经济危机的原因 英文版
GREAT DEPRESSION(美国1920年的经济危机)
By 1914, most developed countries had adopted the gold standard with a fixed exchange rate between the national currency and gold—and therefore between national currencies. In World War I, European nations went off the gold standard to print money, and the resulting price inflation drove large amounts of the world’s gold to banks in the United States. The United States remained on the gold standard without altering the gold value of the dollar. Investors and others who held gold sent their gold to the United States, where gold maintained its value as a safe and sound investment. At the end of World War I, a few countries, most notably the United States, continued on the gold standard while others temporarily adopted floating exchange rates. The world’s international finance center had shifted from London to New York City, and the British were anxious to regain their old status. Some countries pledged to return to the gold standard with devalued currencies, while others followed the British lead and aimed to return to gold at prewar exchange rates.
美国次贸危机原因 英文版
作者： 作者：
And you know?
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Both government failed regulation and deregulation contributed to the crisis. In testimony before Congress both the Securities and Exchange Commission (SEC) and Alan Greenspan conceded failure in allowing the selfregulation of investment banks
Credit rating agencies are now under scrutiny for having given investment-grade ratings to MBS and CDO based on risky subprime mortgage loans.
债务担保证券(Collateralized Debt Obligation) 债务担保证券 不动产抵押贷款证券（Mortage-Backed Security）：由房 ）：由房 不动产抵押贷款证券（ ）： 屋抵押贷款为保证而发行的证券
Government policies Policies of central banks Financial institution debt levels and incentives Credit default swaps US Balance of Payments
Low interest rates and large inflows of foreign funds created easy credit conditions for a number of years prior to the crisis, fueling a housing market boom and encouraging debt financed consumption.Between 1997 and 2006, the price of the typical American house increased by 124%.This credit and house price explosion led to a building boom and eventually to a surplus of unsold homes, which caused U.S. housing prices to peak and begin declining in mid-2006.As more borrowers stop paying their mortgage payments (this is an on-going crisis), foreclosures and the supply of homes for sale increases. This places downward pressure on housing prices, which further lowers homeowners' equity. The decline in mortgage payments also reduces the value of mortgage-backed securities, which erodes the net worth and financial health of banks. This vicious cycle is at the heart of the crisis
全球金融危机(次贷危机成因讲义 英文版)精品PPT课件
Lecture 10: The GFC
4
The build-up to the GFC
▪ The housing bubble in the US had its origins in the low interest rate environment which arose as a result of large capital inflows and because of Federal Reserve Policy (blamed on Greenspan)
2Hale Waihona Puke Reading▪ Essential Reading
▪ Markus K. Brunnermeier, Deciphering the Liquidity and Credit Crunch 2007–2008, Journal of Economic Perspectives—Volume 23, Number 1—Winter 2009—Pages 77–100
Lecture 10: The GFC
3
Overview
▪ The Build up to the GFC ▪ What happened in the US that led to the Subprime crisis ▪ What are the causes and catalyst of the GFC ▪ Risk manifested in the GFC ▪ Spillover to Australia ▪ Spillover to other market- Europe ( next lecture) ▪ Lessons drawn from the GFC ( discussed in the workshop)
美国经济大萧条 (全英文)
The common view among economic historians is that the Great Depression ended with the advent of World War II.
America's entry into the war in 1941 finally eliminated the last effects from the Great Depression and brought the unemployment rate down below 10%.
it started in about 1929 and lasted until the late 1930s or early 1940s .
It was the longest, most widespread, and deepest depression of the 20th century.
股票市场崩溃是一场灾难深 the whistle, Hoover rang the bell, Wall Street gave the signal and the country went to hell.
