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 | | International Trade in Financial Services:The NAFTA Provisions (International Banking, Finance and Economic Law Series, 13) by K. Schefer (Editor) ISBN-10: 9789041197542 ISBN-10: 90-411-9754-0 ISBN-13: 9789041197542 ISBN-13: 978-90-411-9754-2 Hardcover 2000-01-03 Springer Find Lowest Price |
Editorials | ||
Book Description This book examines the new and rapidly developing area of law relating to trade in financial services, with a particular focus on the rules contained in Chapter 14 of the North American Free Trade Agreement (NAFTA). After a detailed analysis of the relevant provisions and their effect on financial institutions in Canada, Mexico, and the United States, the author examines the impact of the NAFTA rules on the legal position of banks operating in countries outside NAFTA, particularly in the context of the WTO financial services provisions. The book concludes with a chapter on the effects of a potential NAFTA expansion. The book aims to contribute to the development of a new legal and regulatory framework distinct from those of trade and financial services law, and offers a valuable insight into how trade in financial services within a regional trade agreement develops its own legal dynamic. Although the financial services provisions are seen as the cornerstone of NAFTA, until now there has been very little in-depth analysis of these provisions, or of the effects on those not party to NAFTA, in the literature in general. This book's unique approach will make it of considerable interest to practitioners and researchers in international banking, trade and economic law. | ||
Reviews | ||
The Trojan Horse of NAFTA NAFTA has come to mean many things to many people. The most recent chapter of NAFTA (or TLC in Mexico) is the presumed opening of financial services sector under NAFTA. To complicate the equation, the US has passed the Gramm-Leach-Bliley Act which replaces the "sinister" Glass-Steagall Act of 1933. The new opening of financial sector under NAFTA means very different things to Canada, Mexico and the US. The book goes through the Chapter 14 of NAFTA with a fine toothed comb. It explains how it came about. It deals with the "negative list" approach of NAFTA as opposed to "positive list" approach of CUSFTA with respect to the financial services. Unfortunately, the book is long on description and short on analysis. It does not include any analysis of Gramm-Leach-Bliley Act (as it was actually written as Schefer's doctoral thesis sometime in 1998). This is unfortunate. The book also dwells almost exclusively on banking. Surely financial services mean a lot more than just banking. Insurance (for example) gets lip service. More glaring omission comes from complete silence about Banking Secret Laws (Secreto Banacario) of Mexico. This Act will be a source of lot of international friction under NAFTA. | ||