At the Uruguay Round, tariff rate quotas (TRQs) were intended to serve two purposes: first, to prevent that tariffication would lead - at least on the short term - to a deterioration of market access and second, to create new, minimum market access. The since then observed fill rates do not...

Information costs and regulatory barriers are the main distinguishing features of international financial markets as compared to national financial markets. This paper presents a simple model of the impact of these factors on banks' cross-border activities and provides empirical evidence. Our...