{
  "slug": "chapter-21-international-lending-and-financial-crises",
  "chapter": 21,
  "title": "International Lending and Financial Crises",
  "overview": "International Lending and Financial Crises International capital movements can bring major gains both to the lending or investing countries and to the borrowing countries, through intertemporal trade and through portfolio diversification for the lenders/investors. But international lending and borrowing sometimes is not well-behaved—financial crises are recurrent. This chapter examines both the gains from well-behaved lending and borrowing and what we know about international financial crises.",
  "manualPreview": [
    "International Lending and Financial Crises",
    "International capital movements can bring major gains both to the lending or investing countries and to the borrowing countries, through intertemporal trade and through portfolio diversification for the lenders/investors. But international lending and borrowing sometimes is not well-behaved—financial crises are recurrent. This chapter examines both the gains from well-behaved lending and borrowing and what we know about international financial crises.",
    "We begin with the economic analysis of international capital flows that focuses on the stock of wealth of two countries and how that wealth can be lent or invested in the two countries. With no international lending, the country that has much wealth relative to its domestic investment opportunities will have a lower rate of return or interest rate. Freeing international capital flows permits the low-rate country to lend to the high-rate country. As the world shifts to an equilibrium with free capital movements, both countries gain. As usual, however, within each country there are groups that gain and groups that lose from the international lending.",
    "We can also use this analysis to show that either nation could gain by imposing a small tax on the international capital flows, because it could shift the pre-tax foreign interest rate in its favor. Either country could seek to impose a nationally optimal tax, but this works well only if the other country does not impose a comparable tax."
  ],
  "slideOutline": [
    "International Lending",
    "International Lending Benefits",
    "Gains and Losses from Well-Behaved International Lending",
    "Taxes on International Lending",
    "Actual International Lending",
    "International Lending to Developing Countries",
    "The Surge in International Lending 1974-1982",
    "The Debt Crisis of 1982",
    "The Resurgence of Capital Flows in the 1990s",
    "The Mexican Crisis 1994-1995",
    "The Asian Crisis 1997",
    "Exchange Rates, Asian Countries 1994-2018"
  ],
  "stats": {
    "manualChars": 22558,
    "slideCount": 36,
    "exerciseCount": 60,
    "knowledgePoints": 7,
    "caseStudies": 4
  },
  "knowledgePoints": [
    {
      "id": "ch21-kp-01",
      "title": "Gains and Losses from Well-Behaved International Lending",
      "summary": "International capital movements can bring major gains both to the lending or investing countries and to the borrowing countries, through intertemporal trade and through portfolio diversification for the lenders/investors. But international lending and borrowing sometimes is not well-behaved—financial crises are recurrent.",
      "supportingBullets": [],
      "sourceType": "manual"
    },
    {
      "id": "ch21-kp-02",
      "title": "International Lending to Developing Countries",
      "summary": "International lending and borrowing often is well-behaved, but not always. The chapter next examines financial crises in developing countries during 1982 to 2002. Following defaults in the 1930s, lending from industrialized countries to developing countries was low for four decades. Such lending dramatically increased in the 1970s for four reasons.",
      "supportingBullets": [
        "Sometimes international lending is not well- behaved.",
        "In a developing-country",
        "financial crisis"
      ],
      "sourceType": "manual"
    },
    {
      "id": "ch21-kp-03",
      "title": "Reducing the Frequency of Financial Crises",
      "summary": "We now are paying more attention to finding ways to reduce the likelihood or frequency of financial crises in developing countries. Some proposals for improved practices in borrowing countries, including better macroeconomic policies, better disclosure of information and data, avoiding government short-term borrowing denominated in foreign currencies, and better regulation of banks, enjoy widespread support.",
      "supportingBullets": [
        "Sound national macroeconomic policies",
        "Timely and accurate data reports",
        "Avoiding short-term borrowing denominated in foreign currencies"
      ],
      "sourceType": "manual"
    },
    {
      "id": "ch21-kp-04",
      "title": "Financial Crises: What Can and Does Go Wrong",
      "summary": "International capital movements can bring major gains both to the lending or investing countries and to the borrowing countries, through intertemporal trade and through portfolio diversification for the lenders/investors. But international lending and borrowing sometimes is not well-behaved—financial crises are recurrent.",
      "supportingBullets": [
        "Five major forces:",
        "Waves of overlending and overborrowing",
        "2.  Exogenous negative international shocks"
      ],
      "sourceType": "manual"
    },
    {
      "id": "ch21-kp-05",
      "title": "Resolving Financial Crises",
      "summary": "International Lending and Financial Crises",
      "supportingBullets": [
        "Rescue packages:",
        "May include loans that compensate for the lack of private lending during the crisis.",
        "Restore investor confidence by replenishing official reserve holdings."
