Research On International Competitiveness Of Financial Service Trade In BRICS Countries

In recent years,emerging economies have become increasingly prominent in global trade.The BRICS countries represented by China,Brazil,India,Russia,and South Africa have good growth prospects,and its financial service trade has developed.However,compared with the developed countries in the world,there is still a certain gap in the form of the international competitiveness.Therefore,it is of great significance to explore the true status of financial services trade of the BRICS countries and to use the relevant indicators of international competitiveness to make scientific evaluation.This paper uses the International Market Share(IMS)Index,the Trade Competitiveness(TC)Index,and the Explicit Comparative Advantage(RCA)Index to evaluate the international competitiveness.Based on the data(2005-2016)form the database of the United Nations Conference on Trade and Development,this paper compares and analyzes the current situation and the international competitiveness of the financial services trade of BRICS.It introduces the STRI index to compare the openness of the BRICS financial services trade.The result shows that the international competitiveness of BRICS financial services trade is generally weak,and the development is not balanced,and the degree of openness is not high.Afterwards,this paper learn from the Porter's "Diamond Model" theory.Taking IMS index of financial services trade as the dependent variable,the Internet penetration rate,the GDP per capita,the exports of goods trade,the FDI dependence,and the financial services trade openness as independent variables,it uses the hybrid model to fit the panel data of the BRICS to explore the actual influence of these five factors on the international competitiveness of the BRICS financial services trade.Finally,this paper proposes advices to improve the international competitiveness of China's financial services trade.