Abstract
International financial services, the financial services trade that is conducted through the financial service sectors, play a very important role in a nation economic growth. Especially the modes of cross-border supply and commercial presence have been the new economics growth point. Multiple regression models are built up based on time-series data of financial service trade and economic growth in China, then co-integration test and Granger test are used to analyze their relationship. The results are that there is long-run equilibrium relationship between the two modes of financial service trade, and both of them improve the economics growth. At last, some suggestions are given for the coordinated development of financial service trade and economic growth.
Highlights
The concept of financial services was begun from Uruguay round of GATT (General Agreement on Tariffs and Trade) in 1986, and was continuous development and improvement in 1988 by Ingo Walter
In 1994, the details were given in ANNEX ON FINANCIAL SERVICES of GATS (General Agreement on Trade in Services), that is, “A financial service is any service of a financial nature offered by a financial service supplier of a Member
From the result we know LNNM, LNFI is single Granger cause of LNGDP respectively, and there is Granger cause between LNFI and LNNM. It is unstable of relationship between international financial service and economic growth, while their first order differentials are stable
Summary
The concept of financial services was begun from Uruguay round of GATT (General Agreement on Tariffs and Trade) in 1986, and was continuous development and improvement in 1988 by Ingo Walter. In China, the literatures of financial services and economic growth are very few, until now only ZHANG Xiaofeng (2009) utilized time-series data to analysis empirically the relationship of international services trade and economic growth, but only for one mode of financial services. Empirical analysis was done with 1997-2008 time-series data of international financial services and economic growth by co-integration test and Granger test. That it can be test the relationships between international financial services and economic growth, and improve their development coordinately.
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