      ],
      "sourceType": "manual"
    },
    {
      "id": "ch21-kp-07",
      "title": "International Lending Benefits",
      "summary": "International Lending and Financial Crises",
      "supportingBullets": [
        "It represents an",
        "intertemporal trade",
        ", in which the lender gives up resources today in order to get more in the future, and the borrower gets resources today but must be willing to pay back more in the future."
      ],
      "sourceType": "manual"
    },
    {
      "id": "ch21-kp-08",
      "title": "Taxes on International Lending",
      "summary": "6. With free international lending Japan lends 1,800 (= 6,000 − 4,200) to America, at point T. If Japan and America each impose a 2 percent tax on international lending, the total tax is 4 percent. The gap WZ restores equilibrium, and the amount lent internationally declines to 600 (= 6,000 − 5,400). The interest rate in Japan (and the one received net of taxes by Japan’s international lenders) is 3 percent and the interest rate in America (and the one paid including taxes by America’s international borrowers) is 7 percent.",
      "supportingBullets": [
        "We have compared free international lending with no international lending and have found the orthodox result: Freedom raises world product and national incomes.",
        "Another standard result also carries over from trade analysis: the",
        "nationally optimal tax."
      ],
      "sourceType": "manual"
    }
  ],
  "caseStudies": [
    {
      "id": "ch21-case-01",
      "title": "Crisis struck in 1982, when first Mexico and then many other ...",
      "summary": "Crisis struck in 1982, when first Mexico and then many other developing countries declared that they could not repay. The crisis was brought on by rising interest rates in the United States, which raised the cost of servicing the loans, and declining export earnings for the debtor developing countries, as the industrialized countries endured a deep recession.",
      "sourceExcerpt": "Crisis struck in 1982, when first Mexico and then many other developing countries declared that they could not repay. The crisis was brought on by rising interest rates in the United States, which raised the cost of servicing the loans, and declining export earnings for the debtor developing countries, as the industrialized countries endured a deep recession. This debt crisis wore on through the 1980s. Beginning in 1989, the Brady Plan led to reductions in debt and conversion to bonds. By 1994, the 1980s debt crisis was finally over."
    },
    {
      "id": "ch21-case-02",
      "title": "Argentina pegged its peso to the U.S. dollar and succeeded in ...",
      "summary": "Argentina pegged its peso to the U.S. dollar and succeeded in ending its hyperinflation in the early 1990s. However, the peso experienced an increase in its real effective exchange rate value, and an extended recession began in 1998. The fiscal deficit widened, and the IMF stopped lending to it in late 2001. In early 2002 the government ended the pegged exchange rate and the peso lost three-fourths of its value relative to the U.S.",
      "sourceExcerpt": "Argentina pegged its peso to the U.S. dollar and succeeded in ending its hyperinflation in the early 1990s. However, the peso experienced an increase in its real effective exchange rate value, and an extended recession began in 1998. The fiscal deficit widened, and the IMF stopped lending to it in late 2001. In early 2002 the government ended the pegged exchange rate and the peso lost three-fourths of its value relative to the U.S. dollar. The banking system largely ceased to function and the economy went into a severe recession. After a few months delay Argentina’s crisis spread to neighboring countries, especially Uruguay."
