Students’ Perceptions of Choice Criteria in the Selection of Tertiary Institutions: A Regional Comparison

This study examines the nature and growing importance of international trade in services (intangibles) in the world economy, discusses the concept and definition of services drawing upon the literature on this issue, and identifies and measures in detail the size and importance of trade in services of selected countries and regional groups. It examines the relative share of trade in services in the total world trade of selected Asian nations, South Pacific Forum Island economies and OECD countries. The evidence shows that some countries have experienced growth and a reversal in their net service trade. It discusses the goals and strategy for freeing trade in services within the framework of the World Trade Organization (WTO) and APEC nations. Further, using existing theories of trade in goods, such as Hecksher–Ohlin–Samuelson and Linder’s demand base model, product differentiation, economies of scale and technological gap models, some of the key determinants of trade in services and sources of comparative advantage are examined. These include the relative levels of development of trading partners, level of trade in goods, degree of product differentiation, human capital, R&D, foreign direct investment, exchange rates, the degree of economic integration and similarity and dissimilarity of culture, religion and languages. Some policy implications are drawn in the context of the changing world economic order, globalization in telecommunication and financial services, and the role of APEC and the WTO in freeing services trade. It is suggested that the research agenda should focus on developing a comprehensive model and databases for estimating the welfare costs and benefits of liberalization of trade in services and for the efficient management of the services sectors in this dynamic world economy.