国际金融学课件课件.ppt

The International Financial Architecture and Emerging Economies International Financial Architecture The international financial architecture is the set of international institutions, governmental and nongovernmental organizations, and the policies that govern activity in the international monetary and financial markets. International Capital Flows Growth in foreign direct investment (FDI) is one of the most important developments in international capital markets. An FDI inflow is an acquisition of domestic financial assets that results in foreign residents owning 10 percent or more of a domestic entity. An FDI outflow is an acquisition of foreign financial assets that results in domestic residents owning 10 percent or more of a foreign entity. Mergers and Acquisitions Cross-border mergers and acquisitions are a driving force of recent growth in FDI in the developed economies. Cross-border mergers and acquisitions entail combining of firms located in different nations in which one firm absorbs the assets and liabilities of another firm (merger) or purchases the assets and liabilities of another firm (acquisition). Cross-Border Mergers and Acquisitions Net Capital Flows to Emerging Economies Emerging Economies of the Western Hemisphere Emerging Economies of Asia Capital Allocations and Growth With access to foreign capital, domestic residents and businesses can continue to save and invest during domestic economic downturns, thereby smoothing business cycles. Access to global capital can also reduce investment costs for a developing economy, thereby spurring greater investment spending. Financial-Sector Development Because financial intermediaries perform an important role in channeling capital, financial-sector development—the strengthening and growth of the nation’s financial sector institutions, payments systems, and regulatory agencies—contributes to attracting global capital and promoting domestic saving. Capital Misallocations Market imperfections, such as asy