托马斯.A.普格尔 国际贸易 英语chap015

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International lending to developing countries: the surge in international lending, 1974-1982
The oil shocks of the 1970s led to a surge in private international lending to developing countries. Four forces combined to create the surge.
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International lending to developing countries: the surge in international lending, 1974-1982
– Third, in developing countries, the 1970s was an era of peak resistance to foreign direct investment, in order to gain access to the higher returns offered in developing countries, banks had to lend outright to governments and companies in these countries.
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Taxes on international lending
If a country looms large enough to have power over the world market rate of return, it can exploit this market power to its own advantage, at the expense of other countries and the world as a whole. (nationally optimal tax) see figure 7.1 for an illustration

借方项目=本国居民向外国居民支付的交易 =引起外汇需求的交易
复式账法的三大规则： 1） 任何一笔交易发生，必然涉及借方和贷方两个
方面：有借必有贷，借贷必相等 2） 借方：不论实际资源还是金融资产，都表示持
有量的增加 3） 贷方：不论是实际资产还是金融资产，都表示
持有量的减少
借方用-表示，贷方用+表示 1. 出口（贷），进口（借）
Assets held by a nation’s monetary authorities as a kind of “war chest” to enable them to intervene in the foreign exchange market if and when they decide to do so.
• Capital outflow: Either an increase in
foreign assets in the nation, or a reduction in the nation’s assets abroad Debit items
1.3.3 Official International Reserves
Key Terms
• Balance of Payments (BOP) 国际收支
• Double-Entry Accounting Principle 复式记帐法
• Credit and Debit Transactions 贷方交易与借方交易
• Current Account, Financial Account, Statistical Discrepancy 经常账户、金融账户、统计误差
(4) Unilateral transfer (gift) (Current a. Goverment grants b. Private individuals

Financial crises
– Why did many financial crises occur? – How can we resolve them? – What might we be able to do to make them less
frequent?
International Lending and Financial Crises
loans
Portfolio investment
Lending to foreign borrower Purchasing bonds issued by a government or a foreign enterprise
International Lending and Financial Crises
– Second, it allows lenders to diversify their investments more broadly, so they can lower the riskiness of the entire portfolio of investment through greater diversification.
International capital flows are conventionally divided into different categories by type of lender (private versus official), by maturity (long term versus short term), by existence of management control (direct versus portfolio), and by type of borrower (private or government).

Export subsidy and no countervailing duty
Contervailing duty is bad for the country imposing it but good for the whole world.
The net national loses w+z when importing country imposes countervailing duty.
The export price is lower than the full unit cost (including a profit margin).
Types
Predatory dumping
A low export price used by the exporting firm with the intention to drive its competitors in the importing country out of business
Dumping
Selling exports at a price that is “too low,” a price below “normal value” or “fair market value.”
The export price is lower than the price charged for comparable domestic sales in the home market of the exporter.
Actual antidumping policies
The WTO rules permit countries to retaliate against dumping, if the dumping injures domestic importcompeting producers.