    },
    {
      "id": "ch21-case-03",
      "title": "Financial crises also hit industrialized countries, and the chapter conc ...",
      "summary": "Financial crises also hit industrialized countries, and the chapter concludes with an examination of the global financial and economic crisis. The crisis began in the United States, which had experienced a credit boom and a bubble in house prices. As the house price bubble began to deflate in 2006, an increasing number of mortgages went into default.",
      "sourceExcerpt": "Financial crises also hit industrialized countries, and the chapter concludes with an examination of the global financial and economic crisis. The crisis began in the United States, which had experienced a credit boom and a bubble in house prices. As the house price bubble began to deflate in 2006, an increasing number of mortgages went into default. In August 2007 problems at BNP Paribas signaled the depth of losses on securities backed by these mortgages. Furthermore, financial institutions became reluctant to lend to each other, because potential lenders became worried that the borrowing institutions may hold dodgy assets that made it more likely that they could not service their debts in the future. With the failure of Lehman Brothers in September 2008, short-term financial markets and lending among financial institutions froze, and the crisis entered a much worse phase. The U.S. Fed"
    },
    {
      "id": "ch21-case-04",
      "title": "The first explanation is overlending and overborrowing. This can occur w ...",
      "summary": "The first explanation is overlending and overborrowing. This can occur when the government borrows and guarantees private borrowing, and lenders view this as low risk. The box on “The Special Case of Sovereign Debt” uses a benefit-cost analysis to show when a sovereign debtor would default. The Asian crisis showed that overlending and overborrowing could occur with private borrowers as well, especially if rising stock and land prices show high returns until the bubble bursts.",
      "sourceExcerpt": "The first explanation is overlending and overborrowing. This can occur when the government borrows and guarantees private borrowing, and lenders view this as low risk. The box on “The Special Case of Sovereign Debt” uses a benefit-cost analysis to show when a sovereign debtor would default. The Asian crisis showed that overlending and overborrowing could occur with private borrowers as well, especially if rising stock and land prices show high returns until the bubble bursts. The second explanation is exogenous shocks—for instance, a decline in export prices or a rise in foreign (often U.S.) interest rates—that make it more difficult for the borrower to service its debt. The third is exchange rate risk. This can be acute if private borrowers use liabilities denominated in foreign currency to fund assets denominated in local currency, betting that the exchange rate value of the local curr"
    }
  ],
  "exercises": [
    {
      "number": 1,
      "question": "________ refer(s) to purchasing shares in a foreign enterprise largely owned and controlled by the investor.",
      "options": {
        "A": "Official capital flows",
        "B": "Direct investment",
        "C": "Short-term lending",
        "D": "Portfolio investment"
      },
      "answer": "B",
      "answerText": "Direct investment",
      "topic": "Gains and Losses from Well-Behaved International Lending",
      "difficulty": "1 Easy",
      "bloom": "Remember"
    },
    {
      "number": 2,
      "question": "Official lending and investing are usually done by",
      "options": {
        "A": "multinational enterprises.",
        "B": "private individuals when purchasing government bonds.",
        "C": "governments or multilateral institutions.",
        "D": "commercial banks."
      },
      "answer": "C",
      "answerText": "governments or multilateral institutions.",
      "topic": "Gains and Losses from Well-Behaved International Lending",
      "difficulty": "1 Easy",
      "bloom": "Remember"
    },
    {
      "number": 3,
      "question": "From pre-World War II years to the early 1980s, which one of the following countries was the principal lender in the world?",
      "options": {
        "A": "The United States",
        "B": "The United Kingdom",
        "C": "Germany",
        "D": "Japan"
      },
      "answer": "A",
      "answerText": "The United States",
      "topic": "Gains and Losses from Well-Behaved International Lending",
      "difficulty": "1 Easy",
      "bloom": "Remember"
    },
    {
      "number": 4,
      "question": "The largest net international lenders since 1980 have been",
      "options": {
        "A": "the United States and china.",
        "B": "the United Kingdom and France.",
        "C": "Russia and Saudi Arabia.",
        "D": "Japan and Germany."
      },
      "answer": "D",
      "answerText": "Japan and Germany.",
      "topic": "Gains and Losses from Well-Behaved International Lending",
      "difficulty": "1 Easy",
      "bloom": "Remember"
    },
    {
      "number": 5,
      "question": "From the early 1980s through today, the largest net borrower in the world has been",
      "options": {
        "A": "the United States.",
        "B": "the United Arab Emirates.",
        "C": "China.",
        "D": "Japan."
      },
      "answer": "A",
      "answerText": "the United States.",
      "topic": "Gains and Losses from Well-Behaved International Lending",
      "difficulty": "1 Easy",
      "bloom": "Remember"
    },
    {
      "number": 6,
      "question": "Since 2000, developing countries received large net capital inflows in the form of",
      "options": {
        "A": "foreign direct investments.",
        "B": "short-term lending.",
        "C": "official loans from foreign governments and the International Monetary Fund (IMF).",
        "D": "debt service."
