WTO Financial Services Commitments : Determinants and Impacton Financial Stability

WTO Financial Services Commitments : Determinants and Impacton Financial Stability
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Volume/Issue:
2002/214
Series:
IMF Working Papers
Author(s):
Nico Valckx
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
December 2002
DOI:
http://dx.doi.org/10.5089/9781451875003.001
ISBN:
9781451875003
ISSN:
1018-5941
Page:
35
The paper investigates the factors that have influenced WTO members to take on their chosen level of liberalization commitments in the framework of liberalization of trade in financial services and the impact of such commitments on financial sector stability. The most important factors are economic growth, current account, trends in banking sector development, policy restrictiveness, and peer group effects. The econometric evidence suggests that more liberal commitments may be associated with greater vulnerability to currency and banking crises-most likely a short-term effect, which should be mitigated with time through increased market efficiency and better resource allocation.
Article

WTO Financial Services Commitments

Author(s):
Nico Valckx
Published Date:
December 2002
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