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Why "Trade" in Financial Services

Why "Trade" in Financial Services I. INTRODUCTION For the modern world of today, the internationalization of laws, rules and policies seems almost essential in order to give effective and functional meaning to the concept of a "global market". Multilateralism is the fundamental characteristic of this liberal world order which has taken a legal form under the framework of the World Trade Organization (WTO) with the realization that an international notion of a "rule of law for trade" must operate to bind all participants to a global trading system After the General Agreement on Tariffs and Trade (GATT), it seemed only natural to extend the WTO framework to services, as the dynamic growth of the service sector within States had created a whole new market for trade in services. However, the differences in the physical and conceptual characteristics of goods and services necessitated the architecture of a separate agreement dealing with services within which importance could be given to specialized areas of service. The globalization of financial markets poses a new phenomenon for the international community through the growth of banking, insurance and securities markets creating links that can heighten the stakes in any financial crises. Problems and difficulties in one market can have http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of World Investment and Trade Brill

Why "Trade" in Financial Services

Journal of World Investment and Trade , Volume 1 (2): 25 – Jan 1, 2000

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Publisher
Brill
Copyright
Copyright © Koninklijke Brill NV, Leiden, The Netherlands
ISSN
1660-7112
eISSN
2211-9000
DOI
10.1163/221190000X00131
Publisher site
See Article on Publisher Site

Abstract

I. INTRODUCTION For the modern world of today, the internationalization of laws, rules and policies seems almost essential in order to give effective and functional meaning to the concept of a "global market". Multilateralism is the fundamental characteristic of this liberal world order which has taken a legal form under the framework of the World Trade Organization (WTO) with the realization that an international notion of a "rule of law for trade" must operate to bind all participants to a global trading system After the General Agreement on Tariffs and Trade (GATT), it seemed only natural to extend the WTO framework to services, as the dynamic growth of the service sector within States had created a whole new market for trade in services. However, the differences in the physical and conceptual characteristics of goods and services necessitated the architecture of a separate agreement dealing with services within which importance could be given to specialized areas of service. The globalization of financial markets poses a new phenomenon for the international community through the growth of banking, insurance and securities markets creating links that can heighten the stakes in any financial crises. Problems and difficulties in one market can have

Journal

Journal of World Investment and TradeBrill

Published: Jan 1, 2000

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