| Under the impetus of technology and information,trade in services has become the fast lane of economic globalization.Not only service trade has been growing faster than trade in goods,but also the proportion of the whole trade structure has gradually increased.In view of the current situation,optimization the service trade structure and adjusting to service trade related institutional arrangement has become a pressing matter of the moment.As an export-oriented and service-oriented economy,Hong Kong has advantage in business services,transportation services,finance and insurance,it is one of the most competitive cities in service trade.At present,the research focus on service trade in Hong Kong,but the relevant research on service export is less.This paper first analyzes the present situation,development trend and characteristics of service export in Hong Kong.Secondly,starting from the institutional perspective,we put institutional quality into the gravity model and use panel data of Hong Kong and 39 service trade partners during 2000?2012 to make an empirical analysis.Finally,we calculate the impact of service trade agreements and institutional quality on Hong Kong's service output from an industry level.After analyzing the impact of economic,political and legal factors on Hong Kong's service output,the results show that:(1)The regression of the control variables is consistent with the theoretical expectations.Hong Kong's service output has positive correlation with GDP,common language,border,colonial affiliation and has negative correlation with distance.(2)Trading partners with higher institution quality tend to be more active in import,no matter the political quality,economic quality and legal quality.The institution quality has significant influence on Hong Kong service export.(3)There are some differences between different institution variables.Specifically,in the economic quality,monetary freedom,trade freedom and business freedom are more important;In the political quality level,government effectiveness,regulatory quality and government corruption are more important;In the legal quality dimensions,property rights are more important.Further from the industry perspective,financial sector is more easily influenced by institution quality,namely the modern service industry is easier influenced by the institution quality.(4)RTAs did not produce the expected effect on Hong Kong's service export.From the industry level,RTAs promote Hong Kong's tourism and financial services export to the mainland China.These findings have important significance for the development and adjustment of Hong Kong's open policy in the near future.Hong Kong should reform and adjust the institutions according to the influence of different institutional factors.At the same time,it should take a more active part in the process of the regional service trade liberalization.Hong Kong also needs to provide effective framework agreements to promote the development of service trade and enhance international competitiveness of service trade. |
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