1、 外文翻译 原文 International Trade in Financial Services Material Source: The Service Industries Journal, No.6, September 2005 Author: ALLAN WEBSTER and PHILIP HARDWICK International trade in financial services is a topic of some importance both to the financial services sector itself and in international
2、 trade negotiations. Unfortunately, intrinsic problems in defining and measuring trade in services, combined with a lack of data in many countries, have made empirical analysis of trade in financial services difficult. Recent improvements in data, although still providing only a limited coverage, do
3、 now provide a basis for analysis. In this paper, we use data from the OECD International Trade in Services Statistics 2001 database to conduct an analysis of trade in financial services based on standard theories and empirical techniques for international trade. Our results suggest that the key con
4、cepts of international trade are of use in understanding international trade flows in financial services. In particular, we find evidence of significant volumes of intra-industry trade in financial services, as well as significant volumes of inter-industry trade for some countries, including the UK.
5、 Using Balassas revealed comparative advantage index, the most highly ranked countries are Belgium-Luxembourg, Italy, Switzerland, the UK, the USA and Greece. Using the net export ratio, the countries that are ranked highest include Germany, Switzerland, the UK, the USA and Belgium-Luxembourg. INTRO
6、DUCTION The question of which countries have a comparative advantage in financial services is becoming increasingly relevant and important as the worlds financial markets become more and more competitive. The process of globalisation, the gradual harmonisation of regulatory systems, particularly in
7、the European Union (EU), and financial reforms in individual states in response to the World Trade Organisations General Agreement on Trade in Services (GATS) are all leading to a gradual transformation of the worlds financial system. As a result, there has been an expanding literature concerned wit
8、h the determinants of international trade in financial services. GATS was established in 1995 following the Uruguay Round of trade negotiations. It can be described as an intergovernmental agreement to establish a multilateral framework of principles and rules for trade in services with a view to th
9、e expansion of such trade under conditions of transparency and progressive liberalisation and as a means of promoting economic growth of all trading partners and the development of developing countries. With respect to financial services (which encompasses the broad areas of insurance, banking and s
10、ecurities-related services), liberalisation began before the Uruguay Round, as many countries removed barriers to the opening of branches and other forms of establishment by foreign institutions in the mid-1980s. Subsequently, the GATS negotiations have led to further commitments by developed and de
11、veloping countries to remove restrictions on foreign ownership of local financial institutions. In some cases, progress has been slow, as some developing countries have tried to ensure that their domestic industries are only exposed to foreign competition gradually. The principal methods of achievin
12、g this have been by imposing restrictions on foreign equity ownership (e.g., that it should not exceed 49 per cent) and by imposing limits on the number of branches. In the EU, the financial system is being transformed (or Europeanised) much more rapidly. Financial integration has been agreed as a k
