國(guó)際金融英文版(托馬斯a普格爾著)---chapter7(編輯修改稿)
2025-03-07 06:50 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 as “Brady bonds”. By 1994, the bank debt had been reduced and converted into bonds. The crisis was effectively over. SEE P165 figure for detailed figures. International lending to developing countries: the debt crisis of 1982 ? Brady bonds were created in March of 1989 in order to convert bonds issued by mostly Latin American countries into a variety of new bonds after many of those countries defaulted on their debt in the 198039。s. In exchange for mercial bank loans, the countries issued new bonds for the principal sum and, in some cases, unpaid interest. Because they were tradable and came with some guarantees, in some cases they were more valuable to the creditors than the original bonds. ? The key innovation behind the introduction of Brady Bonds was to allow the mercial banks to exchange their claims on developing countries into tradable instruments, allowing them to get the debt off their balance sheets. This reduced the risk to these banks. International lending to developing countries: the resurgence of capital flows in the 1990s ? Beginning in about 1990, lending to and investing in developing countries began to increase again. ? Why? Four forces converged to drive this new lending. – First, the Brady plan led investors to believe that the previous crisis was being resolved. – Second, low . interest rate led lenders to seek out higher returns by lending to developing countries. – Third, the developing countries were being more attractive places than before. – Fourth, individual investors, as well as the rapidly growing mutual funds and pension funds, were looking for new forms of portfolio investments that could raise returns and add risk diversification. ? See p165 figure for more information International lending to developing countries: the financial crises ? The Mexican Crisis, 19941995 ? The Asian Crisis, 1997 ? The Russian Crisis, 1998 ? The Brazilian Crisis, 1999 ? The Turkish Crisis, 2023 ? The Argentina’s Crisis, 20232023 ? Note: p168 case study which is about IMF FINANCIAL CRISES: WHAT CAN AND DOES GO WRONG ? We can identify five major forces that can lead to or deepen crises. – of overlending and overborrowing. – international shocks. – rate risk. – 4. fickle international shortterm lending. – contagion. FINANCIAL CRISES: WHAT CAN AND DOES GO WRONG: Waves of overlending and overborrowing ? Overlending and overborrowing result from excessively expansionary government policies in the borrowing country. When the government realizes that it has borrowed too much, it has an incentive to default, and a financial crisis arises. (see p146for an extension) ? Overlending and overborrowing can result from too much lending to private borrowers (because of low risk or government guarantee or herding behavior of lenders). This kind of capital inflows can lead to a domestic lending boom and a price bubble. Once foreign lenders realize that too much has been lent and borrowed, the bubble bursts and here es a financial crisis. FINANCIAL CRISES: WHAT CAN AND DOES GO WRONG: exogenous international shocks ? Exogenous shocks like increases in foreign interest rates or a decline in the world price of the country’s key export modity can shift flows away from developing country borrowers and make repaying their debts more difficu
教學(xué)課件相關(guān)推薦
鄂ICP備17016276號(hào)-1