国际金融课件international finance

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1、InternationalFinancefordevelopingCountriesLijianSunsunlijian@online.sh.cnFudanUniversityAuturm2001PreviewDevelopingcountriesbehavesimilarlytoindustrialcountries,butoperateinadifferentenvironment.Anumberofspecificmacroeconomicissuesindevelopingnationshavenotbeenofsimilarimportanceintheindus

2、trialworld.Therelevanceofindustrial-countryinternationalfinancetodevelopingnationshasbeenthesubjectofdebateforsometime:“Monetarist”or“orthodox”versus“structuralist”.Internationalfinancefordevelopingcountriesprovidesamorebalancedapproachtotheopenmacroeconomicissuesinthedevelopingnations(for

3、example,causesandconsequencesofexternalimbalances,effectsofmacroeconomicpolicies).Chapter1IntroductiontoInternationalfinanceFigure1.1:In1997developingcountriesaccountedfor32%ofworldoutput.132ofthe183countriesaredevelopingcountries.Althoughmostofproductiontakesplaceintheindustrialcountries

4、,country-specificmacroeconomicpolicyformulationiscarriedoutinadeveloping-countrycontext.Developingcountriesbehavesimilarlytoindustrialcountries,butoperateinadifferentenvironment.Standardanalyticaltoolsofmodernmacroeconomics(internationalfinance)arerelevanttodevelopingcountries.Butdifferent

5、modelsareneededtoanalyze.Purposestowhichthemodelshavebeenappliedalsodistinguishmacroeconomicsindevelopingcountries.1.Monetarism,Structuralism,andDevelopingNationsDebateonrelevanceofindustrial-countrymacroeconomicanalysistodevelopingnations.“Monetarist”or“orthodox”versus“structuralist”.Ort

6、hodoxView:Long-rungrowthindevelopingcountriesishamperedbydirigistepoliciesthatdistorttheallocationofresources.Prescription:givingfullscopetomarketmechanismsviafreetradeandnoninterventionistdomesticpolicies.Intheshortrun,highinflationandbalance-of-paymentsdeficitsreflectexcessivemoneygrowth

7、fueledbylargefiscaldeficits.Cure:tightfiscalpolicyand“gettingpricesright”,bydevaluingandraisingdomesticinterestrates.Policiesbasedontheorthodoxviewhavebeenpromotedbyinternationalfinancialinstitutions.EarlyStructuralistSchool:Primary-exportingcountrieswouldface