IMF Working Paper Series
Liberalization of Trade in Financial Services and Financial Sector Stability (Empirical
Approach) [статья]
Опубликовано на портале: 16-12-2003
Alexei P. Kireyev
IMF Working Paper Series.
2002.
No. 02/139 .
The paper explores empirically the links between the WTO-driven liberalization of
trade in financial services and the stability of national financial systems. Econometric
testing of indicators intended to proxy financial sector stability-subdivided into
exchange rate and banking sector stability-suggests that opening of the financial
sector is an efficient policy instrument at the disposal of the authorities for achieving
a variety of macroeconomic goals. While liberalization is found to be broadly conducive
to stability, the outcome of liberalization on exchange rate stability is less predictable
than on banking sector stability.