RESTRICTED
WORLD TRADE S/C/W/26
7October 1997
ORGANIZATION(97-4342)
Council forTrade inServices
ECONOMIC EFFECTS OFSERVICES LIBERALIZATION
Background Note bytheSecretariat
1. TheSecretariat hasprepared thisNoteattherequest oftheCouncil forTrade inServices. The
Noteisintended toformpartofabroader information exchange programme, asoutlined intheReport
oftheCouncil forTrade inServices totheGeneral Council (S/C/3), which seeks to"contribute to
theassessment oftrade inservices which would assist future negotiations intheservices sector". In
keeping withtheCouncil 'srequest, thefollowing considerations aregeneral innature anddonot
elaborate onsector-specific developments. ABibliography ofempirical studies examining theeffects
ofliberalization policies inindividual countries andsectors, published since 1990, hasbeenannexed
forfurther information.
A. THE ROLE OFSERVICES INECONOMIC DEVELOPMENT
2. While there aremany differences inemployment andproduction patterns among countries -
reflecting development levels, geographic location orresource endowment -economists havelong
identified afewcommon features ortrends. These include inparticular thestrong and,asincomes
grow, expanding rôleofservices asasource ofeconomic activity. Inthemid-1990s, forexample,
theservices sector 'sshare inGDP amounted tosome 40percentinUganda, 50percentinZambia,
over60percentinKorea andBrazil, and80percentintheUnited States.1
3. Theservices sector 'sexpansion hasbeenattributed todemand aswellassupply factors. On
theonehand, demand formany services ishighly income-elastic, i.e.aspeople grow richer, their
consumption ofservices suchastourism, education andhealth, expands more rapidly thantheirdemand
formanufactures andagricultural products. Ontheother hand, productivity growth islower inmany
services sectors thaninmanufacturing andmodern agriculture, reflecting thefact,among other things,
thatitisgenerally more difficult tosubstitute capital forlabour inservices production (restaurants,
hotels, bustransport, etc.). Inturn,thishasledprices ofmany traditional services toincrease relatively
faster thanprices ofgoods.
4. Toacertain degree, thegrowing share ofservices inGDP, inparticular ifmeasured atcurrent
prices, alsoreflects organizational changes inaneconomy. Onefficiency grounds, manufacturing
companies havetended increasingly tooutsource services suchasdesign, financing ortransport, which
theypreviously provided in-house, andpurchase them from specialized suppliers. Reflecting their
infrastructural nature, many modern services sectors, including telecommunications, financial services
andtransport, notonlyprovide finalconsumer products, butbasicproduction inputs forawidevariety
ofuserindustries.
1Thedataaretaken fromrecent WTO Trade Policy Reviews. Cross-country comparability may,
however,sufferfromdifferencesinstatisticalconceptsandothermeasurementproblems(e.g.difficulties
indistinguishing between theformal andtheinformal sector).S/C/W/26
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5. While alsorising overtime, theservices share inforeign tradehasbeensmaller thanitsshare
inproduction andemployment. International trade flows continue toconsist predominantly ofgoods,
corroborating theconventional perception ofservices being lesstransportable andtradeable thangoods.
Forinstance, while accounting forsome four-fifths ofdomestic production, theUnited States 'services
sector currently contributes nomore thanone-fourth oftotalU.S.exports. (Theshare inimports is
one-sixth.) Overall, according tobalance-of-payments statistics, theshare ofservices intotalworld
trade isintheorder ofone-fifth. Inabsolute terms, thisrepresented some US$1,200 billion in1995,
which wasabout twice thevalue oftotalworld trade inoffice machines andtelecom equipment.
6. Conventional tradestatistics, onabalance-of-payments basis, heavily understate theeconomic
stakes involved. First, theydonotcover services incorporated ingoods, suchasdesign ortechnical
expertise. Second, dataoncross-border flows donotcapture acritically important mode ofservices
trade, namely production andsalesthrough affiliates abroad. (Hotel andfast-food chains, touroperators,
consultants, banks andinsurance companies, credit-card operators, etc.) Using awider definition
including suchsupplies, services prove farmore"tradeable" thanconventional accounting maysuggest.
