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The global financial crisis triggered a broad reassessment of
economic integration policies in developed and developing countries
worldwide. The crisis-induced collapse in trade was the sharpest
ever since World War II, affecting all countries and all product
categories. A huge shock to the trading system, combined with
severe macroeconomic instability, makes it natural for policymakers
to call into question the basic underlying assumptions of trade
liberalization and openness. In particular, outward-oriented or
export-led growth strategies are being reassessed as openness is
increasingly associated with greater volatility. However, it is
crucial not to lose sight of the dynamic benefits that openness can
offer. Examples include technology transfer, increased competitive
pressure that reduces markups and improves efficiency, and
economies of scale. The real question is how to manage
outward-oriented strategies so as to maximize the benefits of
openness while minimizing risks. This book aims to contribute to
this important and ongoing policy debate, bringing together recent
empirical work on the trade collapse, its causes and consequences,
and the broader trade policy agenda in the post-crisis environment.
It addresses critical policy issues revolving around the topic of
outward-oriented growth strategy, including policy instruments that
help manage risks associated with outward-orientation, lessons
learned from the crisis for particular countries and regions, and
how emerging trade policy issues such as climate change,
commodities, global production networking, and migration affect the
prospects for recovery and outward-oriented growth.
This book fills a large gap in the literature on trade in services.
It focuses on the dynamics of trade and investment liberalization
in a sector of considerable technical and regulatory complexity
financial services. This volume chronicles the recent experiences
of governments in Latin America that have successfully completed
financial services negotiations through preferential trade
agreements. One of the unique features of this book is the three
in-depth country case studies Chile, Colombia, and Costa Rica all
written by trade experts who led the negotiations of their
respective countries in financial services. The authors offer
analytical insights into the substantive content of the legal
provisions governing financial market opening and the way such
provisions have evolved over time and across negotiating settings.
The studies describe how each of the three governments organized
the conduct of negotiations in the sector, the extent of
preparatory work undertaken before and during negotiations, and the
negotiating road maps that were put in place to guide negotiators.
Additional chapters complement the case studies by examining the
evolving architecture of trade and investment disciplines in
financial services and how best to prepare for negotiations in this
sector. 'Financial Services and Preferential Trade Agreements' aims
to provide practical lessons for policy makers, trade experts, and
negotiators in developing countries who are involved in negotiating
trade in financial services in the context of regional trade
agreements. Academics and development practitioners interested in
trade negotiations will also find the information valuable."
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Paperback
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R398
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