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1、CHAPTER17INTERNATIONALBANKING:RESERVES,DEBT,ANDRISKCHAPTEROVERVIEWThischapterconductsasurveyoftheinternationalbankingsystem.Thechapterbeginsbydiscussinghowinternationalreservesallownationstobridgethegapbetweenmonetaryreceiptsandpayments.Deficitnationscanuseinternati
2、onalreservestobuytimeinordertopostponeadjustmentmeasures.Thechapterthendiscussesthemajordeterminantsofthedemandforinternationalreserves:(1)themonetaryvalueofinternationaltransactionsand(2)thesizeanddurationofbalance-of-paymentsdisequilibria.Theneedforinternationalre
3、servestendstobecomelesspronouncedwithfloatingexchangeratesthanwithfixedexchangerates.Themoreefficienttheinternationaladjustmentmechanismandthegreatertheextentofinternationalpolicycoordination,thesmallertheneedforinternationalreserves.Thesupplyofinternationalreserves
4、consistsofownedreservesandborrowedreserves.Amongthemajorsourcesofreservesareforeigncurrencies,monetarygoldstocks,specialdrawingrights,drawingpositionsattheInternationalMonetaryFund,swaparrangements,andtheGeneralArrangementstoBorrow.Whenmakingloans,abankfacescreditri
5、sk,countryrisk,andcurrencyrisk.Abankcanreduceitsexposuretodeveloping-nationdebtthroughoutrightloansalesinthesecondarymarket,debtbuybacks,debt-for-debtswaps,anddebt/equityswaps.Anationexperiencingdebt-servicingdifficultiesmayceaserepaymentsonitsdebt,serviceitsdebtata
6、llcosts,orrescheduleitsdebt.Debtreschedulinghasbeenwidelyusedbyborrowingnationsinrecentyears.©2011CengageLearning.AllRightsReserved.ThiseditionisintendedforuseoutsideoftheU.S.only,withcontentthatmaybedifferentfromtheU.S.Edition.Maynotbescanned,copied,duplicated,orpo
7、stedtoapubliclyaccessiblewebsite,inwholeorinpartAftercompletingthechapter,studentsshouldbeableto:•Explainhowinternationalreservesallownationstocopewithbalance-of-paymentsdisequilibria.•Identifythedeterminantsofthedemandforinternationalreserves.•Identifythemajorsourc
8、esofinternationalreserves.•Describetherisksthatbankersfacewhenmakingloanstointernationalborrowers.•Discusstheoptionsavailabletonationswhic
