In this study, Sydney J. Key provides a unique framework for analyzing the role of the General Agreement on Trade in Services (GATS) and the World Trade Organizational (WTO) in the liberalization and regulation of the financial services sector. Throughout, she emphasizes the complementary and mutually reinforcing relationship between efforts to open markets under the GATS and the intensive ongoing international work on strengthening domestic financial systems, including prudential regulation and supervision.
Key concludes that success in achieving the goals discussed in this study depends significantly on factors beyond the scope of the Doha round negotiations, but she emphasizes the important role the negotiations can play in helping to accelerate the process of liberalization of trade in financial services.
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Sydney J. Key is on the staff of the Federal Reserve Board's Division of International Finance in Washington, D.C. She is the author of numerous articles and studies, including Financial Services in the Uruguay Round and the WTO.
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