{
  "title": "The GATS Agreementon Financial Services: A Modest Start to Multilateral Liberalization",
  "publication": "IMF Working Papers, May 1, 1997",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/the-gats-agreementon-financial-services-a-modest-start-to-multilateral-liberalization-2178",
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  "summary": "This paper analyzes the links between multilateral, and unilateral financial liberalization, the former represented by the General Agreements on Trade in Services (GATS).",
  "sections": [
    {
      "heading": "Overview and purpose",
      "content": "- Author: Piritta Sorsa\n- Publication type: IMF Working Papers\n- Publication date: May 1, 1997\n- Series: Working Paper No. 1997/055\n- Issue: 055\n- Volume: 1997\n- Pages: 57\n- DOI: https://doi.org/10.5089/9781451969221.001\n- Stock No: WPIEA0551997\n- ISBN: 9781451969221\n- ISSN: 1018-5941\n- Summary purpose: Analyze links between multilateral (GATS) and unilateral financial liberalization; provide an overview of GATS features as they apply to banking and securities; compare GATS commitments with actual liberalization in participants’ financial sectors."
    },
    {
      "heading": "Main findings",
      "content": "- Comparative result:\n  - In many countries, multilaterally liberalized financial sector policies (under GATS) are more restrictive than the actual state of openness or development of financial sectors.\n  - Many emerging markets liberalized little under the GATS despite often well-developed financial markets.\n  - The opposite pattern occurred in some less developed developing countries (i.e., greater GATS liberalization despite less-developed markets).\n- The paper focuses on participants in banking and securities within the GATS framework and compares GATS liberalization commitments with actual sectoral openness and development."
    },
    {
      "heading": "Subjects and topical coverage",
      "content": "- Subject areas listed:\n  - Banking\n  - Economic sectors\n  - Emerging and frontier financial markets\n  - Financial markets\n  - Financial regulation and supervision\n  - Financial sector\n  - Financial sector development\n  - Financial sector reform\n  - Financial services\n- Keywords included (selection):\n  - access restriction\n  - broad money\n  - capital account\n  - developing country group\n  - economic value\n  - Emerging and frontier financial markets\n  - emerging market group\n  - Financial sector\n  - Financial sector development\n  - Financial sector reform\n  - Global\n  - liberalization negotiations\n  - market access\n  - market pressure\n  - multilateral liberalization\n  - unilateral liberalization\n  - world banking assets\n  - WP"
    },
    {
      "heading": "Implications and analytical emphasis",
      "content": "- Analytical emphasis:\n  - The relationship between multilateral commitments (GATS) and unilateral or de facto liberalization in financial sectors.\n  - The potential disconnect between negotiated market access commitments and actual domestic sector openness or development.\n- Policy-relevant implication:\n  - Multilateral liberalization commitments under GATS may not accurately reflect countries’ domestic liberalization or development levels; this has implications for assessing the scope and impact of multilateral trade-in-services negotiations on financial sector openness."
    },
    {
      "heading": "Access and citation information",
      "content": "- Format examples and actions available on the landing page:\n  - Download PDF (link indicated on source page)\n  - More Formats on IMF eLibrary\n  - Order a Print Copy\n  - Create Citation\n- Example citation (as presented on the page):\n  - Piritta Sorsa. \"The GATS Agreementon Financial Services: A Modest Start to Multilateral Liberalization\", IMF Working Papers 1997, 055 (1997), accessed 9/17/2026, https://doi.org/10.5089/9781451969221.001\n\nIMF Working Paper: The GATS Agreementon Financial Services: A Modest Start to Multilateral Liberalization, Piritta Sorsa, May 1, 1997 (Working Paper No. 1997/055).\n\n---\n\n Content in this bundle\n\n- The GATS Agreement on Financial Services -- A Modest Start on Multilateral Liberalization - WP/97/55\n  - The GATS Agreement on Financial Services -- A Modest Start on Multilateral Liberalization - WP/97/55 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - The GATS Agreement on Financial Services -- A Modest Start on Multilateral Liberalization - WP/97/55 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/the-gats-agreementon-financial-services-a-modest-start-to-multilateral-liberalization-2178"
    }
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    "Authors: Piritta Sorsa",
    "Published: May 1, 1997",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451969221.001",
    "Author: Piritta Sorsa",
    "Publication type: IMF Working Papers",
    "Publication date: May 1, 1997",
    "Series: Working Paper No. 1997/055",
    "Issue: 055",
    "Volume: 1997",
    "Pages: 57",
    "DOI: https://doi.org/10.5089/9781451969221.001",
    "Stock No: WPIEA0551997",
    "ISBN: 9781451969221",
    "ISSN: 1018-5941",
    "Summary purpose: Analyze links between multilateral (GATS) and unilateral financial liberalization; provide an overview of GATS features as they apply to banking and securities; compare GATS commitments with actual liberalization in participants’ financial sectors.",
    "Comparative result:",
    "The paper focuses on participants in banking and securities within the GATS framework and compares GATS liberalization commitments with actual sectoral openness and development.",
    "Subject areas listed:",
    "Keywords included (selection):",
    "Analytical emphasis:",
    "Policy-relevant implication:",
    "Format examples and actions available on the landing page:",
    "Example citation (as presented on the page):",
    "**The GATS Agreement on Financial Services -- A Modest Start on Multilateral Liberalization - WP/97/55**"
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