国际经济学理论与政策教师用书第二十一章

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1、Chapter21TheGlobalCapitalMarket:PerformanceandPolicyProblems115Chapter21TheGlobalCapitalMarket:PerformanceandPolicyProblemsnChapterOrganizationTheInternationalCapitalMarketandtheGainsfromTradeThreeTypesofGainsfromTradeRiskAversionPortfolioDiversificationasaMotiveforInternationalAssetTrade

2、TheMenuofInternationalAssets:Debtvs.EquityInternationalBankingandtheInternationalCapitalMarketTheStructureoftheInternationalCapitalMarketGrowthoftheInternationalCapitalMarketOffshoreBankingandOffshoreCurrencyTradingTheGrowthofEurocurrencyTradingTheImportanceofRegulatoryAsymmetriesRegulati

3、ngInternationalBankingTheProblemofBankFailuresDifficultiesinRegulatingInternationalBankingInternationalRegulatoryCooperationCaseStudy:WhentheWorldAlmostEnded:TwoEpisodesofMarketTurmoilHowWellhastheInternationalCapitalMarketPerformed?TheExtentofInternationalPortfolioDiversificationTheExten

4、tofIntertemporalTradeOnshore-OffshoreInterestDifferentialsTheEfficiencyoftheForeignExchangeMarketSummaryChapter21TheGlobalCapitalMarket:PerformanceandPolicyProblems115nChapterOverviewTheinternationalcapitalmarket,involvingEurocurrencies,offshorebondandequitytrading,andInternationalBanking

5、Facilities,initiallymaystrikestudentsasoneofthemorearcaneareascoveredinthiscourse.Muchoftheapparentmysteryisdispelledinthischapter.Thechapterdemonstratesthatissuesinthisareaaredirectlyrelatedtootherissuesalreadydiscussedinthecourse,includingmacroeconomicstability,theroleofgovernmentinterv

6、ention,andthegainsfromtrade.Usingthesamelogicthatweappliedtoshowthegainsfromtradeingoodsorthegainsfromintertemporaltrade,wecanseehowtheinternationalexchangesofassetswithdifferentriskcharacteristicscanmakebothpartiestoatransactionbetteroff.Internationalportfoliodiversificationallowspeoplet

7、oreducethevariabilityoftheirwealth.Whenpeoplearerisk-averse,thisdiversificationimproveswelfare.Animportantfunctionoftheinternationalcapitalmarketistofacilitatesuchwelfare-enhancingexchangesofbothdebtinstruments,suchasbonds,andequityinstruments,suchasstocks.Indiscuss