ch22 Developing CountriesGrowth, Crisis, and Reform 克鲁格曼国际经济学第六版英文教程文件.pptVIP

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ch22 Developing CountriesGrowth, Crisis, and Reform 克鲁格曼国际经济学第六版英文教程文件.ppt

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ch22 Developing CountriesGrowth, Crisis, and Reform 克鲁格曼国际经济学第六版英文教程文件.ppt

Chapter 22 Developing Countries:Growth, Crisis, and Reform ;Introduction Income, Wealth, and Growth in the World Economy Structural Features of Developing Countries Developing Country Borrowing and Debt Latin America: From Crisis to Uneven Reform East Asia: Success and Crisis Lessons of Developing Country Crises Reforming the World’s Financial “Architecture” Summary;Introduction;The Gap Between Rich and Poor The worlds economies can be divided into four main categories according to their annual per-capita income levels: Low-income economies Lower middle-income economies Upper middle-income economies High-income economies;Income, Wealth, and Growth in the World Economy;Structural Features of Developing Countries;Figure 22-1: Corruption and Per Capita Income;Developing Country Borrowing and Debt;Table 22-3: Current Account Balances of Major Oil Exporters, Other Developing Countries, and Industrial Countries, 1973-2000 (billions of dollars);Table 22-3: Continued;The Problem of Default Borrowing by developing countries has sometimes led to default crises. The borrower fails to repay on schedule according to the loan contract, without the agreement to the lender.;History of capital flows to developing countries: Early 19th century A number of American states defaulted on European loans they had taken out to finance the building of canals. Throughout the 19th century Latin American countries ran into repayment problems (e.g., the Baring Crisis). 1917 The new communist government of Russia repudiated the foreign debts incurred by previous rulers. Great Depression (1930s) Nearly every developing country defaulted on its external debts. ;Alternative Forms of Capital Inflow Five major channels through which developing countries have financed their external deficits: Bond finance Bank finance Official lending Direct foreign investment Portfolio investment in ownership of firms This channel has been reinforced by many developing countries’ efforts at p