization of trade and investment in financial
services is only a subset of the broader financial
liberalization agenda. The purpose of trade and investment
liberalization is to increase financial market access and
remove discriminatory and other access-impeding barriers to
foreign competition. By contrast, the main purpose of
financial liberalization is to remove distortions in
domestic financial systems that impede competition and the
allocation of capital to its most productive and profitable
uses. In turn, financial liberalization can be divided into
domestic financial reform and capital account opening, and
there is a rich literature on its appropriate speed and
sequencing. The first part of the book covers the
fundamental principles that affect trade liberalization in
financial services at both the multilateral and the regional
levels. It analyzes the various models of preferential trade
agreements (PTAs) used by negotiators and the architectural
differences of these models. The second part of this book
provides concrete examples of how countries have negotiated
these agreements by focusing on the specific country
experiences of Chile, Colombia, and Costa Rica. These case
studies provide the reader with a thorough understanding of
how countries strategize, negotiate, and implement regional
trade agreements in financial services. |
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