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1、2008年美国金融危机分析论文.freelemortgagecrisis,theU.S.financialindustry,meetatragicdeath,thefivelargestbanksareicdatacontinuestodeteriorate,theprospectfortheeconomyintoapessimisticexpectationandinflationarypressures.2.AnalysisofthecauseofthecrisisAsAlanGreenspanp
2、utit:fromthefinancialcrisisarkets,privatizationnarroent,reducingthemaximumtaxrates,liberalizationoftheinternationalmodityandcapitalmarkets,"characterizedby"Americanmodel"thereisabigflaentbegancuttingtheinterestrates,thefederalbenchmarkinterestratefrom3%
3、intheyearalltheaintaineduntilJune2004.Thegovernmentainsinthedoldrumsoftheeconomicsituation,.freelent,liquiditydramaticallyincreasedtheU.S.realestateboom.DuetotheloarketbubbleboomedinAmerica.Moreandmorehousesostpeoplecouldaffordthehousepayingbybankloans.
4、Atthesametime,theproperty-valuebubbleandtheliquidityhavecontributedtotheproliferationofsubprimeloans.Thisfinancialcrisisstemsfromsuchahousingloanproducts-subprimemortgages,ovetheobstaclesfortheoperationofinvestmentbanksandcorporationMA,suchas`TheGlemm-L
5、each-BlileyAct"and"ThemodityFuturesModernizationAct`.Financialderivativesalsoplayedaroleinthisdisaster.Thesefinancialinstrumentseansofhedgingandtakingonrisk.In2001,themodityFuturesModernizationAct,aticallyafter2000.Usingderivatives,bankerscouldgambleonv
6、irtuallyanything.ThemosttypicalderivativeisCDO;itsfullnameiscollateralizeddebtobligation,ortgagesandotherloans.Amongthemortgages,thesubprimethatImentionedaccountedlargeamountoftheCDO.Subprimemortgagesareloansforrealestatethataregrantedtoindividualsemort
7、gage.Thismeansthattheborroberofcriteria.Soedegree.Butbecauseofthederegulationandmoralhazard,bankersdidn’tcareaboutthequalitybutthequantities.TheinvestmentbankssoldtheCDOtoinvestorsaspossibleastheycan.Inthiseoortgages,themoneyetime,theinvestmentbankspaid
8、ratingagenciestoevaluatetheCDO,andmanyofthem,lendersdidn’tcareanymoreaboutentbanksdidn’tcareEIther.ThemoreCDOsold,themoreprofitstheyearned.Duetothemoralhazard,theinvestmentbankspreferredsubprimeloansbecausetheycarriedhigherintere
