Trade Policy in Financial Services

40 Pages Posted: 29 Jan 2006  

Natalia T. Tamirisa

International Monetary Fund (IMF)

Piritta Sorsa

International Monetary Fund (IMF)

Geoffrey J. Bannister

International Monetary Fund

Bradley McDonald

World Trade Organization (WTO)

Jaroslaw Wieczorek

International Monetary Fund (IMF)

Date Written: February 2000

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.

Keywords: Financial services, capital account, trade, GATS

JEL Classification: G18, F23, F13

Suggested Citation

Tamirisa, Natalia T. and Sorsa, Piritta and Bannister, Geoffrey J. and McDonald, Bradley and Wieczorek, Jaroslaw, Trade Policy in Financial Services (February 2000). IMF Working Paper, Vol. , pp. 1-40, 2000. Available at SSRN: https://ssrn.com/abstract=879391

Natalia T. Tamirisa (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Piritta Sorsa

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Geoffrey J. Bannister

International Monetary Fund ( email )

700 19th St. NW
Washington, DC 20431
United States
202-623-9421 (Phone)
202-623-4237 (Fax)

Bradley McDonald

World Trade Organization (WTO)

154 Rue de Lausanne
CH-1211 Geneva 21
Switzerland

Jaroslaw Wieczorek

International Monetary Fund (IMF)

700 19th Street NW
Washington, DC 20431
United States

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