国际资本流动
国际资本流动
●本章重点讲述的是国际资本的流动方式 原因及形成原理。通过学习使学生理解 如何较好地利用外资,加强对国际资本 流动的监管,防范其带来的金融风险
2 ⚫ 本章重点讲述的是国际资本的流动方式、 原因及形成原理。通过学习使学生理解 如何较好地利用外资，加强对国际资本 流动的监管，防范其带来的金融风险
5.1: International Capital Flow: Its general framework 形式 forms ●来源与结构 Isource& structure ●渠道 channels ●投机资金 Speculative funds
3 5.1:International Capital Flow:Its general framework ⚫形式forms ⚫来源与结构source & structure ⚫渠道channels ⚫投机资金Speculative funds
形式 Forms ●直接投资FDI 证券投资 Portfolio nvestment 国际信贷 Intl credit 其他 Others
4 形式 Forms ⚫直接投资FDI ⚫证券投资Portfolio Investment ⚫国际信贷Int’l Credit ⚫其他Others
source structure ●来源 Source 国际储蓄 Int'I savings Income available -Consumption ●结构 Structure Int' banks credit Lending or finance from government/Intl financial organization Investment from firms ( MNC Others
5 source & structure ⚫ 来源Source – 国际储蓄Int’l savings – Income available - Consumption ⚫ 结构Structure – Int’l banks credit – Lending or finance from government/Int’l financial organization – Investment from firms(MNC) – Others
Sources and structure o See table 5-lof textbook for the structure o See table 5-2 textbook for sources
6 Sources and structure ⚫ See table 5-1of textbook for the structure. ⚫ See table 5-2 textbook for sources
Channels ●官方渠道 Official channels 私人渠道 Private channels FDI Portfolio investment Bank credit others o See table 5-3 for the size of capital flow
7 Channels ⚫ 官方渠道Official channels ⚫ 私人渠道Private channels – FDI – Portfolio investment – Bank credit & others ⚫ See table 5-3 for the size of capital flow
国际投机资本 Speculative funds Definition 没有固定的投资领域、期限较短(一般在1 年以下)、以追逐高额短期利润为目的而在 各市场之间移动的短期资本 特点 Portfolio rather than fdi Between securities market. fX market MM Derivatives market Perform high risk transactions e Arbitrage
8 国际投机资本 Speculative funds ⚫ Definition – 没有固定的投资领域、期限较短（一般在1 年以下）、以追逐高额短期利润为目的而在 各市场之间移动的短期资本。 ⚫ 特点 – Portfolio rather than FDI – Between securities market, FX market, M/M, Derivatives market – Perform high risk transactions ⚫ Arbitrage
Speculative funds: some remarks o Most sf are channeled to emerging market o The structure has been changed a lot Portfolio investment goes up fdi other form's flow decline Speculators tend to be institutional rather than individual o Major objective is arbitrage in FX market and M/m
9 Speculative funds: some remarks ⚫ Most SF are channeled to emerging market ⚫ The structure has been changed a lot – Portfolio investment goes up – FDI & other form’s flow decline ⚫ Speculators tend to be institutional rather than individual ⚫ Major objective is arbitrage in FX market and M/M
Speculative funds: the size ● According to MF uSS 7. 200 billion 20% ofof global gDP daily transaction volume is about USs 1, 200 billion, 100 times more than physical goods deeply engaged into margin trading high leveraged funding
10 Speculative funds: the size ⚫ According to IMF – US$ 7,200 billion – 20% of of global GDP – daily transaction volume is about US$ 1,200 billion, 100 times more than physical goods – deeply engaged into margin trading – high leveraged funding