外文翻译国际金融危机产生背景及原因
国际金融危机原因和影响分析
国际金融危机原因和影响分析随着时代的发展，全球各国的经济联系越来越紧密，国际金融市场也日益繁荣。
然而，2008年爆发的国际金融危机彻底打破了这种繁荣景象，导致全球经济陷入长期低迷。
本文将分别分析国际金融危机的起因和影响。
一、国际金融危机起因1. 美国次贷危机导致国际金融危机爆发的最主要原因是2007年美国次贷危机。
次贷危机起源于美国房地产泡沫，大量不良贷款流入市场导致金融市场信用风险加剧，随着信贷违约风险逐渐扩散，美国的次贷危机逐渐演化成为全球金融危机。
2. 金融创新和监管松懈近年来，金融业快速发展，金融创新不断涌现。
然而，监管机构却未能及时跟进，导致监管漏洞和失误频频发生。
这些机构的监管不力和监管体系的不完善，给金融市场注入了过多的泡沫，使得金融风险不断积累。
3. 全球化和金融市场的交流全球经济发展日益紧密地联系在一起，金融市场的互联互通也日趋完善，金融机构之间的利益交织、决策制定协调不足等因素，加剧了市场风险，导致全球市场波动加剧、普遍性风险加剧。
二、国际金融危机影响1. 经济萎缩和危机出现国际金融市场中的危机不仅会对一个国家的金融市场造成影响，也会对整个国际金融市场造成威胁。
金融市场的动荡会给国家的实体经济造成影响，进而导致经济发生萎缩，甚至出现危机。
2. 全球股市暴跌，投资者信心动摇金融市场一旦动荡，股市就会受到极大的影响。
世界各地的投资者也会受到影响，导致股市暴跌，投资者的信心受到极大的动摇。
3. 贸易和投资萎缩金融市场不稳定会影响到贸易和投资。
由于经济发展缓慢，许多公司需要削减成本和裁员，进而进行更谨慎的贸易和投资决策，给全球经济带来了重大的负面影响。
4. 各国政策调整和协调面对国际金融危机的影响，各国政府采取了一系列政策，通过调整资金投放、增强政策协调、加强合作等多种手段应对。
在此过程中，国际金融体系得以逐渐改进，国家间经济合作也得到了加强。
总之，国际金融危机的起因和影响是一个复杂的问题，需要对市场、政策、先进技术等因素进行分析，才能得出更为准确的结论。
国际金融危机探索国际金融危机的原因和影响
国际金融危机探索国际金融危机的原因和影响国际金融危机是指全球范围内经济体系的崩溃或崩溃风险，导致金融市场的动荡和全球经济衰退。
自20世纪80年代以来，国际金融危机已经发生了几次，比如墨西哥危机、亚洲金融危机和2008年的全球金融危机。
本文将对国际金融危机的原因和影响进行探讨。
一、国际金融危机的原因1. 金融机构的失控国际金融危机的一个重要原因是金融机构的失控。
在过去的几十年中，金融机构开始过度放松风险控制，过度借贷和过度杠杆化。
这导致了金融市场的剧烈波动，最终引发了危机。
2. 房地产泡沫房地产泡沫也是国际金融危机的原因之一。
在很多国家，包括美国和西班牙，房地产市场出现了严重的泡沫，导致了房价的大幅上涨和房贷违约率的增加。
当这些泡沫破裂时，金融市场不可避免地遭受重创。
3. 国际金融体系的不稳定国际金融体系的不稳定也是引发国际金融危机的原因。
由于全球金融市场的互联互通，一个国家金融市场的动荡可能会迅速影响其他国家。
高度复杂的金融衍生品和跨国资本流动加剧了金融系统的脆弱性，当危机来临时，后果不堪设想。
二、国际金融危机的影响1. 经济衰退国际金融危机往往导致全球经济的衰退。
危机期间，企业投资减少，消费者信心下降，出口减少，这些都会导致经济增长的放缓甚至负增长。
例如，2008年的全球金融危机导致了全球范围内的经济衰退，多个国家的GDP出现了负增长。
2. 失业率上升国际金融危机还会导致失业率的上升。
在经济衰退期间，企业为了削减成本，往往会进行大规模裁员。
此外，金融机构的倒闭和经济不景气也会使就业市场更加困难。
因此，国际金融危机的影响往往会导致大量人口的失业。
3. 政府债务危机国际金融危机还会导致政府债务的增加和债务危机的爆发。
在危机期间，政府会采取一系列的财政刺激措施来刺激经济增长，比如降低利率、增加财政支出等。
这些措施会导致政府债务的快速增加，当财政状况无法为这些债务提供充足的支持时，债务危机就可能发生。
外文翻译---国际金融危机产生背景及原因
附录A（英文原文）The international financial crisis of background and reasonsThe international financial crisis is the capital form to international financial capital development time, virtual capital for existence under the way of economic crisis forms of expression. In the 1970 s after the international financial capital expansion process, through the two basic system design of building the world economy foundation of order: one is in the currency area, taking the dollar symbol is the basis of international credit money to establish the system of, freed from the shackles of physical on capital, money from a pure metal, virtual capital proportion in the world economy increasing quickly, caused the world of virtual economy on the american-dominated international financial capital depend on; Second, in the fields, and the american-dominated international financial capital in global arrangements within the industrial structure, the developing countries into capitalist rule system, caused the real economy is the world of the United States, for leading entity economic dependence. Financial liberalization become virtual economy and real economy flow between bond, and makes the world economic cycle flow become us-led international financial capital as the leading circle. The international financial crisis but is this system the inevitable result of the problems.By the U.S. credit crisis triggered international financial crisis, is 21 st century's largest an international crisis, is also in modern times and most extensive a crisis. And the crisis than before, the crisis in the range from developed capitalism has extended to the world around the world; From the influence of the structure of the economy, the financial crisis for outbreaks, gradually spread to each industry, until the entire global economy system. So, just from the financial Angle to reflect on the crisis is not enough, must from capitalism in the history of the Angle inspection system. The capitalist mode of production in different stages of development, the capital of the many form only a capital form of subject status. There are different forms of capital in the evolution of the contradictions of capitalism results. In capitalist history, the main body status of capital form the business capital, industry experience capital, financialcapital and international financial capital and so on four stages. Every stage of the economic crisis that broke out the characteristics of the state and not the same. The subprime crisis caused by the international financial crisis is the capital form to international financial capital era, virtual capital for existence under the way of forms of economic crisis, is also the capitalist system inevitable outcome of the development of itself.In the whole world economic cycle, the United States and developing countries of the relationship between the main contradictions, and Europe and Japan and other developed countries, it is the largest attached to the United States international financial capital group. This paper mainly analyzes the main contradiction. In fact, in between developed countries, especially in the United States and Europe, Japan there is a similar between the circulation system, only is the European and Japanese industrial structure relatively mature, high level of industry, in to the United States trade, relatively equal status.In summary, the currency and production two link at the global within the scope of the design to liberalization for ChongFengHao, of the current world economy, international financial capital has become a dominant force. Global production not with countries for the unit, capital of globalization will become global production for capital services production. In this economic system, from the United States in the field of the outbreak of the monetary crisis, expand to the domestic production field and expanded to the world, the evolution of the global crisis, international financial capital is the history of the development of and logistic inevitable.In different capital