Effects On Global Financial Crisis
2024年安徽学位英语考试真题
2024年安徽学位英语考试真题2024 Anhui College English TestPart I: Listening Comprehension(30 points)Section A:Directions: In this section, you will hear 8 short conversations and 2 long conversations. At the end of each conversation, one or more questions will be asked about what was said. Both the conversation and the questions will be spoken only once. After each question, there will be a pause. During the pause, you must read the four choices marked A), B), C), and D), and decide which is the best answer. Then mark the corresponding letter on the Answer Sheet with a single line through the center.1. A) Going to a party.B) Having dinner.C) Watching a movie.D) Taking a break.2. A) Visit a museum.B) Go camping.C) Attend a lecture.D) Take a walk.3. A) At a computer store.B) At the library.C) At a bookshop.D) At a supermarket.4. A) Graduate students.B) College professors.C) University administrators.D) Career advisors.5. A) She is working for a new company.B) She is taking a one-month break.C) She is spending her holidays at home.D) She is moving to a different state.Section B:Directions: In this section, you will hear 3 short passages. At the end of each passage, you will hear some questions. Both the passage and the questions will be spoken only once. After you hear a question, you must choose the best answer from the fourchoices marked A), B), C), and D). Then mark the corresponding letter on the Answer Sheet with a single line through the center.Passage One6. A) A rise in the number of students doing part-time jobs.B) A decrease in the number of students in paid employment.C) The popularity of part-time jobs among college students.D) The minimum wage students receive for part-time work.7. A) He is busy with his studies.B) He is not good at keeping deadlines.C) He has to attend a job interview.D) He has got himself into a new hobby.Passage Two8. A) In a scientific journal.B) In a chemistry textbook.C) In a professor's lecture notes.D) In a research paper.9. A) To further investigate the substance.B) To present her findings at a conference.C) To produce a new type of material.D) To apply for a scholarship to support her research.Passage Three10. A) How to make a good living in the city.B) The difficulties of daily life in Manhattan.C) The charm of the urban environment in Tokyo.D) The differences between living in Tokyo and Manhattan.11. A) There are more job opportunities in Manhattan.B) The cost of living is higher in Tokyo than in Manhattan.C) The environment in Manhattan is more dynamic and exciting.D) People in Manhattan are more competitive andcareer-oriented.Section C:Directions: In this section, you will hear two long conversations. At the end of each conversation, you will hear four questions. Both the conversation and the questions will bespoken only once. After you hear a question, you must choose the best answer from the four choices marked A), B), C), and D). Then mark the corresponding letter on the Answer Sheet with a single line through the center.Conversation OneW: Could I ask you why you're selling the house?M: We've simply outgrown it. The kids are getting older, and there's just not enough space here anymore.Q12. Why is the man selling the house?Conversation TwoM: I'm taking a history class, and I'm having a really hard time keeping track of all the dates and events.W: Have you tried making flashcards? They're a great way to study history.Q13. What does the woman suggest the man do to help him study history?Part II: Reading Comprehension(40 points)Section ADirections: In this section, there are four passages followed by questions or incomplete statements. Read the passage carefully. Then answer the questions or complete the statements in the light of the passage. Mark your answer on the Answer Sheet.Passage OneThe warming of the earth's surface has led to a number of environmental problems. One of these problems is the melting of the polar ice caps. It is estimated that if the ice caps continue to melt at their current rate, sea levels could rise by several feet over the next century. This would result in the flooding oflow-lying coastal areas and the displacement of millions of people.Q14. What is the main consequence of the melting of the polar ice caps?Q15. How have high temperatures impacted the earth?Passage TwoTechnology has had a profound impact on the way we work and communicate. In the past, people relied on letters and telephone calls to stay in touch. Today, we can communicate instantly with anyone around the world through email and socialmedia. This has made it easier for businesses to operate globally and for individuals to connect with others.Q16. How have technological advancements affected communication?Q17. What is a benefit of modern technology according to the passage?Passage ThreeThe global economy is becoming increasingly interconnected, with countries relying on one another for trade and investment. As a result, a financial crisis in one country can have far-reaching effects on