金融服务贸易自由化对中国的影响外文翻译外文翻译原文TheImpactofFinancialServicesTradeLiberalizationonChinaMaterialSource:TheImpactofFinancialServicesTradeLiberalizationonChinaAuthor:Li-GangLiuAbstractThispapershowsthatfinancialservicestradeliberalizationinChinahassetimpetusforaccelerateddomesticfinancialliberalization.Foreignbanks,thoughstillrelativelysmallinsize,havealreadyexertedconsiderableinfluenceonChina’scapitalflows.Empiricalfindingfromthecross-countrystudyindicatesthatfinancialservicestradeliberalizationundertheWTOpromotesbankloanstodevelopingeconomiesstronglythoughnotevenlyconditionaloncountrycharacteristics.Keywords:Financialservicestradeliberalization,capitalflows,financialandcapitalaccountliberalization,gravitymodelI.IntroductionChinaisundertakingasetofsimultaneous,thoughgradual,domesticfinancialandcapitalaccountliberalization.Atthesametime,itsfinancialsectoris---本文来源于网络，仅供参考，勿照抄，如有侵权请联系删除---alsoexperiencingincreasedforeigncompetitionasthecountryhasalreadystartedtoallowconsiderableforeignparticipationinitsdomesticfinancialsector.2007willbeawatershedyearasChinawillhavetofullyimplementitsWTOcommitmentsonfinancialservicestradeliberalization.WhileforeignbanksinemergingmarketspromoteefficiencythroughenhancedcompetitionandtransferofskillsClaessens,etal…2001,CommitteeontheGlobalFinancialSystemCGFS,2004,theyalsoposechallengestopolicymakersinareasofmanagingliberalizationpace,upgradingsupervisionskills,andconductingmonetarypolicy.Empiricalfindingssuggestthatwithmorecountriesembarkinguponfinancialliberalization,theriskoffinancialcriseshasalsoincreased.Itwasobservedthatsincethe1980s,overtwo-thirdsofIMFmembercountrieshaveexperiencedsignificantproblemsinthebankingsectorLindgren,et.al…1996.StudiesontherelationshipbetweenfinancialliberalizationandbankingcrisisalsoindicatethatfinancialliberalizationraisestheprobabilityofabankingcrisisDemirguc-KuntDetragiache,1998.Moreover,inemergingmarketeconomies,abankingcrisisisusuallyassociatedwithabalanceofpaymentcrisiswhenthecountry’scapitalaccountisopenKaminskyReinhart,2000.Becausefinancialservicestradeliberalizationofteninvolvescapitalflows,foreignparticipationwillcertainlycomplicatetheongoingprocessofdomesticfinancialandcapitalaccountliberalizationinemergingmarketeconomie---本文来源于网络，仅供参考，勿照抄，如有侵权请联系删除---s.Itishypothesizedthatforeignbankparticipationwouldacceleratebothdomesticfinancialandcapitalaccountliberalizationandinparticular,itwouldmakeahostcountry’scapitalcontrolregimeprogressivelymoreineffective,thusleadingtodefactocapitalaccountliberalization.Withoutnecessarymodificationsregardingtheirexchangerateregimesandthewaystheyconductmonetarypolicies,emergingmarketeconomiesmayexperienceinherentpolicyinconsistenciesthatcouldeventuallyleadtocapitalaccountcrisesThispaperintendstoexaminetheseissuesraisedaboveintwosegments:First,itexaminestheimpactofforeignbankpresenceonChina’srapidlyevolvingdomesticandexternalfinancialliberalization.UsingChinaasacasestudy,thepaperintendstoshedlightonwhetherforeignparticipationhelpsaccelerateChina’sdomesticfinancialandcapitalaccountliberalization.ThepaperthenexaminestheimpactoftheWTOfinancialservicestradeliberalizationcommitmentsandespeciallythebankingsectorcommitmentsonbankloanstodevelopingeconomies.Specifically,the...