13、ey priority and this is clearly reflected in the 2005 deadline set for the implementation of the Financial Services Action Plan (FSAP), adopted by the European Council in 1998. For wholesale markets, the FSAP aims to establish common rules for integrated securities and derivatives markets, facilitat
14、e the raising of capital on an EU-wide basis, ensure legal certainty in the cross-border use of collateral and create greater transparency. For retail markets, the FSAP has a number of priorities, including: (1) ensuring that consumers throughout the EU have access to information on the provision of
15、 financial services; (2) ensuring consumer protection in cross-border contractual disputes; (3) facilitating e-business in financial services; (4) establishing a common regulatory framework for, and supervisory co-ordination of the cross-border provision of insurance services; (5) facilitating cross
16、-border retail payments. Loheac argued that as the degree of integration increases, differing legislative norms become more apparent and it becomes increasingly difficult to meet the minimum conditions required to overcome international diversity. So the achievement of the above aims will not in its
17、elf create a single financial services market in the EU, but will represent considerable progress in that direction. As financial markets in the EU and around the world have become increasingly homogeneous, there has been an increase in the number of mergers and acquisitions among financial firms an
18、d the emergence of new products and techniques. Within the EU, of course, the euro has helped this process by removing exchange risk for financial flows across most EU member states. Thus, although financial markets, even within blocs like the EU, are still to a large extent segmented, there is a cl
19、ear trend towards greater liberalisation and globalisation. These developments should lead to net gains in economic performance for those countries that possess a comparative advantage in the provision of financial services. They will be the countries that are best placed to expand and develop their
20、 financial services industries and, through establishment, mergers and acquisitions and/or cross-border trade, gain bigger market shares. THE NATURE OF TRADE IN FINANCIAL SERVICES In most cases, services differ from goods by being intangible, invisible and by not being storable. Personal services, l
21、ike hairdressing, are obvious examples, but exceptions might include insurance policies and consultants reports, which are clearly tangible and visible and can be usefully stored for a period of time. The characteristics of intangibility and invisibility create obvious difficulties for international
22、 trade and, in cases where proximity between the service supplier and the consumer is necessary (as in hairdressing), cross-border importing and exporting, in the sense normally applied to goods, are impossible. Financial services, unlike hairdressing, are not completely location-bounded. For exampl
23、e, it is possible (in some cases) to deposit money in and take out loans from a bank located in a foreign country. Similarly, it is possible for UK insurance companies to write and sell policies to foreign residents, who will then enjoy the same benefits as any UK residents holding the same policies
24、. However, there are two main non-tariff barriers that have helped to prevent free cross-border trade in financial services. First, differences in regulations between countries act as a serious constraint on the ability of companies to sell overseas: examples include differences in prudential regula
25、tions, supervision arrangements and consumer protection. Secondly, there are country-specific idiosyncrasies that make it difficult for foreign companies to acquire the necessary local knowledge to penetrate new markets without a commercial presence. So even if the first of these barriers is gradual