B. THE CASE FOR MARKET LIBERALIZATION
7. From aneconomic perspective, there isnodifference inprinciple between theproduction of
goods andservices. Botharegoverned bysimilar setsofobjectives, incentives andconstraints. In
bothcases, thegenuine economic taskofafirmconsists ofemploying andco-ordinating theuseof
production factors -capital, labour andtechnology -withaviewtosatisfying thedemand ofpotential
customers, domestic orforeign. Thefirm'sprofitability and,thus,itspotential forsurvival andgrowth
isdetermined byitscapacity toanticipate, andrespond to,demand andsupply factors suchaswages,
capital cost,input prices andthemarket conditions forthefinalproduct.
8. Inamarket economy, private profitability considerations arethedriving force indetermining
theallocation ofproduction within andbetween firms, sectors andcountries. Open markets areexpected
toencourage quality improvement andproduct andprocess innovation; reduce thescope forwaste
andrent-seeking; constrain theeconomic power ofanyindividual actor; andensure users ofthe
continued availability oftherelevant goods andservices. Market-based structural change isthushelping
topromote anoptimal balance, from auser'sperspective, between product quality, product variety
andprice. Atthesame time, thepossibility ofdrawing onalternative sources ofsupply reduces the
riskofeconomic shocks anddisturbances. What doesthisimply fortheorientation andconduct of
economic policies?
C. POLICY IMPLICATIONS
9. Thefocus ofmarket-based policies isoncreating andimproving theinstitutional framework
forprivate decision-making. Inthiscontext, emphasis isplaced onensuring competitive conditions
onfactor andproduct markets, enhancing transparency, removing entry barriers andpricedistortions,
andavoiding divergences between private andsocial efficiency considerations. Appropriate initiatives
might thusinclude, depending ontheactual situation inasector andcountry, (a)pro-competitive policy
initiatives toabolish, forexample, traditional exclusivity rights andaccess barriers; (b)external market
opening toconfront domestic industries withbestinternational practice; (c)information requirements
and,insensitive areas, prudential rulestoprotect public interests; (d)institutional reforms providing
forindependent regulatory supervision; and(e)measures toincorporate social costs, attributable to
environmental impacts andother externalities, inproduction andinvestment decisions.S/C/W/26
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10. While suchpolicy initiatives arelikely tobenefit anysector ofeconomic activity, itmaybe
argued thattheytendtobemore urgent and,atthesame time, more challenging andpromising in
keyservices industries. Theneedfor,andthepotential benefits of,institutional reforms inservices
sectors areunderscored bythefollowing considerations:
Thetraditional framework ofadministrative regulation andcontrol inmany services areas,
intendedtoensurereliabilityandstabilityofsupplies,isill-suitedtoanenvironmentcharacterized
byrapid technological andeconomic change.
Thequantity ofinvestment andtheexpertise required toup-grade andoperate modern services
sectors,liketelecom,maygowellbeyondwhatgovernmentbureaucraciesarenormallyprepared
tohandle. Atthesametime,empirical evidence suggests thatearlyliberalization cancontribute
substantially toacountry 'slocational attractiveness fornewinvestment inmodern services
industries.
Large services sectors have longbeen tightly regulated, suggesting thatthepotential for
liberalization, andtheensuing economic benefits, areparticularly high.
Inmany countries, liberalization andderegulation initiatives haveinitially eluded services,
reflecting theoperation oflong-entrenched public monopolies (e.g.inbasictelecommunications,
insurance, retail banking andrailtransport) andthetraditional viewofservices asbeing less
transportable andtradeable -andthuslessamenable totrade liberalization -thangoods.