      },
      "answer": "A",
      "answerText": "foreign direct investments.",
      "topic": "Gains and Losses from Well-Behaved International Lending",
      "difficulty": "1 Easy",
      "bloom": "Remember"
    },
    {
      "number": 7,
      "question": "Which of the following is a major benefit of international lending?",
      "options": {
        "A": "It eliminates exchange rate risk in financial activities.",
        "B": "It requires reducing restrictive international trade practices in the lending and the borrowing countries.",
        "C": "It allows both small countries and large countries to apply similar levels of optimal taxes on the international loans.",
        "D": "It allows some lenders to shift their lending to foreign borrowers who are willing to pay higher interest rates on the loans.."
      },
      "answer": "D",
      "answerText": "It allows some lenders to shift their lending to foreign borrowers who are willing to pay higher interest rates on the loans..",
      "topic": "Gains and Losses from Well-Behaved International Lending",
      "difficulty": "2 Medium",
      "bloom": "Understand"
    },
    {
      "number": 8,
      "question": "If international financial transactions are prohibited",
      "options": {
        "A": "lenders in the richer countries will probably earn high rates of return.",
        "B": "borrowers in poorer countries will probably pay low interest rates.",
        "C": "lenders in the richer countries will probably earn low rates of return.",
        "D": "exchange rates cannot remain fixed."
      },
      "answer": "C",
      "answerText": "lenders in the richer countries will probably earn low rates of return.",
      "topic": "Gains and Losses from Well-Behaved International Lending",
      "difficulty": "2 Medium",
      "bloom": "Understand"
    },
    {
      "number": 9,
      "question": "Borrowers in wealthy countries that have few domestic investment opportunities would gain if",
      "options": {
        "A": "all restrictions on capital flows between nations were removed.",
        "B": "capital flows between nations are prohibited.",
        "C": "factor-price equalization takes place.",
        "D": "governments set allowable interest rates."
      },
      "answer": "B",
      "answerText": "capital flows between nations are prohibited.",
      "topic": "Gains and Losses from Well-Behaved International Lending",
      "difficulty": "2 Medium",
      "bloom": "Understand"
    },
    {
      "number": 10,
      "question": "Assume that investment opportunities are less in high-wealth countries and more in low-wealth countries. Now, if all barriers to international financial transactions are removed, borrowers in ________ countries lose and lenders in ________ countries gain.",
      "options": {
        "A": "high-wealth; low-wealth",
        "B": "low-wealth; high-wealth",
        "C": "high-wealth; high-wealth",
        "D": "low-wealth; low-wealth"
      },
      "answer": "C",
      "answerText": "high-wealth; high-wealth",
      "topic": "Gains and Losses from Well-Behaved International Lending",
      "difficulty": "2 Medium",
      "bloom": "Understand"
    },
    {
      "number": 11,
      "question": "International financial freedom",
      "options": {
        "A": "maximizes world product.",
        "B": "hurts poor countries.",
        "C": "hurts wealthy countries.",
        "D": "helps all citizens in both poor and wealthy countries."
      },
      "answer": "A",
      "answerText": "maximizes world product.",
      "topic": "Gains and Losses from Well-Behaved International Lending",
      "difficulty": "1 Easy",
      "bloom": "Remember"
    },
    {
      "number": 12,
      "question": "By restricting foreign lending, a country with sufficient market power can",
      "options": {
        "A": "increase world production.",
        "B": "lower world interest rates.",
        "C": "bid up the rate that domestic lenders get after taxes.",
        "D": "bid up the rate that foreign borrowers have to pay."
