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国际金融的essay范例 [10]

论文作者:英语论文论文属性:作业 Assignment登出时间:2014-12-15编辑:yangcheng点击率:17731

论文字数:5655论文编号:org201411142158439732语种:英语 English地区:马来西亚价格:免费论文

关键词:政治经济学国际金融金融essay范例Economics Essay

摘要:本文是关于政治经济学国际金融的一篇essay,一个国家的政府想要达到的信誉,价格和宏观经济稳定,通常选择以另一种专业,稳定,低通货膨胀的货币钉住其货币汇率。这样做主要是为了恢复市场参与者的信心。可以做到这一点的方法可以是通过金融市场的公开市场操作,在远期外汇市场干预,以及改变银行准备金要求这一些方法。

f the country suffer tremendous costs, but later it helped to do better on the following years post crisis as the unemployment rate dropped without subsequent rise in inflation.

 

The Latin Crisis, 1994-45

 

The Latin crisis of 1994-95 was similar to the ERM crises, but its consequences were much more severe. At the beginning of 1993, economists believed in the first place that Mexican and Argentinian peso were overvalued based on the purchasing power parity calculations, according to which, costs and prices increased greatly compared to their trading partners; large current account deficits and slow growth in Mexico, and high unemployment in Argentina. These countries could have used monetary expansion if they were not constrained by the exchange rate regime they were determined to pursue. Financial markets in Latin America seemed not to consider these indicators. Governments were committed that devaluation was out of the question. During 1993 however, interest premiums on the pesos were low and the deficits could be financed easily. Mexico’s economy started to deteriorate in 1994, with unexpected events such as the peasant rebellion in Chiapas and the assassination of the ruling party’s presidential candidate. Foreign capital started to dry up and international reserves started to deteriorate. The worst situation found Mexico’s government in the light of the disability to repay Tesobonos, the dollar-denominated short-term debt. After having been faced with external pressures, shortly after the elections, Mexico decided to devalue the peso. According to Paul Krugman, this devaluation has failed in several aspects. First, a 15 percent devaluation was regarded as inadequate. Second, the process was not transparent to every stakeholder in the economy. The Mexican government informed businesses about the plan, where Mexican insiders made huge profits at the expense of uninformed foreign investors. This small devaluation led to the fall of confidence in the Mexican policies. Very rapidly, the value of the peso fell to half of it pre-crisis level, making import prices to cause inflation. The government, in order to stabilize the peso and the inflation rate, increased interest rates at very high levels – the highest being 80 percent. This in turn, led to contraction in domestic demand, where real GDP declined by 7 percent in that year after crisis.

 

In the early 2000’s Argentina, on the other hand, had a very similar history of that of the UK; however, in Argentina, the crisis was twofold: fiscal and currency crisis. The successful story of Argentine’s currency board, which managed to stop inflation, was supplemented initially by extensive economic growth. But, Argentina’s government found itself to be the largest financial debtor in the global financial markets, because it did not use the opportunity to impose fiscal discipline. The crisis in Argentina accelerated by the appreciation of the US dollar (to which peso was fixed), as well as the economic crisis that hit Argentina’s largest neighbor Brazil. At the beginning it was unfeasible and actually more costly for Argentina to devalue because of the fixity to the US doll论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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