However, thisviewhasbeenconfounded byregulatory andtechnical developments (e.g.the
emergence ofsatellite communications andelectronic banking) andtheattendant reduction
ofbothpolicy-induced andtechnological barriers tocompetition andtrade.
Intheabsence ofmarket-driven reforms, thesecular expansion ofmany services sectors in
thedevelopment process would gradually broaden government regulation andcontrol.
Demand andsupply shifts benefiting sectors suchasfinancial services, telecommunications
orairtransport would expand, ifcurrent régimes weremaintained, thereach ofregulatory
control overproduction andemployment inaneconomy.
Given theinfrastructural nature ofmany services sectors, efficiency enhancing reforms -
including regulatory andinstitutional changes -arelikely topromote thecompetitiveness of
many downstream activities and,thus, improve overall economic performance.
From thatperspective, services liberalization would notbeviewed asaconcession toother
countries, butaprecondition forenhancing domestic industrial performance. Theinclusion
ofservices intothemainstream ofthemultilateral system, intheUruguay Round, enables
governments tolockinsuchreforms inaninternational context and,thus, protect themfrom
slippages andreversals.
11. Inmany cases, adistinction between international anddomestic liberalization would beartificial.
From atrade policy perspective, external andinternal market opening should normally gohand in
handinorder toensure thatthepotential benefits ofmore liberal access conditions arenotcontravened
bypersisting internal barriers. Thisisalsoreflected inthescope ofmarket access commitments assumed
byWTO Members under theGATS. Thedisciplines ofArticle XVIextend tobothdiscriminatory
andnon-discriminatory restrictions, covering measures targeted specifically against foreign suppliers
aswellasothers affecting allmarket participants.S/C/W/26
Page4
D. ADJUSTMENT-RELATED COSTS AND BENEFITS
12. Adjustmentisatthecoreofamarketsystem,andadjustmentisnotwithoutcost.Whileeconomic
policies mayaimtoimprove theconditions forinvestment andgrowth -through infrastructural
improvement, taxandtariffreform, andprudent macroeconomic management -theycannotreasonably
guarantee prosperity without pain. Governments thustendtobeconfronted withdemands forprotection,
inparticular iflarge andwell-organized sectors come under pressure.
13. Mostobvious,fromasocialpolicyperspective,arethecostsassociatedwithlabourdisplacement,
thedepreciation ofskills, theneed forprofessional re-training and,possibly regional relocation.
Although theremaybeacaseforgovernment assistance tofacilitate adjustment, itisdoubtful whether
suchcostscould justify initiatives tosuspend market signals andslowdown orprevent structural change.
First, adjustment processes tendtobetemporary innature andanyensuing losses would needtobe
setagainst future income flows. Second, from aneconomy-wide perspective, suchlosses should be
compared withtheconsequences ofnon-adjustment andthedynamic costs inflicted ontaxpayers,
consumers and/or userindustries. Governments would alsoneedtocontemplate thepossibility, ifone
sector isshielded frommarket forces, thatthismight serve asaprecedent formany others. Sectoral
protection canprove extremely contagious.
14. Itmaybeargued withsome justification, however, thatthedirect social consequences of
adjustment arelessserious inmany services sectors thanintraditional mining andmanufacturing
industries orinagriculture. Consider thefollowing hypotheses:
Adjustments inservices industries, suchasbanking, insurance ortelecommunications, generally
occur within adynamic sectoral environment, where expanding segments rapidly offer
employment alternatives forredundancies inshrinking areas.
Owing toalower degree ofsector-specific professional specialization, service sector employees
tendtobemore mobile ingeneral than, forexample, miners orfarmers.
Professionals insome traditionally protected services areas -suchasairtransport orlegal
services -arenotnormally atthebottom ofthenational income league and,thus, mayhave
more scope for"concessions" thanworkers insunset manufacturing industries.
Moreover, itisworth recalling thatliberalization-induced adjustment islikely togenerate
significant dividends, interms ofoverall economic performance, given theinfrastructural nature of
many modern services sectors. Potential "losers" willfinditeasier tore-position themselves within
adynamic economy generating favourable income andemployment opportunities thaninastagnant
system defying change.