      },
      "answer": "D",
      "answerText": "bid up the rate that foreign borrowers have to pay.",
      "topic": "Gains and Losses from Well-Behaved International Lending",
      "difficulty": "1 Easy",
      "bloom": "Remember"
    }
  ],
  "handoutMarkdown": "# 第21章 International Lending and Financial Crises\n\n## 章节概览\nInternational Lending and Financial Crises International capital movements can bring major gains both to the lending or investing countries and to the borrowing countries, through intertemporal trade and through portfolio diversification for the lenders/investors. But international lending and borrowing sometimes is not well-behaved—financial crises are recurrent. This chapter examines both the gains from well-behaved lending and borrowing and what we know about international financial crises.\n\n## 知识点\n### 1. Gains and Losses from Well-Behaved International Lending\n- 教学说明：International capital movements can bring major gains both to the lending or investing countries and to the borrowing countries, through intertemporal trade and through portfolio diversification for the lenders/investors. But international lending and borrowing sometimes is not well-behaved—financial crises are recurrent.\n- 来源类型：manual\n\n### 2. International Lending to Developing Countries\n- 教学说明：International lending and borrowing often is well-behaved, but not always. The chapter next examines financial crises in developing countries during 1982 to 2002. Following defaults in the 1930s, lending from industrialized countries to developing countries was low for four decades. Such lending dramatically increased in the 1970s for four reasons.\n- 支撑要点：Sometimes international lending is not well- behaved.\n- 支撑要点：In a developing-country\n- 支撑要点：financial crisis\n- 来源类型：manual\n\n### 3. Reducing the Frequency of Financial Crises\n- 教学说明：We now are paying more attention to finding ways to reduce the likelihood or frequency of financial crises in developing countries. Some proposals for improved practices in borrowing countries, including better macroeconomic policies, better disclosure of information and data, avoiding government short-term borrowing denominated in foreign currencies, and better regulation of banks, enjoy widespread support.\n- 支撑要点：Sound national macroeconomic policies\n- 支撑要点：Timely and accurate data reports\n- 支撑要点：Avoiding short-term borrowing denominated in foreign currencies\n- 来源类型：manual\n\n### 4. Financial Crises: What Can and Does Go Wrong\n- 教学说明：International capital movements can bring major gains both to the lending or investing countries and to the borrowing countries, through intertemporal trade and through portfolio diversification for the lenders/investors. But international lending and borrowing sometimes is not well-behaved—financial crises are recurrent.\n- 支撑要点：Five major forces:\n- 支撑要点：Waves of overlending and overborrowing\n- 支撑要点：2.  Exogenous negative international shocks\n- 来源类型：manual\n\n### 5. Resolving Financial Crises\n- 教学说明：International Lending and Financial Crises\n- 支撑要点：Rescue packages:\n- 支撑要点：May include loans that compensate for the lack of private lending during the crisis.\n- 支撑要点：Restore investor confidence by replenishing official reserve holdings.\n- 来源类型：manual\n\n### 6. International Lending Benefits\n- 教学说明：International Lending and Financial Crises\n- 支撑要点：It represents an\n- 支撑要点：intertemporal trade\n- 支撑要点：, in which the lender gives up resources today in order to get more in the future, and the borrower gets resources today but must be willing to pay back more in the future.\n- 来源类型：manual\n\n### 7. Taxes on International Lending\n- 教学说明：6. With free international lending Japan lends 1,800 (= 6,000 − 4,200) to America, at point T. If Japan and America each impose a 2 percent tax on international lending, the total tax is 4 percent. The gap WZ restores equilibrium, and the amount lent internationally declines to 600 (= 6,000 − 5,400). The interest rate in Japan (and the one received net of taxes by Japan’s international lenders) is 3 percent and the interest rate in America (and the one paid including taxes by America’s international borrowers) is 7 percent.\n- 支撑要点：We have compared free international lending with no international lending and have found the orthodox result: Freedom raises world product and national incomes.\n- 支撑要点：Another standard result also carries over from trade analysis: the\n- 支撑要点：nationally optimal tax.\n- 来源类型：manual\n\n## 案例\n### 案例 1: Crisis struck in 1982, when first Mexico and then many other ...\nCrisis struck in 1982, when first Mexico and then many other developing countries declared that they could not repay. The crisis was brought on by rising interest rates in the United States, which raised the cost of servicing the loans, and declining export earnings for the debtor developing countries, as the industrialized countries endured a deep recession.\n\n### 案例 2: Argentina pegged its peso to the U.S. dollar and succeeded in ...