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1、外文翻譯原文TheImpactofFinancialServicesTradeLiberalizationonChinaMaterialSource:TheImpactofFinancialServicesTradeLiberalizationonChinaAuthor:Li-GangLiuAbstractThispapershowsthatfinancialservicestradeliberalizationinChinahassetimpetusforaccelerateddomesticfinancia
2、lliberalization.Foreignbanks,thoughstillrelativelysmallinsize,havealreadyexertedconsiderableinfluenceonChina’scapitalflows.Empiricalfindingfromthecross-countrystudyindicatesthatfinancialservicestradeliberalizationundertheWTOpromotesbankloanstodevelopingecono
3、miesstronglythoughnotevenlyconditionaloncountrycharacteristics.Keywords:Financialservicestradeliberalization,capitalflows,financialandcapitalaccountliberalization,gravitymodelI.IntroductionChinaisundertakingasetofsimultaneous,thoughgradual,domesticfinanciala
4、ndcapitalaccountliberalization.Atthesametime,itsfinancialsectorisalsoexperiencingincreasedforeigncompetitionasthecountryhasalreadystartedtoallowconsiderableforeignparticipationinitsdomesticfinancialsector.2007willbeawatershedyearasChinawillhavetofullyimpleme
5、ntitsWTOcommitmentsonfinancialservicestradeliberalization.Whileforeignbanksinemergingmarketspromoteefficiencythroughenhancedcompetitionandtransferofskills(Claessens,etal…2001,CommitteeontheGlobalFinancialSystem(CGFS),2004),theyalsoposechallengestopolicymaker
6、sinareasofmanagingliberalizationpace,upgradingsupervisionskills,andconductingmonetarypolicy.Empiricalfindingssuggestthatwithmorecountriesembarkinguponfinancialliberalization,theriskoffinancialcriseshasalsoincreased.Itwasobservedthatsincethe1980s,overtwo-thir
7、dsofIMFmembercountrieshaveexperiencedsignificantproblemsinthebankingsector(Lindgren,et.al…1996).Studiesontherelationshipbetweenfinancialliberalizationandbankingcrisisalsoindicatethatfinancialliberalizationraisestheprobabilityofabankingcrisis(Demirguc-Kunt&De
8、tragiache,1998).Moreover,inemergingmarketeconomies,abankingcrisisisusuallyassociatedwithabalanceofpaymentcrisiswhenthecountry’scapitalaccountisopen(Kaminsky&Reinhart,2000).Becausefinancialservic
