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Author | : Ms.Natalia T. Tamirisa |
Publisher | : International Monetary Fund |
Total Pages | : 23 |
Release | : 1999-07-01 |
Genre | : Business & Economics |
ISBN | : 145185126X |
Download Trade in Financial Services and Capital Movements Book in PDF, ePub and Kindle
International financial liberalization may alter saving-investment imbalances and patterns of capital flows across countries. In a panel of OECD countries for 1990–96, this study examines how the liberalization of capital movements and financial services trade affects net private capital flows. Capital inflows tend to fall (rise) with the liberalization of commercial presence in banking and securities (insurance) services, possibly reflecting an increase (decrease) in saving. Capital account liberalization is found to stimulate capital inflows, suggesting that better access to external financing helps sustain larger fiscal and current account deficits. When cross-border trade is liberalized, capital flows change insignificantly.
Author | : International Monetary Fund. Strategy, Policy, & Review Department |
Publisher | : International Monetary Fund |
Total Pages | : 17 |
Release | : 2010-07-09 |
Genre | : Business & Economics |
ISBN | : 149833685X |
Download Reference Note on Trade in Financial Services Book in PDF, ePub and Kindle
This note addresses key issues with respect to trade policy in financial services and its linkages to capital flows, and prudential regulations and supervision under the General Agreement on Trade in Services (GATS), preferential trade agreements (PTAs), and bilateral investment treaties (BITs). The note should help inform the advice that country teams provide on such issues in the context of surveillance, program negotiations, and technical assistance. It is a response to the Executive Board’s call for guidance in this area stemming from the 2009 IEO Evaluation of IMF Involvement in International Trade Policy Issues.
Author | : Martin Feldstein |
Publisher | : University of Chicago Press |
Total Pages | : 500 |
Release | : 2007-12-01 |
Genre | : Business & Economics |
ISBN | : 0226241807 |
Download International Capital Flows Book in PDF, ePub and Kindle
Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
Author | : Eric Miller |
Publisher | : BID-INTAL |
Total Pages | : 38 |
Release | : 1999 |
Genre | : Financial institutions, International |
ISBN | : 9507380833 |
Download Financial services in the trading system Book in PDF, ePub and Kindle
Author | : Mr.Alexander Lehmann |
Publisher | : International Monetary Fund |
Total Pages | : 25 |
Release | : 2003-12-01 |
Genre | : Business & Economics |
ISBN | : 1451972202 |
Download International Trade in Services Book in PDF, ePub and Kindle
This paper reviews the characteristics of international trade in services and of the World Trade Organization’s General Agreement on Trade in Services (GATS) framework, which was established to regulate it. Further liberalization of services trade in developing countries, as currently envisaged in the context of the WTO Doha Development Agenda, holds a number of potential benefits, such as underpinning the liberalization of goods trade, but it is also being resisted due to its potential adjustment costs. Two implications for IMF activities are examined: coherence among the three principal international economic institutions and sequencing with macroeconomic stabilization and regulatory reforms.
Author | : Heinz Wolfgang Arndt |
Publisher | : |
Total Pages | : 40 |
Release | : 1988 |
Genre | : Banks and banking, International |
ISBN | : |
Download Comparative Advantage in Trade in Financial Services Book in PDF, ePub and Kindle
Author | : |
Publisher | : |
Total Pages | : 46 |
Release | : 2000 |
Genre | : Commercial policy |
ISBN | : |
Download Trade Policy in Financial Services Book in PDF, ePub and Kindle
Author | : Alan H. Gelb |
Publisher | : World Bank Publications |
Total Pages | : 39 |
Release | : 1990 |
Genre | : Bancos - Paises en desarrollo |
ISBN | : |
Download Trade in Banking Services Book in PDF, ePub and Kindle
The response of developing countries to the U.S. proposal to liberalize trade in financial services ranges from cautious to hostile. Opening borders to foreign competition - like the wide-ranging domestic reforms needed in most developing countries - must proceed but at a moderate pace.
Author | : Federico Lupo-Pasini |
Publisher | : |
Total Pages | : |
Release | : 2013 |
Genre | : |
ISBN | : |
Download Movement of Capital and Trade in Services Book in PDF, ePub and Kindle
This article will analyze the interplay between capital movements and trade in services as structured in World Trade Organization (WTO) law, and it will assess the implications of the capital account liberalization for the freedom of WTO Members to pursue their economic policies. Although the movement of capital is largely confined to the domain of international financial or monetary policy, it is regulated by WTO law due to its role in the process of financial services liberalization, which generally requires liberalized capital flows. From a legal perspective, the interplay between capital movements and trade in services requires striking a delicate balance between the right of market access and the parallel right of economic stability. Indeed, a liberalized regime for capital movements could pose serious stability problems during times of crisis. For this reason, it is necessary that Members are able to derogate from their obligations and adopt emergency measures. Regulating the movement of capital in the General Agreement on Trade in Services (GATS) requires stretching the regulatory oversight of WTO law over different aspects of international economic policy. Indeed, capital movements are a fundamental component of the balance of payments and have a major role in shaping monetary, fiscal, and financial policies. This article will analyze how the discipline provided by the GATS on capital movements will affect not only trade in services, but also the Members' policy space on monetary and fiscal policy. The article will conclude that while the GATS offers enough policy space for the maintenance of financial stability, it does not fully take into consideration the need of Members to control capital movements in order to conduct monetary policies.
Author | : Masamichi Kōno |
Publisher | : |
Total Pages | : 80 |
Release | : 1998 |
Genre | : Capital movements |
ISBN | : |
Download Financial Services Trade, Capital Flows, and Financial Stability Book in PDF, ePub and Kindle