[经济学]国际投资Ch01-VersC.ppt

§1.3. International Financial Investments 国际金融市场结构 International financial Market system International financial Market system Developed financial market system Emerging financial Market system U.S.A London Tokoy China Brazil §1.3. International Financial Investments 五、The trend of International Financial Investment 1.Globalization 2. Securitization 3. Financial Engineering 1.Key Trends - Globalization International and Global Markets Continue Developing Managing foreign exchange Diversification to improve performance Instruments and vehicles continue todevelop. Information and analysis improves. §1.3. International Financial Investments 2. Key Trends - Securitization Credit Enhancement Offers opportunities for investors and originators Changes in financial institutions and regulation Improvement in information capabilities Credit enhancement and its role §1.3. International Financial Investments 3. Key Trends - Financial Engineering Repackaging Services of Financial Intermediaries Bundling and unbundling of cash flows Slicing and dicing of cash flows Examples: strips, CMOs, dual purpose funds, principal/interest splits §1.3. International Financial Investments Globalization continues and offers more opportunities. Securitization continues to develop. Continued development of derivatives and exotics. Strong fundamental foundation is critical. Integration of investments corporate finance. The Future §1.2.Speciality and Types of International Investments 2. Multinational Corporations ，Multinational banks,and Multinational Institutional Investors IBM Incorporation. Motorola Incorporation. Morgan Stanley Inco. City Group. Solow Quantum Fund. Describing distinction between international and domestic investment Problem: §1.2. Speciality and Types of International Investments Conclusion:“跨国性(multinational)”是国际投资的明显特征，由此决定了下列系列特点： 1、目的的多样性（经济、外交、政治） 2、不完全竞争性（市场分割所形成的） 3、货币单位与货币制度的差异性 4、投资环境的差异性 5、更大的投资风险性 3. after world w