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金融管理与财政essay—Financial crisis&government management

时间:2014-07-14 11:13来源 作者:英国论文网 点击联系客服: 客服:Damien
1. Introduction引言

全球金融危机已经酝酿已久,但真正显示其威力的是2007年的中期到2008年这段时间,美国信贷危机的根源就在于——利润堆积在经济扩张期间,投资者最终发现很难找到投资用以产生大的回报,所以他们把他们的钱用在风险更大的投资上。在刚刚结束的通胀过程中,最重要的问题是次级抵押贷款的投资,并在抵押贷款上要求低级贷款的信用检查无需核审首付甚至收入的证明。总计约5500亿美元的次级贷款(和一个单独的alt - a贷款7250亿美元——次级抵押贷款)目前被评级为优秀(Stratfore,2008)。它造成许多不良影响,比如一些最大和最古老的银行、投资公司、保险公司宣布破产或被获救。信贷流动冻结,银行信心下降,世界各国的经济一个接一个下滑走至衰退。这场危机暴露出全球金融系统存在的基本问题,尽管政府放松货币政策的协调,数万亿美元的干预各国政府和国际货币基金组织(imf),危机仍在继续。

The global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. The root of the American credit crisis is - as profits pile up during economic expansions, investors eventually find it difficult to find investments that generate large returns, so they send their money after riskier prospects. In the expansion that just ended, the most important of those questionable investments was subprime mortgages, culminating in mortgage loans that required minimal to nonexistent credit checks, down payments or even proof of income. In total, some $550 billion of subprime loans (and a separate $725 billion of Alt-A loans — the next quality step up from subprime) are currently outstanding (Stratfore, 2008). It caused many bad effects, such as some of the largest and most venerable banks, investment houses, and insurance companies have either declared bankruptcy or have had to be rescued financially. The credit flows froze, lender confidence dropped, and one after another the economies of countries around the world dipped toward recession. The crisis exposed fundamental weaknesses in financial systems worldwide, and despite coordinated easing of monetary policy by governments and trillions of dollars in intervention by governments and the International Monetary Fund, the crisis continues.
Firstly the financial crisis cause around the world stock markets have fallen, for example December 5, 2008, The Associated Press reported that stock purchased by the federal government as part of the bank bailout has lost nearly one‐third of its value in the last month. Under the plan, the government negotiated options to purchase up to 1.3 billion shares of common bank stock that was valued at $27 billion. Now, the value of that common stock is worth about $19 billion (The Mintel report, 2009).(责任编辑:BUG)

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