the rest of the world. To mitigate this risk, countries must work together to stabilize their economies and prevent future crises.Q18. What is one consequence of the interconnectedness of the global economy?Q19. How can countries reduce the risk of financial crises according to the passage?Passage FourIn recent years, there has been a growing awareness of the importance of protecting the environment. People are takingsteps to reduce their carbon footprint and conserve natural resources. By making small changes in their daily habits, individuals can make a big difference in preserving the planet for future generations.Q20. What is one way individuals can help protect the environment according to the passage?Section BDirections: Read the following passages. Answer the questions according to the information given in the passages. Mark your answer on the Answer Sheet.Passage OneEnvironmental pollution is a major concern in today's world. Air pollution, water pollution, and soil contamination are just a few of the issues we face. To combat these problems, we must reduce our dependence on fossil fuels, regulate industrial emissions, and promote sustainable practices.Q21. What are some of the environmental issues mentioned in the passage?Q22. What actions can be taken to address environmental pollution according to the passage?Passage TwoThe education system plays a crucial role in shaping the future of society. Quality education is essential for fostering critical thinking and promoting social development. By investing in education, governments can empower individuals to reach their full potential and contribute positively to their communities.Q23. What is the importance of education according to the passage?Q24. How can governments support education according to the passage?Part III: Writing(40 points)Section ADirections: In this section, you are required to write an essay on the following topic. You should write at least 150 words.Topic: The Impact of Social Media on SocietySection BDirections: In this section, you are required to write a letter on the following topic. You should write at least 100 words.Topic: Write a letter to your future self, reflecting on your goals and aspirations for the next five years.Overall, the 2024 Anhui College English Test is designed to assess your listening, reading, and writing skills in English. Good luck with your exam!。
全球金融危机英语
Global Financial CrisisThe global financial crisis, often referred to as the Great Recession, was a severe economic downturn that occurred in 2007 and lasted until 2009. It was triggered by a combination of factors, including the collapse of the housing market in the United States, high levels of debt and leverage in the financial system, and issues with credit and liquidity.The crisis began with the subprime mortgage crisis in the United States, where banks and other financial institutions issued a large number of mortgages to borrowers with poor credit histories. As house prices began to fall, many borrowers defaulted on their loans, leading to significant losses for financial institutions and a lack of confidence in the market.This lack of confidence led to a credit crunch, where banks and other financial institutions became reluctant to lend money due to concerns about potential losses. This in turn led to a reduction in liquidity and credit availability, which had a negative impact on businesses and consumers.The crisis quickly spread beyond the United States to other countries around the world, affecting both developed and developing economies. Governments and central banks responded by implementing a range of measures to stabilize the financial system and support economic growth.The impact of the crisis was felt in many ways, including job losses, decreases in household wealth, and contractions in GDP. However, with the implementation of stimulus measures and gradual improvement in financial market conditions, the economy began to recover in 2009.The global financial crisis was a significant event that highlighted the interconnectedness of financial markets and the importance of sound financial regulation and supervision. It also served as a reminder of the need for governments and central banks to act quickly and decisively in response to economic crises.全球金融危机，通常被称为大衰退，是2007年发生并持续到2009年的严重经济衰退。
Financial Globalization