26、ly removed through agreements such as the FSAP and GATS, the nature of financial services probably means that cross-border trade is unlikely to become the main mode of supply. How then do financial service providers in one country compete with providers in other countries? There are four principal m
27、odes of supply: (1) Cross-border movements of financial services. Here the financial services cross national boundaries independently of the supplier or the consumer, exactly like imports and exports of goods. In spite of the non-tariff barriers mentioned above, imports and exports of financial prod
28、ucts are an expanding feature of international trade. (2) Movements of consumers to the exporting country. In this case, non-residents visit the country in which the service is supplied in order to purchase and consume it. For example, UK residents who visit France may find it convenient to open a e
29、uro account in a French bank. Non-financial examples include tourism and training programmes for visiting students. (3) Establishment of a commercial presence in a foreign country. In this case, the service supplier establishes a representative office, a subsidiary company, an agency or a joint vent
30、ure in the foreign country and supplies the service locally. This is an example of establishment through FDI being used in place of cross border exporting. Dunning argued that to induce a company to establish overseas, the company must possess an ownership advantage and a location advantage that mak
31、es it preferable to establish rather than export. (4) Temporary movement of persons to a foreign country to provide the service. In this case, service suppliers visit a foreign country on a temporary basis to provide their services as non-residents. In the case of financial services, the first and t
32、hird modes of supply are the most significant, with establishment being by far the most important at present. However, when it comes to identifying a comparative advantage in financial services, the extent of FDI is unlikely to be a suitable indicator. Where FDI in banking, say, is undertaken in ord
33、er to penetrate a foreign market, it may well suggest that a comparative advantage in banking is held by the country of origin. But FDI may equally be undertaken in order that the firm can benefit from the skills and resources available in the foreign country and this would tend to suggest that the
34、foreign country held the comparative advantage. So the only genuine indicator of a countrys comparative advantage in financial services is the extent of cross-border trade and it is this, therefore, that we concentrate on in this study. OVERVIEW OF ECONOMIC THEORIES OF INTERNATIONAL TRADE Inter-Indu
35、stry and Intra-Industry Trade From the point of view of economic theory international trade can usefully be divided into two broad categories inter-industry trade and intra-industry trade. Interindustry trade occurs when a country exports a number of goods and services and imports an entirely differ
36、ent set of goods and services. For example, Saudi Arabia exports crude petroleum and imports almost everything else. Intra-industry trade, in contrast, is a two-way trade in essentially the same good. For example, Spain exports wine to Italy but at the same time also imports wine from Italy. This di
37、stinction between Inter-Industry and Intra-Industry trade is mainly of use in understanding what underlying forces generate international trade. In practice, cases of pure inter-industry trade or pure intra-industry trade are rare. It is much more common for countries to register exports and imports