form, capitalist economic crisis form of different. In capitalist production relations gestation period, business capital is dominant, the socialized production have not established commodity economy, the internal contradictions of economic crisis outbreak only possibility, and don't have realistic conditions; "In the capitalist free competition stage, industrial capital in the capitalist mode of production in up subject status, the socialized production become the main characteristics of capitalist production, the economic crisis for the production of periodic form surplus; in the monopoly capitalism, financial capital in each stage of capital form, then a dominant position in the form of capitalist economic crisis for surplus crisis and thefinancial crisis in the current international coexist; monopoly capitalism stage, international financial capital in the capital of the form is dominant, then capitalism of the economic crisis in the form of the international financial crisis.附录B（汉语翻译）国际金融危机产生背景及原因国际金融危机是资本形态发展到国际金融资本时代，以虚拟资本为存在方式下的经济危机的表现形式。
金融危机成因以及对中国的影响中英
危机爆发的原因分析The cause of the crisis is analyzed（一）美联储货币政策及贷款利率的变化。
(1) the fed monetary policy and the change of the loan interest rate.（二）长期的低利率政策与房价暴涨诱致的直接后果就是家庭过度负债。
(2) long-term interest rates low policy and house prices soaring of induced directly result is excessive debts. Family（三）美国房屋价格普遍出现大幅下降(3) U.S. home prices generally appear to drop considerably（四）次级贷款标准的放松以及法律和监管的缺失(4) subprime loans the relaxation of the laws and standards, and the lack of regulation （五）不断将抵押贷款证券化，而“担保债务凭证”（CDO）等衍生产品在结构设计和流动性方面存在缺陷。
(5) will continue to put the mortgage securitization, and "guarantee debt obligation" (CDO) derivatives in structural design and liquidity has defects.（六）对冲基金、银行等机构在CDO 等交易中运用高杠杆比率进行融资，放大了金融市场的风险。
(6) hedge funds, Banks and other institutions in the CDO and other transactions using high leverage ratio for financing, exploring the risk of financial markets.对中国的影响直接影响：中国的美元资产投资暴露于风险中：1). 中国持有“两房”相关债券3000-4000亿美元，占官方外汇储备近20%2).中国商业银行持有破产的雷曼兄弟公司相关债券约6.7 亿美元；3). 中国投资公司持有美国投行摩根斯坦利9.9%的股份。
国际金融危机的原因和影响
国际金融危机的原因和影响近年来，国际金融危机在全球范围内频繁发生，给许多国家和地区带来了巨大的影响和损失。
金融危机的原因是多方面的，其中有经济周期变化、制度漏洞、金融风险管理不善等多种因素。
本文将探讨国际金融危机的原因和影响。
一、国际金融危机的原因1. 经济周期变化经济周期是指经济的增长、衰退、过热和过冷的波动周期，这种周期的变化是经济系统内部的自我调节机制。
然而，由于经济周期的变化不稳定，可能会导致金融市场的剧烈波动和危机的发生。
2. 制度漏洞金融制度如果存在漏洞或缺陷，就可能导致危机的爆发。
例如，在金融机构管理和监管方面存在问题，金融市场运作不透明，公司内部治理不当等问题，都会对金融体系稳定性造成威胁。
3. 金融风险管理不善金融机构存在的风险管理不善也是导致国际金融危机的重要原因之一。
例如，金融机构存在风险过度集中、风险感知不足以及对市场变化缺乏有效反应等问题，容易导致金融机构出现严重的资产负债风险，从而引发金融危机。
二、国际金融危机的影响1. 严重影响经济增长金融危机往往会引发一系列连锁反应，导致经济萎缩、失业率上升、通货膨胀，严重影响国家的经济增长。
特别是在出口主导型经济体中，金融危机的影响更加明显。
2. 扰乱金融市场运作金融危机时期，市场波动大，金融机构资产负债表构成复杂，投资者风险偏好剧烈波动。
这些特点会扰乱金融市场的正常运作，使各方对金融市场的信心受到打击，进而导致市场崩盘。
3. 加剧国际贸易保护主义金融危机时期，许多国家或地区采取了贸易保护主义的政策，对外实施高额关税和贸易限制措施，以保护本国企业和产业。
这种政策将加剧全球化进程中国际贸易的政治化和地区化。
这也会导致国际贸易体系的不稳定和失衡。
4. 加大国际金融改革力度国际金融危机给国际金融体系敲响了警钟，也激发了各国推进国际金融改革的决心。
对于发达国家而言，改革包括金融机构组织结构的重建、繁琐的监管制度的改进、金融市场体系的完善等。
市场营销外文翻译---金融危机中国的中小企业的影响及对策
The financial crisis on the impact of SMEs in Chinaand CountermeasuresBy the U.S. sub-prime crisis triggered by the financial crisis spread to all areas of the world, has not only the financial crisis, but a history of rare and strong impact on the world Economic crisis. Integration into the world economy, China has also been greatly affected, especially SMEs. Since the reform and opening up, small and medium enterprises developed rapidly, China's industrial restructuring, to ease the employment pressure, technological innovation, promoting Economic growth has played a very important role, but this time the economic crisis of the majority of SMEs have been facing crisis of survival, if you do not have a high degree of attention and to take effective measures, it may cause greater volatility in the national economy, the threat to build a harmonious society. This article will brief analysis of the financial crisis on the impact of China's small and medium enterprises and to propose measures to bail out small and medium enterprises in order to be helpful. The financial crisis on China's enterprises, especially SMEs, is a very serious impact, resulting in a lot of SMEs are forced to cease operation or even bankruptcy. (1) market decline in aggregate demand, sales of small and medium enterprises affected.The financial crisis had a direct impact on SMEs is a decline in export volume. The sub-prime crisis in the world economic recession, decline in international demand, China's SMEs, exports, reduction in export trade, which makes for a relatively high dependence on foreign markets, export-oriented small and medium enterprises in the production declines, the profit decline in the state, especially in the eastern coastal many enterprises have been cut, layoffs or even close. There are also turning to SMEs in the domestic market, in fact, depressed foreign markets, while domestic demand is declining, due to: the impact of economic transmission mechanism, the financial crisis has led to the stock market downturn and a decline in corporate profitability, is also a corresponding reduction in income the purchase of desire is not wang. On the other hand, from the financial crisis for the world economy creates a fear of mind to consumers, in order to take preventive measures, they try to curb government spending and reduce consumption. These have led to the difficult situation of domestic-based small and medium enterprises, or even bankruptcy. Reduction in theface of market share, increasing competition among enterprises on the market the product even more serious oversupply of lower prices, corporate profit margins shrink, survival more difficult.