15. Thekeyrôleplayedbytelecommunications,bankingandotherservicesinamodern-dayeconomy
isnotwithoutrisks.Technicalorfinancialdisturbancesemanatingfromthesesectorsmayhaveprofound
economy-wide implications. Itwould benexttoimpossible, forexample, toshield eventhesmallest
producer inaremote region from theshockwave ofalarger bankcrash. Similarly, theinterruption
oftransport andtelecommunication linkscould, within averyshort timeperiod, bring anyeconomic
activity toahalt. Inturn, suchriskshaveinspired theenactment ofmyriad regulatory constraints -
capital adequacy andassetquality requirements, telecommunications technical standards andthelike-
intended toensure thecontinued availability ofcoretechnical andcommercial services.S/C/W/26
Page5
16. There isnothing intheGATS -orintheGATT -thatwould oblige governments tosacrifice
anyreasonable leveloftechnical orcommercial regulation.2TheGATS imposes constraints, however,
ontheuseofunnecessarilyrestrictiveordiscriminatoryrequirementsinscheduledsectors.Governments
maythusberequired tocomplement market-opening measures withareview ofdomestic regulation.
Theensuing reforms mayimply political costs, inparticular iftheincome interests ofwell-defined
producer groups areatstake, butshould notnormally result inlower levels ofconsumer orcreditor
protection.
17. Considerable research hasbeendoneinrecent years toverify whether andunder whatconditions
suchexpectations materialize. Thefollowing Bibliography provides anoverview ofpublications issued
since1990. Itssector andcountry focus hasbeendetermined exclusively bytheavailability ofpublished
material anddoesnotreflect anyapriori selection bytheSecretariat.
2See,forexample, Kono, M.etal(1997), Opening Markets inFinancial Services andtheRole
oftheGATS, WTO Special Studies, Geneva.S/C/W/26
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BORDO, Michael; SCHWARZ, Anna J.(1995);
Theperformance andstability ofbanking systems under "self-regulation": theory andevidence;
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Creating efficient banking systems: theory andevidence from Eastern Europe; Tübingen.
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DALE, Richard (1994);
International banking deregulation: thegreat banking experiment; Oxford.
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Good-bye Financial Repression, Hello Financial Crash; Journal ofDevelopment Economics ,
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ELYASIANI, Elyas (1995);
Thecomparative efficiency performance ofsmall andlarge UScommercial banks inthepre-and
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FISHMAN, James J.(1993);
Thetransformation ofthreadneedle street: thederegulation andreregulation ofBritain 'sfinancial
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GIRG, Joachim (1995);
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(b) Insurance
BARROS, Pedro (1996);
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BASTIANI, Adriano (1995);
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BOSSELMANN, Eckhard H.(1994);
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(c) General
ALIBER, Robert Z.(1994);
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Bank ofJapan (1991);
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CHENG, Hang-sheng (1991);
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CHUNG, Choon Taik(1994);
Financial sectors reforms andliberalization intheRepublic ofKorea: current status and
prospects; in:S.Faruqi (ed.), Financial Sector Reforms, Economic Growth, andStability:
Experiences inSelected Asian andLatin American Countries; TheWorld Bank, Washington
D.C.
CLIFTON, EricV.(1994);
Financial liberalization inIsrael; Washington D.C. (International Monetary Fund).
ENGLUND, Peter etal.(1996);
Loan-to-value ratios inSweden: theimpact offinancial deregulation; Scandinavian Housing &
Planning Research ,No.3.
EYZAGUIRRE, Nicolas G.(1993);
Financial crisis, reform andstabilization: theChilean experience; in:S.Faruqi (ed.), Financial
Sector Reforms inAsian andLatin American Countries; TheWorld Bank, Washington D.C.
