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1、Policy Coordination,Monetary Union,and Target Zones,Daniels and VanHoose,Multinational Policymaking,2,International Financial Architecture,The international financial architecture is the institutions,governmental and non-government organizations,and the policies that govern activity in the internati
2、onal monetary and financial markets.Since the collapse of the Bretton Woods system that most important aspect of the international financial system is the growth of capital flows among nations.,Daniels and VanHoose,Multinational Policymaking,3,Capital Market Liberalization,Advocates of liberalized c
3、apital flows argue that unhindered capital flows allow savings to flow to their most productive use,resulting in the development of real resources and higher productivity.Financial market imperfections,such as those discussed in chapter 7 may result in capital misallocations and financial instabilit
4、y.,Daniels and VanHoose,Multinational Policymaking,4,Financial Instability and Financial Crisis,Financial instability is when market imperfections and policy created distortions result in a situation in which the financial sector is unable to allocate funds to their most productive use.A financial c
5、risis is a situation where a nations financial system is no longer able to function.A crisis typically involves a banking crisis,and currency crisis,and a foreign debt crisis.,Daniels and VanHoose,Multinational Policymaking,5,Capital Flows and Financial Crisis,International capitals flows consists o
6、f short-term or portfolio capital flows,and long-term or foreign direct investment flows.An excessive reliance on portfolio capital can be destabilizing and may contribute to financial crises.,Daniels and VanHoose,Multinational Policymaking,6,Multilateral Policymaking,The two organizations at the ce
7、nter of efforts to stem international financial crises are:The International Monetary Fund:a multinational organization the promotes international monetary policy cooperation,exchange arrangements,and economic growth.The World Bank:A sister institution that specializes in making loans to developing
8、nations to promote development and growth.,Daniels and VanHoose,Multinational Policymaking,7,Can these Organizations Predict a Crisis?,To predict a crisis,policymakers must have an idea of their cause.Potential sources of financial crisis are:An inconsistency between the exchange rate and economic f
9、undamentals.Speculative attacks.Structural moral hazards.,Daniels and VanHoose,Multinational Policymaking,8,Indicators and Warning Systems,These perspective on financial crisis led to the development of crisis indication and warning systems.A financial crisis indicator is a variable that moves in a specific direction prior to a financial crisis.An early warning system is a mechanism that multinational institutions might use to track financial crisis,thereby warning of future crises.,
