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Financial Servicies Liberalization And International Integration In South Eastern Europe

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  • Ivana Prica

Abstract

The first part of this paper analyses the regulatory framework for international trade in financial services within the auspices of the World Trade Organisation (WTO), with special attention paid to the open issues including the scope of prudential measures and capital mobility limitations. The process of the international integration of the South Eastern Europe (SEE) countries is mainly dictated by their goal of EU integration. With regard to the services' sectors, a major liberalisation step on the way is WTO accession. Of the countries in the region only Serbia , Bosnia and Herzegovina and Montenegro are still not WTO members and in order to become members significant liberalisation commitments will be demanded of them. For this reason the second part of the paper deals with concrete financial liberalisation commitments undertaken by the original WTO members in SEE and the newly WTO-acceded SEE member countries. The last part of the paper provides a quantitative analysis of these commitments by means of the measurement of liberalisation indices in the banking sectors in SEE countries. This is to provide a general idea of the scope of liberalisation that may be required from a SEE country in order to achieve WTO membership on the road to EU integration.

Suggested Citation

  • Ivana Prica, 2008. "Financial Servicies Liberalization And International Integration In South Eastern Europe," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 53(178-179), pages 122-144, July - De.
    • Handle: RePEc:beo:journl:v:53:y:2008:i:178-179:p:122-144
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    References listed on IDEAS

    as
    1. Joseph F. Francois & Lutger Schuknecht, 1999. "Trade in Financial Services: Procompetitive Effects and Growth Performance," Tinbergen Institute Discussion Papers 99-028/2, Tinbergen Institute.
    2. Mattoo, Aaditya, 1999. "Financial services and the World Trade Organization - liberalization commitments of the developing and transition economies," Policy Research Working Paper Series 2184, The World Bank.
    3. Mr. Alexei P Kireyev, 2002. "Liberalization of Trade in Financial Services and Financial Sector Stability (Analytical Approach)," IMF Working Papers 2002/138, International Monetary Fund.
    4. Mr. Alexei P Kireyev, 2002. "Liberalization of Trade in Financial Services and Financial Sector Stability (Empirical Approach)," IMF Working Papers 2002/139, International Monetary Fund.
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    More about this item

    Keywords

    financial services; liberalisation; international integration; WTO; trade in services; regulation of financial sector;
    All these keywords.

    JEL classification:

    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F15 - International Economics - - Trade - - - Economic Integration
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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