The expert meeting will aim to provide UNCTAD member States with a better understanding of the important role that financial services play in efforts aimed at economic growth, domestic supply capacity building, trade and, more broadly, sustainable development in developing countries.
More specifically, it will aim at helping developing countries to improve and reform their domestic policies, regulatory frameworks and institutions, to harness financial services for the benefit of inclusive development and to make informed choices about the liberalization of financial services at the national, regional and international levels.
| Financial services are both key infrastructure and commercial services and have close linkages with macroeconomic factors. Within an effective regulatory and policy framework, financial services can contribute to economic development (e.g. by improving an economy´s productivity, including by facilitating transactions and mobilizing savings). Frequently, however, developing countries´ financial services sectors are characterized by shallow markets and government intervention. The liberalization of trade in financial services can contribute to a country´s financial services sector, but can also pose important risks and challenges to the stability of the financial system, particularly in light of global and technological developments in the global financial services trade. If the liberalization of financial services is to generate pro-development outcomes, it needs to be supported by appropriate and effective regulatory (including prudential and supervisory) policies, frameworks and institutions. For developing countries, implementing such regulatory frameworks and building effective institutions in the financial services sector remains a challenge. |
The meeting will explore key financial services subsectors, their trade and development implications and their role in achieving financial stability within the context of a country´s broader development objectives.
The meeting will analyse:
- international market trends in financial services
- the increasing integration and globalization of financial services markets
- the role of financial services in economic development and the impact of financial globalization, reform and liberalization on developing countries´ markets
- the implications of privatization, consolidation and the increased role of foreign banks in developing countries and transition economies (including in emerging economies)
Participants will also discuss the costs of financial instability and possible lessons learned from financial crises, including the role of international standard-setting and the attendant challenges for developing countries.
Finally, the expert meeting will look at the role played by the current negotiations on the liberalization of trade in services in the context of financial integration, and what role Governments play in ensuring the viability and stability of the financial system and the provision of universally accessible financial services.
