Analysis Of The Impact Factors About Cross-border Delivery Of Financial Services Trade

For a long time,relative to the commercial presence in financial services,cross-border delivery has not been given due attention,especially for the emerging market countries.And when the cross-border delivery of financial services related to the free flow of trade in capital,this will enable emerging market countries into a dilemma situation:Either to meet the GATS requirements,commitment to cross-border delivery of liberalization and give up the international capital flows restrictions,but this will give hidden dangers to the country's economic security,or not commitment to the cross-border delivery of financial services on the liberalization,but this will make emerging market countries who is not in the advantage situation of trade in financial services continue to disadvantage,and the gap between the developed countries and the developing countries will be more and more big.In addition,according to the relevant data in 2015,it shows that the economic momentum in emerging market countries is continuing,compared to 2014,whether in China,Brazil,South Africa or Russia,many countries are constantly cut expected economic growth,this caused by the emerging market countries cannot cope with external shocks and the defects of their own economic structure.So many economists use the term economic development of the "new normal" to describe the status of emerging market countries which is lack of new economic growth,only rely on the traditional path of development,the economic development of emerging market countries unsustainable,so,open up a new road for the development is urgent,the financial service trade is a wise choice.In this paper,I will use the emerging market countries as the starting point,study on the influencing factors of the development of cross-border delivery of financial services trade which is one of the ways of financial service trade.On the basis of the traditional trade theory,I will take fully account of Keynes's theory of absolute income hypothesis and national income identity.In the supply and demand of the two party to discuss the face of cross-border delivery of financial services,and to test the impact of the factors that affecting the transmission mechanism.Finally,we find that the cross-border delivery of financial services in emerging market countries is subject to macroeconomic fluctuations in a country,as well as the impact of financial development depth,real interest rates and other factors,but there is not much relationship between the exchange rate,foreign direct investment or other factors and the cross-border delivery of financial services.On the basis of the facts,I will put forward some suggestions for develop emerging market countries's cross-border trade in financial services,hoping for emerging market countries to cope with the economic development of the "new normal".