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

拉美新兴市场的发展与美国的国际活动

• 批准号: 09630096
• 负责人: KAWANAMI Yoichi
• 金额: $ 1.41万
• 依托单位: KYUSHU UNIVERSITY
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 1997
• 资助国家: 日本
• 起止时间: 1997 至 1998
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-09630096/
• 关键词: emerging market; investment bank; overproduction; 国際資本移動; 金融システム; 国際金融市場; 新興市場; 商業銀行

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.

在这项研究中，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。在本项目期间，新兴市场经济体出现了金融和经济危机。我还研究了这一现象的背景和原因，最后得到了以下研究结果。美国的预算赤字自1989年9月1日的S&L危机以来开始逐渐减少。此外，由于结构调整的影响，1980年代美国的利率如TB利率也有所下降。国内投资复苏，包括信息技术领域。美国企业盈利能力和个人收入有所改善，这一因素可以解释美国股市的上涨。 1990年代美国与其他国家之间的利率差异仍然存在，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本高利率投入到新兴市场经济体等高风险、高回报市场。最终流入新兴经济体的资本大幅增长，导致汽车、集成电路、钢铁等行业出现过度投资和生产过剩。新兴经济体企业利润下降，只能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造成了金融泡沫和金融危机。