Liberalization of Trade in Financial Services : Lessons from Latin America and the Caribbean
This policy note is based on a project on financial services and trade agreements in the Latin America and Caribbean Region. It emphasizes that the liberalization of trade in financial services is helpful to, but is not a panacea for, domestic fina...
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| Format: | Other Poverty Study |
| Language: | English |
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Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2008/01/9066764/liberalization-trade-financial-services-lessons-latin-america-caribbean http://hdl.handle.net/10986/8032 |
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okr-10986-8032 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCESS TO MARKETS ACCOUNTING ADMINISTRATIVE PROCEDURES ADVERSE EFFECTS ASSET MANAGEMENT AUDITING BALANCE OF PAYMENTS BANK ASSETS BANKING SERVICES BANKING SYSTEM BOND MARKET BOND MARKETS BUSINESS ENVIRONMENT BUSINESS PEOPLE CAPITAL ACCOUNT CAPITAL ACCOUNTS CAPITAL ALLOCATION CAPITAL CONTROLS CAPITAL FLOW CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKETS CAPITAL REQUIREMENTS CENTRAL AMERICA CENTRAL AMERICAN CENTRAL BANK CIVIL SOCIETY COLLATERAL COLLECTIVE INVESTMENTS COMMERCIAL PRESENCE COMMITTEE ON TRADE COMMON MARKET COMMON MARKETS CONSOLIDATION CONSUMPTION ABROAD CORPORATE BOND CREDIT BUREAUS CREDIT CARD CREDIT PORTFOLIO CREDIT RISK CROSS-BORDER PROVISION CROSS-BORDER SUPPLY CROSS-BORDER TRADE CURRENCY CUSTOM UNIONS CUSTOMS CUSTOMS UNION CUSTOMS UNIONS DEBT DEPOSITORS DEREGULATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DISCRIMINATION DISPUTE SETTLEMENT DISPUTE SETTLEMENT MECHANISMS DOMESTIC AUTHORITIES DOMESTIC BANKS DOMESTIC CAPITAL DOMESTIC REFORM DOMESTIC REGULATION DOMESTIC SUPPLIERS ECONOMIC COOPERATION ELECTRONIC PAYMENT ENTRY BARRIERS ENTRY RESTRICTIONS EQUITY MARKET EXCHANGE RATE EXCHANGE RATE REGIME EXCLUSION FACTORING FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL ACCESS FINANCIAL FRAGILITY FINANCIAL GLOBALIZATION FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL LIBERALIZATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL REFORM FINANCIAL SECTOR FINANCIAL SECTOR REFORM FINANCIAL SECURITIES FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES LIBERALIZATION FINANCIAL SERVICES PROVIDERS FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FOREIGN BANK FOREIGN BANKS FOREIGN CAPITAL FOREIGN COMPETITION FOREIGN DIRECT INVESTMENT FOREIGN ENTRY FOREIGN EQUITY FOREIGN EQUITY PARTICIPATION FOREIGN FINANCIAL INSTITUTIONS FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN OWNERSHIP FOREIGN PROVIDERS FOREIGN SERVICE PROVIDERS FOREIGN SUPPLIER FREE TRADE FREE TRADE AGREEMENT FREE TRADE AGREEMENTS GATS GENERAL AGREEMENT ON TRADE IN SERVICES GLOBALIZATION GREATER ACCESS HARMONIZATION INCREASED COMPETITION INDIRECT BARRIERS INSURANCE INSURANCE INDUSTRY INSURANCE SERVICES INTEREST RATE INTEREST RATE CEILINGS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOW INTERNATIONAL COMPETITION INTERNATIONAL TRADE LACK OF CAPITAL LAWS LENDING POLICIES LEVEL PLAYING FIELD LIBERALIZATION LIBERALIZATION OF TRADE LIBERALIZING TRADE LOAN LOCAL CONSUMERS MARKET ACCESS MARKET ACCESS COMMITMENTS MARKET CAPITALIZATION MARKET PLAYERS MARKET SHARE MODES OF SUPPLY MULTILATERAL CONTEXT MULTILATERAL LEVEL NATIONAL TREATMENT PACIFIC REGION PAYMENT SERVICES PAYMENT SYSTEMS POLICY RESEARCH PORTFOLIO PREFERENTIAL ACCESS PREFERENTIAL ARRANGEMENTS PREFERENTIAL TRADE PREFERENTIAL TRADE AGREEMENTS PREFERENTIAL TREATMENT PRIVATE SECTOR DEVELOPMENT PRUDENTIAL REGULATIONS RATING AGENCIES REGIONAL LEVEL REGULATORY BURDEN REGULATORY CONDITIONS REGULATORY REFORM REGULATORY REQUIREMENTS REGULATORY RESTRICTIONS REGULATORY STANDARDS RISK MANAGEMENT RULE OF LAW RULES OF ORIGIN SAVINGS SECURITIES SERVICES PROVIDERS SERVICES SUPPLIER SERVICES TRADE SOCIAL SECURITY SUBSIDIARIES TAXATION TRADE LIBERALIZATION TRADE NEGOTIATIONS TRADE NEGOTIATORS TRADE POLICY TRANSPARENCY WORLD ECONOMY WORLD TRADE WORLD TRADE ORGANIZATION WTO |
