（国际金融英文版课件）.ppt

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1、Chapter7InternationalLendingandFinancialCrisesInternationalLendingandFinancialCrisesAnanalysisofthebenefitsofinternationallendingandborrowing.FinancialcrisesWhydidmanyfinancialcrisesoccur?Howcanweresolvethem?Whatmightwebeabletodotomakethemlessfrequent?InternationalLendingandFinancialC

2、risesIninternationalfinancialcapitalflows,thelenders(investors)givetheborrowersmoneytobeusednowinexchangeforIOUsorownershipsharesentitlingthemtointerestanddividendslater.Internationalcapitalflowsareconventionallydividedintodifferentcategoriesbytypeoflender(privateversusofficial),bymatu

3、rity(longtermversusshortterm),byexistenceofmanagementcontrol(directversusportfolio),andbytypeofborrower(privateorgovernment).InternationalLendingandFinancialCrisesPrivatelendingandinvestingofficiallendingandinvestingInternationalcapitalflowsShorttermLongtermDirectinvestmentloansPortfol

4、ioinvestmentLendingtoforeignborrowerPurchasingbondsissuedbyagovernmentoraforeignenterpriseInternationalLendingandFinancialCrisesInternationalcapitalflowscanbringtwotypesofbenefits.First,itrepresentsintertemporaltrade,inwhichthelendergivesupresourcestodayinordertogetmoreinthefuture,andt

5、heborrowergetsresourcestodaybutmustbewillingtopaybackmoreinthefuture.Second,itallowslenderstodiversifytheirinvestmentsmorebroadly,sotheycanlowertheriskinessoftheentireportfolioofinvestmentthroughgreaterdiversification.Internationalcapitalflowscanbewell-behavedandbadly-behaved,thesearet

6、hemainpointsofthischapter.Gainsandlossesfromwell-behavedinternationallendingBasicassumptions:theworldisstableandpredictable,andborrowersfullyhonortheircommitmentstorepay.Gainsandlossesfromwell-behavedinternationallendingMPK--Ineconomicsandinparticularneoclassicaleconomics,themarginalpr

7、oductormarginalphysicalproductofaninput(factorofproduction)isthechangeinoutputresultingfromemployingonemoreunitofaparticularinput(forinstance,thechangeinoutputwhenafirm'slaborisincreasedfromfivetosixunits),assumingthatthequantitiesofotherinputsarekeptconstant.Gainsandlossesfromwell-b