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China, Asia, and the New World Economy$
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Barry Eichengreen, Yung Chul Park, and Charles Wyplosz

Print publication date: 2008

Print ISBN-13: 9780199235889

Published to Oxford Scholarship Online: May 2008

DOI: 10.1093/acprof:oso/9780199235889.001.0001

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Impact of Financial Services Trade Liberalization on Capital Flows: The Case of China's Banking Sector 1

Impact of Financial Services Trade Liberalization on Capital Flows: The Case of China's Banking Sector 1

Chapter:
(p.341) 13 Impact of Financial Services Trade Liberalization on Capital Flows: The Case of China's Banking Sector1
Source:
China, Asia, and the New World Economy
Author(s):

Li-Gang Liu

Elvira Kurmanalieva

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199235889.003.0013

This chapter examines the impact of China's financial services trade liberalization on capital flows. First, it reports that foreign banks, in spite of their small presence in China, have already played an important role in channeling capital flows in and out of the country. Second, it examines the impact of the liberalization commitments made under the GATS in financial services and especially in the banking sector on international bank loans to developing economies. The chapter is organized as follows: Section 13.2 provides an updated review of the GATS with a focus on the financial services. Section 13.3 documents the role of foreign banks in channeling capital flows in and out of China. Section 13.4 presents some empirical findings on whether the financial services trade liberalization commitments promote bank loans to emerging market economies. Section 13.5 concludes and discusses implications for policy.

Keywords:   financial services, capital inflows, monetary policy, banking industry, foreign banks, GATS

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