參考國際金融

.InterestingUsefulChallengeCourse

descriptionSouth

China

University

ofTechnologyIntroductionSouth

China

University

ofTechnologyOutline1.

Why

we

study?2.

What

we

study?3.

How

we

study?South

China

University

ofTechnology1. Why

we

study?The

background

of

our

learningGlobalization

and

IntegrationChina’s

integrationinto

theworldSouth

China

University

ofTechnologySouth

China

University

ofTechnology1.1

Globalization

andIntegrationWhat

is

Globalization?The

process

of

transformation

of

localor

regional

phenomena

into

globalones.This

process

is

a

combination

ofeconomic,

technological,social,cultural

and

political

forces.South

China

University

ofTechnologyGlobalization

is

often

used

to

refer

toeconomic

globalization,

that

is,integration

of

national

economies

into

theinternational

economy

through

trade,foreign

direct

investment,

capital

flows,migration,

and

the

spread

of

technology.South

China

University

ofTechnologyIntegrationThe

widening,

deepening

and

speeding

upof

worldwide

interconnectedness

in

allaspects

of

contemporary

social

life,

fromthe

cultural

to

the

criminal,

the

financialto

the

spiritual.South

China

University

ofTechnologyInternational

Economic

Integration12Financial-sector

linkagesoccur

throughinternationaltransactions

infinancial

assets.Real-sectorlinkages

occurthrough

theinternationaltransactions

ingoods

andservices

.South

China

University

ofTechnology1.2 China’s

integration

into

the

worldChinaWTO

Entry(2001)Open

to

the

outside

worldChina’s

integrationinto

theworldSouth

China

University

ofTechnologyChina’s

foreign

tradeImport

and

export

scaleForeign

Trade

Dependence

Ratio（外貿(mào)依存度）South

China

University

ofTechnology的外貿(mào)依存度是108.7％（2013）、155%（2007年）South

China

University

ofTechnologyOpenness

of

Financial

factor中國銀行業(yè)的“走出去”和“請進來”。South

China

University

ofTechnology走出去（數(shù)據(jù)來自2013銀監(jiān)會年報）South

China

University

ofTechnology請進來South

China

University

ofTechnology標普數(shù)據(jù)（2013），過去幾年中資銀行海

產(chǎn)

擴張約176％。目前四大國有銀行海

產(chǎn)以及海外利潤增速均已超過境內(nèi)資產(chǎn)增速。South

China

University

ofTechnology2.What

we

study?2.1ImpressionThe

realistic

problems

ofinternational

financein

our

dailylife.South

China

University

ofTechnology1.

Balance

of

paymentWhat

is

balance

of

payment

?South

China

University

ofTechnologySouth

China

University

ofTechnologyBalance

of

paymentIt’

s

like

the

balance

sheet

ofcompany,

reflect

the

inflow

andoutflow

of

capital

of

a

countryduring riodof

time.Outflow

>inflow

,

deficitOutflow

<inflow

,

surplusSouth

China

University

ofTechnologyThe

structure

of

balance

of

paymentCurrent

account(經(jīng)常項目/賬戶)Capital

andfinancialaccount(資本和金融項目/賬戶)The

implication

of

data

of

balance

ofpaymentSouth

China

University

ofTechnology2. Foreign

Exchange

and

Exchange

rateAn

obvious

difference

between

domesticbusiness

and

international

business

isthat

different

currencies

are

used

indifferent

countries,

whereas

a

singlenational

currency

is

used

in

domesticbusiness.South

China

University

ofTechnologySouth

China

University

ofTechnologyRMB

depreciation

andappreciationAppreciationWhy?Effect(foreign

trade,employment)strategySouth

China

University

ofTechnologySouth

China

University

ofTechnology注意：這里是100單位外幣＝Ｘ單位本幣注意：上下兩張圖的趨勢很接近。South

China

University

of2013年11月，臺在進行電視三中全會街訪時，再度遭遇神吐槽，一位接受采訪的朋友說：對不起。超發(fā)貨幣下的通脹?！巴馍齼?nèi)貶”。為什么持續(xù)升值？（匯率決定理論）持續(xù)升值的影響？TechnologyTechnology2014年底盧布貶值問題原因（ QE退出、、石油價格下降……）影響（國內(nèi)，國外）俄央行的干預(yù)（拋售，加息）South

China

University

ofTechnologyExchange

rate

influences

people’sdaily

life

andoperation

offirmSouth

China

University

ofTechnologySouth

China

University

ofTechnologyRuble

depreciate,

boost

tourism,andattract

foreigner to

go

shop

there.Japanese

yen

appreciate,

the

cost

ofstudying

in

Japan

for

foreigner

increase.South

China

University

ofTechnology匯率升值對出口商的影響不少出口企業(yè)對于

升值趨勢表示擔憂?！爸祵τ诔隹谄髽I(yè)來說，影響太大了。”一家出口升企業(yè)的

示，

升值，企業(yè)的成本增加，出口生意比兩三年前難做多了。事實上，從2005年匯改以來，

對累計升值幅度已經(jīng)超過了32%，加上國內(nèi)人力成本不斷增加，導致不少出口企業(yè)業(yè)績大幅下滑。上述出口企業(yè)

透露，僅近一年該企業(yè)的業(yè)績就下滑20%多。South

China

University

ofTechnology3.

