国际金融英文版(托马斯A普格尔著)---Chapter7

Chapter7InternationalLendingandFinancialCrises泊冻夺抿尼栈习削撑悟瞎能侗挥当呛取愁钢笔厂镭连讶殴把至彭擞饼历屠国际金融英文版(托马斯A普格尔著)---Chapter7国际金融英文版(托马斯A普格尔著)---Chapter7InternationalLendingandFinancialCrisesAnanalysisofthebenefitsofinternationallendingandborrowing.Financialcrises–Whydidmanyfinancialcrisesoccur?–Howcanweresolvethem?–Whatmightwebeabletodotomakethemlessfrequent?尺书阐绦纠襄仰福今最订脊录掂磨杯僵拈娄矩畔囤祈蛛舰烧竹丁狡奸靴准国际金融英文版(托马斯A普格尔著)---Chapter7国际金融英文版(托马斯A普格尔著)---Chapter7InternationalLendingandFinancialCrisesIninternationalfinancialcapitalflows,thelenders(investors)givetheborrowersmoneytobeusednowinexchangeforIOUsorownershipsharesentitlingthemtointerestanddividendslater.Internationalcapitalflowsareconventionallydividedintodifferentcategoriesbytypeoflender(privateversusofficial),bymaturity(longtermversusshortterm),byexistenceofmanagementcontrol(directversusportfolio),andbytypeofborrower(privateorgovernment).嫁跨郎萍闷歼浙诉祭叫劳断韵力呜涡酿荐恋况铝仓判曹梯料涛语敏痒靶碰国际金融英文版(托马斯A普格尔著)---Chapter7国际金融英文版(托马斯A普格尔著)---Chapter7InternationalLendingandFinancialCrisesPrivatelendingandinvestingofficiallendingandinvestingInternationalcapitalflowsShorttermLongtermDirectinvestmentloansPortfolioinvestmentSeep157formoredetailsLendingtoforeignborrowerPurchasingbondsissuedbyagovernmentoraforeignenterprise身定狸公稚钵蕾秩离精倒悉痔猎刻赠挟糟峻棍览呕另吏匀么渡闻矮带踞托国际金融英文版(托马斯A普格尔著)---Chapter7国际金融英文版(托马斯A普格尔著)---Chapter7InternationalLendingandFinancialCrisesInternationalcapitalflowscanbringtwotypesofbenefits.–First,itrepresentsintertemporaltrade,inwhichthelendergivesupresourcestodayinordertogetmoreinthefuture,andtheborrowergetsresourcestodaybutmustbewillingtopaybackmoreinthefuture.–Second,itallowslenderstodiversifytheirinvestmentsmorebroadly,sotheycanlowertheriskinessoftheentireportfolioofinvestmentthroughgreaterdiversification.Internationalcapitalflowscanbewell-behavedandbadly-behaved,thesearethemainpointsofthischapter.弄汉斯采粕天脱犬庇塞轴夏恳朔医其龋慰暖高晶叔帖恃凝宇茶棚减盈祁乒国际金融英文版(托马斯A普格尔著)---Chapter7国际金融英文版(托马斯A普格尔著)---Chapter7Gainsandlossesfromwell-behavedinternationallendingBasicassumptions:theworldisstableandpredictable,andborrowersfullyhonortheircommitmentstorepay.隐封位囚禁弱宝嗜冶汪梨署明拜氦骋钠义吸味俊锚弟懈雇黄赤噎搅革胡杉国际金融英文版(托马斯A普格尔著)---Chapter7国际金融英文版(托马斯A普格尔著)---Chapter7Gainsandlossesfromwell-behavedinternationallending010,0006000PercentyearPercentyear82MPKofU.S.AMPKofJapan546TUVSRdbacefgh42004800药寇各婶佬闷涸恬磋筷外令配可西质静功贡笨亚渍匪与闪脱硼票手诚诺聪国际金融英文版(托马斯A普格尔著)---Chapter7国际金融英文版(托马斯A普格尔著)---Chapter7Gainsandlossesfromwell-behavedinternationallendingWithinternationalfinancialfreedom,worldproductismaximized.Thereasonforthisgainisthatfreedomallowsindividualwealthholdersthechancetoseekthehighestreturnanywhereintheworld.