Effects of Financial Globalization on Developing CountriesI. OverviewThe recent wave of financial globalization that has occurred since the mid-1980s has been marked by a surge in capital flows among industrial countries and, more notably, between industrial and developing countries. Although capital inflows have been associated with high growth rates in some developing countries, a number of them have also experienced periodic collapses in growth rates and significant financial crises that have had substantial macroeconomic and social costs. As a result, an intense debate has emerged in both academic and policy circles on the effects of financial integration on developing economies. But much of the debate has been based on only casual and limited empirical evidence. We will focus on three related questions:(i) Does financial globalization promote economic growth in developing countries?;(ii) What is its impact on macroeconomic volatility in these countries?; and(iii) What are the factors that appear to help countries obtain the benefits of financial globalization?Does Financial Globalization Promote Growth in Developing Countries?Financial globalization could, in principle, help to raise the growth rate in developing countries through a number of channels. Some of these directly affect the determinants of economic growth. Indirect channels, which in some cases could be even more important than thedirect ones, include increased production specialization owing to better risk management, and improvements in both macroeconomic policies and institutions induced by the competitive pressures or the "discipline effect" of globalization.How much of the advertised benefits for economic growth have actually materialized in the developing world? Whether this actually reflects a causal relationship and whether this correlation is robust to controlling for other factors, however, remain unresolved questions. A few papers find a positive effect of financial integration on growth. The majority, however, find either no effect or, at best, a mixed effect.In short, although financial globalization can, in theory, help to promote economic growth through various channels, there is as yet no robust empirical evidence that this causal relationship is quantitatively very important. This point to an interesting contrast between financial openness and trade openness, since an overwhelming majority of research papers have found that the latter has had a positive effect on economic growth.What Is the Impact of Financial Globalization on Macroeconomic Volatility?In theory, financial globalization can help developing countries to better manage output and consumption volatility. Indeed, a variety of theories imply that the volatility of consumption relative to that of output should decrease as the degree of financial integration increases. How much of the potential benefits, in terms of better management of consumption volatility, has actually been realized? This question is particularly relevant in terms of understanding whether, despite the output volatility experienced by developingcountries that have undergone financial crisis, financial integration has protected them from consumption volatility.Once the level of financial integration crosses a threshold, however, the association becomes negative. In other words, for countries that are sufficiently open financially, relative consumption volatility starts to decline. This finding is potentially consistent with the view that international financial integration can help to promote domestic financial sector development, which, in turn, can help to moderate domestic macroeconomic volatility. Thus far, however, these benefits of financial integration appear to have accrued primarily to industrial countries.To summarize, one of the theoretical benefits of financial globalization, other than enhancing growth, is allowing developing countries to better manage macroeconomic volatility, especially by reducing consumption volatility relative to output volatility. The evidence suggests, instead, that countries in the early stages of financial integration have been exposed to significant risks in terms of higher volatility of both output and consumption.Role of Institutions and Governance in Effects of GlobalizationAlthough it is difficult to find a simple relationship between financial globalization and growth or consumption volatility, there is some evidence of nonlinearities or threshold effects in the relationship. Financial globalization, in combination with good macroeconomic policies and good domestic governance, appears to be conducive to growth. For example, countries with good human capital and governance tend to do better at attracting foreign direct investment (FDI), which is especially conducive to growth. More specifically,recent research shows that corruption has a strongly negative effect on FDI inflows. Similarly, transparency of government operations, which is another dimension of good governance, has a strong positive effect on investment inflows from international mutual funds.The vulnerability of a developing country to the risk factors associated with financial globalization is also not independent of the quality of macroeconomic policies and domestic governance. For example, research has demonstrated that an overvalued exchange rate and an overextended domestic lending boom often precede a currency crisis. In addition, lack of transparency has been shown to be associated with more herding behavior by international investors, which can destabilize a developing country's financial markets. Finally, evidence shows that a high degree of corruption may affect the composition of a country's capital inflows, thereby