Global-Financial-Crisis-in-2008.ppt

Global-Financial-Crisis-in-2008.ppt

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2,GlobalFinancialCrisisin2008,1.Thegapbetweenrichandpoorandtheexplosionofconsumercredit.2.TheimpropergovernmentfinancialpolicyoftheUnitedStatesrealestate.3.TheU.S.governmentsmacro-controlimproper,Partone,Causes,Letsturntosetofdatadirectly:

from1971to2007,theUnitedStatesEnterpriseaveragewagesfellfrom$17.6to$10perhour.Meanwhile,TheAmericanpeoplesconsumercreditexpandedfrom$120billionto$2.5trillion.In2007,theUnitedStatesoftherealestatehousingmortgageloanmarketscaleupto$11.5trillion,equivalentto83%ofGDP.well,thenhowcanAmericansmaintaintheoriginalstandardofliving?

1.Thegapbetweenrichandpoorandtheexplosionofconsumercredit.,2.TheimpropergovernmentfinancialpolicyoftheUnitedStatesrealestate.TheFannieMaeandFreddieMac,whoenjoytheprivilegesoftheimplicitgovernmentguaranteeitsdebtU.S.Treasurybondswiththesamerating,providehousingloansforthenationals.Startingfromthelastcentury,inthesituationoftheloosemonetarypolicy,assetsecuritizationandfinancialderivativesproductinnovation,intheprocessofrapiddevelopmentofbusiness,theyignoretherationalityofassetqualityandcapitalstructure.,3.theU.S.governmentsmacro-controlimproperForeffectiveregulationoftheeconomyoftheFederalReserve,AlanGreenspanrepeatedlycutinterestratesbeforethefirstwasin2003,from5%percentto1%.Interestratecutloancostsdropped,inducesalotofpeoplerelyonsubprimemortgagetobuyaHouse,contributedtotherealestatebubble.ThentheFederalReservetocurbinflation,raiseditsdepositandlendinginterestrates13timesinarow,inearly2006bytheoriginal1%calltothe5.3%.Becauseofthehighinterestrates,loancostsarehigh,principalrollinginterest,morerollingbigger,heavierpressureonloan.Eventuallythecrisisburstout.Graduallythefinancialcrisissweepingtheglobeandcaughtalotofpaintous.,PartTwo,measurestostopthecrisistakenbyUSgovernment,Theconventionalmonetarypolicy,A.Openmarketoperations,injectliquidityB.Reducethebenchmarkfederalfundsrate.C.Lowerdiscountrate,IntroducedthreenewliquiditymanagementtoolsinDecember,2007A.TermAuctionFacility，TAFB.PrimaryDealerCreditFacility，PDCFC.TermSecuritiesLendingFacility，TSLF,PartThree,TheimpactsonChinaseconomy,1therealestate,2tourismindustry,3Chineseexportsandimports,4theemployment,Buyersareextremelysensitivetotherealestatemarket.Tobuyonthewayup,notonthewaydownisthegeneralstateofmind.However,thesubprimecrisisaffectdomesticbuyersrecognizenotonlyriseandnotfalloftherealestatemarket,andthenmovewarmlyintothemarkettobuyahousetostayonthesidelines,thespecificperformanceofasharpdeclineintradingvolumeandpricesofstagflation.Fall2007,theoriginatorfromShenzhen,GuangzhouandthePearlRiverDelta,andgraduallyspreadtoBeijing,Shanghaiandothercitieslandslidevolume,pricesstagflationevendeclinehasbecomeahotmediareports.,1.therealestate.,2.ThetourismindustryWhentheU.S.subprimecrisisoutbroke,notonlycausedtheglobalfinancialturmoil,butalsobegantoaffecttherealeconomy.Withtheslumpofstockmarketandcreditcontraction,investorsconfidencecollapsed.Manydevelopedcountriesandsomeemergingmartcountriesslipintorecession,theworldeconomybecamestagnantorevenrecessionriskincreasedobviously.Thefinancialcrisisandeconomicrecessionwillbringtoourcountrydifferentdegreeofnegativeimpactoninboundtourismincome,tourismenterpriseinvestmentanddomestictourismconsumptionproduce.,3.theinfluenceoffinancialcrisistoChineseimportsandexports.In2008thefinancialcrisiscameoutwiththeAmericanhousingmarketbubble.Finallyitaffectedthecountriesallovertheworld;certainlyitincludedChina,adevelopingcountries.Firstofall,thecrisishasshiftedfromthefinancialleveltotheeconomiclevel,impactingdirectlyonexports.Intheshortterm,theincreaseinChinasdomesticdemandcannotcompensateforthereductionofthedemandforimportsfromChinaintheU.S.economy.Secondly,thesubprimecrisistofurtherstrengthentheweakpositionofthedollar,toacceleratetherateofdepreciationofthedollar,therebyreducingtheadvantageoftheexportproducts.Theroleoftheabovefactors,Chinasexportsareshowingsignsofslowing.ThefirsthalfofChinacontinuetofollowthetrendofdecelerationofexportgrowth.Inadditiontothedecreaseinexportvolume,affectedbythefinancialcrisis,overseascorporatedefaultratesbegantorise,furtherdeteriorationoftheexportenterprisesexternalcreditenvironment.,4%,5%,6%,7%,12%,12%,12%,12%,文字文字文字统计,2022/10/15,4.ontheemployment,Firstly,domesticemploymentgrowthwassignificantlyinhibitedSecondly,thedomesticunemployedpopulationgreatlyincreased.Thirdly,returningfromoverseaslaborisincreasing.Allinall,weshouldeffectivelypromoteemploymentplacedinamoreprominentpositionintheco-ordinationoffiscalpolicy,monetarypolicy,industrialpolicy,incloseconnectionwiththeexpansionofdomesticdemandandtheexpansionofemployment,toencouragethedevelopmentoflabor-intensiveindustriesandallkindsofservices,supportsmallandmedium-sizedenterprisesandmicro-enterprises,supportandguidethedevelopmentofnon-publiceconomy,totrulyimplementtoincreaseemploymentopportunities.,PartFour,ThechangeintheexchangerateoftheUSdollaragainsttheRMByuan,Astheinsufficient$2,000percapitaGDPinthedev