38、 of the same good or service but, on balance, to export more than they import. That is, in practice both inter-industry and intra-industry trade tend to co-exist. CONCLUSIONS International trade in financial services is a topic of some relevance both to the financial services sector itself and in in
39、ternational trade negotiations. Unfortunately intrinsic problems in defining and measuring trade in services combined with a lack of data in many countries make empirical analysis of trade in financial services difficult. Recent improvements in data, although still providing only a limited coverage,
40、 do now provide a basis for analysis. Using these data we conducted an analysis based on standard theories and empirical techniques for international trade. Our results do suggest that the key concepts of international trade are of use in understanding international trade flows in financial services
41、. For example, we do find evidence of clear patterns of comparative advantage and international specialisation in financial services. We also find evidence of significant volumes of intra-industry trade. These findings also have implications for future trade negotiations. It is reasonable, for examp
42、le, to expect those countries with a comparative advantage in financial services to favour greater trade liberalisation. Conversely, any resistance to further liberalisation of trade in financial services is much more likely to arise from the ranks of those countries with a comparative disadvantage
43、in financial services. 译文 金融服务贸易 资料来源 ： 服务产业期刊 ，第 6期， 2005年 9月 作者： ALLAN WEBSTER 和 PHILIP HARDWICK 国际金融服务贸易是一个关于金融服务部门本身和国际贸易谈判的重要性的主题。不幸的是，在确定和衡量服务贸易内在的问题，结合了许多缺乏数据的国家，已经对金融服务贸的难题做出了一些 实证分析。最近的数据有所改善，即使仍然只提供有限的覆盖范围，但现在为分析提供了基础。在本文中，我们使用来自经合组织国际服务贸易的数据进行 2001 年在金融服务贸易分析基于标准的理论和技术的国际贸易经验。我们的研究结果表明，国际
44、贸易的关键概念是对理解在金 融服务中的国际贸易流动的使用。特别是，我们找到了同行业的具有显著 的金融服务贸 易的证据，以及具有显著 的国家的产业间贸易，包括英国。利用巴拉萨的“显示性比较优势”指数，排名最高的国家是 比利时，卢森堡，意大利，瑞士，英国，美国和希腊。使用 “ 净出口率 ” ， 排名最高的国家包 括德国，瑞士，英国，美国 ， 比利时和卢森堡。 简介 随着世界金融市场变得越来越有竞争力，一些国家在金融服务贸易上的比较优势的问题正变得越来越相关和重要。在全球化过程中，监管制度逐渐统一，特别是 欧盟 ，一些国家为应对世界贸易组织的服务贸易总协定逐渐统一而采取的金融改革等，这些都逐步转变了
45、世界金融体系。因此， 出现了与金融服务有关的国际贸易 书籍 的决定因素的不断扩展。 服务贸易总协定成立于 1995 年，紧跟于乌拉圭回合贸易谈判。它可以被描述为一个政府间的协定， 为了建立一份贸易的原则和规则的多边框架，来扩展这种贸易项下的透 明度和逐步自由化，并作为促进所有贸易伙伴的经济增长方式与发展中国家的发展。关于金融服务（包括保险，银行和证券服务等广泛领域），自由化开始在乌拉圭回合之前，因为许多国家为了建立分支机构和通过在20 世纪 80 年 代中期外国机构的开放来消除障碍。随后，服务贸易总协定谈判已经导致发达国家和发展中国家的进一步的承诺，取消对地方金融机构的外国所有权的限制。在某些
46、情况下，进展一直很缓慢，因为一些发展中国家努力确保其国内产业只接触到外国的竞争趋势。实现这 一目标的主要方法是由外国资产所有权施加限制（例如，它不应该超过 49%）并通 过强加的分行数目限制。 在欧盟，金融体系正在快速的发生变化。金融一体化已作为一个关键 的 优先事项，这在 通过 1998 年欧洲理事会设置金融服务行动计划（金融部门评估规划）中明确的反应了 2005 年 为 最后期限。对于批发市场，金融部门评估规划的目标是建立综合证券及衍生产品市场的共同规则，促使在欧盟范围的基础上，筹集资金，确保在抵押品跨境时运用法律的确定性并创造更大的透明度。对于零售市场，金融部门评估规划有一个优先事项，其
47、中包括： （ 1） 确保经过欧盟的消费者可以通过金融服务的提供获取信息； （ 2） 确保消费者在跨国合同纠纷 中能得到保护； （ 3） 便利的电子商务金融服务； （ 4） 建立一个共同的管理框架和监管合作的保险服务的跨境协调提供； （ 5） 促进跨境零售支付。 Loheac 认为，随着一体化程度的增加，不同的法律规范变得更加明显，它变得越来越难以满足需要克服国际多样性的最起码的条件。因此，上述目标的实现不会本身制造出一个单一的在欧盟的金融服务市场，但却将代表这一方面取得很大的进展。在欧盟和世界各地的金融市场变得越来越均匀， 金融公司之间新产品和技术的兼并和收购数量在增加。当然，在欧盟内部，欧元
48、汇率已帮助消除大多数欧盟成员国资金 流动的风险。因此，虽然金融市场甚至和在欧盟集团一样，仍然在相当大的程度上分割，存在着一种更大的自由化和全球化的明显趋势。这些发展应该导致这些国家拥有在金融服务方面具有比较优势的经济表现的净收益。他们将被认为是最能扩大和发展其金融服务行业的国家，并通过建立兼并、收购或者是跨边界贸易，以此获得更大的市场份额。 金融服务贸易的性质 在大多数情况下，服务不同于货物的无形，无形且不能同时储存。个人服务，如理发，就是明显的例子，但例外情况包括保险政策和顾问的报告，这显然是有形的，看得见的，并且可以有一段时间的保质期。无形和隐形的特点，为国际贸易创造了明显的困难，并且服务
49、供应商和消费者之间的距离是必要的（如美容美发），跨边境进口和出口货物在某种意义上通常应用于货物，这是不可能的。金融服务不像美容，也不是完全定位为界的，例如，在外国的银行存钱和贷款是可能的（在某些情况下）。同样的，它有可能为英国保险公司设计或销售政策给外国居民，那些居民将会享有 与英国持有政策的居民同样的待遇。 然而，有两个主要的有助于防止金融服务自由跨境贸易的非关税壁垒。首先，在各国之间的法规差异作为对公司海外销售能力的严重制约。例如包括在审慎监管的安排和消费者保护的差异。其次，还有国家的具体特质，使外国公司很难获得必要的知识渗透到当地没有商业存在的新市场。因此，即使这些障碍首要的是逐步通过诸如金融部门评估规划和服务贸易总协定，金融服务的性质，可能意味着跨境贸易不太可能成为主要的供应方式。 那么，如何做一个国家的金融服务供应商和与其他国家竞争的供应商呢？有四种主要的供应模式： （ 1） 金融服务的跨国界流动。在这里，金融服务跨越国界独立于供应商或消费者，准确的说像进口和出口货物。鉴于以上非关税贸易壁垒，金融产品的进口和出口是扩大国际贸易的一种特征。 （ 2） 变动对出口国的消费者。在这种情况下，非居民参观了该服务是为了提供给它购买和消费的国家。例如，访问法国的英国居民可能会发现在一家法国银
