Australia's restrictions on trade in financial services /
SUMMARY Financial services are important intermediate inputs for many other sectors of an economy. Financial services, among other things, facilitate transactions, pool and allocate financial resources, and provide services to manage risk. It is crucial that such services are supplied in a competiti...
में बचाया:
| मुख्य लेखक: | |
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| निगमित लेखक: | |
| स्वरूप: | पुस्तक |
| भाषा: | English |
| प्रकाशित: |
Melbourne :
Productivity Commission,
1998
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| श्रृंखला: | Staff research paper.
Staff research paper |
| विषय: |
| सारांश: | SUMMARY Financial services are important intermediate inputs for many other sectors of an economy. Financial services, among other things, facilitate transactions, pool and allocate financial resources, and provide services to manage risk. It is crucial that such services are supplied in a competitive, efficient and stable environment. Liberalising trade in financial services by reducing regulation can increase competition and reduce costs. But some regulation is aimed at financial system stability - prudential regulation. Too much liberalisation may jeopardise financial system stability. Too little liberalisation may see the maintenance of an overly restrictive regime and lead to an uncompetitive financial services sector. An appropriate balance needs to be struck between achieving stability and competition objectives. The World Trade Organization's financial services agreement under the General Agreement on Trade in Services (GATS) provides a framework for identifying and classifying barriers to trade in financial services. Under the Agreement, Members voluntarily agree to apply the disciplines of 'standstill', 'market access' and 'national treatment' to their financial sectors, while also being bound by the non-discriminatory most-favoured-nation principle from the GATS framework agreement. However, Members may also list limitations on market access - measures to be retained that limit entry into a financial services market - and limitations on national treatment - measures to be retained that treat foreign financial service providers less favourably than domestic financial service providers. The Agreement covers any service of a financial nature, but provides Members with the option of excluding coverage in certain areas. In particular, Members can exclude prudential measures aimed at ensuring the integrity and stability of a financial system, although the distinction between prudential and non-prudential measures is not clearly defined. This optional exclusion may lead to the perception that prudential measures are not restrictions. Assessing whether a measure is a restriction to trade in financial services is not simply a question of assessing whether it is prudential, but whether it deliberately restricts trade or goes beyond achieving its financial regulation objectives - efficiency and stability in the case of prudential regulation, or market integrity and disclosure in the case of other financial regulation.n -- T. |
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| वस्तु वर्णन: | "November 1998". |
| भौतिक वर्णन: | x, 75 p. ; 30 cm. |
| ग्रन्थसूची: | Includes bibliographical references (p. 71-75) |
| आईएसबीएन: | 0646335723 (pbk.) |