金融服务贸易自由化对中国的影响外文翻译.docVIP

外文翻译 原文 The Impact of Financial Services Trade Liberalization on China Material Source: The Impact of Financial Services Trade Liberalization on China Author: Li-Gang Liu Abstract This paper shows that financial services trade liberalization in China has set impetus for accelerated domestic financial liberalization. Foreign banks, though still relatively small in size, have already exerted considerable influence on China’s capital flows. Empirical finding from the cross-country study indicates that financial services trade liberalization under the WTO promotes bank loans to developing economies strongly though not evenly conditional on country characteristics. Keywords: Financial services trade liberalization, capital flows, financial and capital account liberalization, gravity model I. Introduction China is undertaking a set of simultaneous, though gradual, domestic financial and capital account liberalization. At the same time, its financial sector is also experiencing increased foreign competition as the country has already started to allow considerable foreign participation in its domestic financial sector. 2007 will be a watershed year as China will have to fully implement its WTO commitments on financial services trade liberalization. While foreign banks in emerging markets promote efficiency through enhanced competition and transfer of skills (Claessens, et al … 2001, Committee on the Global Financial System (CGFS), 2004), they also pose challenges to policy makers in areas of managing liberalization pace, upgrading supervision skills, and conducting monetary policy. Empirical findings suggest that with more countries embarking upon financial liberalization, the risk of financial crises has also increased. It was observed that since the 1980s, over two-thirds of IMF member countries have experienced significant problems in the banking sector (Lindgren, et. al…1996). Studies on the relationship between financial liberalization and banking crisis also indicat