WTO financial services commitments: Determinants and impact on financial stability

Valckx, Nico

doi:10.1016/j.irfa.2004.02.028

Cited by 8 publications

(7 citation statements)

References 21 publications

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“…According to the WTO, the majority of EMDs made relatively fewer commitments in financial services related to capital markets (WTO 2010). At the conclusion of the GATS, IMF analysts found that about sixteen countries had significant Mode 1 commitments in financial services, while around fifty had significant Mode 3 commitments for the sector-this included most OECD countries and just a few EMDs (Valckx 2002;Kireyev 2002). Table 8.2 lists the nations that are most committed to open capital accounts under the WTO-GATS.…”

Section: Capital Account Liberalization Cross-border Financial Regulmentioning

confidence: 99%

“…These thirty-seven nations have committed to scheduling the liberalization of some combination of Modes 1, 2, and 3 under the last round of GATS negotiations. (New negotiations are currently underway; Valckx 2002). These are also the nations that are most prone to being disciplined under the GATS.…”

Section: Capital Account Liberalization Cross-border Financial Regulmentioning

confidence: 99%

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Ruling capital: emerging markets and the reregulation of cross-border finance

2015

Choice Reviews Online

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Section: Capital Account Liberalization Cross-border Financial Regulmentioning

confidence: 99%

Section: Capital Account Liberalization Cross-border Financial Regulmentioning

confidence: 99%

Ruling capital: emerging markets and the reregulation of cross-border finance

2015

Choice Reviews Online

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“…IMF analysts have found that about 16 countries have significant Mode 1 commitments in financial services, while around 50 each have significant Mode 2 and 3 commitments for the sector. This includes most OECD countries (Valckx, 2002;Kireyev, 2002).…”

Section: The General Agreement On Trade In Services (Gats)mentioning

confidence: 99%

“…If a country does choose to use this derogation, it is required to notify the WTO's Balance-of-Payments Committee (described below). Table 4 lists the 36 nations that have committed to scheduling the liberalisation of some combination of Modes 1, 2, and 3 under the GATS (Valckx, 2002). They would be the most prone to being disciplined under the GATS.…”

Section: Capital-account Liberalisation Capital Controls and Gatsmentioning

confidence: 99%

Losing Control: Policy Space to Prevent and Mitigate Financial Crises in Trade and Investment Agreements

Gallagher

2011

Development Policy Review

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This article examines the extent to which measures to mitigate the current financial crisis and prevent future crises are permissible under a variety of bilateral, regional and multilateral trade and investment agreements. US trade and investment agreements, and, to a lesser extent, the World Trade Organization, leave little room to manoeuvre with capital controls, despite increasing evidence that certain controls can prevent or mitigate crises. Investment rules under the treaties of most capital-exporting nations allow for at least the use of temporary controls as a safeguard measure. The article offers a range of policies that could be deployed to improve US investment rules.

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“…In the short term, it should be noted that more liberal commitments in the framework of the WTO negations on trade, esp. in banking and securities services, may imply greater vulnerability to financial crises and instability in the financial sector(Valckx, 2002) …”

mentioning

confidence: 99%

Prospects and limitations in the modernization of securities settlement operations of in Ukraine

Shishkov¹

2021

Ekon. prognozuvannâ

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The article points to the critically insufficient compliance of Ukraine’s stock market infrastructure with the relevant international recommendations, first of all in the segment of securities settlements. The author states that despite the creation of market infrastructure in Ukraine and the possibility to avoid problems related to the evolutionary errors, the market participants face numerous difficulties, such as risks in legal empowerment and in the activities of key infrastructure actors, limited competition, excessive transaction costs, ongoing defragmentation of the system of depository accounting, as well as inconvenience and limitations of the existing risk management systems. The study on the evolution of securities settlement models in Ukraine revealed that the radical reform of infrastructure in 2013 led to contradictory consequences, in particular, the abuse by the settlement bank and the central counterparty of its monopolistic positions, active participation of this monopolist in high-profile market abuse, stagnation in clearing and settlement technologies, and a slowdown in the development of the derivatives market. It was found that, despite lengthy discussions, the updated legislation in the field of organized capital markets, which is designed to implement a number of EU laws and should enter into force in 2021, does not really rectify the problems in the existing infrastructure, in particular due to a rather dubious proposed procedure of securities setrtlement and conservation for a few more years of the monopoly in the field of settlement and clearing services. It is substantiated that Ukraine has constructive practical experience and skills that can allow to implement the best international standards for building a system of cash settlements in "central bank funds", organically integrated into Ukrainian payment system and able to adapt to European payment systems.

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WTO financial services commitments: Determinants and impact on financial stability

Cited by 8 publications

References 21 publications

Ruling capital: emerging markets and the reregulation of cross-border finance

Ruling capital: emerging markets and the reregulation of cross-border finance

Losing Control: Policy Space to Prevent and Mitigate Financial Crises in Trade and Investment Agreements

Prospects and limitations in the modernization of securities settlement operations of in Ukraine

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