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Trade in Financial Services—Has the IMF been Involved Constructively?

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  • Robert M. Stern

    (The author is at the Gerald R. Ford School of Public Policy, University of Michigan, 735 S. State Street, Ann Arbor, MI 48109-3091; e-mail: rmstern@umich.edu)

Abstract

This paper considers the key policy issues related to liberalisation of trade in financial services that the International Monetary Fund (IMF) should be concerned with, and the role the IMF has played in advising on policies related to trade in financial services in its bilateral and multilateral surveillance and in conditionality attached to lending programmes. The IMF staff were generally aware of the literature and country experiences showing the benefits of financial liberalisation. But Fund advice in support of liberalisation can be best interpreted to be in support of country unilateral policy actions and the dynamics of the World Trade Organisation (WTO) accession process.

Suggested Citation

  • Robert M. Stern, 2011. "Trade in Financial Services—Has the IMF been Involved Constructively?," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 5(1), pages 65-92, February.
    • Handle: RePEc:sae:mareco:v:5:y:2011:i:1:p:65-92
    DOI: 10.1177/097380101000500105
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    More about this item

    Keywords

    Trade Liberalisation in Financial Services; IMF Surveillance and Conditionality; JEL Classification: E58; JEL Classification: E65; JEL Classification: F33; JEL Classification: F53; JEL Classification: G2; JEL Classification: G13;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • G2 - Financial Economics - - Financial Institutions and Services
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing

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