(2) The increase in cost, small and medium enterprises be further squeezed profit margins.First of all, in recent years, raw materials and energy prices overall rose substantially higher prices for agricultural products, leading to increased production costs of SMEs; Second, the new 'Labor Contract Law' demand for workers on foot 3 business insurance, payment overtime, which is no doubt regulated employment system, and improving the income of the workers and safeguard the basic rights of workers, but on the other hand, this will also increase their labor costs and make Enterprise Management more difficult; again, due to environmental degradation, governments at all levels also increased environmental management efforts to require companies waste water treatment, exhaust gas recycling purification, for non-compliance emissions, polluting enterprises to adopt a deadline for correction according to law, and other measures, which also forced the The costs for enterprises to improve the environment. At the same time as the prices of production factors, enterprises pay for the cost of land use is also increasing.(3) SME financing difficulties.In recent years, SMEs widespread system is not sound Financial Management was not standardized, low mortgage guarantee agencies, Information opaque, such phenomena as lack of credit, resulting in difficulties in obtaining bank loans for SMEs, financing channels less difficult, insufficient funds, which SME Development has been troubled by a major 'bottleneck'. With the advent of the financial crisis, this issue become more prominent. In the context of world economic recession, SMEs operating difficulties, increased credit risk, banks in order to reduce the risk of their own to raise the threshold for lending to SMEs, lending amount is declining, which makes it more difficult for the financing of SMEs. Although countries have introduced financial institutions to increase credit support for SMEs policy, but because of the credit market Information asymmetry caused by the 'adverse selection' and the moral hazard problem would make the bank is limited enforcement of these policies. In addition, the advent of the financial crisis, the decline in aggregate demand, domestic and international markets, raw materials and energy costs, corporate profit margins narrow,with the result of internal financing capacity of small and medium enterprises also dropped significantly.Small and medium enterprises to promote China's economic development has an important role in helping small and medium enterprises out of difficulty, the Government is duty-bound, to come from the following aspects:First of all, to improve the financing environment for SMEs to increase policy support. Local governments can finance through the creation of a special fund to develop small business loan interest subsidy system; the establishment of SME credit risks and increase the compensation funds, to increase loans to SMEs financial institutions to give appropriate compensation; perfect the security system and establish a security risk compensation mechanism, to reduce Small secured loan interest rate, increase the amount small secured loans; got the right to make good use private capital to expand the financing channels; to strengthen and improve the services for SMEs, to establish and improve social service system for SMEs. Second, relevant government departments should guide scientific Research institutes, colleges and universities with the SMEs 'production and research' combination of technological Innovation for SMEs to provide credit support to facilitate the transformation of scientific and technological achievements. Government policy is helping SMEs to cope with the financial crisis, external causes, the SME's own forces are internal, according to philosophical principles we can see that external and internal factors must play a role, but play a decisive role in internal and external causes by internal factors play a role. Therefore, SMEs can not simply rely on the Government introduced a large number of policies to deal with the financial crisis, SMEs play a decisive role in the survival or the enterprise's own strength, SMEs must take measures on their own, actively respond to the crisis. (1) reaffirm our confidence.To overcome the financial crisis, should first of all confidence, clarify development ideas. As Premier Wen put it, before the crisis, confidence is more important than gold and currency, confidence is a source of strength to overcome the crisis.(2) seize the opportunity.First of all, use good policy. In order to maintain rapid and sound economic development, expanding domestic demand, the Government has stepped up its efforts to support SMEs in 2008, since the state has adopted a series of policies conducive tothe development of SMEs. If the mitigation aspects of SME financing difficulties, encouraging financial institutions to steadily increase the proportion of SME lending and the recognition of the legalization of private lending, etc.; in improving the financing environment, the PBOC promulgated the 'on further improvement of the views of financial services for SMEs' and 'on strengthening and improving the guidance of financial services for SMEs' and so on; in expanding domestic demand, encourage transformation and upgrading of processing trade enterprises and stability of capital markets. Make good use of these policies will help small and medium enterprises out of difficulties. Reposted elsewhere in the paper for free download Second, to attract talent. Financial crisis occurred in developed countries have laid off a number of large enterprises, which for our small and medium enterprises to attract foreign high-end talents and provide opportunities for overseas students; the same time, the financial turmoil on China's trade, finance and other industries affected relatively large, many of these industries enterprises are lower, and layoffs or bankruptcy, some or all of these enterprises need to re-career personnel, employment