| spellingShingle |
ACCESS TO MARKETS ACCOUNTING ADMINISTRATIVE PROCEDURES ADVERSE EFFECTS ASSET MANAGEMENT AUDITING BALANCE OF PAYMENTS BANK ASSETS BANKING SERVICES BANKING SYSTEM BOND MARKET BOND MARKETS BUSINESS ENVIRONMENT BUSINESS PEOPLE CAPITAL ACCOUNT CAPITAL ACCOUNTS CAPITAL ALLOCATION CAPITAL CONTROLS CAPITAL FLOW CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKETS CAPITAL REQUIREMENTS CENTRAL AMERICA CENTRAL AMERICAN CENTRAL BANK CIVIL SOCIETY COLLATERAL COLLECTIVE INVESTMENTS COMMERCIAL PRESENCE COMMITTEE ON TRADE COMMON MARKET COMMON MARKETS CONSOLIDATION CONSUMPTION ABROAD CORPORATE BOND CREDIT BUREAUS CREDIT CARD CREDIT PORTFOLIO CREDIT RISK CROSS-BORDER PROVISION CROSS-BORDER SUPPLY CROSS-BORDER TRADE CURRENCY CUSTOM UNIONS CUSTOMS CUSTOMS UNION CUSTOMS UNIONS DEBT DEPOSITORS DEREGULATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DISCRIMINATION DISPUTE SETTLEMENT DISPUTE SETTLEMENT MECHANISMS DOMESTIC AUTHORITIES DOMESTIC BANKS DOMESTIC CAPITAL DOMESTIC REFORM DOMESTIC REGULATION DOMESTIC SUPPLIERS ECONOMIC COOPERATION ELECTRONIC PAYMENT ENTRY BARRIERS ENTRY RESTRICTIONS EQUITY MARKET EXCHANGE RATE EXCHANGE RATE REGIME EXCLUSION FACTORING FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL ACCESS FINANCIAL FRAGILITY FINANCIAL GLOBALIZATION FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL LIBERALIZATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL REFORM FINANCIAL SECTOR FINANCIAL SECTOR REFORM FINANCIAL SECURITIES FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES LIBERALIZATION FINANCIAL SERVICES PROVIDERS FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FOREIGN BANK FOREIGN BANKS FOREIGN CAPITAL FOREIGN COMPETITION FOREIGN DIRECT INVESTMENT FOREIGN ENTRY FOREIGN EQUITY FOREIGN EQUITY PARTICIPATION FOREIGN FINANCIAL INSTITUTIONS FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN OWNERSHIP FOREIGN PROVIDERS FOREIGN SERVICE PROVIDERS FOREIGN SUPPLIER FREE TRADE FREE TRADE AGREEMENT FREE TRADE AGREEMENTS GATS GENERAL AGREEMENT ON TRADE IN SERVICES GLOBALIZATION GREATER ACCESS HARMONIZATION INCREASED COMPETITION INDIRECT BARRIERS INSURANCE INSURANCE INDUSTRY INSURANCE SERVICES INTEREST RATE INTEREST RATE CEILINGS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOW INTERNATIONAL COMPETITION INTERNATIONAL TRADE LACK OF CAPITAL LAWS LENDING POLICIES LEVEL PLAYING FIELD LIBERALIZATION LIBERALIZATION OF TRADE LIBERALIZING TRADE LOAN LOCAL CONSUMERS MARKET ACCESS MARKET ACCESS COMMITMENTS MARKET CAPITALIZATION MARKET PLAYERS MARKET SHARE MODES OF SUPPLY MULTILATERAL CONTEXT MULTILATERAL LEVEL NATIONAL TREATMENT PACIFIC REGION PAYMENT SERVICES PAYMENT SYSTEMS POLICY RESEARCH PORTFOLIO PREFERENTIAL ACCESS PREFERENTIAL ARRANGEMENTS PREFERENTIAL TRADE PREFERENTIAL TRADE AGREEMENTS PREFERENTIAL TREATMENT PRIVATE SECTOR DEVELOPMENT PRUDENTIAL REGULATIONS RATING AGENCIES REGIONAL LEVEL REGULATORY BURDEN REGULATORY CONDITIONS REGULATORY REFORM REGULATORY REQUIREMENTS REGULATORY RESTRICTIONS REGULATORY STANDARDS RISK MANAGEMENT RULE OF LAW RULES OF ORIGIN SAVINGS SECURITIES SERVICES PROVIDERS SERVICES SUPPLIER SERVICES TRADE SOCIAL SECURITY SUBSIDIARIES TAXATION TRADE LIBERALIZATION TRADE NEGOTIATIONS TRADE NEGOTIATORS TRADE POLICY TRANSPARENCY WORLD ECONOMY WORLD TRADE WORLD TRADE ORGANIZATION WTO World Bank Liberalization of Trade in Financial Services : Lessons from Latin America and the Caribbean |
| geographic_facet |
East Asia and Pacific |
| relation |
Trade Issues in East Asia |
| description |
