金融市场学英文版.ppt

Copyright ? 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson Case study: the Asian financial crisis 4 ‘tiger’ countries of Asia, Hong kong, Singapore, South Korea, and Tai Wan experienced enormous economic growth during 1980s and early 1990s. Prior to mid-1997,Thailand maintained a fixed-exchange-rate, on 2 July 1997 Thailand floated its currency, and this became the trigger for the Asian currency crisis Copyright ? 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson Case study BIS conclude the following weakness that were common in the Asian crisis countries Excessive bank credit, over-investment in industrial capacity(in particular, real-estate) No recognition of the fragility of domestic financial systems, Moral hazard risk existed A reliance on volatile external finance, particularly short-tern funding, much of the external borrowing was not hedged against foreign exchange risk Copyright ? 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson The lessons of the Asian financial crisis Does the country have a fixed exchange rate and free movement of international capital? Is the exchange rate overvalued? Is there a large budget deficit and a lot of government debt outstanding? Is there loose monetary policy and high inflation? Is the domestic economy in or at risk of a recession? Copyright ? 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson The lessons of the Asian financial crisis Is there a large current account deficit? Is there a large amount of foreign debt? Is there an asset price boom occuring? Are there a lot of bad debts in the banking system Has there been a lot of unhedged foreign currency borrowing? Are there poor accounting standards, few disclosure requirements? Copyright ? 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial A