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1、金融服務(wù)貿(mào)易自由化對中國的影響外文翻譯外文翻譯原文TheImpactofFinancialServicesTradeLiberalizationonChinaMaterialSource:TheImpactofFinancialServicesTradeLiberalizationonChinaAuthor:Li-GangLiuAbstractThispapershowsthatfinancialservicestradeliberalizationinChinahassetimpetusforaccelerateddome
2、sticfinancialliberalization.Foreignbanks,thoughstillrelativelysmallinsize,havealreadyexertedconsiderableinfluenceonChina’scapitalflows.Empiricalfindingfromthecross-countrystudyindicatesthatfinancialservicestradeliberalizationundertheWTOpromotesbankloanstodeveloping
3、economiesstronglythoughnotevenlyconditionaloncountrycharacteristics.Keywords:Financialservicestradeliberalization,capitalflows,financialandcapitalaccountliberalization,gravitymodelI.IntroductionChinaisundertakingasetofsimultaneous,thoughgradual,domesticfinancialand
4、capitalaccountliberalization.Atthesametime,itsfinancialsectorisalsoexperiencingincreasedforeigncompetitionasthecountryhasalreadystartedtoallowconsiderableforeignparticipationinitsdomesticfinancialsector.2007willbeawatershedyearasChinawillhavetofullyimplementitsWTOc
5、ommitmentsonfinancialservicestradeliberalization.WhileforeignbanksinemergingmarketspromoteefficiencythroughenhancedcompetitionandtransferofskillsClaessens,etal…2001,CommitteeontheGlobalFinancialSystemCGFS,2004,theyalsoposechallengestopolicymakersinareasofmanagingli
6、beralizationpace,upgradingsupervisionskills,andconductingmonetarypolicy.Empiricalfindingssuggestthatwithmorecountriesembarkinguponfinancialliberalization,theriskoffinancialcriseshasalsoincreased.Itwasobservedthatsincethe1980s,overtwo-thirdsofIMFmembercountrieshavee
7、xperiencedsignificantproblemsinthebankingsectorLindgren,et.al…1996.StudiesontherelationshipbetweenfinancialliberalizationandbankingcrisisalsoindicatethatfinancialliberalizationraisestheprobabilityofabankingcrisisDemirguc-Kunt&Detragiache,1998.Moreover,inemergingmar
8、keteconomies,abankingcrisisisusuallyassociatedwithabalanceofpaymentcrisiswhenthecountry’scapitalaccountisopenKaminsky&Reinhart,2000.Becausefinanc