This policy note is based on a project
on financial services and trade agreements in the Latin
America and Caribbean Region. It emphasizes that the
liberalization of trade in financial services is helpful to,
but is not a panacea for, domestic financial system
modernization. It adds that the means of liberalizing trade
in financial services may also determine the extent of the
benefits that can be attained and that any trade commitments
in financial services will need to be aligned with
China's financial system condition and policy
objectives. The author points out however, that China can
also draw useful policy lessons from the Latin America and
Caribbean (LCR) experience when negotiating financial
services in Preferential Trade Arrangement (PTAs) by
firstly, the inclusion of financial services which depends
greatly on the existence of offensive interests and of
asymmetric bargaining powers between the negotiating
counterparts; secondly, the case studies which strongly
indicate the importance of initial conditions and historical
experience in shaping a country's financial services
trade strategy; thirdly, the scheduling approach of the
(typically self-contained) financial services chapter which
both contributes to, and is determined by, the willingness
to liberalize; and finally the authorities should be
cognizant of important nuances between the two main
negotiating templates. |
| format |
Economic & Sector Work :: Other Poverty Study |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Liberalization of Trade in Financial Services : Lessons from Latin America and the Caribbean |
| title_short |
Liberalization of Trade in Financial Services : Lessons from Latin America and the Caribbean |
| title_full |
Liberalization of Trade in Financial Services : Lessons from Latin America and the Caribbean |
| title_fullStr |
Liberalization of Trade in Financial Services : Lessons from Latin America and the Caribbean |
| title_full_unstemmed |
Liberalization of Trade in Financial Services : Lessons from Latin America and the Caribbean |
| title_sort |
liberalization of trade in financial services : lessons from latin america and the caribbean |
| publisher |
Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2008/01/9066764/liberalization-trade-financial-services-lessons-latin-america-caribbean http://hdl.handle.net/10986/8032 |
| _version_ |
1764403256305385472 |
| spelling |
okr-10986-80322021-04-23T14:02:36Z Liberalization of Trade in Financial Services : Lessons from Latin America and the Caribbean World Bank ACCESS TO MARKETS ACCOUNTING ADMINISTRATIVE PROCEDURES ADVERSE EFFECTS ASSET MANAGEMENT AUDITING BALANCE OF PAYMENTS BANK ASSETS BANKING SERVICES BANKING SYSTEM BOND MARKET BOND MARKETS BUSINESS ENVIRONMENT BUSINESS PEOPLE CAPITAL ACCOUNT CAPITAL ACCOUNTS CAPITAL ALLOCATION CAPITAL CONTROLS CAPITAL FLOW CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKETS CAPITAL REQUIREMENTS CENTRAL AMERICA CENTRAL AMERICAN CENTRAL BANK CIVIL SOCIETY COLLATERAL COLLECTIVE INVESTMENTS COMMERCIAL PRESENCE COMMITTEE ON TRADE COMMON MARKET COMMON MARKETS CONSOLIDATION CONSUMPTION ABROAD CORPORATE BOND CREDIT BUREAUS CREDIT CARD CREDIT PORTFOLIO CREDIT RISK CROSS-BORDER PROVISION CROSS-BORDER SUPPLY CROSS-BORDER TRADE CURRENCY CUSTOM UNIONS CUSTOMS CUSTOMS UNION CUSTOMS UNIONS DEBT DEPOSITORS DEREGULATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DISCRIMINATION DISPUTE SETTLEMENT DISPUTE SETTLEMENT MECHANISMS DOMESTIC AUTHORITIES DOMESTIC BANKS DOMESTIC CAPITAL DOMESTIC REFORM DOMESTIC REGULATION DOMESTIC SUPPLIERS ECONOMIC COOPERATION ELECTRONIC PAYMENT ENTRY BARRIERS ENTRY RESTRICTIONS EQUITY MARKET EXCHANGE RATE EXCHANGE RATE REGIME EXCLUSION FACTORING FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL ACCESS FINANCIAL FRAGILITY