making it more vulnerable to the risks of speculative attacks and contagion effects.Thus, the ability of a developing country to derive benefits from financial globalization and its relative vulnerability to the volatility of international capital flows can be significantly affected by the quality of both its macroeconomic framework and its institutions.SummaryThe main conclusions are that, so far, it has proven difficult to find robust evidence supporting the proposition that financial integration helps developing countries to improve growth rates and reduce macroeconomic volatility.Of course, the absence of robust evidence on these dimensions does not necessarily mean that financial globalization has no benefits and carries only great risks. Indeed, most countries that have initiatedfinancial integration have continued along this path despite temporary setbacks. This observation is consistent with the notion that the indirect benefits of financial integration, which may be difficult to pick up in regression analysis, could be quite important. Also, the long-run gains, which in some cases have not yet been realized, may exceed the short-term costs.Although it is difficult to distill new and innovative policy messages from the review of the evidence, there appears to be empirical support for some general propositions. Empirically, good institutions and quality of governance are important not only in their own right but also in helping developing countries derive the benefits of globalization. Similarly, macroeconomic stability appears to be an important prerequisite for ensuring that financial integration is beneficial for developing countries. In this regard, the IMF work in promulgating standards and codes for best practices on transparency and financial supervision, as well as sound macroeconomic frameworks, is crucial. In addition, the analysis suggests that financial globalization should be approached cautiously and with good institutions and macroeconomic frameworks viewed as preconditions.。
Financial crisis of 2007-2009金融危机 金融风暴 英文介绍
Financial crisis of 2007–2009From Wikipedia, the free encyclopediaThis article is about background financial market events dating from July 2007. For the financial market conditions of 2008 and 2009, see Global financial crisis of 2008–2009. For an overview of all economic problems during the late 2000s, see Late 2000s recession.The financial crisis of 2007–2009 has been called the most serious financial crisis since the Great Depression by leading economists,[1] with its global effects characterized by the failure of key businesses, declines in consumer wealth estimated in the trillions of U.S. dollars, substantial financial commitments incurred by governments, and a significant decline in economic activity.[2] Many causes have been proposed, with varying weight assigned by experts.[3] Both market-based and regulatory solutions have been implemented or are under consideration,[4] while significant risks remain for the world economy.[5] [edit] BackgroundThe immediate cause or trigger of the crisis was the bursting of the United States housing bubble which peaked in approximately 2005–2006.[6][7] High default rates on "subprime" and adjustable rate mortgages (ARM), began to increase quickly thereafter. 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.Share in GDP of U.S. financial sector since 1860.[8]In the years leading up to the start of the crisis in 2007, significant amounts of foreign money flowed into the U.S. from fast-growing economies in Asia and oil-producing countries. This inflow of funds made it easier for the Federal Reserve to keep interest rates in the United States too low (by the Taylor rule) from 2002–2006 which contributed to easy credit conditions, leading to the United States housing bubble. Loans of various types (e.g., mortgage, credit card, and auto) were easy to obtain and consumers assumed an unprecedented debt load.[9][10] As part of the housing and credit booms, the amount of financial agreements called mortgage-backed securities (MBS), which derive their value from mortgage payments and housing prices, greatly increased. Such financial innovation enabled institutions and investors around the world to invest in the U.S. housing market. As housing prices declined, major global financialFrom 2000 to 2003, the Federal Reserve lowered the federal funds rate target from 6.5% to 1.0%.[25] This was done to soften the effects of the collapse of the dot-com bubble and of the September 2001 terrorist attacks, and to combat the perceived risk of deflation.[26] The Fed then raised the Fed funds rate significantly between July 2004 and July 2006.[27] This contributed to an increase in 1-year and 5-year adjustable-rate mortgage (ARM) rates, making ARM interest rate resets more expensive for homeowners.[28] This may have also contributed to the deflating of the housing bubble, as asset prices generally move inversely to interest rates and it became riskier to speculate in housing.