版權(quán)說明:本文檔由用戶提供并上傳,收益歸屬內(nèi)容提供方,若內(nèi)容存在侵權(quán),請(qǐng)進(jìn)行舉報(bào)或認(rèn)領(lǐng)
文檔簡介
1、International EconomicsBy Robert J. Carbaugh8th EditionChapter 18:International Banking: Reserves, Debt and RiskInternational reservesNature of international reservesReserves of foreign currency and other suitable assets are used to finance payments imbalancesReserves allow a nation to take more tim
2、e to correct BOP disequilibrium (but may also delay needed action)Demand for reserves depends on the monetary value of international transactions and the size of payments imbalances2International reservesDemand for international reservesMain factor in demand for reserves is the nature of the adjustm
3、ent mechanisms to correct BOP imbalancesExchange rate flexibility is a crucial element of the adjustment processKey use for reserves is to intervene in currency markets to defend an exchange rateThe more a nation is willing to let its currency float, the less it will need sizable reserves3Internatio
4、nal reservesDemand for international reservesOther factors affecting demand for reserves:Automatic adjustment mechanisms that respond to payments imbalancesEconomic policies used to correct payments imbalancesInternational coordination of economic policiesLevel of world prices and income4Demand for
5、reserves and exchange rate flexibilityExchange rate (dollars per pound)EInternational reservesD0S2D1S1S05International reservesSupply of international reservesInternational reserves may be owned by nations or may be borrowed if reserves on hand prove insufficientOwned reserves:Reserve currencies (US
6、 dollar, German mark, etc,)Gold - once central, now rarely usedSpecial drawing rightsBorrowed reserves can come from the IMF and other official arrangements, or can be borrowed from major commercial banks6International reservesGold as a reserve assetGold was originally used as currency, but it began
7、 to be replaced by paper money and bank depositsPost-World War I inflation prompted many nations to return to a gold standard, where all currency in circulation was backed by goldGold standard collapsed during the Great Depression, to be replaced by a gold exchange standard after World War II7Intern
8、ational reservesGold as a reserve asset (contd)The US dollar was set to be convertible to gold at a fixed rate, and the dollar became a key reserve assetStresses from persistent US payments deficits brought an end to the gold exchange standard by 1973, and in 1975 gold was removed as an internationa
9、l reserve asset8International reservesSpecial Drawing Rights (SDRs)Because a gold standard limits the amount of currency available to the supplies of gold on hand, the IMF created the SDR to increase international liquiditySDRs represent rights to draw foreign currencies from the IMF to use for sett
10、lement purposes; they are allocated to IMF members proportionallySDRs are pegged to a basket of key international currencies, and are useful because they are not tied to any one currency9International reservesFacilities for borrowing reservesIMF drawings - members may purchase foreign currency with
11、their own currency, with limits and sometimes conditionsGeneral Arrangements to Borrow - major industrial nations agreed to make further reserves available to the IMF if neededS - major industrial nations agree to s with each other; can be done more quickly and less visibly than Fund drawings10Inter
