《国际货币与金融经济学》ppt15.ppt

Daniels and VanHoose Multinational Policymaking Policy Coordination, Monetary Union, and Target Zones International Financial Architecture The international financial architecture is the institutions, governmental and non-government organizations, and the policies that govern activity in the international monetary and financial markets. Since the collapse of the Bretton Woods system that most important aspect of the international financial system is the growth of capital flows among nations. Capital Market Liberalization Advocates of liberalized capital flows argue that unhindered capital flows allow savings to flow to their most productive use, resulting in the development of real resources and higher productivity. Financial market imperfections, such as those discussed in chapter 7 may result in capital misallocations and financial instability. Financial Instability and Financial Crisis Financial instability is when market imperfections and policy created distortions result in a situation in which the financial sector is unable to allocate funds to their most productive use. A financial crisis is a situation where a nation’s financial system is no longer able to function. A crisis typically involves a banking crisis, and currency crisis, and a foreign debt crisis. Capital Flows and Financial Crisis International capitals flows consists of short-term or portfolio capital flows, and long-term or foreign direct investment flows. An excessive reliance on portfolio capital can be destabilizing and may contribute to financial crises. Multilateral Policymaking The two organizations at the center of efforts to stem international financial crises are: The International Monetary Fund: a multinational organization the promotes international monetary policy cooperation, exchange arrangements, and economic growth. The World Bank: A sister institution that specializes in making loans to developing nations to promote development and growth. Can these Organizations Predict a