摘要：The paper investigates the factors that have influenced WTO members to take on level of
liberalization commitments in the framework of liberalization of trade in financial services and the
impact of such commitments on financial sector stability. The most important factors are economic
growth, current account, trends in banking sector development, policy restrictiveness, and peer group
effects. The econometric evidence suggests that more liberal commitments may be associated with
greater vulnerability to currency and banking crises.
