金融服务贸易自由化对中国的影响外文翻译

1、金融效劳贸易自由化对中国的影响外文翻译 外文翻译原文The Impact of Financial Services Trade Liberalization on ChinaMaterial Source: The Impact of Financial Services Trade Liberalization on ChinaAuthor: Li-Gang Liu Abstract This paper shows that financial services trade liberalization in China has set impetus for accelerated d

2、omestic financial liberalization. Foreign banks, though still relatively small in size, have already exerted considerable influence on Chinas capital flows. Empirical finding from the cross-country study indicates that financial services trade liberalization under the WTO promotes bank loans to deve

3、loping 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 finan

4、cial 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 full

5、y 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 m

6、akers 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-t

7、hirds of IMF member countries have experienced significant problems in the banking sector Lindgren, et. al1996. Studies on the relationship between financial liberalization and banking crisis also indicate that financial liberalization raises the probability of a banking crisis Demirguc-Kunt & D

8、etragiache, 1998. Moreover, in emerging market economies, a banking crisis is usually associated with a balance of payment crisis when the countrys capital account is open Kaminsky & Reinhart, 2000. Because financial services trade liberalization often involves capital flows, foreign participati

9、on will certainly complicate the ongoing process of domestic financial and capital account liberalization in emerging market economies. It is hypothesized that foreign bank participation would accelerate both domestic financial and capital account liberalization and in particular, it would make a ho

10、st countrys capital control regime progressively more ineffective, thus leading to de facto capital account liberalization. Without necessary modifications regarding their exchange rate regimes and the ways they conduct monetary policies, emerging market economies may experience inherent policy inco

11、nsistencies that could eventually lead to capital account crises This paper intends to examine these issues raised above in two segments: First, it examines the impact of foreign bank presence on Chinas rapidly evolving domestic and external financial liberalization. Using China as a case study, the

12、 paper intends to shed light on whether foreign participation helps accelerate Chinas domestic financial and capital account liberalization. The paper then examines the impact of the WTO financial services trade liberalization commitments and especially the banking sector commitments on bank loans t

13、o developing economies. Specifically, the empirical study of this section hopes to shed light on whether financial services trade liberalization helps promote bank loans to developing economies. The paper proceeds as follows: Section II provides an updated review on the General Agreement of Trade in

14、 Services with a focus on the financial services. Section III examines whether foreign bank presence in China helps accelerate domestic financial and capital account liberalization. Section IV presents some empirical findings on whether the financial services trade liberalization commitments promote

15、 bank loans to emerging market economies. Section V discusses implications for policy. II. Financial Services Trade Liberalization under the GATSII. 1: GATS Rules: An updated review Financial services trade liberalization negotiations FSTLN, under the General Agreement on Trade and Services GATS, ai

16、ms at reducing or even totally removing all trade barriers in financial services sector by allowing foreign financial firms in insurance, banking, securities industry and other related financial services sectors to enter a host country and enjoy national treatment. The GATS, launched in the Uruguay

17、Round in 1986, was not able to reach any agreement until April 1994, several months after the conclusion of the Uruguay Round at the end of 1993 Kono, et al , 1997. Negotiations on financial services agreements were also extended far beyond the Uruguay Round and finally reached agreement in 1997. In

18、 the current and new Doha round of WTO negotiations, financial services and other services will be a “built-in agenda, thus having the benefit of renewed emphasis Key, 2003. FSTLN specifies general commitments, specific exemptions, and modes of supply of services. These commitments governing modes o

19、f financial services supplied and they can differ from country to country and can be phased in over time depending on the initial agreements. However, the general commitments of GATS also apply to FSTLN have the following features Kono, et al , 1997: 1 ? Most favored nation MFN: All liberalization m

20、easures must be extended to all WTO members equally ? Market access and national treatment: WTO member countries can not discriminate between domestic and foreign firms, except when explicitly indicated at the time of joining the GATS ? Transparency: Local regulations should be published and made ac

21、cessible to all ? Progressive liberalization: Member states agree to increase the number of liberalized sectors and to eliminate exceptions within sectors by committing to future negotiating rounds ? Dispute settlement mechanism: All commitments are legally binding. Harmed states can initiate an arb

22、itration procedure. If found harmed, the country can impose sanctions against the violating country However, FSTLN also has some important exemptions: ? Exemption for government services: Activities of the central banks or other government authorities carrying out monetary and exchange rate policies

