金融服务贸易的自由化对中国的影响外文翻译Word文件下载.docx
《金融服务贸易的自由化对中国的影响外文翻译Word文件下载.docx》由会员分享，可在线阅读，更多相关《金融服务贸易的自由化对中国的影响外文翻译Word文件下载.docx（10页珍藏版）》请在冰点文库上搜索。
TheImpactofFinancialServicesTradeLiberalizationonChina
MaterialSource:
TheImpactofFinancialServicesTradeLiberalizationonChina
Author:
Li-GangLiu
Abstract
ThispapershowsthatfinancialservicestradeliberalizationinChinahassetimpetusforaccelerateddomesticfinancialliberalization.Foreignbanks,thoughstillrelativelysmallinsize,havealreadyexertedconsiderableinfluenceonChina’scapitalflows.Empiricalfindingfromthecross-countrystudyindicatesthatfinancialservicestradeliberalizationundertheWTOpromotesbankloanstodevelopingeconomiesstronglythoughnotevenlyconditionaloncountrycharacteristics.
Keywords:
Financialservicestradeliberalization,capitalflows,financialandcapitalaccountliberalization,gravitymodel
I.Introduction
Chinaisundertakingasetofsimultaneous,thoughgradual,domesticfinancialandcapitalaccountliberalization.Atthesametime,itsfinancialsectorisalsoexperiencingincreasedforeigncompetitionasthecountryhasalreadystartedtoallowconsiderableforeignparticipationinitsdomesticfinancialsector.2007willbeawatershedyearasChinawillhavetofullyimplementitsWTOcommitmentsonfinancialservicestradeliberalization.
WhileforeignbanksinemergingmarketspromoteefficiencythroughenhancedcompetitionandtransferofskillsClaessens,etal…2001,CommitteeontheGlobalFinancialSystemCGFS,2004,theyalsoposechallengestopolicymakersinareasofmanagingliberalizationpace,upgradingsupervisionskills,andconductingmonetarypolicy.Empiricalfindingssuggestthatwithmorecountriesembarkinguponfinancialliberalization,theriskoffinancialcriseshasalsoincreased.Itwasobservedthatsincethe1980s,overtwo-thirdsofIMFmembercountrieshaveexperiencedsignificantproblemsinthebankingsectorLindgren,et.al…1996.StudiesontherelationshipbetweenfinancialliberalizationandbankingcrisisalsoindicatethatfinancialliberalizationraisestheprobabilityofabankingcrisisDemirguc-Kunt&
Detragiache,1998.Moreover,inemergingmarketeconomies,abankingcrisisisusuallyassociatedwithabalanceofpaymentcrisiswhenthecountry’scapitalaccountisopenKaminsky&
Reinhart,2000.
Becausefinancialservicestradeliberalizationofteninvolvescapitalflows,foreignparticipationwillcertainlycomplicatetheongoingprocessofdomesticfinancialandcapitalaccountliberalizationinemergingmarketeconomies.Itishypothesizedthatforeignbankparticipationwouldacceleratebothdomesticfinancialandcapitalaccountliberalizationandinparticular,itwouldmakeahostcountry’scapitalcontrolregimeprogressivelymoreineffective,thusleadingtodefactocapitalaccountliberalization.Withoutnecessarymodificationsregardingtheirexchangerateregimesandthewaystheyconductmonetarypolicies,emergingmarketeconomiesmayexperienceinherentpolicyinconsistenciesthatcouldeventuallyleadtocapitalaccountcrisesThispaperintendstoexaminetheseissuesraisedaboveintwosegments:
First,itexaminestheimpactofforeignbankpresenceonChina’srapidlyevolvingdomesticandexternalfinancialliberalization.UsingChinaasacasestudy,thepaperintendstoshedlightonwhetherforeignparticipationhelpsaccelerateChina’sdomesticfinancialandcapitalaccountliberalization.ThepaperthenexaminestheimpactoftheWTOfinancialservicestradeliberalizationcommitmentsandespeciallythebankingsectorcommitmentsonbankloanstodevelopingeconomies.Specifically,theempiricalstudyofthissectionhopestoshedlightonwhetherfinancialservicestradeliberalizationhelpspromotebankloanstodevelopingeconomies.
Thepaperproceedsasfollows:
SectionIIprovidesanupdatedreviewontheGeneralAgreementofTradeinServiceswithafocusonthefinancialservices.SectionIIIexamineswhetherforeignbankpresenceinChinahelpsacceleratedomesticfinancialandcapitalaccountliberalization.SectionIVpresentssomeempiricalfindingsonwhetherthefinancialservicestradeliberalizationcommitmentspromotebankloanstoemergingmarketeconomies.SectionVdiscussesimplicationsforpolicy.
II.FinancialServicesTradeLiberalizationundertheGATS
II.1:
GATSRules:
Anupdatedreview
FinancialservicestradeliberalizationnegotiationsFSTLN,undertheGeneralAgreementonTradeandServicesGATS,aimsatreducingoreventotallyremovingalltradebarriersinfinancialservicessectorbyallowingforeignfinancialfirmsininsurance,banking,securitiesindustryandotherrelatedfinancialservicessectorstoenterahostcountryandenjoynationaltreatment.TheGATS,launchedintheUruguayRoundin1986,wasnotabletoreachanyagreementuntilApril1994,severalmonthsaftertheconclusionoftheUruguayRoundattheendof1993Kono,etal…,1997.NegotiationsonfinancialservicesagreementswerealsoextendedfarbeyondtheUruguayRoundandfinallyreachedagreementin1997.InthecurrentandnewDoharoundofWTOnegotiations,financialservicesandotherserviceswillbea“built-in”agenda,thushavingthebenefitofrenewedemphasisKey,2003.