Exchange

rate

systemFixed exchange

rateFloating

exchange

ratePros

and

consSouth

China

University

ofTechnologyManaged

floating

exchange

ratesystem

(ChineseMainland)有管理的浮動匯率制度Linked

exchange

rate

system

(HK)聯(lián)系匯率制度South

China

University

ofTechnologySouth

China

University

ofTechnology4.

The

flow

of

capitalLong

term

capital

flow－FDI

and

ODIShort

term

capitalflow－Security/Portfolioinvestment,

Hot

money12South

China

University

ofTechnologyWorld

FactorySouth

China

University

ofTechnology中國不僅己是發(fā)展中國家

中最大的吸收外商投資國。我國大部分企業(yè)出口是貼牌加工，生產(chǎn)方式處于加工、裝配這一低附加值、低技術(shù)含量的環(huán)節(jié)，自主出口品牌薄弱。South

China

University

ofTechnologyBest

seller

(2007)作者最后感慨到：“在未來的10年中我都可能沒有勇氣再嘗試這種沒有‘中國制造’的日子。”總之，沒有中國貨，生活一團糟。South

China

University

ofTechnology一個芭比娃娃在價可以賣到10的零售，但在芭比娃娃最大的產(chǎn)地珠三角地區(qū)，生產(chǎn)一個芭比娃娃中國企業(yè)只能獲得0.35

加工費，品牌所有者獲得了利潤的最大頭。South

China

University

ofTechnology2010南非

，各大賽場上響徹全球的喇叭“嗚嗚祖啦”90%產(chǎn)自中國，但中國

的利潤不足5%，中間的絕大部分利潤落入了國外經(jīng)銷商和進口商的腰包。以一個型號為888D的球迷喇叭為例，單價為2.05元，毛利僅僅為0.2元。在南非，這種喇叭的售價從17元

到53元

不等。South

China

University

ofTechnologyThe

cold

winter

of

Trade

companies(2008)South

ChinaTechnologyChina

Import

and

Export

Fair

,alsocalled

Canton

Fair,

is

held

twice

a

yearin

Spring

and

Autumn

since

it

wasinaugurated

in

the

Spring

of

1957.It

is

China's

largest

trade

fair

of

thehighest

level,

of

the

most

completevarietiesand

of

the

largest

attendanceand

business

turnover.South

China

University

ofTechnologySouthgSouth

China

University

ofTechnologySouth

China

University

ofTechnologySouth

China

University

ofTechnology2013年，中國在全球外國直接投資流動中表現(xiàn)不俗，全年吸引達1239億全球第一的，較上年增長2.3%，居全球第二位，與位居的距離進一步縮小。中國對外投資的高速增長更加引人注目。2013年，中國對外投資達1010億

，較上年增長15%，僅居美、日之后，為全球第三大對外投資國。截至2013年底，中國對外投資存量達6136億，全球

從2011年全球第17位上升至2013年的第11位。中國對外投資已經(jīng)進入了高速增長階段?，F(xiàn)

已經(jīng)成為名符其實的對外投資大國。貿(mào)發(fā)會議發(fā)布的《2014世界投資報告》South

China

University

ofTechnologySecurity/Portfolio

investmentTechnologyHotmoney

or

speculative

capitalWhat’s

hot

money.its

impact

on

the

economy.South

China

University

ofTechnology5.

Huge

Foreign(Exchange)

ReserveSouth

China

University

ofTechnology2013,

reached

3.84

trillion

U.S.

dollar(38,430.18億

）South

China

University

ofTechnologyFactors

driving

up

forex

reservesbenefits

and

CostsSouth

China

University

ofTechnologyManagement

of

foreign

reserve(適度規(guī)模,國債的問題)Sovereign

wealth

funds(主權(quán)

基金)South

China

University

ofTechnology6.

International

financial

crisis——debt

crisisDevelocountriesto

developedcountries

(European

sovereigndebt

crisis

and

Subprime

crisis).South

China

University

ofTechnology7.

International

financial

institutionSouth

China

University

ofTechnology首位

出任世界銀行高級副行長兼首席（2008.5—2012年6月）South

China

University

ofTechnologySouth

China

University

ofTechnologyFemale

managing

director

of

the

IMF——Christine

LagardeSouth

China

University

ofTechnology銀行副IMF行長

為正式宣布任命特別顧問，這是迄今為止在IMF中擔任的最高職務(wù)。South

China

University

ofTechnologyA

brief

history

,functions

and

weaknessof

these

international

financialinstitutions.South

China

University

ofTechnologyThe

Management

and

reform

of

these

institutionsSouth

China

University

ofTechnology8.

