A Comparative Study on the Impact of the Financial Crises in the Process of Economic Opening

The paper compares the different characteristics between the Asian financial crisis and the U.S.subprime mortgage crisis.Based on index comparison method,impulse response and variance decomposition analysis, it compares the impact of the two financial crises on China It shows that when capital account is not completely open,the international trade is the main transmission channel of the international financial crisis to the domestic.Despite the economic openness increased financial risk,strengthen a good system design and financial risk management instruments can decrease shock wave from the crisis through financial channels.