1. The financial crisis originated in America. Causes of financial crisis: The credit expansion caused by fictitious economy and the bursting of economic bubble are the main causes of financial crisis. The subprime mortgage crisis is the fuse. Sub-prime bonds are actually only $600 billion, which caused such a big financial crisis because of following the trend, that is, people's psychological expectations. Herd effect refers to the situation that investors have not formed their own expectations or obtained first-hand information in the market. Theoretically speaking, herding behavior will aggravate market fluctuation and become the key to the success of leaders' behavior. In the following situations, sesame seed cake is the leader. In the real economy, subprime mortgage is the leader.
2. From the subprime mortgage crisis to the financial crisis, here is an original case: two people sell baked wheat cakes, each selling 20 cakes a day (because the demand for baked wheat cakes is only 40), and the output value of one yuan per day is 40 yuan. Later, they discussed and bought 100(A bought it from B and B 100 bought it from A 100).
If the price of sesame cakes traded with each other is 5 yuan, the daily transaction amount is 1040 yuan. At this time, A and B will raise the market biscuits to 2 yuan. Some people heard that sesame seed cakes 1 were sold in 5 yuan, but when they saw that there was only 2 yuan in the market, they quickly bought them. -The bubble economy came into being.
Baked sesame seeds can't be cooked at once, so buy forward cakes. A, Otsuichi increased the number of baked wheat cakes (up to 100 per day), on the other hand, it sold forward baked wheat cakes, and at the same time began to issue baked wheat cakes bonds. Buyers use cash and mortgages to buy. -Financing, financial intervention.
Some people want to buy it, and they have neither cash nor collateral, so A and B issue subordinated biscuit bonds to buy insurance from insurance institutions-subprime bonds have planted seeds for the subprime mortgage crisis.
One day, I found that I couldn't eat the biscuits I bought. If it is stored in one place and moldy, I will sell it soon, even if the price is lower. The bubble burst.
This is how the financial crisis broke out. Cookie shop layoffs (as long as 40 cookies a day)-unemployment; Sesame cake bonds become waste paper-subprime mortgage crisis
Mortgage loan (collateral is worthless) can not be recovered, the liquidity crisis of the lending bank, the bankruptcy of the insurance company and so on. -Financial crisis
3. In the process from subprime mortgage crisis to financial crisis, the financial leverage of financial institutions and the issuance and circulation of financial derivatives have played an amplification role.
4. deeper level
(1) Long-term accumulation of early consumption. In the United States, early consumption has been popular for a long time, encouraging people to buy houses, cars and high-end consumer goods. In order to pursue high profits, banks issue credit cards to residents to encourage consumption in advance. Enjoy today with tomorrow's money "Let your dreams come early and make them come true." Being able to earn and spend is the pride of the times. " To put it bluntly, this kind of advanced consumption has also brought temporary prosperity for several years. However, this kind of advanced purchasing power in the future, after all, is "unable to make ends meet", with bubbles, temporary prosperity and illusory colors. Once the economy is depressed, a large number of unemployed people will not pay their debts, and consumers' ability to pay will drop sharply. American subprime debts will be highlighted in front of the world, banks will have piles of bad debts, and some investment banks will face bankruptcy.
(2) American banks bear high salaries. The American banking industry has been pampered for a long time and seems to be a "favored son of heaven." High-level leaders are well paid, with millions of annual salaries everywhere and hundreds of thousands of middle-level white-collar workers. For a long time, the banking industry has covered up the contradiction because of the huge amount of loans and rich profits. Although the salary is high every year, it can get by. Once the debtor is unable to pay his debts, a batch of bad debts will appear, forming a triangular debt. At first, the bank was in trouble, and then it suffered huge losses. So a lot of layoffs. If we seriously reflect, high salary is an excessive enjoyment of economic achievements and contains exploitation factors. Or it is a foolish act of "fishing with exhausted resources" and "killing the goose to get the egg".
(3) The United States currently lacks emerging industries. Over the years, emerging industries in the United States have often led the world trend. Such as expressway, automobile industry, aviation industry and electronic communication industry. For example, the software and hardware of computers and mobile phones are far ahead. When many countries were still in infancy, the United States had formed an industry on a large scale. However, in the past ten years, these leading industries in the United States have been hovering, while many countries in the world are catching up quickly. The electronic industries such as computers and mobile phones have developed rapidly, and the advantages of the United States have weakened relatively, or gradually lost their advantages.
