国际金融英文版托马斯A普格尔著Chapter.ppt

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1、Chapter7InternationalLendingandFinancialCrisesInternationalLendingandFinancialCrisesAnanalysisofthebenefitsofinternationallendingandborrowing.FinancialcrisesWhydidmanyfinancialcrisesoccur?Howcanweresolvethem?Whatmightwebeabletodotomakethemlessfrequent?InternationalLendingandFin

2、ancialCrisesIninternationalfinancialcapitalflows,thelenders(investors)givetheborrowersmoneytobeusednowinexchangeforIOUsorownershipsharesentitlingthemtointerestanddividendslater.Internationalcapitalflowsareconventionallydividedintodifferentcategoriesbytypeoflender(privateversuso

3、fficial),bymaturity(longtermversusshortterm),byexistenceofmanagementcontrol(directversusportfolio),andbytypeofborrower(privateorgovernment).InternationalLendingandFinancialCrisesPrivatelendingandinvestingofficiallendingandinvestingInternationalcapitalflowsShorttermLongtermDirec

4、tinvestmentloansPortfolioinvestmentSeep157formoredetailsLendingtoforeignborrowerPurchasingbondsissuedbyagovernmentoraforeignenterpriseInternationalLendingandFinancialCrisesInternationalcapitalflowscanbringtwotypesofbenefits.First,itrepresentsintertemporaltrade,inwhichthelenderg

5、ivesupresourcestodayinordertogetmoreinthefuture,andtheborrowergetsresourcestodaybutmustbewillingtopaybackmoreinthefuture.Second,itallowslenderstodiversifytheirinvestmentsmorebroadly,sotheycanlowertheriskinessoftheentireportfolioofinvestmentthroughgreaterdiversification.Internat

6、ionalcapitalflowscanbewell-behavedandbadly-behaved,thesearethemainpointsofthischapter.Gainsandlossesfromwell-behavedinternationallendingBasicassumptions:theworldisstableandpredictable,andborrowersfullyhonortheircommitmentstorepay.Gainsandlossesfromwell-behavedinternationallendi

7、ng010,0006000PercentyearPercentyear82MPKofU.S.AMPKofJapan546TUVSRdbacefgh42004800Gainsandlossesfromwell-behavedinternationallendingWithinternationalfinancialfreedom,worldproductismaximized.Thereasonforthisgainisthatfreedomallowsindividualwealthholdersthechancetoseekthehighestre

8、turnanywhereintheworld.(seefigure7.1)Thegainsfromthefr