\nArgentina pegged its peso to the U.S. dollar and succeeded in ending its hyperinflation in the early 1990s. However, the peso experienced an increase in its real effective exchange rate value, and an extended recession began in 1998. The fiscal deficit widened, and the IMF stopped lending to it in late 2001. In early 2002 the government ended the pegged exchange rate and the peso lost three-fourths of its value relative to the U.S.\n\n### 案例 3: Financial crises also hit industrialized countries, and the chapter conc ...\nFinancial crises also hit industrialized countries, and the chapter concludes with an examination of the global financial and economic crisis. The crisis began in the United States, which had experienced a credit boom and a bubble in house prices. As the house price bubble began to deflate in 2006, an increasing number of mortgages went into default.\n\n### 案例 4: The first explanation is overlending and overborrowing. This can occur w ...\nThe first explanation is overlending and overborrowing. This can occur when the government borrows and guarantees private borrowing, and lenders view this as low risk. The box on “The Special Case of Sovereign Debt” uses a benefit-cost analysis to show when a sovereign debtor would default. The Asian crisis showed that overlending and overborrowing could occur with private borrowers as well, especially if rising stock and land prices show high returns until the bubble bursts.\n\n## 习题\n### 题目 1\n________ refer(s) to purchasing shares in a foreign enterprise largely owned and controlled by the investor.\n- A) Official capital flows\n- B) Direct investment\n- C) Short-term lending\n- D) Portfolio investment\n\n### 题目 2\nOfficial lending and investing are usually done by\n- A) multinational enterprises.\n- B) private individuals when purchasing government bonds.\n- C) governments or multilateral institutions.\n- D) commercial banks.\n\n### 题目 3\nFrom pre-World War II years to the early 1980s, which one of the following countries was the principal lender in the world?\n- A) The United States\n- B) The United Kingdom\n- C) Germany\n- D) Japan\n\n### 题目 4\nThe largest net international lenders since 1980 have been\n- A) the United States and china.\n- B) the United Kingdom and France.\n- C) Russia and Saudi Arabia.\n- D) Japan and Germany.\n\n### 题目 5\nFrom the early 1980s through today, the largest net borrower in the world has been\n- A) the United States.\n- B) the United Arab Emirates.\n- C) China.\n- D) Japan.\n\n### 题目 6\nSince 2000, developing countries received large net capital inflows in the form of\n- A) foreign direct investments.\n- B) short-term lending.\n- C) official loans from foreign governments and the International Monetary Fund (IMF).\n- D) debt service.\n\n### 题目 7\nWhich of the following is a major benefit of international lending?\n- A) It eliminates exchange rate risk in financial activities.\n- B) It requires reducing restrictive international trade practices in the lending and the borrowing countries.\n- C) It allows both small countries and large countries to apply similar levels of optimal taxes on the international loans.\n- D) It allows some lenders to shift their lending to foreign borrowers who are willing to pay higher interest rates on the loans..\n\n### 题目 8\nIf international financial transactions are prohibited\n- A) lenders in the richer countries will probably earn high rates of return.\n- B) borrowers in poorer countries will probably pay low interest rates.\n- C) lenders in the richer countries will probably earn low rates of return.\n- D) exchange rates cannot remain fixed.\n\n## 参考答案\n- 题目 1: 答案：B | 选项内容：Direct investment | Topic：Gains and Losses from Well-Behaved International Lending | Difficulty：1 Easy\n- 题目 2: 答案：C | 选项内容：governments or multilateral institutions. | Topic：Gains and Losses from Well-Behaved International Lending | Difficulty：1 Easy\n- 题目 3: 答案：A | 选项内容：The United States | Topic：Gains and Losses from Well-Behaved International Lending | Difficulty：1 Easy\n- 题目 4: 答案：D | 选项内容：Japan and Germany. | Topic：Gains and Losses from Well-Behaved International Lending | Difficulty：1 Easy\n- 题目 5: 答案：A | 选项内容：the United States. | Topic：Gains and Losses from Well-Behaved International Lending | Difficulty：1 Easy\n- 题目 6: 答案：A | 选项内容：foreign direct investments. | Topic：Gains and Losses from Well-Behaved International Lending | Difficulty：1 Easy\n- 题目 7: 答案：D | 选项内容：It allows some lenders to shift their lending to foreign borrowers who are willing to pay higher interest rates on the loans.. | Topic：Gains and Losses from Well-Behaved International Lending | Difficulty：2 Medium\n- 题目 8: 答案：C | 选项内容：lenders in the richer countries will probably earn low rates of return. | Topic：Gains and Losses from Well-Behaved International Lending | Difficulty：2 Medium\n\n## AI / NextLab 使用建议\n- NextLab 总览：用贸易分析实验室的理论模块、图表和政策分析工具继续扩展本章内容。 https://digitconnection.ai/nextlab/\n",
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