Colombia’s Accession to the OECD: Potential Impacts on Trade in Financial Services and a comparison with the effects in Chile and Mexico
Purpose: Identify how the flows of trade, foreign direct investment (FDI), and portfolio investment in banking and insurance sectors between Colombia and OECD members could be affected with Colombia’s possible entry to the OECD. Methodology: A review of the historical flows of international trade between Colombia, Mexico and Chile with the OECD members, after and before their accession was made. A descriptive analysis was used to evidence the higher growth and volume of those flows after the entry and finally, a threat-and-opportunities analysis for the financial sector was developed under the scope of those opportunities. Findings: The relevance of the OECD members was demonstrated in terms of flows of trade and services, nevertheless the membership to the organization clear enough to increase the flows between the members. In terms of flows of financial services the OECD membership plays a more important role and shows a significant increase of the volumes and actors in the sector. Limitations: The data set used for this analysis did not allow the construction of a deeper or stronger econometrical analysis. Recommendations: Use a more complete data set once there are more observations (years or countries).
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