23、 are excluded from GATS ? Prudential carve-out: It is exempted from GATS and is designed to ensure that host country governments can protect their domestic financial system and participants of the financial system through the application of the host country prudential standards. These prudential mea

24、sures in principle do not have to comply with the national treatment, market access commitments and its most favored nation responsibility Key, 2003. However, the prudential carve-out is not meant to be an overriding exception to a members obligations, as prudential measures should not be used to av

25、oid a members obligation or commitments ? Some non-prudential related government regulations for example, practices related to industrial policy to provide credit to certain industries are also exempted from the commitments of the GATS unless such policies violate the general commitments as specifie

26、d above Kono, et al , 1997 Similar to other types of services, FSTLN also covers four modes of supply: cross-border, consumption abroad, commercial presence, and movements of natural persons. Mode 1 or cross-border supply: If a consumer in country A and a supplier in country B, the service crosses t

27、he border to meet the need of the consumer in Country A e.g., A Japanese bank in Tokyo lends to a Chinese firm in Shanghai. Depending on the nature of transactions, this mode of supply in financial services will often involve not only financial services but also capital flows Table 1 ? Mode 2 or con

28、sumption abroad: It refers to a scenario that a consumer in Country A will have to travel to Country B where the service supplier is located in order to conduct a transaction e.g., A Japanese company opens a bank account with a bank in China a Japanese, other foreign, or even a domestic Chinese bank

29、 for transactions occurring in China ? Mode 3 or commercial presence: It refers to a service in country A provided by a supplier in country B took place at a permanent place of business located in country A e.g., A Japanese bank lends firms in China through its branch in China Table 2 ? Mode 4 or mo

30、vement of natural persons: It refers to a service in country A is provided by country B with personnel imported from country B e.g., A branch of a Japanese bank draws its management from its headquarters in Tokyo As discussed above, measures undertaken for prudential purposes are exempted from the b

31、asic rules. Because there is no necessity test of validity, such “carve-outs could be potentially used as restrictions or barriers for foreign entry. In addition, only a sovereign, not a private bank, can bring complains to the WTO dispute panel Key, 2003 Although financial services often involve ca

32、pital flows, the FSTLN under GATS does not have any authority to override the measures of capital controls in a host economy. Under capital controls, a cross-border financial service trade may occur but not necessarily the capital flows associated with the service. This is because FSTLN under GATS h

33、as to be consistent with the current account transactions of the IMF Articles of Agreement. It does not, however, cover capital account transactions. In principle, countries that have signed on the GATS in financial services can continue to engage their capital control measures and practices Table 3

34、 uses the banking business as an example to highlight the areas in which foreign bank entry not only brings financial services trade but also cross-border capital flows. Out of 17 categories of banking business in Mode 1, only three types of banking business can take place without involving capital

35、flows financial leasing, provision of financial information, and financial advisory. Only in Mode 3 Commercial Presence, most financial services trade can occur so long as foreign capitals are not involved. Despite these perceived limitations, FSTLN under GATS is an important step forward in liberal

36、izing the financial service trade worldwide as it provides national treatment to foreign financial firms, promotes transparency of financial regulations, and promises further liberalization in financial services. Similar to foreign direct investment in manufacturing sectors, the impact of foreign pa

37、rticipation in a host country may be much larger than one can contemplate based only on the existing WTO rules and regulations III. Chinas WTO Financial Services Commitments and their Implications China signed the GATS upon its WTO accession at the end of 2001. Although there is a phasing-out period

38、 of five years with respect to business scope local currency vs. foreign exchange banking business, customers resident vs. nonresident, consumer vs. firms, and geographic location Appendix I, its overall commitment is relatively liberal compared with countries in East Asia and most of the developing

39、 economies Figure 1. Even before its WTO commitments, foreign banks have already been allowed to operate in certain geographic areas with progressively liberalized scope of banking businesses Table 4. However, the opening was relatively modest because such liberalizations were only unilateral and ba

40、sed on the countrys own economic needs, which may be quite different from the multilateral and rule-based financial services trade liberalization under the GATS that are anticipated, transparent, and extended to all members of the WTO. 译文金融效劳贸易自由化对中国的影响资料来源:金融效劳贸易自由化对中国的影响 作者:刘利刚摘要 本文说明,在中国金融效劳贸易自由化