FSTLNspecifiesgeneralcommitments,specificexemptions,andmodesofsupplyofservices.Thesecommitmentsgoverningmodesoffinancialservicessuppliedandtheycandifferfromcountrytocountryandcanbephasedinovertimedependingontheinitialagreements.However,thegeneralcommitmentsofGATSalsoapplytoFSTLNhavethefollowingfeaturesKono,etal…,1997:
1
?
MostfavorednationMFN:
AllliberalizationmeasuresmustbeextendedtoallWTOmembersequally?
Marketaccessandnationaltreatment:
WTOmembercountriescannotdiscriminatebetweendomesticandforeignfirms,exceptwhenexplicitlyindicatedatthetimeofjoiningtheGATS?
Transparency:
Localregulationsshouldbepublishedandmadeaccessibletoall?
Progressiveliberalization:
Memberstatesagreetoincreasethenumberofliberalizedsectorsandtoeliminateexceptionswithinsectorsbycommittingtofuturenegotiatingrounds?
Disputesettlementmechanism:
Allcommitmentsarelegallybinding.Harmedstatescaninitiateanarbitrationprocedure.Iffoundharmed,thecountrycanimposesanctionsagainsttheviolatingcountryHowever,FSTLNalsohassomeimportantexemptions:
Exemptionforgovernmentservices:
ActivitiesofthecentralbanksorothergovernmentauthoritiescarryingoutmonetaryandexchangeratepoliciesareexcludedfromGATS?
Prudentialcarve-out:
ItisexemptedfromGATSandisdesignedtoensurethathostcountrygovernmentscanprotecttheirdomesticfinancialsystemandparticipantsofthefinancialsystemthroughtheapplicationofthehostcountryprudentialstandards.Theseprudentialmeasuresinprincipledonothavetocomplywiththenationaltreatment,marketaccesscommitmentsanditsmostfavorednationresponsibilityKey,2003.However,theprudentialcarve-outisnotmeanttobeanoverridingexceptiontoamember’sobligations,asprudentialmeasuresshouldnotbeusedtoavoidamember’sobligationorcommitments?
Somenon-prudentialrelatedgovernmentregulationsforexample,practicesrelatedtoindustrialpolicytoprovidecredittocertainindustriesarealsoexemptedfromthecommitmentsoftheGATSunlesssuchpoliciesviolatethegeneralcommitmentsasspecifiedaboveKono,etal…,1997Similartoothertypesofservices,FSTLNalsocoversfourmodesofsupply:
cross-border,consumptionabroad,commercialpresence,andmovementsofnaturalpersons.
Mode1orcross-bordersupply:
IfaconsumerincountryAandasupplierincountryB,theservicecrossesthebordertomeettheneedoftheconsumerinCountryAe.g.,AJapanesebankinTokyolendstoaChinesefirminShanghai.Dependingonthenatureoftransactions,thismodeofsupplyinfinancialserviceswillofteninvolvenotonlyfinancialservicesbutalsocapitalflowsTable1?
Mode2orconsumptionabroad:
ItreferstoascenariothataconsumerinCountryAwillhavetotraveltoCountryBwheretheservicesupplierislocatedinordertoconductatransactione.g.,AJapanesecompanyopensabankaccountwithabankinChinaaJapanese,otherforeign,orevenadomesticChinesebankfortransactionsoccurringinChina?
Mode3orcommercialpresence:
ItreferstoaserviceincountryAprovidedbyasupplierincountryBtookplaceatapermanentplaceofbusinesslocatedincountryAe.g.,AJapanesebanklendsfirmsinChinathroughitsbranchinChinaTable2?
Mode4ormovementofnaturalpersons:
ItreferstoaserviceincountryAisprovidedbycountryBwithpersonnelimportedfromcountryBe.g.,AbranchofaJapanesebankdrawsitsmanagementfromitsheadquartersinTokyoAsdiscussedabove,measuresundertakenforprudentialpurposesareexemptedfromthebasicrules.Becausethereisnonecessitytestofvalidity,such“carve-outs”couldbepotentiallyusedasrestrictionsorbarriersforforeignentry.Inaddition,onlyasovereign,notaprivatebank,canbringcomplainstotheWTOdisputepanelKey,2003Althoughfinancialservicesofteninvolvecapitalflows,theFSTLNunderGATSdoesnothaveanyauthoritytooverridethemeasuresofcapitalcontrolsinahosteconomy.Undercapitalcontrols,across-borderfinancialservicetrademayoccurbutnotnecessarilythecapitalflowsassociatedwiththeservice.ThisisbecauseFSTLNunderGATShastobeconsistentwiththecurrentaccounttransactionsoftheIMFArticlesofAgreement.Itdoesnot,however,covercapitalaccounttransactions.Inprinciple,countriesthathavesignedontheGATSinfinancialservicescancontinuetoengagetheircapitalcontrolmeasuresandpracticesTable3usesthebankingbusine
升级会员 