[29][30]U.S. Current Account or Trade DeficitIn 2005, Ben Bernanke addressed the implications of the USA's high and rising current account (trade) deficit, resulting from USA imports exceeding its exports.[31] Between 1996 and 2004, the USA current account deficit increased by $650 billion, from 1.5% to 5.8% of GDP. Financing these deficits required the USA to borrow large sums from abroad, much of it from countries running trade surpluses, mainly the emerging economies in Asia and oil-exporting nations. The balance of payments identity requires that a country (such as the USA) running a current account deficit also have a capital account (investment) surplus of the same amount. Hence large and growing amounts of foreign funds (capital) flowed into the USA to finance its imports. This created demand for various types of financial assets, raising the prices of those assets while lowering interest rates. Foreign investors had these funds to lend, either because they had very high personal savings rates (as high as 40% in China), or because of high oil prices. Bernanke referred to this as a "saving glut."[32] A "flood" of funds (capital or liquidity) reached the USA financial markets. Foreign governments supplied funds by purchasing USA Treasury bonds and thus avoided much of the direct impact of the crisis. USA households, on the other hand, used funds borrowed from foreigners to finance consumption or to bid up the prices of housing and financial assets. Financial institutions invested foreign funds in mortgage-backed securities. USA housing and financial assets dramatically declined in value after the housing bubble burst.[33][34][edit] Sub-prime lendingU.S. Subprime lending expanded dramatically 2004-2006In addition to easy credit conditions, there is evidence that both government and competitive pressures contributed to an increase in the amount of subprime lending during the years preceding the crisis. Major∙As early as 1997, Fed Chairman Alan Greenspan fought to keep the derivatives market unregulated.[citation needed] With the advice of the President's Working Group on Financial Markets,[62] the U.S. Congress and President allowed the self-regulation of the over-the-counter derivatives market when they enacted the Commodity Futures Modernization Act of 2000. Derivatives such as credit default swaps (CDS) can be used to hedge or speculate against particular credit risks. The volume of CDS outstanding increased 100-fold from 1998 to 2008, with estimates of the debt covered by CDS contracts, as of November 2008, ranging from US$33 to $47 trillion. Total over-the-counter (OTC) derivative notional value rose to $683 trillion by June 2008.[63]Warren Buffett famously referred to derivatives as "financial weapons of mass destruction" in early 2003.[64][65][edit] Increased debt burden or over-leveragingLeverage Ratios of Investment Banks Increased Significantly 2003-2007U.S. households and financial institutions became increasingly indebted or overleveraged during the years preceding the crisis. This increased their vulnerability to the collapse of the housing bubble and worsened the ensuing economic downturn. Key statistics include:∙USA household debt as a percentage of annual disposable personal income was 127% at the end of 2007, versus 77% in 1990.[66]∙U.S. home mortgage debt relative to gross domestic product (GDP) increased from an average of 46% during the 1990s to 73% during 2008, reaching $10.5 trillion.[67]∙In 1981, U.S. private debt was 123% of GDP; by the third quarter of 2008, it was 290%.[68]∙From 2004-07, the top five U.S. investment banks each significantly increased their financial leverage (see diagram), which increased their vulnerability to a financial shock. These five institutions reported over $4.1 trillion in debt for fiscal year 2007, about 30% of USA nominal GDP for 2007. Lehman Brothers was liquidated, Bear Stearns and Merrill Lynch were sold at fire-sale prices, and Goldman Sachs and Morgan Stanley became commercial banks, subjecting themselves to more stringent regulation. With the exception of Lehman, these companies required or received government support.[69]∙Fannie Mae and Freddie Mac, two U.S. Government sponsored enterprises, owned or guaranteed nearly $5 trillion in mortgage obligations at the time they were placed into conservatorship by the U.S. government in September 2008.[70][71]These seven entities were highly leveraged and had $9 trillion in debt or guarantee obligations, an enormous concentration of risk, yet were not subject to the same regulation as depository banks.