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Handbook of Trade Policy for Development$
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Arvid Lukauskas, Robert M. Stern, and Gianni Zanini

Print publication date: 2013

Print ISBN-13: 9780199680405

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199680405.001.0001

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The Economics of Services Trade: An Overview

The Economics of Services Trade: An Overview

Chapter:
(p.375) Chapter 12 The Economics of Services Trade: An Overview
Source:
Handbook of Trade Policy for Development
Author(s):

Aaditya Mattoo

Gianni Zanini

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199680405.003.0012

Services are the fastest growing components of the global economy, but international transactions continue to be impeded by policy barriers, especially to foreign investment and the movement of service-providing individuals. Modes of supply in services trade, sources of data, and the determinants of the pattern of services trade are discussed in the first part of the chapter. After this, normative issues are addressed, that is, how services reform can promote economic efficiency and growth. All countries and developing countries in particular can benefit significantly from both further domestic liberalization and the elimination of barriers to their exports. These benefits, however, are by no means automatic, without accompanying reforms to introduce genuine competition and build the regulatory institutions that are needed to remedy market failures. For fairness and to ensure their sustainability, mechanisms that promote the availability of essential services, especially among the poor, are also needed.

Keywords:   Services trade, modes of supply, economic benefits, competition, regulation

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