The development of Latin American emerging market and international activities of U.S.

在本研究中，我考察了由于世界金融市场的全球化以及新兴市场的金融危机，国际机构投资者和投资银行的作用越来越大。经济体国际金融市场的新现象。在本课题研究期间，新兴市场经济体出现了金融和经济危机，我不得不考察这一现象的背景和原因，最后得出了以下研究结果：美国的预算赤字从1989- 91年的储贷危机开始逐渐减少。此外，美国的利率，如结核病率下降，由于结构调整的影响：在20世纪80年代。国内投资复苏，包括信息技术领域。美国企业和个人收入的盈利能力有所改善，这一因素可以解释美国股价的上行。美国与其他国家的利率差异在90年代仍然存在，因此，通过美国进行的世界金融中介也仍然存在。美国金融机构将从世界金融市场筹集的货币资金以较高的利率投入到新兴市场经济体等高风险、高回报的市场。最终，流入新兴经济体的资本急剧增长，在汽车、集成电路和钢铁行业领域产生了过度投资和过度生产。新兴经济体公司的利润下降，它们不得不依靠投机性金融交易来恢复利润。这种行为在新兴市场经济体中产生了金融泡沫和金融危机。

In this research, I have examined that the role of international institutional investors and investment banks were getting bigger and bigger due to globalization in the world financial markets as well as financial crisis of emerging market. economies. A new phenomenon in international financial market. which is financial and economic crisis in the emerging market economies has appeared during the term of this project I had to examine also the background and cause of this phenomenon, and finally had obtained the following research result.The U.S.budget deficit has begun to reduce gradually since S&L crisis during 1989-9 1. In addition, the U.S interest rates such as TB rate has declined due to the effect of restructuring : during 1980's. Domestic investment revived including the field of information technology. The profitability of U.S.corporations and individuals income has improved, and this factor can explain the upward movement of U.S.stock prices. The discrepancy of interest rates between U.S.and other countries still remained during 1990's Therefore, world financial intermediation through the U.S.has also remained. The U S financial institutions invested money-capital raised from world financial market at high rate into high risk and high return market like emerging market economies. Eventually capital flow into emerging economies has grew drastically and over-investment and over-production in the sector of automobile , IC.and steel industries area has been generated. Profits of corporations of emerging economies has declined, and they had to rely upon speculative financial transaction to revive their profits. Such kind of behavior has generated a financial bubble and financial crisis in the emerging market economies.