[edit] Financial innovation and complexityA protester on Wall Street in the wake of the AIG bonus payments controversy is interviewed by news media.The term financial innovation refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the adjustable-rate mortgage; the bundling of subprime mortgages into mortgage-backed securities (MBS) or collateralized debt obligations (CDO) for sale to investors, a type of securitization; and a form of credit insurance called credit default swaps(CDS). The usage of these products expanded dramatically in the years leading up to the crisis. These products vary in complexity and the ease with which they can be valued on the books of financial institutions.In a Peabody Award winning program, NPR correspondents argued that a "Giant Pool of Money" (represented by $70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. Further, this pool of money had roughly doubled in size from 2000 to 2007, yet the supply of relatively safe, income generating investments had not grown as fast. Investment banks on Wall Street answered this demand with the MBS and CDO, which were assigned safe ratings by the credit rating agencies. In effect, Wall Street connected this pool of money to the mortgage market in the U.S., with enormous fees accruing to those throughout the mortgage supply chain, from the mortgage broker selling the loans, to small banks that funded the brokers, to the giant investment banks behind them. By approximately 2003, the supply of mortgages originated at traditional lending standards had been exhausted. However, continued strong demand for MBS and CDO began to drive down lending standards, as long as mortgages could still be sold along the supply chain. Eventually, this speculative bubble proved unsustainable.[72]The CDO in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. A CDO essentially places cash payments from multiple mortgages or other debt obligations into a single pool, from which the cash is allocated to specific securities in a priority sequence. Those securities obtaining cash first received investment-grade ratings from rating agencies. Lower priority securities received cash thereafter, with lower credit ratings but theoretically a higher rate of return on the amount invested.[73][74]For a variety of reasons, market participants did not accurately measure the risk inherent with this innovation or understand its impact on the overall stability of the financial system.[75] For example, the pricing model for CDOs clearly did not reflect the level of risk they introduced into the system. The average recovery rate for "high quality" CDOs has been approximately 32 cents on the dollar, while the recovery rate for mezzanine CDO's has been approximately five cents for every dollar. These massive, practically unthinkable, losses have dramatically impacted the balance sheets of banks across the globe, leaving them with very little capital to continue operations.[76]Another example relates to AIG, which insured obligations of various financial institutions through the usage of credit default swaps. The basic CDS transaction involved AIG receiving a premium in exchangefor a promise to pay money to party A in the event party B defaulted. However, AIG did not have the financial strength to support its many CDS commitments as the crisis progressed and was taken over by the government in September 2008. U.S. taxpayers provided over $180 billion in government support to AIG during 2008 and early 2009, through which the money flowed to various counterparties to CDS transactions, including many large global financial institutions.[77][78]The limitations of a widely-used financial model also were not properly understood.[79][80] This formula assumed that the price of CDS was correlated with and could predict the correct price of mortgage backed securities. Because it was highly tractable, it rapidly came to be used by a huge percentage of CDO and CDS investors, issuers, and rating agencies.[80] According to one article[80]: "Then the model fell apart. Cracks started appearing early on, when financial markets began behaving in ways that users of Li's formula hadn't expected. The cracks became full-fledged canyons in 2008—when ruptures in the financial system's foundation swallowed up trillions of dollars and put the survival of the global banking system in serious peril... Li's Gaussian copula formula will go down in history as instrumental in causing the unfathomable losses that brought the world financial system to its knees."As financial assets became more and more complex, and harder and harder to value, investors were reassured by the fact that both the international bond rating agencies and bank regulators, who came to rely on them, accepted as valid some complex mathematical models which theoretically showed the risks were much smaller than they actually proved to be in practice [81]. George Soros commented that "The super-boom got out of hand when the new products became so complicated that the authorities could no longer calculate the risks and started relying on the risk management methods of the banks themselves. Similarly, the rating agencies relied on the information provided by the originators of synthetic products. It was a shocking abdication of responsibility." [82]Certain financial innovation may also have the effect of circumventing regulations, such as off-balance sheet financing that affects the leverage or capital cushion reported by major banks. For example, Martin Wolf wrote in June 2009: "...an enormous part of what banks did in the early part of this decade – theoff-balance-sheet vehicles, the derivatives and the 'shadow banking system' itself – was to find a way round regulation."