FORMBY, M.JohnP.etal.(1990);
Costs under regulation andderegulation: thecaseofUSpassenger airlines; TheEconomic
Record ,No.195(Economic Society ofAustralia).
FRENKEL, Roberto (1994);
Elfortalecimiento delsector financiero enelproceso deajuste: liberalización yregulación;
Buenos Aires (Centro deEstudios deEstado ySociedad).
FUKUCHI, Takao (1995);
Liberalization effect infinancially repressed economy: thecaseofIndonesia, 1982 -90;The
Developing Economies ,No.3(Institute ofDeveloping Economies).
GUPTA, Kanhaya L.;LENSINK, Robert (1996);
Financial liberalization andinvestment; London.
GUTIERREZ PEREZ, A.;PERROTINI, Ignacio (1994);
Liberalización financiera yestabilización macroeconomica enMéxico: desafíos yperspectivas;
Investigación Económica ,No.209.
MELITZ, Jacques; BORDES, Christian (1991);
Themacroeconomic implications offinancial deregulation; European Economic Review ,No.1.S/C/W/26
Page14
PENNER, R.(1994);
Financial liberalization inanAgrarian Economy: thecaseofParaguay; in:S.Faruqi (ed.),
Financial Sector Reforms, Economic Growth andStability: Experiences inSelected Asian and
Latin American Countries; TheWorld Bank, Washington D.C.
PEREZ CAMPANERO, Juan(1991);
Liberalization andfinancial crisis inUruguay: 1974 -87;in:Banking Crises, Washington D.C.
SHEA, Jia-dong (1992);
Thewelfare effects ofeconomic liberalization under financial market segmentation: withspecial
reference toTaiwan; Taipei.
SJAHRIR (1992);
Indonesian financial andtrade policy deregulation: reform andresponse; in:TheDynamics of
Economic Policy Reform inSouth-East AsiaandtheSouth-West Pacific; Singapore.
SOYIBO, Adedoyin; AADEKANYE, Femi (1992);
Financial system regulation, deregulation andsavings mobilization inNigeria; Nairobi (AERC
research paper).
STERN, Andrew (1992);
Financial institutions andmonetary control inaneraofderegulation, liberalization andreform: a
comparison ofrecent developments intheUnited States, Japan, andChina (PRC); Research in
Asian Economic Studies ,B.
SUWANDI, Titin (1995);
Indonesian banking post-deregulation: moral hazard andhighrealinterest rates; Canberra
(Economics Division Working Papers; Research School ofPacific andAsian Studies, ANU).
TANDON, Rameshwar P.(1996);
Japanese financial deregulation since 1984; Geneva (UNCTAD Discussion Paper No.114).
III. TRANSPORT
(a) Aviation
BALTIGI, Badietal.(1995);
Airline deregulation: thecostpieces ofthepuzzle; International Economic Review ,No.1.
BORENSTEIN, Severin (1992);
Theevolution ofUSairline competition; TheJournal ofEconomic Perspectives ,No.2.
BUTTON, Kenneth J.(1991);
Airline deregulation: international experiences; London.
BUTTON, Kenneth J.(1996);
Aviation deregulation intheEuropean Union: doactors learn intheregulation game?
Contemporary Economic Policy ,No.1.
BUTTON, Kenneth J.(1993);
International interdependencies between thederegulation ofdomestic service industries: acase
study ofaviation inNorth America; TheService Industries Journal ,No.3.S/C/W/26
Page15
BUTTON, Kenneth J.;SWANN, Dennis (1992);
Transatlantic lessons inaviation deregulation: EEC andUSexperiences; TheAntitrust Bulletin ,
No.1.
CARD, David E.(1996);
Deregulation andlabor earnings intheairline industry; Cambridge, MA (Working Paper Series,
National Bureau ofEconomic Research).
COLOMA, German, etal.(1994);
Laprivatización deAerolineas Argentinas; Santiago deChile (Comisión Economica paraAmerica
Latina yelCaribe).
