IMF Working Paper Series
Выпуск N02/139 за 2002 год
Liberalization of Trade in Financial Services and Financial Sector Stability (Empirical Approach) [статья]
Опубликовано на портале: 16-12-2003Alexei 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.