“ 梅隆拉响汽笛，胡佛敲起钟。华尔街发 出信号，美国往地狱里冲！”
Recent work from a neoclassical perspective focuses on the decline in productivity that caused the initial decline in output and a prolonged recovery due to policies that affected the labor market.
global financial crisis全球金融危机的成因和动因(英文)
The Euphoric Economy
• Self-fulfilling expectations – Decline in risk aversion causes increase in investment
The Assets Boom and Bust
• Eventually: – Rising rates make conservative projects speculative – Non-Ponzi investors sell assets to service debts – Entry of new sellers floods asset markets – Rising trend of asset prices falters or reverses
40 0
Plus Business
Plus Financial
35 0
Plus Government
30 0
25 0
20 0
15 0
10 0
50
0 1920 1930 1940 1950 1960 1970 1980 1990 2000sing ingredient: – Ponzi Investing
– BNP closes 3 funds with strong subprime exposure…
• Different theory needed to understand crisis:
Minsky’s “Financial Instability Hypothesis”
• Explanation for regular credit-driven cycles & crises: – Economy in historical time – Debt-induced recession in recent past – Firms and banks conservative re debt/equity, assets – Only conservative projects are funded
两次经济大危机原因的比较研究 (英文版)
2014--2015学年第一学期«英语国家概况»科目考查论文A Comparison of the Causes of The Great Depressionin 1929 and the Great Recession of 2008 1929年大萧条与2008年经济大危机成因对比研究学院专业班级学生学号AbstractThe Great Depression in 1929 and the Great Recession of 2008 are twolarge-scale events in American economic history for nearly one century. Though the two economic crises vary in background, ways of eruption and origins, they definitely share in common. For example, both of their eruptions are caused by economic imbalance, overproduction, and the driving force behind these is the capital seeks for profit.The study will focus on the comparison of the Great Depression and financial crisis. The writer will do a brief discussion and research on their courses, then to reveal their significance to prevent and settle today’s economic crisis, which contributes to help us to improve the cognition to economic crisis’ development.The thesis is composed of following five parts:In the first part the writer briefly describes the background of the crises and their impacts on world economy and then leads to the causes of the two crises.In the second part the writer explains the common causes of American two economic crises. In the third part and the fourth part the writer interprets the causes of two American economic crises in 1929-1933 and in 2008 respectively.In the conclusion the writer concludes that through the research of the causes of the two economic crises, the countries in the modern world may learn how to improve its capacity to prevent and resolve the potential economic crisis.Key words: economic crisis, financial crisis, United States, comparison, causes摘要美国2008年发生的经济危机与20世纪30年代的经济危机是近一个世纪以来美国经济发展史上出现的两次大规模的危机。
英文—经济危机
vocabulary
capitalist engulf
depression
['kæpɪtəlɪst] n. 资本家；资本主义者 adj. 资本主义的；资本家的 [ɪn'gʌlf; en-] [dɪ'preʃ(ə)n]
vt. 吞没；吞食，狼吞虎咽 n. 沮丧；洼地；不景气；忧愁 adv. 不可避免地；必然地 adv. 同时地 adv. 有系统地；有组织地
The most profound and perdurable economic crisis
The world economic crisis from 1929 to 1933 is the most profound and perdurable in the history of capitalism. Which began in America and engulfed the entire world immediately. "New Deal"implement by Roosevelt.
inevitably
[ɪn'ɛvɪtəbli]
ቤተ መጻሕፍቲ ባይዱ
simultaneously systematically
[saɪməl'tenɪəsli] [,sɪstə'mætɪkl]
thank
you
What is the cause of the economic crisis?
Under the systerm of capitalist private ownership, the production of individual enterprise is systematically organized, where as the one of the society is in anarchy.
