A proper financialisation? New financing mechanisms for developing countries
提出一种基于外汇互换的国际融资机制，旨在为发展中国家提供可持续的本币贷款，促进国内金融发展，并分析了其微观与宏观影响。
Abstract The common view of critics of international finance is that unregulated capital movements destabilise developing countries. At the same time, financial innovations such as foreign exchange swaps are considered to be ‘shadow banking’ and a part of that destabilising international financial environment. The alternative is a reliance on finance in domestic currency. Here there is a problem that finance is poorly developed in many developing countries. This paper outlines an international financing mechanism, based on foreign exchange swaps, that provides for sustainable foreign finance of lending in domestic currencies in developing countries. Section 2 contains a literature review. Section 3 considers the conditions for stable financing of economic activity. Section 4 outlines a swap-based lending facility that can assist domestic financial development and discusses it form the microeconomic viewpoint. Section 5 looks at some of the macro-implications of such a facility. A final section concludes.