金融英语修正版.pptVIP

IS FINANCIAL GLOBALIZATION BENEFICIAL? Frederic S. Mishkin Part 1 Introduction We are in the age of the second great wave of economic globalization The first occurred from 1870 to 1914. The second from 1973 until today Economic globalization is far from complete Capital primarily flow rich to rich, rather than flow rich to poor A paradox Why has not capital flowed from rich to poor? paradox ：悖论、反论 A paradox We know that labor is incredibly cheap in poor contries, so the capital would be very productive there.while ,the mount of capital flowing to developing countries is only one-fifth of total international capital flows. A remarkable phenomenon Capital flows from rich to poor relative to total capital are far smaller than they were in the first Age of Globalization remarkable：值得注意的 In addition,financial globalization is highly controversial among economist. Brain is more important than brawn controversial：有争议的，有争论的 brawn：发达的肌肉 Part 2 What impedes financial development? The Tyranny of Collateral Inability of the Legal System Goverment Directed Credit Undeveloped Regulatory System to Promote Transparency Tyranny：管制，统治 Collateral :抵押品 Transparency：透明度 impede：阻碍；妨碍 Government Is China a Counter Exampie? As we all know,our property rights,legal system and transparency are quite weak by advanced country standards. Yet China has been one of the highest growth rates in the world over the last twenty years. How did we get it? what should we do next? Part 3 Financial Crisis Why does not opening up financial markets always work? The answer is that opening up an economy to international capital,particulary if it is not managed properly,can lead to financial crisis that are disastrous to the economy Stage one:Mismanagement of Financial Globalization Banks do not have the required expertise to manage risk appropriately.Then,they begin to lose.The loss deteriorate the ba