pressures, which for our small and medium enterprises to introduce low-cost, high-level managerial talent and financial talent to create opportunities. SMEs should seize this opportunity, reserve personnel, in order to lay a solid foundation for future development.Again, within the framework of a global industrial restructuring opportunities. Europe and the United States and other developed economies affected by financial crisis relatively large, in order to cushion the slump in the domestic economy against the adverse effects of the manufacturing sector, the manufacturing sector in these countries is bound to transfer to developing countries, for China to become the world's largest manufacturing base with a come to a historic opportunity for development. China's small and medium enterprises should seize this opportunity to actively respond to and seek more funds intermediation, merger or acquisition of foreign scientific Research institutions, the upstream raw material supply enterprises and downstream product sales business, efforts to improve the technological content of products, reduce production costs, increase its global market share of sales and enhance China become the world 'manufacturing hub' status.Finally, the industrial upgrading opportunities. The financial crisis, labor-intensive, management is poor, the net production of low value-added processing of primaryproducts or production-oriented enterprises be a major shock, facing the threat of closing or closed down, which forced some enterprises to strengthen management and technical innovation, to upgrade the Industry structure of level, taking product upgrading, winning by quality intensive type business model. At the same time, countries to enhance high-tech products to deep processing of agricultural products as raw materials for export tax rebate rate, reduced or eliminated coal, steel and other resources of value-added products is not high, the export tax rebate rate, which also forced a number of primary products processing enterprises the positive development of production of high-tech products, accelerate industrial restructuring and upgrading, upgrade the structure of export products and expand exports of hi-tech products and strive to enjoy the benefits of the export tax rebate policy.(3) strengthening internal management and enterprises for independent innovation. First of all, we should strengthen management and improve operational efficiency. May take the following specific measures: to retain the best employees, enhance the exchange of ordinary employees, motivate and keep employees motivated, in-house to create a strong cohesive force, improve production efficiency; strengthen their internal management, and build an efficient organization structure, cutting management layers and links, and lower administrative costs; the introduction of specialized production, reduce operating costs of production in order to save money; right to dispose of idle assets to reduce asset loss, but also increase the capital reserves. Secondly, we must increase R & D investment, foster innovation. Production skills on staff training and training to develop staff's sense of Innovation and the establishment of innovative mechanisms to motivate staff, encourage staff to carry out technological innovations, forming their own unique core technology; the use of new Technology Research and development of new products and promote upgrading of products and take the brand development path, to improve the visibility of companies; on service innovation, build first-class service system and improve the corporate reputation.(4) make full use of the Internet, to establish a suitable model of network marketing.With the widespread use of the Internet, people in online shopping has become a fashion, which for the network to create the conditions for the emergence of marketing. Internet marketing, low cost, quick, is to boost sales in an effective way. SMEs should be based on characteristics of their products, customer demand forPopulation characteristics, to establish a suitable model of the enterprise's network marketing.(5) SME joint between horizontal or vertical will help enhance the competitiveness of enterprises. SMEs, due to management, technology, capital and so there are more disadvantages of going it alone is difficult to compete too large enterprises, so in order to improve competitiveness and enhance strength, producing the same or similar products, enterprises and enterprises upstream and downstream of the , are all can be horizontal or vertical, so that is conducive to the formation of economies of scale, lower transaction costs, reduce management costs and production costs, improve efficiency, avoid price wars and malicious competition; but also help to improve operational capability of enterprises, financing capability, science and Technology Innovation ability and management level, enhance their ability to withstand the crisis. In the economic globalization, China will inevitably be drawn into the financial crisis, in which Chinese SMEs have been hit is quite large. SMEs in order to successfully tide over the difficulties, in addition to helping the government, SMEs themselves also need to strengthen confidence, seize opportunities, improve enterprise capability of independent innovation and establish an appropriate network Marketing model lateral vertically integrated companies, only to take these measures will be useful in the context of the financial crisis to survive and develop, can we remain invincible in the fierce competition in order to achieve the post-crisis grow.References[1] Wu Qun: 'The global financial crisis environment for SME development Analysis'[J];' Nanjing Institute of Politics Journal of '2008 (6): 43.[2] Zhanbi English: 'on the global financial crisis on the impact of private enterprisesand coping thinking' [J]; 'Central Institute of Socialism Journal of '2009 (2): 77. [3] Feng-Ying Zhang: 'Financial crisis SME Marketing Strategy' [J]; 'academic paperson '2009 (13): 15. Reposted elsewhere in the paper for free download金融危机中国的中小企业的影响及对策由美国次贷危机引发并蔓延到世界所有地区的金融危机，不仅是金融危机，更是一种世界历史罕见的强烈影响和经济危机。
