Trade in Financial Services and Capital Movements

被引：3

作者：

Natalia T. Tamirisa

机构：

[1] International Monetary Fund,

来源：

Journal of Financial Services Research | 2003年 / 24卷 / 1期

关键词：

Banking; Capital controls; Capital flows; Financial services; Insurance; Trade;

D O I：

10.1023/A:1025964617796

中图分类号：

学科分类号：

摘要：

International financial liberalization may alter saving-investment imbalances and patterns of capital flows across countries. Using a panel of OECD countries for 1990-1996, I examine how the liberalization of capital movements and financial services trade affects net private capital flows. Capital inflows tend to fall (rise) with the liberalization of commercial presence in banking and securities (insurance) services, possibly reflecting an increase (decrease) in saving. I find that capital account liberalization stimulates capital inflows, suggesting that better access to external financing helps sustain larger current account deficits. When cross-border trade is liberalized, capital inflows change insignificantly.

引用

页码：47 / 66

页数：19

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