5. Why did the financial crisis spread all over the world?
(1) economic globalization: the economies of countries and regions in the world are increasingly integrated with each other, gradually forming a process of global economic integration, and a process of establishing and standardizing the corresponding world economic operation mechanism.
(2) Financial globalization: all countries and regions in the world have relaxed financial control, opened up financial business and liberalized capital account control, so that capital can flow freely in financial markets in all regions and countries around the world, and eventually a unified global financial market and a unified monetary system will be formed.
(3) Trade integration: the general trend of countries to reduce or eliminate international trade barriers in the field of international trade, and gradually form a unified world market on this basis.
(4) Production integration: the globalization of production process is the globalization from the combination of production factors to product sales. Multinational companies are the main implementers of production integration.
6. What specific measures has China taken in response to the international financial crisis?
In view of the negative effects of the financial crisis, such as economic contraction and unemployment increase, there are mainly the following policy measures. It should be said that these policies and measures are related to national macroeconomic goals such as economic growth, inflation, unemployment and balance of payments, and will have a positive impact:
(1) Since July 2008, the monetary policy has been substantially adjusted in a timely manner. Reduce the impact of the open market, stop issuing 3-year central bank bills, reduce the frequency of issuing 1 year and 3-month central bank bills, guide the interest rate of central bank bills to decline appropriately, and ensure liquidity supply.
(2) loose monetary policy. In 65438+1October,165438+1October and 65438+February, the benchmark interest rate, the deposit reserve ratio and the benchmark loan interest rate were lowered continuously, with the aim of increasing the money supply in the market and expanding investment and consumption.
(3) On1October 27th, 2008, 10, a 30% discount on the interest rate of the first home loan was also implemented; Support residents to purchase ordinary self-occupied housing and improved ordinary housing for the first time.
(4) The restrictions on the credit planning of commercial banks have been cancelled.
(5) Insist on differential treatment, maintain pressure, and encourage financial institutions to increase loans for reconstruction of disaster areas, "agriculture, rural areas and farmers" and small and medium-sized enterprises.
(6) Promoting foreign trade: the import and export industry bears the brunt, with many employees (according to statistics, it has reached 1 100 million). First, increase the export tax rebate; Second, RMB appreciation is a means to increase export competitiveness;
(7) Foreign economic cooperation and coordination (such as currency swap among China, Japan and South Korea). ).
These are the main monetary policies and other policies.
(1) loose fiscal policy: tax reduction (reduction of securities transaction tax and cancellation of interest tax have been implemented) and expansion of government expenditure (4 trillion to stimulate domestic demand is being implemented);
(2) Promoting foreign trade: the import and export industry bears the brunt, with a large number of employees (according to statistics, it has reached 1 100 million). First, increase the export tax rebate; Second, RMB appreciation is a means to increase export competitiveness;
(3) Reduce the burden on enterprises: adjust the labor law, etc.
(4) Strengthen public expenditure on social security/medical care, and maintain the stability of social and economic development environment.
(5) Industrial revitalization planning.
7。 The financial crisis triggered by the American subprime mortgage crisis spread all over the world and China. Part of the country's foreign exchange reserves are lost, export is difficult, economic growth is slowing down, unemployment is increasing, people's income is falling, consumption is decreasing, and the market is depressed. In serious cases, it will lead to political instability. Compared with European countries (such as Detroit Auto City), the financial crisis has little impact on China, because China's economy is separated from the international economy to some extent. China's RMB is strictly managed under the capital account, and the impact of international hot money is not great. At present, more than 70 banks in the United States tend to close down. China's financial system is operating well and its economy has maintained a certain growth. At the same time, the state is also taking measures such as expanding finance, reducing the deposit reserve ratio and stimulating domestic demand of 4 trillion yuan. Now, the RMB exchange rate has been lowered. If all macroeconomic measures are effectively implemented, it will take China about 1 year to alleviate it. According to the current economic data, it will improve after May, and the international growth time will be longer. It will take at least three years to ease, and the economy will ease after three years. Because the next financial crisis will spread.