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Download e-book for iPad: Liberalizing Financial Services and Foreign Direct by Laura Pez

By Laura Pez

ISBN-10: 023027157X

ISBN-13: 9780230271579

This booklet makes a speciality of the connection between FDI and FS liberalization within the context of the WTO. via engaging in an fiscal review 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 lower than the WTO advertise FDI.

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Such flows may enable balance of payments financing, if for instance the current deficit is caused by aggregate demand pressures. However, such financing is not sustainable from a long-term perspective as changes in foreign monetary conditions may change the relative attractiveness of investing in the given host economy. indd 29 5/31/2011 1:03:20 PM 30 Liberalizing Financial Services and FDI Similarly, using reserve assets to finance a gap between domestic expenditure and income depends on the extent to which the gap is temporary or reversible.

Among the most common limitations for both empirical and theoretical approaches is identifying adequate parameters for FDI determinants. It is crucial to count with sufficiently disaggregated data, ideally at firm- and industry-level. Studies using micro data indeed confirm the generally shared assumption that FDI has an impact on output and productivity, so research should certainly continue refining parameter selection in order to shed light on firm- and industry-specific attributes that may help us understand the type, volume, and destiny of such FDI, as well as its effects on specialization and trade.

For example, though from the supply side both indigenous and foreign firms face the same costs, the MNE may have several purchasing and marketing options that local competitors do not have. 38 Correspondingly, MNEs are able to influence competition and increase their market share in imperfect markets. Second, Dunning focuses on industrial organization and market structure theories to address what market conditions are necessary for MNEs to supply a given market, as opposed to indigenous firms. He assumes that together with capital, FDI also brings other assets to the host country, such as knowledge and entrepreneurship.

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Liberalizing Financial Services and Foreign Direct Investment: Developing a Framework for Commercial Banking FDI by Laura Pez


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