Internationalization of Financial Services in Asia-Pacific and the Western Hemisphere

Authored by Patricio Contreas and Soonhwa Yi

Published in 2004 by the PECC International Secretariat

During the past decade countries in the Western Hemisphere, and more recently in Asia-Pacific, actively pursued the liberalization of international trade through the development of regional and bilateral arrangements. The aim of this study is to analyze the financial services component of these arrangements, in particular, the rules and disciplines that govern international transactions of financial services and the level of financial services market openness bound by signatory countries. The paper also examines whether these arrangements deepened financial services internationalization, particularly cross-border transactions, with respect to the limited internationalization achieved so far at the multilateral level.

1. Introduction
   
   
2. Analytical Framework
   
   
3. Financial Services in Trade Arrangements in Asia-Pacific and the Western Hemisphere
   
   
4. Specialized Text on Financial Services
   
   
5. Analysis of Commitments 
   
   
6. Conclusion