金融学外文翻译-----一个国际历史性的比较：2007美国次贷金融危机是否不同
中文3660字外文原文Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical ComparisonCarmen M. Reinhart University of Maryland and the NBER and Kenneth S.Rogoff Harvard University and the NBERThe first major financial crisis of the 21st century involves esoteric instruments, unaware regulators, and skittish investors. It also follows a well-trodden path laid down by centuries of financial folly. This time is a problem of sub-prime mortgages, but this time is not different. In fact, there are stunning quantitative parallels across a number of major crisis indicators from the standard literature on international financial crises. For example, the run-up in U.S. equity and housing prices, which Graciela L. Kaminsky and Carmen M. Reinhart (1999) find to the be best leading indicators of crisis in countries experiencing large capital inflows, closely tracks the average of the nineteen major post World War II banking crises in industrial countries. So, too, is the inverted v-shape of real growth in the years prior to the crisis. Despite widespread concern about the effects on national debt of the early 2000s tax cuts, the run-up in U.S. public debt is actually somewhat below the average of other crisis episodes. In contrast, the pattern of United States current account deficits is markedly worse.The book is still open on the how the current dislocations in the United States will play out, but some precedent can be found in the aftermath of other bank-centered financial crises in industrial economies. Depending on the degree of trauma to the banking system, they can be quite severe. A severe banking crisis typically has a far deeper and more protracted effect on growth than does a severe currency crisis, if the latter occurs in isolation. The average drop in (real per capita) output growth is over two percent, and it typically takes two years to return to trend. For the five most catastrophic cases (which include episodes in Finland, Japan, Norway, Spain and Sweden), the drop in annual output growth from peak to trough is over five percent, and growth remained well below pre-crisis trend even after three years. It is, of course, the more catastrophic casesthat policymakers particularly want to steer clear of.1. Post War Bank-Centered Financial Crises: The DataOur main purpose here is to make simple and straightforward comparisons of theUnited States 2007 crisis with other post-war crises, employing a small piece of a much larger and longer historical data set we have constructed (see Reinhart and Kenneth S. Rogoff, 2008.) The extended data set catalogues banking and financial crises around the entire world dating back to 1800 (in some cases earlier). In order to focus here on datamost relevant to present U.S. situation, we do not consider the plethora of emerging market crises, nor industrialized country financial crises from the Great Depression or the 1800s. Nevertheless, it is striking how much the “this time is different” syndrome has already been repeated.First came the rationalizations. This time, many analysts argued, the huge run-upin U.S. housing prices was not at all a bubble, but rather justified by financial innovation (including to sub-prime mortgages, as well as by the steady inflow of capital from Asia and petroleum exporters. The huge run-up in equity prices was similarly argued to be sustainable thanks to a surge in U.S. productivity growth a fall in risk that accompanied the “Great Moderation” in macroeconomic volatility. As for the extraordinary string of outsized U.S. current account deficits, which now soak up roughly two-thirds of all the world’s current account surpluses, many analysts argued that these, too, could be justified by new elements of the global economy. Thanks to a combination of a flexible economy and the innovation of the tech boom, the United States could be expected to enjoy superior productivity growth for decades, while superior American know-how meant higher returns on physical and financial investment than foreigners could expect in the United States.Next came the reality. In the past few month, we have seen a striking contractionin wealth, increases in risk spreads, and deterioration in market functioning. The 2007 United States sub-prime crisis, of course, has it roots in falling U.S. housing prices, which have in turn led to higher default levels particularly among less credit worthy borrowers. The impact of these defaults on the financial sector has been greatly magnified due to complex bundling techniques that were thought to spread risk efficiently, but in fact have made the resulting instruments extremely nontransparent and illiquid in the face of falling house prices.As a benchmark for the 2007 U.S. sub-prime crisis, we draw on data from nineteen bank-centered financial crises from the post-War period. We have included postwar episodes in which an important financial institution or segment of financial sector collapsed in a manner similar to that described by Kaminsky and Reinhart (1999). For further discussion and documentation, see Reinhart and Rogoff (2008).These crisis episodes include:The Five Big Five Crises: Spain (1977), Norway (1987), Finland (1991), Sweden (1991) and Japan (1992), where the starting year is in parenthesis. Other Banking and Financial Crises: Australia (1989), Canada (1983), Denmark (1987), France (1994), Germany (1977), Greece (1991), Iceland (1985), and Italy (1990), and New Zealand (1987), United Kingdom (1974, 1991, 1995), and United States (1984, 2007).The “Big Five” crises are all protracted large scale fin ancial crises that are associated with major declines in economic performance for a protracted period. Japan (1992), of course, is the start of the “lost decade,” although the Nordic Crises and the Spanish crisis of 1977 all left deep marks on their economies as well.The remaining rich country financial crises represent a broad range of lesser events. The 1984 U.S. crisis is the savings and loan crisis and, of course, the 2007 crisis is thesub-prime crisis, which we have represented as a U.S. crisis though of course it has had asevere impact on banks from Europe to Central Asia.While generally all the crises centrally involved the banking system, we have included the 1995 UK crisis that resulted from the bankruptcy of Barings, which was essentially an investment bank.We note that one crisis episode not encompassed by our selection criteria is the period of severe bank stress in the U.S. and Europe, especially, caused by the developing country debt crisis that began in 1982. We omit it because the bank crisis was not clearly at the epi-center of problem (which had it roots in U.S. disinflation and a drop in world commodity prices). Moreover, it overlaps somewhat with our dating of the thrift crisis. However, including it would not weaken our results.2. ComparisonsWe now proceed to a variety of simple comparisons between the 2007 U.S. crisis and previous episodes. Drawing on the standard literature on financial crises, we look at asset prices, growth and public debt. We begin in Figure 1 by comparing the run-up in housing prices. Period T represents the year of the onset of the financial crisis. So period T-4 is four years prior to the crisis, and the graph in each case continues to T+3, except of course in the case of the U.S. 2007 crisis.1 The chart confirms the case study literature, showing the significant run-up in housing prices prior to a financial crisis, with the affect being particularly pronounced for the “Big five” severe cases. Housing prices in the United States, however, have risen even further.Figure 2 looks at real rates of growth in equity market price indices. (For the United States, the index is the S&P 500; Reinhart and Reinhart, 2008 provide the complete listing for foreign markets.)The U.S. again looks like the archetypical crisis country, only more so. Here, however, the big five crisis countries tended to experience equity price falls earlier on. Of course, each of these crises occurred at different points in the global productivity cycle, which may explain some of the difference. Then, too, the monetary responses differed across these episodes, with the Federal Reserve pumping in an extraordinary amount of stimulus in the early part of the most recent episode.Figure 3 looks at the current account as a share of GDP, again starting four years before the crisis. Again, the United States looks like the typical pre-crisis country, in the capital inflows accelerate going into the crisis. However, the U.S. deficits are more severe, reaching over six percent of GDP. As already mentioned, there is a large and growing literature that attempts to rationalize why it might be beneficial for the United States to a sustained current deficit. The simplest argument is that increasing global trade and financial globalization supports larger current account imbalances (Obstfeld and Rogoff, 2001). The various rationales for the massive U.S. current account deficit would be more reassuring if the U.S. deficit were not almost twice the average of the earlier precrisis episodes.Real per capita GDP growth in the run-up to debt crises is illustrated in Figure 4. The United States 2007 crisis follows the same inverted V shape that characterizes the earlier episodes. Growth momentum falls going into the typical crisis, and remains low for two years after. In the more severe “Big Five” cases, however, the growth shoc k is ever larger and more prolonged. Not encouraging for the U.S. economic outlook, the aftermath of a banking crisis tends to have a protracted effect on real growth.Figure 5 looks at public debt as a share of GDP. Rising public debt is a near universal precursor of other post-war crises, not least the 1984 U.S. crisis. Nevertheless, although public debt is rising prior to the 2007 U.S. crisis, it is rising notably more slowly than in the average of the other 18 episodes, and much more slowly than the Big Five. This shallow path of U.S. public debt also makes it clear that the large current account deficits shown earlier owe to factors other than just government excess.The correlations in these graphs are not necessarily causal, but in combination nevertheless suggest that if the United States does not experience a significant and protracted growth slowdown, it should either be considered very lucky or even more “special” that most optimistic theories suggest. Indeed, given the severity of most crisis indicators in the run-up to its 2007 financial crisis, the United States should consider itself fortunate if it can have post-crisis trajectory parallel to the milder banking crises in the comparison set, as opposed to the much larger growth pauses experiences by Spain, Japan, Sweden, Norway and Finland during their severe financial crises.3. ConclusionsTolstoy famously begins his classic novel Anna Karenina with the line “Every happy family is alike, but every unhappy family is unhappy in their own way.” While each financial crisis no doubt has its own distinctions, there are also striking similarities, in the run-up of asset prices, in debt accumulation, in growth patterns, and in current account deficits. The majority of historical crises are preceded by financial liberalization, as documented in