financial crisis of 2008外语英文电子书

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1、TheArabAcademyForBankingandFinancialSciencesMBAcourse2008-2009===cáå~åÅá~äÅêáëáë=çÑOMMUATermPaperPreparedBy:WalidHosnAbdelghanyMohamadTalatAhmadSamyUnderTheSupervisionOf:mêçÑÉëëçê=jK=^íÉÑ=EmÜaFCONTENTSIntroductionAmericanHistory,CapitalismandtheCrisisonWallStreetOverviewUni

2、tedStatesEconomicHistoryandGovernmentInterventionTheAmericanRevolutionTheGreatDepression1929-1941TaxCutsandBudgetDeficitsRecentProblemsonWallStreetandtheRoleofGovernmentProblemsthatmustbesolvedFinancialCrisisof2008–QuestionstobeAnsweredHowdidUSAgetintothismess?Thefours

3、hockwavesofthefinancialcrisisoThefirstwave–U.S.sub-primemortgagesoThesecondwave–thegrowingriskofsystemicdefaultoThethirdwave–recessionindevelopedcountriesoThepossiblefourthwave–asevereglobalrecessionWhoistoblame?WhatshouldUSAdonow?WhatshouldUSAdointhelongterm?Whatnottodo—

4、lessonsfromtheGreatDepressionTheRoleoftheInternationalMonetaryFund(IMF)WhithertheIMF?ImmediateCrisisManagementReformingGlobalMacroeconomicSurveillanceLessonstobeLearnedLessonsFromJapanLessonsFromChileIntroductionPhilosophically,itisimportanttoexaminehowthecurrentfinancia

5、lcrisisevolvedandwhattherootcircumstancesarebeforeaddressingissuesofhowtoaddresstheproblemandwhateffectvariousactionsonthepartofthegovernmentmightormightnotgenerate.Itisindeedironicthatsomeofthesamemechanismsthatfuelaneconomy’sgrowthatonepointintimeturnouttobetheverysamemecha

6、nismsthatcontributetoitsdeclineatadifferentpointintime,whichisessentiallywherewearetoday.Overthelastdecadewesawafewthingshappen,whichwhenconsideredinisolation,wouldbeconsideredinnocuousandevenhugelybeneficialtotheeconomy.Muchlikeanindividualmedications,thataresobeneficialinfi

7、ghtingdiseases,incombinationmayinteracttoquietlycreatetheperfectstorm—thefinancialcatastrophethattheworldisexperiencingistheresultofaninteractionofcircumstancesinthefinancialsector.Attheendofthepreviouscenturyandbeginningofthecurrent,certainpolicyshiftsoccurredatthefederallev

8、elthatareimportantcontributorstotoday’sevents.TheGramm-BlileyLeachAc