FINANCIAL GLOBALIZATION FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL LIBERALIZATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL REFORM FINANCIAL SECTOR FINANCIAL SECTOR REFORM FINANCIAL SECURITIES FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES LIBERALIZATION FINANCIAL SERVICES PROVIDERS FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FOREIGN BANK FOREIGN BANKS FOREIGN CAPITAL FOREIGN COMPETITION FOREIGN DIRECT INVESTMENT FOREIGN ENTRY FOREIGN EQUITY FOREIGN EQUITY PARTICIPATION FOREIGN FINANCIAL INSTITUTIONS FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN OWNERSHIP FOREIGN PROVIDERS FOREIGN SERVICE PROVIDERS FOREIGN SUPPLIER FREE TRADE FREE TRADE AGREEMENT FREE TRADE AGREEMENTS GATS GENERAL AGREEMENT ON TRADE IN SERVICES GLOBALIZATION GREATER ACCESS HARMONIZATION INCREASED COMPETITION INDIRECT BARRIERS INSURANCE INSURANCE INDUSTRY INSURANCE SERVICES INTEREST RATE INTEREST RATE CEILINGS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOW INTERNATIONAL COMPETITION INTERNATIONAL TRADE LACK OF CAPITAL LAWS LENDING POLICIES LEVEL PLAYING FIELD LIBERALIZATION LIBERALIZATION OF TRADE LIBERALIZING TRADE LOAN LOCAL CONSUMERS MARKET ACCESS MARKET ACCESS COMMITMENTS MARKET CAPITALIZATION MARKET PLAYERS MARKET SHARE MODES OF SUPPLY MULTILATERAL CONTEXT MULTILATERAL LEVEL NATIONAL TREATMENT PACIFIC REGION PAYMENT SERVICES PAYMENT SYSTEMS POLICY RESEARCH PORTFOLIO PREFERENTIAL ACCESS PREFERENTIAL ARRANGEMENTS PREFERENTIAL TRADE PREFERENTIAL TRADE AGREEMENTS PREFERENTIAL TREATMENT PRIVATE SECTOR DEVELOPMENT PRUDENTIAL REGULATIONS RATING AGENCIES REGIONAL LEVEL REGULATORY BURDEN REGULATORY CONDITIONS REGULATORY REFORM REGULATORY REQUIREMENTS REGULATORY RESTRICTIONS REGULATORY STANDARDS RISK MANAGEMENT RULE OF LAW RULES OF ORIGIN SAVINGS SECURITIES SERVICES PROVIDERS SERVICES SUPPLIER SERVICES TRADE SOCIAL SECURITY SUBSIDIARIES TAXATION TRADE LIBERALIZATION TRADE NEGOTIATIONS TRADE NEGOTIATORS TRADE POLICY TRANSPARENCY WORLD ECONOMY WORLD TRADE WORLD TRADE ORGANIZATION WTO This policy note is based on a project on financial services and trade agreements in the Latin America and Caribbean Region. It emphasizes that the liberalization of trade in financial services is helpful to, but is not a panacea for, domestic financial system modernization. It adds that the means of liberalizing trade in financial services may also determine the extent of the benefits that can be attained and that any trade commitments in financial services will need to be aligned with China's financial system condition and policy objectives. The author points out however, that China can also draw useful policy lessons from the Latin America and Caribbean (LCR) experience when negotiating financial services in Preferential Trade Arrangement (PTAs) by firstly, the inclusion of financial services which depends greatly on the existence of offensive interests and of asymmetric bargaining powers between the negotiating counterparts; secondly, the case studies which strongly indicate the importance of initial conditions and historical experience in shaping a country's financial services trade strategy; thirdly, the scheduling approach of the (typically self-contained) financial services chapter which both contributes to, and is determined by, the willingness to liberalize; and finally the authorities should be cognizant of important nuances between the two main negotiating templates. 2012-06-14T17:27:49Z 2012-06-14T17:27:49Z 2008-01 http://documents.worldbank.org/curated/en/2008/01/9066764/liberalization-trade-financial-services-lessons-latin-america-caribbean http://hdl.handle.net/10986/8032 English Trade Issues in East Asia CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Other Poverty Study Economic & Sector Work East Asia and Pacific |