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1、M16EFAEmergingFinancialMarketsModuleLeaderSaileshTanna,W22322-1Copyright©2006PearsonAddison-Wesley.Allrightsreserved.22-2Copyright©2006PearsonAddison-Wesley.Allrightsreserved.IntroductionRichandpoorcountriesCharacteristicsofpoorcountriesBorrowinganddebtindevelopingeconomiesInternationalCap
2、italMarketsTypesoffinancialcapitalLatinAmerican,EastAsianandRussiancrisesLessonsfromcrisesandpotentialreformsReference:P.KrugmanandM.Obstfeld,InternationalEconomics,Ch.213TerminologyEmergingmarkets:developingcountrieswithliberalisedmarketsandminimalstateinterventionRealinterestrates=nomina
3、linterestrates–inflatione.g.Realdepositrates(2%)=nominaldepositrates(5%)–inflation(3%)Opportunitycost:interestforegonee.g.cash£100inyourhandsforoneyear.Theopportunitycostisinterest,say£5with5%p.a.bankdepositrate.22-4Copyright©2006PearsonAddison-Wesley.Allrightsreserved.22-5Copyright©2006Pe
4、arsonAddison-Wesley.Allrightsreserved.22-6Copyright©2006PearsonAddison-Wesley.Allrightsreserved.22-7Copyright©2006PearsonAddison-Wesley.Allrightsreserved.OverviewofWorldEconomySomecountrieshavegrownrapidlysince1960,butothershavestagnatedandremainedpoor.Manypoorcountrieshaveextensivegovernm
5、entcontroloftheeconomy,unsustainablefiscalandmonetarypolicies,lackoffinancialmarkets,weakenforcementofeconomiclaws,alargeamountofcorruptionandlowlevelsofeducation.22-8Copyright©2006PearsonAddison-Wesley.Allrightsreserved.RichandPoorLowincome:mostsub-SaharanAfrica,India,PakistanLower-middle
6、income:China,formerSovietUnion,CaribbeanUpper-middleincome:Brazil,Mexico,SaudiArabia,Malaysia,SouthAfrica,CzechRepublicHighincome:US,France,Japan,Singapore,KuwaitIndicatorsofEconomicWelfarefor4groupsofcountries,2003GNPpercapita(1995US$)LifeexpectancyLowincome45058Lower-middleincome148069Up
7、per-middleincome534073Highincome2885078Source:WorldBank,WorldDevelopmentReport2004/200522-9Copyright©2006PearsonAddison-Wesley.Allrightsreserved.RichandPoor(cont.)Whilesomepreviouslymiddleandlowincomecountrieseconomieshavegrownfasterthanhighincomecountries,and
