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Financial Opening under the WTO Agreement in Selected Asian Countries: Progress and Issues

dc.contributor.authorYun-Hwan Kim
dc.date.accessioned2015-01-30T14:45:23Z
dc.date.available2015-01-30T14:45:23Z
dc.date.issued2002-09-01
dc.identifier.issn1655-5252
dc.identifier.urihttp://hdl.handle.net/11540/1966
dc.description.abstract"Opening of financial services has enormous policy implications for a member country. As demonstrated by the 1997 Asian crisis, mismanagement of financial opening may lead to disastrous economic consequences. Only prudent financial policies, including implementation of commitments under the General Agreement on Trade in Services, can result in macroeconomic stability, sustained output growth, and financial sector development. This paper examines six selected countries, i.e., People’s Republic of China (PRC), Indonesia, Republic of Korea (Korea), Malaysia, Singapore, and Thailand. For the PRC, successful liberalization of financial services trade is of great importance. For the five other countries, all crisis-affected, there is a need to review ongoing financial liberalization policies and explore future directions. The paper examines the relationship between financial services liberalization and capital account liberalization, GATS and/or multilateral commitments made by the countries, progress in compliance of the commitments and their impact, and implications and issues of financial opening with focus on the banking sector. The paper suggests three guiding principles in opening financial services: (i) resource mobilization for economic recovery and sustained development, (ii) financial stability, and (iii) market competition."
dc.languageEnglish
dc.publisherAsian Development Bank
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.titleFinancial Opening under the WTO Agreement in Selected Asian Countries: Progress and Issues
dc.typeWorking Papers
dc.subject.expertFinancial Stability
dc.subject.expertFinancial Management System
dc.subject.expertFinancial Restructuring
dc.subject.expertCapital Market Development
dc.subject.expertErosion
dc.subject.expertMarket Development
dc.subject.expertEconomics
dc.subject.expertErosion
dc.subject.expertInternational Economics
dc.subject.adbInternational Financial Market
dc.subject.adbMultilateral Financial Institutions
dc.subject.adbEconomic Recession
dc.subject.adbMarket
dc.subject.adbCrisis
dc.subject.naturalBusiness recessions
dc.subject.naturalMultilateral development banks
dc.subject.naturalRegulatory reform
dc.subject.naturalCapital
dc.title.seriesERD Working Paper Series
dc.title.volumeNo. 24
dc.contributor.imprintAsian Development Bank
oar.themeFinance
oar.themeEconomics
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic Republic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji
oar.countryKiribati
oar.countryMarshall Islands
oar.countryMicronesia, Federated States of
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryChina, People's Republic of
oar.countryHong Kong, China
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-001657
oar.authorKim, Yun-Hwan
oar.importtrue
oar.googlescholar.linkpresenttrue


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