International Financial Markets

In this chapter, the author develops an economic analysis to guide the legal framework governing international trade in banking services. This is timely as, following up on the GATT Uruguay Round concluded in April 1994, further negotiations on the liberalisation of the financial services sector began in 1995. Close attention is paid to the ability of the national treatment principle to deal with banking, to reciprocity clauses, and to the eventual need for an additional harmonisation of national regulations.