Globalization

ofRMBSouth

China

University

ofTechnologyThe

War

of

currenciesBenefits

and

risks

of

theinternational

use

of

RMB.The

stage

of

international

of

RMB.South

China

University

ofTechnology2013年年初最熱門的城市——市前海區(qū)South

China

University

ofTechnologygy銀行市中心已

同意中發(fā)布實施《前?？?012.12.28國人民銀行境管理暫行辦法》，允許

海注冊成立、并于當?shù)亟?jīng)營或投資的企業(yè)，從銀行借入

，借貸期限及利率由借貸雙方?jīng)Q定。這標志著

前海地區(qū)業(yè)務(wù)正式啟動。South

China

University

ofTechnologyShangHai

Free

Trade

Zone,

FTZ,2013.9.16,貿(mào)易試驗區(qū)自貿(mào)區(qū)中金融的主要內(nèi)容（如資本項目開放，使用，利率市場化及外匯管理體制的等）。誰將成為下一個自貿(mào)區(qū)？South

China

University

ofTechnology、、福建自貿(mào)區(qū)獲批（2014.12.12）South

China

University

ofTechnology2014.12.15南沙金融15條南沙新區(qū)將肩負起新一輪、深化粵臺金融合作和珠三角金融改革創(chuàng)新試驗、廣州區(qū)域金融中心建設(shè)和海上絲綢橋頭堡重要任務(wù)。將打造成引領(lǐng)前海、金融、廣州南沙創(chuàng)新與開放的重要引擎。South

China

University

ofTechnologyvgySouth

China

University

o躍居全球第五大支付貨幣(2014年底)銀行金融電信（SWIFT）：截至去年12月，全球付款價值

加元及澳元，以2.17%的全球占有率緊隨市場份額為2.69%的日元，躍居世界第五大支付貨幣。在2013年1月，在全球支付市場的占有率僅為0.63%，排在第十三位。TechnologySouth

China

University

of9.

International

financial

marketTechnologySouth

ChinTechnOffshore

financial

market（離岸

）離岸金融中心倫敦新加坡、巴黎、澳大利亞、……Tax

havenSouth

China

University

ofTechnology10.

International

Monetary

SystemA

set

of

rules

that erns

internationalpayments

(exchange

of

money).South

China

University

ofTechnologyHistorical

overview

of

exchange

rateregimes:Classical

Gold

Standard:

Pre

-

1914Bretton

Woods

System:

1944

-

1973Floating

Exchange

Rates:

1973

-The

reform

and

future

ofInternational

Monetary

SystemSouth

China

University

ofTechnologyDefinition

of

international

financeInternational

finance

(From

Wikipedia)

is

thebranch

of

economics

that

studies

the

dynamics

ofexchange

rates,

foreign

investment,

and

how

theseaffect

international

trade.

It

also

studies

internationalprojects,

international

investments

and

capital

flows,and

trade

deficits.

It

includes

the

study

of

futures,options

and

currency

swaps.

International

finance

is

abranch

of

international

economics

.2.2

Content

and

arrangementSouth

China

University

ofTechnology

如（1992）《國際金融概論》，認為國際金融“應(yīng)以國際間的貨幣金融關(guān)系作為研究對象，既要說明國際范圍金融活動的主要問題，又要闡述國際間貨幣和借貸資本運動的”。

堃（1993）《國際金融》，認為“國際金融學研究的是國際間的貨幣關(guān)系和金融活動?！盨outh

China

University

ofTechnology，《論國際金融學學科體系》《復(fù)旦學報》2000.5國際金融學是從貨幣金融角度研究開放經(jīng)濟下內(nèi)外均衡同時實現(xiàn)問題的一門獨立學科。South

China

University

ofTechnology課程名稱:International

FinanceInternational

Macroeconomics(國際宏觀經(jīng)濟學)（

International

Economics:

Theory

and

Policy,

SixthEdition

by

Paul

R.

Krugman

and

Maurice

Obstfeld

）Open

Economy

Macroeconomics(開放經(jīng)濟的宏觀經(jīng)濟學)International

Macroeconomicsand

Finance（國際宏觀經(jīng)濟與金融）International

Monetary

Economics(國際貨幣經(jīng)濟學)South

China

University

ofTechnologyMain

reference

bookPPT

will

send

to666666South

China

University

ofTechnologyAuthor:?J?

(Robert

J.Carbaugh)South

China

University

ofTechnologyArrangementBalance

of

payment

chap2,8,9

★Foreign

exchange

rate

and

marketchap3,5,6★International

monetary

system

chap4International

financial

market

chap7International

reserve

(補充)International

capital

flow

and

financial

crisis(補充)South

China

University

ofTechnology2.3 The

purpose

of

the

lesson2

M

and

2

ISouth

China

University

ofTechnology2

M1.

Master

the

required

theoreticalknowledge

in

International

Finance.2.

Master

the

key

words(Englishexpressions)

in

Internationalfinance.South

China

University

ofTechnology2

I1.

Improve

interests

in

caringabout

the

international

financeevents

in

reality.2.

Improve

interests

in

putEnglish

into

use,esp

in

your

majorand

future

work(comprehensiveability).South

China

University

ofTechnology3.

How

westudy?Classroom

study

and

your

involvementTextbookCase

studiesStudent

involementSouth

China

University

ofTechnologySelf-devotion(★★★★★)South

China

University

ofTechnologyYou

are

encouraged

toListening

carefully;Preview;Read

after

class;South

China

University

of