DEMPSEY, PaulS.;GOEK, Andrew R.(1992);
Airline deregulation andlaissez-faire mythology; Westport, Conn.
EDELMAN, Richard B.;BAKER, Nent A.(1996);
Theimpact ofimplementing theairline deregulation actonstock returns; Journal ofEconomics
andFinance ,No.1.
EVANS, William N.;KESSIDES, Ioannis (1993);
Structure, conduct, andperformance inthederegulated airline industry; Southern Economic
Journal ,No.3.
FISHMAN, James J.(1996);
Flying high: liberalizing civilaviation intheAsiaPacific; Washington D.C. (Institute for
International Economics).
HEDLUND, Daniel C.(1994);
Toward openskies: liberalizing trade ininternational airline services; Minnesota Journal of
Global Trade ,No.2.
KEELER, Theodore E.(1991);
Airline deregulation andmarket performance: theeconomic basis forregulatory reform and
lessons from theUSexperience; in:Transport inafreemarket economy; Basingstoke,
Hampshire.
KENNET, David M.(1993);
Didderegulation affect aircraft engine maintenance? Anempirical policy analysis; TheRand
Journal ofEconomics ,No.4.
KINUGASA, Tatsuo (1994);
Coststructure afterderegulation ofJapanese aviation; Saint Lucia, Queensland (Department of
Economics Discussion Papers).
KUNASEK, Gregory L.(1990);
Theevolution oftheairline industry since deregulation; Midwestern Business andEconomic
Review ,No.12.
MacDONALD, James M.(1996);
Railroad deregulation: pricing reforms, shipper responses, andtheeffects onlabor; Industrial &
Labor Relations Review ,No.1.S/C/W/26
Page16
MacMULLEN, B.Starr (1993);
Profits andthecostofcapital totheUStrunk airline industry under CAB regulation; NewYork.
MAILLEBIAU, EricG.(1995);
Demand andconsumer welfare impacts ofinternational airline liberalisation: thecaseofthe
North Atlantic; Journal ofTransport Economics andPolicy ,No.2.
MAILLEBIAU, EricG.(1993);
Theimpact ofinternational aviation liberalization: theNorth Atlantic routes asacasestudy;
Berkeley.
MARIN, Pedro L.(1995);
Ladesregulación deltransporte aéreo enEuropa ysusefectos sobre laestructura demercado;
Regulación ycompetencia enlaeconomía española, Madrid.
MARIN, Pedro L.(1995);
Theremains ofregulation: airlines 'profits afterliberalization; London (Suntory-Toyota
International Centre forEconomics andRelated Disciplines, London School ofEconomics).
MAROLLES, Olivier de;LENOIR, Alexis (1993);
Ladéréglementation dutransport aérien enAustralie; Paris.
MECHLING, George W.(1991);
Deregulation andthecapacity, productivity andtechnical efficiency ofequipment offormer trunk
airlines; Journal ofTransport Economics andPolicy ,No.1.
MEYER, JohnR.(1992);
From closed settoopensetderegulation: anassessment oftheUSairline industry; TheLogistics
andTransportation Review ,No.1.
MORRISON, Steven A.(1995);
Theeffects ofairline deregulation intheUnited States; in:OnPrivatization andDeregulation in
theUnited States, Tokyo (Discussion Paper, Economic Research Institute, Economic Planning
Agency).
NIJKAMP, Peter (1996);
Liberalisation ofairtranport inEurope: thesurvival ofthefittest? Schweizerische Zeitschrift für
Volkswirtschaft undStatistik ,No.3.
NORMAN, Victor D.;STRANDENES, SiriP.(1994);
Deregulation ofScandinavian Airlines: acasestudy oftheOslo-Stockholm route; in:Empirical
Studies ofStrategic Trade Policy; Chicago.
OBERMANN, Stefan (1992);
Deregulierung unddynamischer Wettbewerb; dasBeispiel desUS-Luftverkehrsmarktes; List-
Forum fürWirtschafts -undFinanzpolitik ,No.1.
