Exporting Financial Services in Latin America and the Caribbean

According to the World Trade Organization (WTO), trade in services has become the most dynamic segment of world trade, growing more quickly than trade in goods. While travel remains the most exported service both worldwide and in Latin America and...

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Main Authors:	Gonzalez, Adrian F., Lopez-Rocha, Silvia Carolina, Yang, Rongpeng, Youbi, Marilyne, Zabalbeitia-Mugica, Ines
Format:	Brief
Language:	English
Published:	World Bank, Washington, DC 2019
Subjects:	FINANCIAL SERVICES WORLD TRADE SERVICES TRADE EXPORTS
Online Access:	http://documents.worldbank.org/curated/en/341271569480296548/Exporting-Financial-services-in-Latin-America-and-the-Caribbean http://hdl.handle.net/10986/32484

id	okr-10986-32484
recordtype	oai_dc
spelling	okr-10986-324842021-05-25T10:54:44Z Exporting Financial Services in Latin America and the Caribbean Gonzalez, Adrian F. Lopez-Rocha, Silvia Carolina Yang, Rongpeng Youbi, Marilyne Zabalbeitia-Mugica, Ines FINANCIAL SERVICES WORLD TRADE SERVICES TRADE EXPORTS According to the World Trade Organization (WTO), trade in services has become the most dynamic segment of world trade, growing more quickly than trade in goods. While travel remains the most exported service both worldwide and in Latin America and the Caribbean (LAC), other services are becoming relevant for both developed and developing economies. Among them, financial services is one of the most important categories in terms of value. Worldwide, the value of financial services exports rose in real terms between 2008 and 2017. Nevertheless, this global trend of rising exports of financial services was not reflected in LAC, where they contracted between 2008 and 2016. The economies of Latin America and the Caribbean have significant potential to export financial services. To take advantage of this opportunity, governments in the region can work on a variety of fronts to raise their economies’ competitiveness in this area. Two specific challenges are the availability of human capital and electronic infrastructure. The former refers to the limited number of professionals that, in addition to Spanish, speak the language of the importing economies and are adequately educated and experienced in the areas associated with services exports. The latter refers to the electronic infrastructure and digital systems that facilitate the export of financial services, but also the high cost to develop communication schemes in the region. Consequently, LAC’s export dynamism in financial services will depend on long-term public policies and public-private strategies with clear objectives for promoting human capital and a competitive digital ecosystem. 2019-10-01T19:03:54Z 2019-10-01T19:03:54Z 2019-09 Brief http://documents.worldbank.org/curated/en/341271569480296548/Exporting-Financial-services-in-Latin-America-and-the-Caribbean http://hdl.handle.net/10986/32484 English Indicators Group Research Note,no. 1; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Brief Latin America & Caribbean Caribbean Latin America
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	FINANCIAL SERVICES WORLD TRADE SERVICES TRADE EXPORTS
spellingShingle	FINANCIAL SERVICES WORLD TRADE SERVICES TRADE EXPORTS Gonzalez, Adrian F. Lopez-Rocha, Silvia Carolina Yang, Rongpeng Youbi, Marilyne Zabalbeitia-Mugica, Ines Exporting Financial Services in Latin America and the Caribbean
geographic_facet	Latin America & Caribbean Caribbean Latin America
relation	Indicators Group Research Note,no. 1;
description	According to the World Trade Organization (WTO), trade in services has become the most dynamic segment of world trade, growing more quickly than trade in goods. While travel remains the most exported service both worldwide and in Latin America and the Caribbean (LAC), other services are becoming relevant for both developed and developing economies. Among them, financial services is one of the most important categories in terms of value. Worldwide, the value of financial services exports rose in real terms between 2008 and 2017. Nevertheless, this global trend of rising exports of financial services was not reflected in LAC, where they contracted between 2008 and 2016. The economies of Latin America and the Caribbean have significant potential to export financial services. To take advantage of this opportunity, governments in the region can work on a variety of fronts to raise their economies’ competitiveness in this area. Two specific challenges are the availability of human capital and electronic infrastructure. The former refers to the limited number of professionals that, in addition to Spanish, speak the language of the importing economies and are adequately educated and experienced in the areas associated with services exports. The latter refers to the electronic infrastructure and digital systems that facilitate the export of financial services, but also the high cost to develop communication schemes in the region. Consequently, LAC’s export dynamism in financial services will depend on long-term public policies and public-private strategies with clear objectives for promoting human capital and a competitive digital ecosystem.
format	Brief
author	Gonzalez, Adrian F. Lopez-Rocha, Silvia Carolina Yang, Rongpeng Youbi, Marilyne Zabalbeitia-Mugica, Ines
author_facet	Gonzalez, Adrian F. Lopez-Rocha, Silvia Carolina Yang, Rongpeng Youbi, Marilyne Zabalbeitia-Mugica, Ines
author_sort	Gonzalez, Adrian F.
title	Exporting Financial Services in Latin America and the Caribbean
title_short	Exporting Financial Services in Latin America and the Caribbean
title_full	Exporting Financial Services in Latin America and the Caribbean
title_fullStr	Exporting Financial Services in Latin America and the Caribbean
title_full_unstemmed	Exporting Financial Services in Latin America and the Caribbean
title_sort	exporting financial services in latin america and the caribbean
publisher	World Bank, Washington, DC
publishDate	2019
url	http://documents.worldbank.org/curated/en/341271569480296548/Exporting-Financial-services-in-Latin-America-and-the-Caribbean http://hdl.handle.net/10986/32484
_version_	1764476635366555648

Exporting Financial Services in Latin America and the Caribbean

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