Download Liberalizing Financial Services and Foreign Direct by Laura Pez PDF
By Laura Pez
This publication specializes in the connection between FDI and FS liberalization within the context of the WTO. by way of accomplishing an financial evaluate at the volume of GATS liberalization in a single kind of FS --commercial banking -- it seeks to empirically make clear if the multilateral liberalization efforts less than the WTO advertise FDI.
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Additional info for Liberalizing Financial Services and Foreign Direct Investment: Developing a Framework for Commercial Banking FDI
68 Further, if trade in the factor markets “substitutes” trade in the goods market, other important considerations arise. Globalization – in terms of greater MNE trade and FDI – is also driven by exogenous and endogenous elements of change. Exogenous elements are, for instance, technology innovation and improvements in local regulation,69 while endogenous elements to globalization are international efforts removing barriers to world trade and investment. , O- and L-advantages) will increase if I-advantages can unfold.
Finally, I-advantages stem from coordination and control capacities of the firm’s O- and L-assets. 42 In such cases, if the firm is not present in the market, it will not be able to exercise control over its asset and thus will forfeit possible gains. It is the public good property that calls for maintaining ownership over the asset; otherwise others will capture profits stemming from its exploitation in the foreign location. This is the reason FDI versus trade would be preferred. O-advantages can be classified into either: (i) size, monopoly power, and improved resource availability and usage; (ii) cost advantages over new market entrants; or (iii) the degree of multinationality of the firm, which directly increases the diversity of factor endowments and markets of the firm.
Correspondingly, O-advantages specific to the banking sector are management skills, know-how; distribution networks; access and ability to raise funds, and access to international clients. In turn, L-advantages are market size and potential neighbouring markets; skilled labour; political, economic, and social stability; regulatory environment and openness, and closeness to international financial markets and competitors. Finally, I-advantages are quality control, surveillance, monitoring; international arbitraging, risk diversification; coordination of capital flows, global business strategy, and sustained offer of diversified products and services.