OPITZ, Michael (1994);
DerEinfluss derEG-Liberalisierung aufdieNetzbildung imeuropäischen Luftverkehrssystem;
Nürnberg.S/C/W/26
Page17
OUM, Tae-hoon (1991);
Airline deregulation inCanada anditseconomic effects; Transportation Journal ,No.4.
PEOPLES, James H.(1991);
Airline deregulation andindustry wage levels; Eastern Economic Journal ,No.1.
PHU, SonH.(1991);
Theeffects ofUSairline deregulation onpublic intercity passenger travel demand: an
econometrics analysis; Oklahoma.
REYNOLDS-FEIGHAN, Aisling J.(1992);
Theeffects ofderegulation onUSairnetworks; Berlin.
REYNOLDS-FEIGHAN, Aisling J.(1997);
Theimpact ofUSairline deregulation onairport traffic patterns; Dublin (Centre forEconomic
Research Working Paper Series).
SAMUELS, George E.(1990);
Airline deregulation: itseffects andthecompetitive environment; International Journal of
Transport Economics ,No.2.
WILLIAMS, George (1994);
Theairline industry andtheimpact ofderegulation; Aldershot, Hants.
WOERZ, Claudia (1997);
Deregulierungsfolgen imLuftverkehr: Handlungsempfehlungen fürMarktordnung und
Umweltpolitik; Heidelberg.
YARROW, George K.(1995);
Airline deregulation andprivatization intheUK; in:Onprivatization andderegulation inthe
United Kingdom; Tokyo (Discussion Paper/Economic Research Institute, Economic Planning
Agency).
(b) Maritime Transport
BENNATHAN, Esra(1993);
Deregulation ofshipping: lessons from Chile; in:Regulatory Reform inTransport;
Washington D.C.
(c) RailTransport
BARNEKOV, Christopher C.;KLEIT, A.N. (1990);
Theefficiency effects ofrailroad deregulation intheUnited States; International Journal of
Transport Economics ,No.1.
BURTON, Mark L.(1993);
Railroad deregulation, carrier behaviour, andshipper response :adisaggregated analysis; Journal
ofRegulatory Economics ,No.4.
DUNLOP, IanT.(1995);
Implementing competition reform -coalhaulage byrail: acasestudy; Economic Papers ,No.3
(Economic Society ofAustralia).S/C/W/26
Page18
WILSON, Wesley W.(1997);
Costsavings andproductivity intherailroad industry; Journal ofRegulatory Economics ,No.1.
WILSON, Wesley W.(1994);
Market-specific effects ofrailderegulation; TheJournal ofIndustrial Economics ,No.1.
(d) Road Transport
ALEXANDER, Donald L.(1992);
Motor carrier deregulation andhighway safety: anempirical analysis; Southern Economic
Journal ,No.1.
ALLEN, Benjamin J.etal.(1993);
Intrastate trucking deregulation: haveboththenegative andpositive impacts beenoverstated?
Transportation Journal ,No.1(American Society ofTransportation andLogistics).
CORSI, Thomas M.etal.(1992);
Theimpact ofderegulation onLTLmotor carriers: size,structure, andorganization;
Transportation Journal ,No.2.
KLING, Robert W.(1990);
Deregulation andstructural change intheLTLmotor freight industry; Transportation Journal ,
No.3.
TRAYNOR, Thomas L.;McCARTHY, Patrick S.(1991);
Trucking deregulation andhighway safety: theeffect ofthe1980 Motor Carrier Act; Journal of
Regulatory Economics ,No.4.
YAMAUCHI, Hirotaka (1995);
Regulatory reform andchanges intheJapanese trucking industry; in:OnPrivatization and
Deregulation inJapan; Tokyo (Discussion Paper/Economic Research Institute; Economic
Planning Agency).
IV. PROFESSIONAL SERVICES
MURRAY, James (1996);
Liberalisation andtheconsumer; in:International Trade inProfessional Services; Paris.