2019国际金融课件(约瑟夫 P.丹尼尔斯).ppt
《2019国际金融课件(约瑟夫 P.丹尼尔斯).ppt》由会员分享,可在线阅读,更多相关《2019国际金融课件(约瑟夫 P.丹尼尔斯).ppt(21页珍藏版)》请在三一文库上搜索。
1、The International Financial Architecture and Emerging Economies,INTERNATIONAL MONETARY AND FINANCIAL ECONOMICS,Third Edition,Joseph P. Daniels David D. VanHoose,Copyright South-Western, a division of Thomson Learning. All rights reserved.,International Financial Architecture,The international financ
2、ial architecture is the set of international institutions, governmental and nongovernmental organizations, and the policies that govern activity in the international monetary and financial markets.,International Capital Flows,Growth in foreign direct investment (FDI) is one of the most important dev
3、elopments in international capital markets. An FDI inflow is an acquisition of domestic financial assets that results in foreign residents owning 10 percent or more of a domestic entity. An FDI outflow is an acquisition of foreign financial assets that results in domestic residents owning 10 percent
4、 or more of a foreign entity.,Mergers and Acquisitions,Cross-border mergers and acquisitions are a driving force of recent growth in FDI in the developed economies. Cross-border mergers and acquisitions entail combining of firms located in different nations in which one firm absorbs the assets and l
5、iabilities of another firm (merger) or purchases the assets and liabilities of another firm (acquisition).,Cross-Border Mergers and Acquisitions,During 1990-2000, M&A inflows of the developed nations increased by more than 500 percent while inflows of the developing nations increased by nearly 600 p
6、ercent.,Net Capital Flows to Emerging Economies,Despite recent financial crises, private capital flows to the emerging economies have grown at a remarkable rate.,Emerging Economies of the Western Hemisphere,Prior to the 1994 Mexican peso crisis, a large portion of FDI inflows consisted of portfolio
7、capital. Since 1994, FDI flows are a greater proportion of the total capital flows.,Emerging Economies of Asia,Though the emerging economies of East Asia attracted substantial FDI flows during the mid-1990s, they relied heavily on portfolio, bank loans, and other forms of short-term capital.,Capital
8、 Allocations and Growth,With access to foreign capital, domestic residents and businesses can continue to save and invest during domestic economic downturns, thereby smoothing business cycles. Access to global capital can also reduce investment costs for a developing economy, thereby spurring greate
9、r investment spending.,Financial-Sector Development,Because financial intermediaries perform an important role in channeling capital, financial-sector developmentthe strengthening and growth of the nations financial sector institutions, payments systems, and regulatory agenciescontributes to attract
10、ing global capital and promoting domestic saving.,Capital Misallocations,Market imperfections, such as asymmetric information, adverse selection, herding behavior, and moral hazard (Chapter 6) may lead to capital misallocation. Policy-created distortionsgovernment policies that result in a market pr
11、oducing a level of output that is different from the economically efficient level of outputmay also result in capital misallocations.,Capital Market Liberalization,Capital market liberalizationpolicy actions designed to allow relatively open issuance and competition in a nations stock and bond marke
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 2019国际金融课件约瑟夫 P.丹尼尔斯 2019 国际金融 课件 约瑟夫 丹尼尔
链接地址:https://www.31doc.com/p-2854902.html