略论开放的金融服务贸易政策对资本流动及金融安全的影响——对GATS有关开放承诺的研究

The Influence of the Open Financial Service Trade Policies on Capital Flows and Financial Safety

近年来 ,由于各国金融的相继放开 ,各种金融机构日趋活跃。与此同时 ,根据世贸组织对 2 7个新兴市场的研究发现 ,从 1 990年到 1 997年但凡实行金融管制的国家 ,其遭受金融危机的可能性并不比不实行金融管制的国家小 ,甚至还要高出几倍。有关研究表明 ,金融贸易政策的重要性表现在两个方面 :一是开放的金融政策可以被视为改善资本流动质量和增强金融体系的市场手段 ;二是即使在那些金融体系不发达的国家 ,适度开放也有利于在不破坏稳定资本流动的条件下增强本国金融的竞争能力。

This article argues that financial service trade policies regarding financial services are an important determinant of capital flows as well as financial sector stability.Opening financial service trade policies which promote the use of a broad spectrum of financial instruments and allow the presence of foreign financial institutions whilst not unduly restricting their business practices,will result in less distorted and less volatile capital flows,and promote financial sector stability.The article gives some evidence for this claim through an analysis of GATS commitments in 27 emerging markets. In this article there are,through our analysis,two important policy implications.Firstly,opening financial service policies can be a market-based means to improve the “quality”of capital flows and to strengthen financial systems.Secondly,even in countries where the financial system is weak,certain types of financial services trade could be also opened.