inter finance 国际金融讲义.doc

INTERNATIONAL FINANCE PREFACE I. What is International Finance? Finance -- the management of money, especially money controlled by a government, company or large organization; or the provision of money when and where required. International finance studies the relationship of international money and finance. It includes the balance of payments, foreign exchange reserve and foreign exchange rate. II. The Environment of International Finance Economic integration (经济一体化): The organization of economic activities so that national boundaries do not matter. Complete economic integration would imply free trade in all goods and services, perfect capital mobility, complete freedom of migration, complete freedom of establishment for businesses, and an unhindered flow of information and ideas. Globalization (全球化): market integration (市场一体化), world governance (世界性管理), global society (全球社会) and mobility of peoples and information (人口与信息的流动) The World’s Major Economic Cooperation and Free Trade Agreements WTO – World Trade Organization 143 members NAFTA – North American Free Trade Agreement The United States, Canada, and Mexico EU – European Union Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain. ASEAN – Association of South-East Asian Nations Brunei (文莱), Cambodia, Indonesia, Laos, Malaysia, Myanmar (缅甸), Philippines, Singapore, Thailand, and Vietnam. APEC – Asia-Pacific Economic Cooperation 21 members including Australia, Canada, China, Japan, Korea, Russia, and the United States. APEC promotes open trade and economic cooperation in the region. Mercosur – the “common market of the South” Argentina, Brazil, Paraguay, and Uruguay, Bolivia and Chile are associate members. Andean Community Bolivia, Colombia, Ecuador, Peru, and Venezuela. In 1998, the Andean Community and Mercosur signed an agreement for the creation of a Free Trade Area. These countries are working with the UN Conferenc