12、national reservesFacilities for borrowing reserves (contd)Special financing facilities - to compensate mostly developing countries which face hardships which are transient or beyond their control: Compensatory Financing Facility, Oil Facility, Buffer Stock FacilityCommercial bank lending11Internatio
13、nal lendingInternational lending riskCredit risk - potential for financial defaultCountry risk - whether government policies will help or hinder the servicing of the loanCurrency risk - whether devaluations or exchange controls will interfere with the repayment of the loan12International lendingInte
14、rnational debt problemsMany developing nations borrowed heavily on easier terms in the 1970s because major banks were flush with deposits from oil producing statesIn the 1980s, rising interest rates caused payments on the variable rate international loans to increase, and the ability of many of thes
15、e major debtor nations to service their loans came into question13International lendingInternational debt problems (contd)Most loans were denominated in dollars, meaning that these nations had to run current account surpluses to earn foreign exchange with which to make loan payments - just as the in
16、dustrial nations went into a recessionMeasures used to gauge debt burden: debt-to-export ratio; debt service/export ratio14International lendingOptions for debt-service problemsNations can stop making payments - but there are severe consequencesService debt at any cost - but may be politically impos
17、sibleReschedule the debt - stretch out repayment schedule (but pay more overall)Obtain emergency loans from the IMF - but conditionality may be hard to stomach15International lendingReducing bank exposure to developing-country debtLoan sales in secondary marketDebt buybacks or debt-for-debt swapsDebt-for-equity swapsDebt forgiveness16International lendingEurocurrency marketsDeposits in dollars and other major currencies in banks outsid
溫馨提示
- 1. 本站所有資源如無特殊說明,都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請(qǐng)下載最新的WinRAR軟件解壓。
- 2. 本站的文檔不包含任何第三方提供的附件圖紙等,如果需要附件,請(qǐng)聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
- 3. 本站RAR壓縮包中若帶圖紙,網(wǎng)頁內(nèi)容里面會(huì)有圖紙預(yù)覽,若沒有圖紙預(yù)覽就沒有圖紙。
- 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
- 5. 人人文庫網(wǎng)僅提供信息存儲(chǔ)空間,僅對(duì)用戶上傳內(nèi)容的表現(xiàn)方式做保護(hù)處理,對(duì)用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯,并不能對(duì)任何下載內(nèi)容負(fù)責(zé)。
- 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容,請(qǐng)與我們聯(lián)系,我們立即糾正。
- 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時(shí)也不承擔(dān)用戶因使用這些下載資源對(duì)自己和他人造成任何形式的傷害或損失。
最新文檔
- 人美 版三年級(jí)美術(shù)下冊(cè)《1.恐龍世界》教學(xué)設(shè)計(jì)
- 體育課彎道跑教學(xué)設(shè)計(jì)體育與健康
- 五年級(jí)下冊(cè)信息技術(shù)人教版第2課 四則運(yùn)算(教案)
- 花城版音樂四年級(jí)上冊(cè)《剪羊毛》教案
- 4、鄧小平爺爺植樹 教案
- 高一上學(xué)期體育與健康人教版 快速跑與發(fā)展體能 教案
- 第11課 《清理草坪我能行》教案
- 古詩詞誦讀之《江城子·乙卯正月二十日夜記夢(mèng)》教學(xué)設(shè)計(jì)
- 展開與折疊(拓展)(教案)-2023-2024學(xué)年五年級(jí)下冊(cè)數(shù)學(xué)北師大版
- 湘教版地理七年級(jí)上冊(cè) 第五章第一節(jié)《發(fā)展中國家與發(fā)達(dá)國家》參考教案
- 平衡火罐在腰痛病患者的運(yùn)用
- 中國視神經(jīng)脊髓炎譜系疾病診斷與治療指南
- 河南省高中畢業(yè)生登記表
- 五年級(jí)上冊(cè)數(shù)學(xué)教案-數(shù)學(xué)好玩 嘗試與猜測(cè) 雞兔同籠|北師大版
- GB/T 19520.19-2020電子設(shè)備機(jī)械結(jié)構(gòu)482.6 mm(19 in)系列機(jī)械結(jié)構(gòu)尺寸第3-107部分:小型化插箱和插件的尺寸
- 教科版小學(xué)科學(xué)一年級(jí)上冊(cè)教學(xué)課件 2.1《在觀察中比較》
- 外貿(mào)傭金合同(英文版)
- 分?jǐn)?shù)乘除法應(yīng)用題的練習(xí)課件
- 部編版九年級(jí)語文上冊(cè)《智取生辰綱》教案(集體備課定稿)
- 機(jī)械通用知識(shí)課件
- 實(shí)物出入賬模板
評(píng)論
0/150
提交評(píng)論