Barriers to Trade in Financial and Insurance Services: Evidence from the United Kingdom

Barriers to Trade in Financial and Insurance Services: Evidence from the United Kingdom
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Volume/Issue: Volume 2021 Issue 260
Publication date: October 2021
ISBN: 9781616350291
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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Economics / General , Export , Gravity Model , Financial Services , Insurance , Censored Regression , insurance service , A , financial services , U , K , 's export , evidence from the United Kingdom , U , K , 's export value , Exports , Trade barriers , Service exports , Global , export of financial service , export destination country population , EU membership , services from the U , K

Summary

Distance, as a proxy for trade barriers, is found in many studies to matter even for weightless cross-border financial investments and lending, possibly due to the presence of information asymmetries. Its importance is tested in this paper using exports of all five broad categories of the U.K.’s financial and insurance services. No trade barriers are found for the bulk of the U.K.’s exports. Trade barriers are confirmed only for interest-bearing activities – being in line with available results in the literature. The positive effect of EU membership appears to be small. Notwithstanding the uncertainties, it suggests that post-Brexit disruptions of the U.K.’s export of financial and insurance services may be minor.