41、已经成为加速国内金融自由化的推动力量。外资银行虽然比拟小,但已经对中国的资本流动产生相当大的影响。跨国家研究的实证结果说明,在WTO下金融效劳贸易自由化促进了银行贷款在国家特点不均衡的条件下开展经济。 关键词:金融效劳贸易自由化、资本流动、金融和资本账户的自由化、重力场模型1 导言 中国正在开展的同时,虽然逐渐的对国内金融和资本帐户自由化的进行设置。但与此同时,其金融部门也正在经历更多的外国竞争,我国已经开始允许外国涉及国内相当大范围的金融部门。2007年将是一个分水岭,因为该年中国将要全面落实金融效劳贸易自由化对世贸组织的承诺。 而在新兴市场的推动下,通过提高竞争力和技能转移(Claesse

42、ns等人2001,全球金融系统委员会(CGFS),2004)效率的外资银行,他们也在管理领域开放步伐,挑战决策者,提高监管技能和执行货币政策。实证研究结果说明,更多的国家着手金融自由化,金融危机的风险也有所增加。据指出,20世纪80年代以来,超过三分之二的基金组织成员国都经历过银行界的重大问题(林格伦等人1996)。金融自由化和银行危机关系的研究还说明,金融自由化引发了银行危机(Demirguc- Kunt&Detragiache,1998)。此外,在新兴市场经济体制下,国家的资本帐户开放,银行业的危机常常伴随着支付危机的平衡(卡明斯基和莱因哈特,2000)。 由于金融效劳贸易自由化往

43、往涉及资本的流动,外资一定会在新兴市场经济体复杂的国内金融和资本帐户自由化的进程中进行参与。据推测,外资银行的参与将加快国内金融和资本帐户的自由化,特别是将使东道国的资本管制制度逐步无效,从而导致事实上的资本帐户自由化。如果没有必要就其汇率制度和他们实施货币政策的方法进行修改,新兴市场经济体可能会遇到与其固有的政策不一致,最终可能导致资本账户危机。 本文旨在探讨上述两局部提出的这些问题:首先,它探讨了外资银行的存在对中国快速开展的对内和对外金融自由化的影响。把中国作为一个案例研究,本文打算揭示外资参与有利于加快中国的国内金融和资本帐户自由化。进而探讨WTO金融效劳贸易自由化的影响,特别是银行对

44、银行贷款部门开展经济的承诺。具体来说,本节实证研究希望揭示金融效劳贸易自由化是否有利于促进银行贷款开展经济。 论文的撰写步骤如下:第二节提供了效劳贸易总协定对金融效劳的重点的最新评述。第三节探讨了在中国外资银行的存在是否有利于加快国内金融和资本账户的自由化。第四节提出了一些实证研究结果证实金融效劳贸易自由化的承诺是否促进了银行贷款开展新兴市场经济体。第五节探讨了政策的影响。2 效劳贸易总协定下的金融效劳贸易自由化1.1 效劳贸易总协定规那么:一种最新评述 金融效劳贸易自由化谈判(FSTLN)根据效劳贸易总协定(GATS),目的是减少甚至完全消除金融效劳部门的所有贸易障碍,允许在保险、银行、证券

45、业和其他相关金融效劳部门的外国金融公司进入东道国和享受国民待遇。效劳贸易总协定,在1986年乌拉圭回合中提出, 但未能达成任何协议,直到1994年4月,乌拉圭回合在1993年年底结束后的几个月。关于金融效劳协议的谈判也被延长远远超出了乌拉圭回合,最后在1997年达成协议。在当前新的世贸组织多哈回合谈判中,金融效劳和其他效劳将是一个“内置的议程,从而重新强调了利益。 FSTLN指定一般承诺、特定豁免及效劳供给模式。这些承诺提供的理事,他们可以因国家和金融效劳方式的不同,随着时间的推移逐步取消最初的协议。然而,效劳贸易总协定的一般承诺也适用于FSTLN,具有以下特点: ? 最惠国待遇(MFN):所有的开放措施必须扩大到所有WTO成员中平均分配。 ? 市场准入和国民待遇:世贸组织成员国不能在国内和外国公司中存在歧视,除非明确表示参加效劳贸易总协定的时间。 ? 透明度:地方法规应予以公布,并对所有人作出公开。 ? 逐步自由化:会员国同意增加自由化部门的数量,并消除部门内部异常,承诺今后的谈判回合。 ? 争端解决机制:所有的承诺具有法律约束力。受损国家可以启动仲裁程序。如果受到了伤害,该国可以对违反的国家施加制裁。 然而,FST