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1、FinancialCrisisof2007–2010WinstonW.ChangE-mail:ecowwc@buffalo.edu;Tel:1-716-645-8671;Fax:1-716-645-2127.WebLink:http://www.economics.buffalo.edu/people/faculty/chang/.IamgratefultoPatrickBaudeforhisassistanceinthepreparationofthispaperandtoJamesO’Dayforhishelpful
2、comments.DepartmentofEconomicsSUNYatBuffaloBuffalo,NY14260September24,2010Revised:February28,2011AbstractThispaperprovidesasystematicreviewandanalysisofthefinancialcrisisof2007-2010.Itfirstexaminesthevariouscausesofthecrisis,includinggrowthofthehousingbubble,easy
3、creditconditions,subprimelending,predatorylending,deregulationandlaxregulation,incorrectriskpricing,collapseoftheshadowbankingsystem,thecommoditybubble,andsystemicrisk.Thepaperthendiscussestheimpactsofthecrisisonthemajorfinancialinstitutions,thefinancialwealthint
4、heU.S.,therealsideoftheU.S.economy,andtheglobaleconomy—includingIceland,Hungary,Latvia,Russia,Spain,Ukraine,Dubai,andGreece.Theemergencyandshort-termpolicyresponsesarethendiscussed.Thepaperthencoversanumberofprinciplesoffinancialreformsandregulatoryproposals,ande
5、xaminesafewlatestU.S.reformproposals.ItconcludeswithadiscussionoftheDodd-FrankWallStreetReformandConsumerProtectionActof2010,andthereformofglobalcapitalrules—theBaselIIIaccord—whichwasfinallyagreedbytheBaselCommitteeonSeptember12,2010.JELClassification:G00,G01,G1
6、8,G20,K20,N20Keywords:Financialcrisis,housingandcommoditybubbles,shadowbankingsystem,systemicrisk,principlesoffinancialreform,Dodd-FrankReformAct,BaselIIIaccord.361.ABriefIntroductiontotheFinancialCrisisForanextensivediscussionofthecurrentfinancialcrisis,seeWikip
7、edia’sFinancialCrisisof2007–2010.Accordingtoleadingeconomicfigures,thefinancialcrisisof2007–2010hasbeenthemostseverefinancialdownturnsincetheGreatDepressionofthe1930s.EconomistPeterMoricicoinedthetermthe“TheGreatRecession”todescribetheperiod.Whilethecausesarestil
8、lbeingdebated,manyramificationsareclearandincludethefailureofmajorcorporations,largedeclinesinassetvalues(someestimatesputthedropinthetrillionsofdollarsrange),