Kaminsky and Reinhart (1999). While in the case of the United States, there has been no striking de jure liberalization, there certainly has been a de facto liberalization. New unregulated, or lightly regulated, financial entities have come to play a much larger role in the financial system, undoubtedly enhancing stability against some kinds of shocks, but possibly increasing vulnerabilities against others.Perhaps the United States will prove a different kind of happy family. Despitemany superficial similarities to a typical crisis country, it may yet suffer a growth lapse comparable only to the mildest cases. Perhaps this time will be different as so many argue.Whatever the long-term outcome, the quantitative parallels to earlier post-war industrialized-country financial crises, at least in the pre-crisis period, is worthy of note. Of course, inflation is lower and better anchored today worldwide, and this may prove an important mitigating factor.One last parallel deserves mention. During the 1970s, the U.S. banking system stood as an intermediary between oil-exporter surpluses and emerging market borrowers in Latin America and elsewhere. While much praised at the time, 1970s petro-dollar recycling ultimately led to the 1980s debt crisis, which in turn placed enormous strain on money center banks.3 It is true that this time, a great deal of petro-dollars are again flowing into the United States, but many emerging markets have been running current account surpluses, lending rather than borrowing. Instead, a large chunk of money has effectively been recycled to a developing economy that exists within the United States’ own borders. Over a trillion dollars was channeled into the sub-prime mortgage market, which is comprised of the poorest and least credit worth borrowers within the United States. The final claimant is different, but in many ways, the mechanism is the same.一、翻译文章一个国际历史性的比较：2007美国次贷金融危机是否不同卡门莱因哈特米马里兰大学和国家经济研究局和哈佛大学肯尼斯罗格夫学和国家经济研究局21世纪的第一次重大金融危机涉及深奥的手段，不易察觉的调整机构和活跃的投资者。
是什么造成了金融危 机？ 英汉双语
Describe the main factors that lie behind the Sub-Prime Crisis.What Caused The Financial Crisis?Financial crisis, also known as financial tsunami, refers to the dramatic deterioration of the financial indicators of a certain country or several countries and regions in the world. It can be classified as currency crisis, debt crisis, banking crisis, sub-loan crisis, etc. The feature of the crisis is that people are pessimistic about the economic future because of monetary depreciation occurring throughout the region. The causes for the crisis are complicated with multiple reasons, mainly from three aspects, i.e., the U.S. consumption habits of borrowing, the idea of free economic management, and the economic environment and specific policy instruments.I think we can sum up the cause of our current economic crisis in one word —GREED. Over the years, mortgage lenders were happy to lend money to people who couldn’t afford their mortgages. But they did it anyway because there was nothing to lose. These lenders were able to charge higher interest rates and make more money on sub-prime loans. If the borrowers default, they simply seized the house and put it back on the market. On top of that, they were able to pass the risk off to mortgage insurer or package thesemortgages as mortgage-backed securities. Easy money!and what went wrong with our financial system? The whole thing was one big scheme. Everything was great when houses were selling like hot cakes and their values go up every month. Lenders made it easier to borrow money, and the higher demand drove up house values. Higher house values means that lenders could lend out even bigger mortgages, and it also gave lenders some protection against foreclosures. All of this translates into more money for the lenders, insurers, and investors. Unfortunately, many borrowers got slammed when their adjustable mortgage finally adjusted. When too many of them couldn’t afford to make their payments, it causes these lenders to suffer from liquidity issue and to sit on more foreclosures than they could sell. Mortgage-backed securities became more risky and worth less causing investment firms like Lehman Brothers to suffer. Moreover, insurers like AIG who insured these bad mortgages also got in trouble.The scheme worked well, but it reverses course and is now coming back to hurt everyone with a vengeance.The subprime mortgage crisis is an ongoing financial crisis characterized by contracted liquidity in global credit markets and banking systems triggered by the failure of mortgage companies, investment firms and government sponsored enterprises which hadinvested heavily in subprime mortgages. The crisis, which has roots in the closing years of the 20th century but has become more apparent throughout 2007 and 2008, has passed through various stages exposing pervasive weaknesses in the global financial system and regulatory framework.The crisis began with the bursting of the United States housing bubble and high default rates on supbrise and adjustable rate mortgages (ARM), beginning in approximately 2005–2006. For a number of years prior to that, declining lending standards, an increase in loan incentives such as easy initial terms, and a long-term trend of rising housing prices had encouraged borrowers to assume difficult mortgages in the belief they would be able to quickly refinance at more favorable terms. However, once interest rates began to rise and housing prices started to drop moderately in 2006–2007 in many parts of the U.S., refinancing became more difficult. Defaults and foreclosure activity increased dramatically as easy initial terms expired, home prices failed to go up as anticipated, and ARM interest rates reset higher. Foreclosures accelerated in the United States in late 2006 and triggered a global financial crisis through 2007 and 2008. During 2007, nearly 1.3 million U.S. housing properties were subject to foreclosure activity, up 79% from2006.Major banks and other financial institutions around the world have reported losses of approximately US$435 billion as of 17 July 2008 The liquidity concerns drove central banks around the world to take action to provide funds to member banks to encourage lending to worthy borrowers and to restore faith in the commercial paper markets. The U.S. government also bailed out key financial institutions, assuming significant additional financial commitments.是什么造成了金融危机？金融危机，又称金融风暴，是指一个国家或几个国家与地区的金融指标的急剧恶化。
