By Mona E. Haddad
This quantity chronicles the new adventure of governments within the Latin American zone that experience effectively accomplished monetary providers negotiations within the context of nearby exchange agreements. It goals at delivering policymakers and negotiators with a greater realizing of the complexities concerned about monetary prone negotiations and a deeper figuring out of the considerable concerns with regards to monetary companies liberalization inside of a local context, the method negotiators need to wade through, and certain results of economic industry starting inside local agreements. The e-book fills an enormous hole within the literature on exchange in companies via focusing awareness at the dynamics of exchange and funding liberalization in a zone of substantial technical complexity and regulatory depth monetary companies; between a pattern of nations (Chile, Colombia, Costa Rica) from a primary mover area within the monetary providers liberalization entrance Latin the USA; and within the confines of 1 particular form of negotiating atmosphere preferential exchange agreements. one of many exact gains of this quantity is the 3 in-depth nation case experiences, all written via exchange specialists who led the negotiations in their respective international locations in monetary prone. the rustic reports provide worthwhile analytical insights into the substantive content material of the criminal provisions governing monetary marketplace commencing within the area, and the way such provisions have developed through the years and throughout negotiating settings. They describe how all the 3 governments equipped the behavior of negotiations within the region; the level of preparatory paintings that governments undertook in the course of negotiations, occasionally outsourced to specialists in academia or consulting enterprises; and the negotiating highway maps that have been installed position to assist negotiators. The case reports are complemented with different chapters facing the evolving structure of alternate and funding disciplines in monetary prone and the way top to arrange for negotiations within the area.
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Extra resources for Financial Services and Preferential Trade Agreements: Lessons from Latin America (Directions in Development)
Sample text
0 mode 1 mode 2 South Asia Latin America and the Caribbean Sub-Saharan Africa Middle East and North Africa mode 3 East Asia and Pacific Eastern Europe and Central Asia Western Europe and North America Source: Adapted from Valckx 2002b. Note: These scores represent average market-access commitments by regional groupings (unweighted by size of country). See Valckx (2002b) for a description of the methodology used to assign scores. 22 Financial Services and Preferential Trade Agreements indexes that—without including any weights of relative importance— compare the number of subsectors in which commitments were made.
The first and typically most important reason is the existence of offensive negotiating interests in the sector and of asymmetric bargaining powers between the negotiating counterparts. This rationale should not be surprising: a trade agreement is essentially a mercantilist exercise, so the inclusion of certain sensitive sectors such as financial services reflects the perceived interests and negotiating strengths of the partners. In such cases, a country includes financial services commitments either because it is forced to do so by its more powerful negotiating partner (perhaps as a quid pro quo for securing market access in another sector) or because it has offensive interests in financial services and is able to pursue them in the markets of its trading partners—typically in a North-South PTA context.
In particular, financial services commitments and disciplines, including dispute settlement mechanisms, have not been put to the test during a market downturn or a significant revision of domestic financial system policy priorities, which is typically when constraints on policy space and regulatory sensitivities more fully reveal their binding nature. 29 In particular, the lack of a carve-out for financial services does not necessarily mean that all disciplines of the agreement will apply to that activity.