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

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。在这个项目期间，新兴市场经济体出现了金融和经济危机，我也不得不研究这一现象的背景和原因，最终得到了以下研究结果。自1989- 1991年的储贷危机以来，美国的预算赤字开始逐渐减少。此外，美国的贷款利率等利率在20世纪80年代受到结构调整的影响有所下降。信息技术（it）等国内投资也恢复了活力。美国公司的盈利能力和个人收入都有所提高，这可以解释美国股票价格上涨的原因。在20世纪90年代，美国与其他国家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以高利率投资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急剧增长，在汽车、集成电路和钢铁行业产生了过度投资和过度生产。新兴经济体企业的利润下降，不得不依靠投机性金融交易来恢复利润。这种行为造成了新兴市场经济体的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.