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外文翻译国际金融危机产生背景及原因附录A(英文原文)The internationalfinancial crisis of background and reasonsThe internationalfinancial crisis is the capital form to international financial capital development time, virtual capital for existence under the way of economic crisis forms of expression. In the 1970 s after theinternational financial capital expansion process, through the two basic system design of building the world economy foundation of order: one isin the currency area, taking the dollar symbol is the basis of international credit money to establish the system of, freed from the shackles of physical on capital, money from a pure metal, virtualcapital proportion in the world economy increasing quickly, caused the world of virtual economy on the american-dominated internationalfinancial capital depend on; Second, in the fields, and the american-dominated international financial capital in global arrangements within the industrial structure, the developing countries into capitalist rule system, caused the real economy is the world of the United States, for leading entity economic dependence. Financial liberalization become virtual economy and real economy flow between bond, and makes the world economic cycle flow become us-led international financial capital as the leading circle. The international financial crisis but is this system the inevitable result of the problems. By the U.S. credit crisis triggered international financial crisis, is 21st century's largest an international crisis, is also in modern times and most extensive a crisis. And the crisis than before, the crisis in the range from developed capitalism has extended to the world around the world; From the influence of the structure of the economy, the financial crisis for outbreaks, gradually spread to each industry, until theentire global economy system. So, just from the financial Angle to reflect on the crisis is not enough, must from capitalism in the history of the Angle inspectionsystem. The capitalist mode of production in different stages of development, the capital of the many form only a capital form of subject status. There are different forms of capital in the evolution of the contradictions of capitalism results. In capitalist history, the main body status of capital form the business capital, industry experience capital, financial capital and international financial capital and so on four stages. Every stage of the economic crisis that broke out the characteristics of the state and not the same. The subprime crisis caused by the international financial crisis is the capital form to international financial capital era, virtual capital for existence under the way of forms of economic crisis, is also the capitalist system inevitable outcome of the development of itself. In the whole world economic cycle, the United States and developing countries of the relationship between the maincontradictions, and Europe and Japan and other developed countries, it is the largest attached to the United States international financialcapital group. This paper mainly analyzes the main contradiction. In fact, in between developed countries, especially in the United Statesand Europe, Japan there is a similar between the circulation system,only is the European and Japanese industrial structure relatively mature, high level of industry, in to the United States trade, relatively equal status.In summary, the currency and production two link at the global within the scope of the design to liberalization for ChongFengHao, ofthe current world economy, international financial capital has become a dominant force. Global production not with countries for the unit,capital ofglobalization will become global production for capital services production. In this economic system, from the United States in the field of the outbreak of the monetary crisis, expand to the domesticproduction field and expanded to the world, the evolution of the global crisis, international financial capital is the history of the development of and logistic inevitable. In different capital form, capitalist economic crisis form of different. In capitalist production relations gestation period, business capital is dominant, the socialized production have not established commodity economy, the internal contradictions of economic crisis outbreak only possibility, and don't have realistic conditions; "In the capitalist free competition stage, industrial capital in thecapitalist mode of production in up subject status, the socialized production become the main characteristics of capitalist production, theeconomic crisis for the production of periodic form surplus; in the monopoly capitalism, financial capital in each stage of capital form, then a dominant position in the form of capitalist economic crisis for surplus crisis and the financial crisis in the current international coexist; monopoly capitalism stage, international financial capital in the capital of the form is dominant, then capitalism of the economic crisis in the form of the international financial crisis.附录B(汉语翻译)国际金融危机产生背景及原因国际金融危机是资本形态发展到国际金融资本时代，以虚拟资本为存在方式下的经济危机的表现形式。