Intermediate economist 2020 economic foundation preparation knowledge points: financial crisis
(A) the meaning of the financial crisis
1. Financial crisis refers to the sharp, short-term and super-cycle deterioration of all or most financial indicators of a country or several countries and regions.
2. The occurrence of financial crisis is characterized by frequency, extensiveness, infectivity and severity.
3. Almost all countries have been hit by the financial crisis, which will affect a country's real economy, make its economic growth slow down or even decline, even make the financial market completely collapse, and even lead to national bankruptcy.
(B) the type of financial crisis
1. Debt crisis (solvency crisis): a crisis caused by a country's unreasonable debts and its inability to repay its debts on time.
Countries with debt crisis have the following characteristics: ① Exports are shrinking, and foreign exchange mainly comes from borrowing foreign debts. (2) International debt conditions are unfavorable to debtor countries. (3) Most debtor countries lack experience in foreign debt management, and their foreign debt investment benefits are not high and their foreign exchange earning capacity is low.
2. Currency crisis
International debt crisis, European currency crisis and Asian financial crisis are all characterized by the pegged exchange rate system of crisis countries.
3. Liquidity crisis: caused by insufficient liquidity.
(1) Domestic liquidity crisis: the assets and liabilities of financial institutions do not match, that is, the liquidity is insufficient to repay short-term debts.
(2) International liquidity crisis: If the potential short-term foreign exchange performance obligations in a country's financial system exceed the scale of foreign exchange assets that may be obtained in the short term, international liquidity will be insufficient.
(3) A comprehensive financial crisis
Comprehensive financial crisis can be divided into external comprehensive financial crisis and internal comprehensive financial crisis. The common feature of countries with comprehensive internal crisis is that the financial system is fragile, and the crisis is transmitted from banks to the whole economic system. The comprehensive financial crisis has exposed the deep-seated structural problems of crisis countries to some extent.
(C) Subprime loan crisis
1. The subprime mortgage crisis is a financial storm in the United States, which was caused by the bankruptcy of subprime institutions, the forced closure of investment funds and the violent shock of the stock market.
2. The subprime mortgage crisis is divided into three stages: debt crisis → liquidity crisis → credit crisis.