经济危机英文作文
经济危机英文作文英文：Economic crisis is a complex issue that affects individuals, businesses, and governments worldwide. It can be caused by various factors such as a recession, inflation, high unemployment rates, and financial instability. The consequences of an economic crisis can be devastating, leading to job losses, business closures, and a decline in living standards.In my opinion, the best way to deal with an economic crisis is through a combination of short-term and long-term measures. Short-term measures include government stimulus packages, tax cuts, and increased public spending to boost consumer confidence and stimulate economic growth. Long-term measures include investment in education, infrastructure, and innovation to create a more competitive and sustainable economy.For example, during the 2008 financial crisis, the US government implemented a stimulus package that included tax cuts and increased public spending on infrastructure projects. This helped to stabilize the economy and preventa deeper recession. In the long term, the US governmentalso invested in renewable energy and education to create a more sustainable and competitive economy.中文：经济危机是一个复杂的问题，影响全球的个人、企业和政府。
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the major causes ofone of the recent financial crises in the world. Introduction:On September 15th, 2008, Lehman Brothers Holdings Inc filed for Chapter 11 bankruptcy protection; the filing marks the largest bankruptcy in U.S. history. Lehman Brothers Holdings Inc. was a global financial-services firm. The firm did business in investment banking, equity and fixed-income sales, research and trading, investment management, private equity, and private banking. It was a primary dealer in the U.S. Treasury securities market. It is a symbol that the financial crises began in America. Since America was the largest creditor country in the world and America did a lot of trade with other countries, the financial crises was not just happened in the US, but all over the world.Body:I think the financial crises is not an accident. It must have some reasons. I wrote it in three sections：from the people, from the The financial institutions and from the government.From the people: traditional consumption concept make a bad resultthere is an allegorical stories said: a Chinese old lady and an American old lady, the Chinese old lady says I worked all my life, put eventually enough the fund that buys a house, and the old lady of the United States says, I worked all my life, borrow the room of the bank eventually paid off. This is the different opinions between two countries. Chinese want to make enough money frist then use them to buy a new house while Americans want to have a new house first then pay for it. Americans use future money to have a happy life. Most Americans enjoy it.America’s house’s price is raising in the first some years of this century. More and more people borrowed money from the bank to buy a house. But there are some problems. Some people who borrowed money from bank didn’t have a stable job ordid not even have a job. And some people want to have another house by mortgage the house they lived because they want to get profit from the rasing price of house. The result is some A mericans can’t afford the house because their wages is too little. At the same time, the price of the house decreased. The bonded house is not as the same price as before. This two kind of mortgages are called Subprime Mortgage. The Subprime Mortgage crises caused the financial crises.Americans caused the financial crisers, but they are the casualty in the end. Maybe Americans will changed their opinions of buying a house.from the The Financial Institutions: the greediness of the financial institutions make a hidden dangerAmericans borrowed money from the Investment banks. The investment banks didn’t want to hold the loans so they sold it to the secondary market. On one hand, the investment banks didn’t have to take the risk. On the otther hand they can make profits throgh the bargain. The companies which bought the loans such as funds, hedge institutions, insurance companies didn't want to hold it too. So they go on selling it of the same reason. Finally the loans are owned by some companies through a lot of companies. Lehman Brothers Holdings Inc is an example. One day, they found the Mortgage is not as good as they thought before. Some compani e can’t afford the loss. Then it affect other institutions in this bargain. It just like Dominoes. How does it happened? It just because the financial institutions want to get more and more profit. The financial market in America has so much freedom. Each investment bank want to people borrow money from them and they do not care whether people are affort to pay for it or not. The economy growing fast but they don’t care the crises behind it.Financial institutions have the duty to control the financial market. Sometimes, freedom is good to the financial market, but sometimes, not. Do everything by the rules.From the government: the government didn’t on a good dutyThere are many reasons of the financial crises, but the fianl responsibility is the government.Firstly, the government borrowed too much money from other countries. It created too much liquidity in the late 90s. The money they used now need to be paid back by their descendants. That is a big problem for America,though America is the most developed country in the world.Secondly, Around the year of 2001, the Federal Reserve to implement the policy of low interest rates, deposit and lending rates are relatively low. That made more Americans want to buy a house and the price of the house increased. And then at the year of 2005, the government turned the rate into high interest rate. What made it worse, some people can’t afford to pay the money back and some people don’t want to pay the money back. More and more Subprime Mortgage came out.Thirdly, the government gave the financial institutions too much freedom. The government want the financial market can adjust themselves. It was a wrong decision. What the financial institution want is just the high profits but they forgot the risk. Government should make a good decision. Maybe it should be some creative ideas, but something should not be creative, otherwise it will make a bad result.Conclusion:the reason of the financial crises is not simple. The people, the financial institutions, the government all have responsibilities. The government should care more about the financial market and manange more about the financial institutions. The financial institutions should obey the rules and make the risk low. The people in America should make a good Mortgage.Now everybody try to overcome the financial crises. Not only in the USA,but also the whole world. Maybe soon, the financial crises would passed.Words: 963Reference: 。