
Liberalising Trade in Financial Services
Global and Regional Economic Effects
- George Verikios Xiao-guang Zhang
- 세종대학교 경제통합연구소
- Journal of Economic Integration
- 제18권 제2호
- 등재여부 : KCI등재
- 2003.06
- 307 - 345 (39 pages)
This paper applies a global general equilibrium model to quantify the impact on the global and regional economies of liberalising trade in financial services. The paper uses recent estimates of trade barriers for financial services in both developed and developing countries. The simulation results indicate that liberalising trade in financial services would benefit the world as a whole in terms of increased real income. Most regions are projected to gain as well, although the distribution of gains among regions is not even. In general, regions with the highest barriers, such as developing countries, benefit most. The analysis demonstrates that commercial presence of foreign firms via foreign direct investment (FDI) is a major source of gains from services trade liberalisation.
Ⅰ. Introduction
Ⅱ. The GATS and Unique Features of Services Trade
Ⅲ. Analytical Framework
Ⅳ. Model Database
Ⅴ. Policy Options
Ⅵ. Simulation Results
Ⅶ. Conclusion