Reason:
The financial crisis in the United States, is the fundamental American consumption patterns, financial supervision policy, financial institutions, mode of operation and structure of the world economy many factors such as the result of joint action, mainly has three reasons.
One is overstepping the consumption of long-term accumulation. The United States has long prevailed overspend, encourages citizens to buy a house, buy a car, buy high-grade consumer goods, with tomorrow's money to buy today's enjoyment. A Chinese woman and the United States the old lady's story, careless, China is the old lady saved enough money, to life before he just bought bridal chamber, but a day also haven't lived, While American woman is first loan, to death before, she just pay off loan live a lifetime bridal chamber. Generally speaking, American old lady practice obviously than Chinese lady brillant, both stimulated economic and improves the quality of their own life, but such "American old ladies" much, everyone is pay later "syndrome", once the recession, appear large quantities of unemployed, also can't afford loans, subordinated debt and bank of bad debt defaults are required.this heaps, and related investment Banks inevitable for bankruptcy.
2 it is various high-risk financial derivatives overmuch low-quality ones. Traditionally, bank lending, should put the credit risk stay within the bank, once the other unable to repay loan, and the loss should be to be borne by the bank. However, America's large number of lenders but in intermediary institutions under the assistance, invest in the form of subprime securities sold in the market, attracting investment institutions to purchase, Investment institutions and put these securities become new financial products, sold to hedge funds, insurance companies, etc. Just because of this constant changed hands, conversion, make the initial pay $1 loan can be uploaded to scale a few yuan, ten yuan even a few yuan of financial derivatives. According to the bureau of economic analysis of investigation, the U.S. subprime mortgage amount is 1.5 trillion us dollars, after re-gift post-transform, and finally form for hundreds of thousands of value of $financial derivatives, such, financial risk also subsequently be sharply amplification. When these financial products that is the foundation of subprime housing credit assets out of the question, the financial derivatives markets like castles in the air, at any time may collapse.
Three is the financial supervision mechanism lag. In the United States federal reserve as an example, it is only responsible for monitoring American commercial Banks, has no right to regulatory investment bank. The United States securities and exchange commission to 2004 that have the authority to regulate investment bank. This has made American each big financial magnate, and in a quite long period of time, no one can control regardless of risk, free to make the so-called "financial innovation", encouragement of various financial derivatives. In addition, in many financial institutions loans appear problem, financial products loopholes in the circumstances, the us financial rating mechanism also appear serious faults, a lot of problems bonds and bank were evaluated for long-term problems excellent, causing risk crisis more severe.
Effect:
One is the world economic growth slowed sharply, some main developed countries or regions economy into a recession. On October 23, American White House spokeswoman Dana perino said, although federal government took aggressive measures rescue financial institutions, but growth in the United States still face difficulties. The Japanese government has released in October of monthly report on economic thought, the Japanese economy "is in a recession." The British government announced on October 24, the data show that the British GDP compared to the previous month 0.5% decline since 1992, is the UK economy appears first contraction. Eurozone economic fundamentals deterioration speed also to speed up, including Germany, France, Italy, and west countries such as manufacturing atrophy degree are than expected. The international monetary fund newly published half-yearly "world economic outlook, the report indicates the current major developed economies economic conditions" has already or close to recession.
Two is the main financial markets worsen sharply, global equities faltered. Financial crisis since the outbreak in the United States alone has 14 Banks failed, the world's major financial securities market were hit hard. When America's 4th largest investment bank lehman brothers holding company "on September 15, officially declared bankruptcy, merrill lynch simultaneously by American bank acquisition, after news of the global stock markets tumbled, Wall Street suffered from" 9? 11 "since the worst day, the dow Jones index plunged 500 points, a decline of 4.42%; Some of the major European stock index once 5% drop, The asia-pacific region financial stocks generally lower, the Taiwan stock exchange weighted index dropped 4.1 per cent for recent three years lowest close level; Russia because stock market faltered, the federal government on September 17 to halt all exchange. Global equities faltered in October, only the consequences of global market will evaporate 5.79 trillion dollars
Three is a multinational government deficit increase, global inflation pressure increased. On October 14, the United States government has announced a $700 billion help city plan concrete plan, October 13 onwards, Britain, Germany, France, Spain, Portugal and other countries government implemented the huge financial aid programs, European countries save city total amount nearly 2 trillion euros, Japan to save the current recession, will relief funds raised to $cap $110 billion, Russia to financial markets capital injection has been raised to 11266 billion roubles. These help city of large sums of money will undoubtedly increase governments future fiscal deficit, and then continue to push up global inflation. New York's times square suspension of American "national debt clock" October 8 shows, the U.S. federal government debt is already close to 10.2 trillion dollars, too large sum make "national debt clock" amount shown on the plan of digits all run out, have to "10 trillion" head a figure "1", temporary squeeze into the left shows the dollar symbol of the grid.
The fourth is the world trade deterioration of the environment and emerging market countries economic and trade facing a downturn. In recent years, mainly by the emerging market economy expanded export such strategies as rapid rise in America and Europe, prop up their trade has become the important pulling power economic growth. After the outbreak of the financial crisis, u.s.-european demand, must cause slowing global commodity trade volume drops, to emerging market countries exports and economic growth caused heavy blow. On the other hand, the financial crisis will prompt worldwide trade protectionism growth, emerging market countries suffered in the downside risks at the same time, still must face under the threat of inflation input type.
Five is the most countries severe employment condition, unemployment is rising. By financial crisis effect, since this year, U.S. employment has reduced 76 million people, and unemployment rises to 7 percent or more than 8%, June 2003 economic downturns 6.3 per cent of the highest level. Eurostat October 31, according to figures released in September the eurozone's unemployment rate is 7.5%, higher than last year's 7.3%. Economic situation, make the downturn more severe employment situation, a large increase in unemployment.
Six is financial crisis continues to spread across global energy and food problems such as shadow photograph. Due to the international market confidence drops, in middle October. International crude prices fell to $61.5 a barrel for March 2007, its lowest level since. Especially for venezuela, Iran, Russia and other big oil producing countries speaking, oil prices tumbled to their striking is unprecedented.
solutions
A. flexible tight monetary policy. In the monetary policy tightening still maintaining the situation, but according to the actual situation of economic operation of the flexible adjustment, prevent excessive squeeze, a prudent to raise rates. The current credit control essentially have increased the cost of capital for companies, further improve the economic interest rate to blow can be large.
B. the proactive fiscal policy.
(1) the expansion of government investment.
(2) increase government spending and subsidies. Continue to expand the coverage of social security and medicare.
(3) tax cuts, lower interest rates.
(4) government funding support each Banks
(5) has taken us dollar interest rates, injection, etc.
C. seize opportunity to carry on the adjustment of industrial structure
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