Book
Translated into Japanese. Ballinger--Harper & Row for the American Enterprise Institute, Cambridge, Massachusetts. 1989.
International trade and competition in financial services is a highly complex topic to analyze in terms of market and competition structure, and even more so in terms of incidence of competitive distortions. The problems begin immediately. Precisely what is being traded? What are the criteria under which international trade takes place in industry? What determines the sectoral pattern of competitive advantage and disadvantage on the part of institutions and countries? How is protectionism to be defined in an industry that embodies a distinctive public good character, and tends therefore to be heavily regulated? What rules would make sense in establishing a level playing field in the context of national markets, and how could agreement and enforcement of such rules be achieved? The author has addressed a number of these issues in a monograph written for the Trade Policy Research Centre in London, published in 1985 under the title, Barriers to Trade in Banking and Financial Services. Global Competition in Financial Services: Market Structure, Protection and Trade Liberalization is a detailed development of that work.
