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...
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| Natura: | Libro |
| Lingua: | English |
| Pubblicazione: |
Melbourne :
Productivity Commission,
1998
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| Serie: | Staff research paper.
Staff research paper |
| Soggetti: |
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| 100 | 1 | |a McGuire, Greg. | |
| 245 | 1 | 0 | |a Australia's restrictions on trade in financial services / |c Greg McGuire. |
| 260 | |a Melbourne : |b Productivity Commission, |c 1998 |e (Canberra : |f AusInfo.) | ||
| 300 | |a x, 75 p. ; |c 30 cm. | ||
| 490 | 1 | |a Staff research paper / Productivity Commission. | |
| 490 | 1 | |a Staff research paper | |
| 500 | |a "November 1998". | ||
| 504 | |a Includes bibliographical references (p. 71-75) | ||
| 505 | 0 | |a 1. Introduction - 2. Restrictions on trade in financial services -- The GATS framework Prudential and non-prudential measures An approach to identifying and classifying restrictions. -- 3. Australia's financial services measures. -- 3.1. Identifying and classifying Australia's measures. -- 3.2. Australia's measures as limitations on market access and national treatment. -- 3.3. Entry requirements for financial service providers. -- 3.4. Administration and funds management of public sector superannuation schemes. -- 3.5. Workers' compensation insurance. - 4. Quantifying Australia's financial services measures. -- 4.1. Applying an index to Australia's financial services measures. -- 4.2. Results for Australia. -- 4.3. Some qualifications. 4.4. -- Further research. -- Appendix A: Australia's limitations on market access for financial services. -- Appendix B. Australia's limitations on national treatment for financial services. | |
| 520 | 0 | |a 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. | |
| 520 | 0 | |a 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. | |
| 520 | 0 | |a 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. | |
| 540 | |a Commonwealth of Australia 1998. | ||
| 650 | 0 | |a Financial services industry |z Australia. | |
| 650 | 0 | |a International business enterprises |z Australia. | |
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