跨国财务管理概述.ppt

5.2 Emergence of the Euro as a Global Currency A momentous event in the history of world financial systems. Currently more than 300 million Europeans in 28 countries are using the common currency on a daily basis. 1欧元=8.5629人民币元 1欧元=1.3797美元 第二十八页，共五十七页。 5.3 Trade Liberalization and Economic Integration Over the past 50 years, international trade increased nearly three times as fast as world GDP. Even the once-protectionist and inward-looking countries are now increasingly pursuing free-market and open-economy policies because of the gains from international trade. 第二十九页，共五十七页。 5.3 Trade Liberalization and Economic Integration The General Agreement on Tariffs and Trade (GATT) a multilateral agreement among member countries has reduced many barriers to trade. The World Trade Organization has the power to enforce the rules of international trade. 第三十页，共五十七页。 EU NAFTA On regional level, formal arrangement among countries have been instituted to promote economic integration. The EU (European Union ) includes 28 member states that have eliminated barriers to the free flow of goods, capital, and people. The North American Free Trade Agreement (NAFTA) calls for phasing out impediments to trade between Canada, Mexico and the United States over a 15-year period. 第三十一页，共五十七页。 5.4 Privatization  The selling off state-run enterprises to investors is also known as “Denationalization”. Often seen in socialist economies in transition to market economies. By most estimates this increases the efficiency of the enterprise. Often spurs a tremendous increase in cross-border investment. 第三十二页，共五十七页。 * 6. Multinational Corporations There are about 60,000 MNCs in the world with over 500,000 foreign affiliates. A multinational corporation (MNC) can be defined as a business firm incorporated in one country that has production and sales operations in several other countries. 第三十三页，共五十七页。 * Multinational Corporations Many MNCs obtain raw materials from one national market, financi