Kirt C. Butler国际金融课件 ch02.pptVIP

Chapter 2World Trade and the International Monetary System 2.1 Integration of the World’s Markets 2.2 Balance-of-Payments Statistics 2.3 Exchange Rate Systems 2.4 A Brief History of the International Monetary System 2.5 Summary Integration of the world’s marketsfor goods and services Creation of the World Trade Organization (WTO) Emergence of China as a major trading partner Global trend toward free-market economies Industrialization of the Far East and Pacific Rim Emergence of central and eastern Europe Reunification of East and West Germany Hong Kong’s 1997 return to China Introduction of the euro U.S. merchandise trade Integration of financial markets An increase in cross-border financing Increasingly interdependent national financial markets An increasing number of cross-border mergers, acquisitions, and joint ventures An increasing number of cooperative linkages among securities exchanges The Bretton Woods Agreement World Bank which now includes International Bank for Reconstruction and Development International Development Association International Finance Corporation Multilateral Investment Guarantee Agency International Centre for Settlement of Investment Disputes International Monetary Fund (IMF) Responsible for ensuring the stability of the international financial system Compiles balance-of-payments statistics The U.S. balance of payments 1992 2002 Goods: Exports 440 683 Goods: Imports -537 -1167 Trade Balance -97 -484 Services: Credit 177 289 Services: Debit -116 -240 Balance on Goods Services -36 -436 Income: Credit 132 245 Income: Debit -109 -257 Balance on Goods, Services, Income -14 -447 Current transfers: Net -35 -56 Current Account -49 -503 Source: U.S. Bureau of Economic Analysis () The U.S. balance of payments 1992 2002 Capital Account: Net 1 1 Direct Investment Abroad -48 -124 Direct Invest from Abroad 20 30 Portfolio Investment Assets -50 -26 Portfolio Invest Liabilities 81 388 Other