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1、Financialcrisisof2007–2009FromWikipedia,thefreeencyclopediaThisarticleisaboutbackgroundfinancialmarketeventsdatingfromJuly2007.Forthefinancialmarketconditionsof2008and2009,seeGlobalfinancialcrisisof2008–2009.Foranoverviewofalleconomicproblemsduringthelate2000s
2、,seeLate2000srecession.Thefinancialcrisisof2007–2009hasbeencalledthemostseriousfinancialcrisissincetheGreatDepressionbyleadingeconomists,[1]withitsglobaleffectscharacterizedbythefailureofkeybusinesses,declinesinconsumerwealthestimatedinthetrillionsofU.S.dollar
3、s,substantialfinancialcommitmentsincurredbygovernments,andasignificantdeclineineconomicactivity.[2]Manycauseshavebeenproposed,withvaryingweightassignedbyexperts.[3]Bothmarket-basedandregulatorysolutionshavebeenimplementedorareunderconsideration,[4]whilesignifi
4、cantrisksremainfortheworldeconomy.[5]·[edit]BackgroundTheimmediatecauseortriggerofthecrisiswastheburstingoftheUnitedStateshousingbubblewhichpeakedinapproximately2005–2006.[6][7]Highdefaultrateson"subprime"andadjustableratemortgages(ARM),begantoincreasequicklyt
5、hereafter.Anincreaseinloanincentivessuchaseasyinitialtermsandalong-termtrendofrisinghousingpriceshadencouragedborrowerstoassumedifficultmortgagesinthebelieftheywouldbeabletoquicklyrefinanceatmorefavorableterms.However,onceinterestratesbegantoriseandhousingpric
6、esstartedtodropmoderatelyin2006–2007inmanypartsoftheU.S.,refinancingbecamemoredifficult.Defaultsandforeclosureactivityincreaseddramaticallyaseasyinitialtermsexpired,homepricesfailedtogoupasanticipated,andARMinterestratesresethigher.ShareinGDPofU.S.financialsec
7、torsince1860.[8]Intheyearsleadinguptothestartofthecrisisin2007,significantamountsofforeignmoneyflowedintotheU.S.fromfast-growingeconomiesinAsiaandoil-producingcountries.ThisinflowoffundsmadeiteasierfortheFederalReservetokeepinterestratesintheUnitedStatestoolow
8、(bytheTaylorrule)from2002–2006whichcontributedtoeasycreditconditions,leadingtotheUnitedStateshousingbubble.Loansofvarioustypes(e.g.,mortgage,creditcard,andauto)wereeasytoobtainandc
