国际资本流动重点.pptVIP

国际资本流动 本章重点讲述的是国际资本的流动方式、原因及形成原理。通过学习使学生理解如何较好地利用外资，加强对国际资本流动的监管，防范其带来的金融风险。 5.1:International Capital Flow:Its general framework 形式forms 来源与结构source structure 渠道channels 投机资金Speculative funds 形式 Forms 直接投资FDI 证券投资Portfolio Investment 国际信贷Int’l Credit 其他Others source structure 来源Source 国际储蓄Int’l savings Income available - Consumption 结构Structure Int’l banks credit Lending or finance from government/Int’l financial organization Investment from firms(MNC) Others Sources and structure See table 5-1of textbook for the structure. See table 5-2 textbook for sources. Channels 官方渠道Official channels 私人渠道Private channels FDI Portfolio investment Bank credit others See table 5-3 for the size of capital flow. 国际投机资本Speculative funds Definition 没有固定的投资领域、期限较短（一般在1年以下）、以追逐高额短期利润为目的而在各市场之间移动的短期资本。 特点 Portfolio rather than FDI Between securities market, FX market, M/M, Derivatives market Perform high risk transactions Arbitrage Speculative funds: some remarks Most SF are channeled to emerging market The structure has been changed a lot Portfolio investment goes up FDI other form’s flow decline Speculators tend to be institutional rather than individual Major objective is arbitrage in FX market and M/M Speculative funds: the size According to IMF US$ 7,200 billion 20% of of global GDP daily transaction volume is about US$ 1,200 billion, 100 times more than physical goods deeply engaged into margin trading high leveraged funding Speculative funds: the size According to BIS see table 5-4 for daily FX transactions volume in emerging market. See table 5-5 for contract volume of derivatives trading. Speculative funds: the size Cross board capital flow observed up to 1 trillion from 440 billion of 1990 capitalization of foreign bonds and equities to GDP in major industrialized countries are more than 100% capitalization of foreign bonds and equities in US are more than US$10 trillion the total capital available in major industrialized countries are more than US$ 52 trillion Specula