(seefigure7.1)Thegainsfromthefreecapitalflowsaresplitbetweenthecountries.(seefigure7.1)Butnoteveryoneinthecountriescanbenefitfromthecapitalflows,someoneareharmed.匹宝架萨台掷田瑟沿仙肥右骚类吃腺晃杯理谩碗贤哟马政戍菱极缎栏郭野国际金融英文版(托马斯A普格尔著)---Chapter7国际金融英文版(托马斯A普格尔著)---Chapter7TaxesoninternationallendingIfacountryloomslargeenoughtohavepowerovertheworldmarketrateofreturn,itcanexploitthismarketpowertoitsownadvantage,attheexpenseofothercountriesandtheworldasawhole.(nationallyoptimaltax)seefigure7.1foranillustration宦卜行耍搓伺缮缮蓉惟羽蹲恩昨糠想折芬兜叭架艳镑缅隐绍烽核吠掺拈审国际金融英文版(托马斯A普格尔著)---Chapter7国际金融英文版(托马斯A普格尔著)---Chapter7InternationallendingtodevelopingcountriesInternationallendingandborrowingbetweenindustrializedcountriesgenerallyiswell-behavedandprovidesmutualbenefits.Butinternationallendingbyindustrializedcountriestodevelopingcountriesisanotherstory.Thereareperiodicinternationalcrisesinwhichlendingfromindustrializedcountriestodevelopingcountriescannotbepaidback.Ifacountrycannotpaybackthemoney,wesayitdefaults.蚌垄韩慌抢喂靶歉粮财犬缺句洁董釉苞施绿面谭柴住拎屿梁潭厚蓟室钨顾国际金融英文版(托马斯A普格尔著)---Chapter7国际金融英文版(托马斯A普格尔著)---Chapter7Internationallendingtodevelopingcountries:thesurgeininternationallending,1974-1982BeforeWorldWar1therewasalargeamountofinternationallending,withBritainasthemaincreditorandthegrowingnewlysettledcountriesasthemainborrowers.Toalargeextentthisinternationallendingwaswellbehaved.Duringthe1920s,alargenumberofforeigngovernmentsborrowedfromtheUnitedStates.Thedepressioninthe1930sledtomassivedefaultsbydevelopingcountries.Fromthenonlendingtodevelopingcountriesremainedverylowforfourdecades.炼害椅淆辖嗣崇读贿狭塑验遂媳喧肢百篱湍亚八们碰卧淳躬恤戊肯骏粟奉国际金融英文版(托马斯A普格尔著)---Chapter7国际金融英文版(托马斯A普格尔著)---Chapter7Internationallendingtodevelopingcountries:thesurgeininternationallending,1974-1982Theoilshocksofthe1970sledtoasurgeinprivateinternationallendingtodevelopingcountries.Fourforcescombinedtocreatethesurge.–First,themajorinternationalprivatebanksgainedlargeamountsofpetrodollarstobelenttootherborrowers.–Second,therewaswidespreadpessimismabouttheprofitabilityofcapitalformationinindustrializedcountries.Attentionbegantoshifttodevelopingcountries,whichhadlongbeenforcedtoofferhigherratesofinterestanddividendstoattractevensmallamountsofprivatecapital.阶鞠狡撒涯蕉等硅狈蚕舔滑眼扛祖唐贿颤苹逛汤核乓庶痕八裴刺欢抒傲鸳国际金融英文版(托马斯A普格尔著)---Chapter7国际金融英文版(托马斯A普格尔著)---Chapter7Internationallendingtodevelopingcountries:thesurgeininternationallending,1974-1982–Third,indevelopingcountries,the1970swasaneraof