单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,*,International policy coordination,小组成员：冯小楠，应畅，曹筱璇，徐丹，李雅雯，黄俊祺，王悦,International policy coordina,1,Case,1.The foreign exchange crisis,2.,The Fiscal and Monetary Policy Coordination in European Debt Crisis,3.Carbon Emissions,4.International Cooperation in Anti-corruption,Case1.The foreign exchange cr,2,The foreign exchange crisis,failure in international policy coordination,Ying Chang,Class 1 Department of Finance,Ying Chang,3,ERM,Purpose:,limit or narrow the fluctuation of foreign exchange rate,E,uropean,E,xchange,R,ate,M,echanism,(,欧洲汇率体系）,4,ERMEuropean 4,1990 German reunion,The tremendous inflation pressure,Improve its rate(betray ERM),Decrease the expected return of British currency,Contribute to the deprecation of pound.,Result?,5,1990 German reunionDecrease th,German:,implement the inflation policy,to decrease its rate.,Britain:,implement the deflation policy,to increase its rate,or,6,Britain:or6,German bank:,the purpose of is to restrain the currency inflation,never decrease its rate.,Britain bank:,suffered from the depression,never increase its rate.,plight,7,German bank:Britain bank:plig,international speculators,sold out pound,vastly bought mark,the greater deprecation of pound,also spread to other ERM countries,Britain forever quitted the ERM to enact its own currency policy.,8,international speculatorsthe g,Pros of ERM:,internalize exchange policy externalities,get the most out of a limited number of policy instruments,gain the support from abroad,Cons of ERM:,policy coordination may entail national sacrifice.,Other countries may not be trustworthy.,Other policymaker could be incompetent.,Successful coordination can sometimes be counterproductive,9,Pros of ERM:Cons of ERM:9,Past,Present,10,Past10,The Fiscal and Monetary Policy,Coordination,in European Debt Crisis,Feng Xiaonan,Class 1 Department of Finance,11,The Fiscal and Monetary Policy,欧,债,危机,欧洲主权债务危机,政府的债务超过了自身的承受范围，而引起的违约风险,European debt crisis,The,sovereign,debt crisis,the scale of debts,exceeded,bearing capacity of the government,，,thus resulting in,default risk,欧债危机European debt crisisThe so,12,Crisis,in,Greece,美国标准普尔公司 穆迪投资服务公司 惠誉国际信用评级有限公司下调希腊主权信用评级,America standard Pool Co,Moody investment Service Corporation,Fitch ratings.,Crisis in Greece美国标准普尔公司 穆迪投资服,13,Spread in,Euro-zone,Spread in Euro-zone,14,1 Governments,leveraged,measures in financial crisis,brought the debt burden for themselves.,金融危机中政府,加杠杆化,使债务负担加重,2 Rating agencies,adjusted rating,relative-correctly,without the constraints from the western countries.,评级机构不再受西方国家约束，正确,调整评级,3 Industry structure was out of balance with fragile economic,development&real economy,hollowing-out,.,产业结构不平衡：实体经济,空心化,，经济发展脆弱,4,Rigid,social,welfare system,.,刚性,的社会,福利,制度,5 Population structure unbalancing with entering the,aging,gradually.,人口结构不平衡：逐步进入,老龄化,6,Divergences,among the major countries about,rescue policies.,法德等国在救援上的,分歧,令危机处于胶着状态,Why,in,Greece,1 Governments leveraged measu,15,Contrastive,analysis with textbook,1 Internalizing international policy externalities.,2 Getting the most out of a limited number,of policy instrument.,3 Gaining support from abroad.,Solution with,cooperation,Contrastive analysis with text,16,http:/ with,cooperation,http:/ with,cooperation,Contrastive,analysis with textbook,1 Internalizing international policy externalities.,2 Getting the most out of a limited number,of policy instrument.,3 Gaining support from abroad.,Solution with cooperationContr,18,Divergences,reappear,now,The euro-zone united closely when faced with crisis.,Though pressures on the Euro have relaxed,with members freed up to fight for national interests,divergences among representatives on the ECB Board have been deepening.,Divergences reappear nowThe eu,19,Directions in the,future,the stability pact should be complied with.,with the growth of Euro-zone,the simplistic stability pact may no longer suit Europe.,the new commission should go further.,Leaders should still try their best,aiming in policy cooperation and coordination.,Directions in the futurethe st,20,THX,！,THX！,21,Carbon Emissions,Huang Junqi&Cao Xiaoxuan,Class 1 Department of Finance,Carbon EmissionsHuang Junqi&,22,Part 1:TheUnitedNationsClimateChangeConference,framework：1.theUnitedNationsFrameworkConventiononClimateChange（UNFCCC）,2.KyotoProtocol,Part 2:e.g.TheCopenhagensummit,1.outcome&aftermath 2.reasons,Aim:reduce global carbon emission,Part 3:Twoexamplesofcarbonemissionreduction,1.Carbonemissionstrading2.GlobalEnvironmentFacility(GEF)全球环境基金,Part 1:TheUnitedNationsCli,23,Part 1:,UnitedNationsClimateChangeConference,Part 1:UnitedNationsClimat,24,Framework,Aim,Framework：,1.The United Nations Framework Convention,on Climate Change（UNFCCC）,2.The KyotoProtocol,Aim：,reduce greenhouse gas emissions,Part 1:,TheUnitedNationsClimateChangeConference,Framework AimFramework：Part 1,25,UNFCC&Kyoto Protocol,international environment treaties,objective:,stabilize greenhouse gas concentrations,relationship：,Th