[83][edit] Boom and collapse of the shadow banking systemIn a June 2008 speech, U.S. Treasury Secretary Timothy Geithner, then President and CEO of the NY Federal Reserve Bank, placed significant blame for the freezing of credit markets on a "run" on the entities in the "parallel" banking system, also called the shadow banking system. These entities became critical to the credit markets underpinning the financial system, but were not subject to the same regulatory controls. Further, these entities were vulnerable because they borrowed short-term in liquid markets to purchase long-term, illiquid and risky assets. This meant that disruptions in credit markets would make them subject to rapid deleveraging, selling their long-term assets at depressed prices. He described the significance of these entities: "In early 2007, asset-backed commercial paper conduits, in structured investment vehicles, in auction-rate preferred securities, tender option bonds and variable rate demand notes, had a combined asset size of roughly $2.2 trillion. Assets financed overnight in triparty repo grew to $2.5 trillion. Assets held in hedge funds grew to roughly $1.8 trillion. The combined balance sheets of the then five major investment banks totaled $4 trillion. In comparison, the total assets of the top five bank holding companies in the United States at that point were just over $6 trillion, and total assets of the entire banking system were about $10 trillion." He stated that the "combined effect of these factors was a financial system vulnerable to self-reinforcing asset price and credit cycles."[12]2007 bank run on Northern Rock, a UK bankOne of the first victims was Northern Rock, a medium-sized British bank.[98] The highly leveraged nature of its business led the bank to request security from the Bank of England. This in turn led to investor panic and a bank run in mid-September 2007. Calls by Liberal Democrat Shadow Chancellor Vince Cable to nationalise the institution were initially ignored; in February 2008, however, the British government (having failed to find a private sector buyer) relented, and the bank was taken into public hands. Northern Rock's problems proved to be an early indication of the troubles that would soon befall other banks and financial institutions.Initially the companies affected were those directly involved in home construction and mortgage lending such as Northern Rock and Countrywide Financial, as they could no longer obtain financing through the credit markets. Over 100 mortgage lenders went bankrupt during 2007 and 2008. Concerns that investment bank Bear Stearns would collapse in March 2008 resulted in its fire-sale to JP Morgan Chase. The crisis hit its peak in September and October 2008. Several major institutions either failed, were acquired under duress, or were subject to government takeover. These included Lehman Brothers, Merrill Lynch, Fannie Mae, Freddie Mac, and AIG.[99]See also: Federal takeover of Fannie Mae and Freddie Mac[edit] Credit markets and the shadow banking systemTED spread and components during 2008During September 2008, the crisis hits its most critical stage. There was the equivalent of a bank run on the money market mutual funds, which frequently invest in commercial paper issued by corporations to fund their operations and payrolls. Withdrawal from money markets were $144.5 billion during one week, versus $7.1 billion the week prior. This interrupted the ability of corporations to rollover (replace) their short-term debt. The U.S. government responded by extending insurance for money market accounts analogous to bank deposit insurance via a temporary guarantee[100] and with Federal Reserve programs to purchase commercial paper. The TED spread, an indicator of perceived credit risk in the general economy, spiked up in July 2007, remained volatile for a year, then spiked even higher in September 2008,[101] reaching a record 4.65% on October 10, 2008.In a dramatic meeting on September 18, 2008 Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke met with key legislators to propose a $700 billion emergency bailout. Bernanke reportedly tells them: "If we don't do this, we may not have an economy on Monday."[102] The Emergency Economic Stabilization Act also called the Troubled Asset Relief Program (TARP) is signed into law on October 3, 2008.[103]Economist Paul Krugman and U.S. Treasury Secretary Timothy Geithner explain the credit crisis via the implosion of the shadow banking system, which had grown to nearly equal the importance of the traditional commercial banking sector as described above. Without the ability to obtain investor funds in exchange for most types of mortgage-backed securities or asset-backed commercial paper, investment banks and other entities in the shadow banking system could not provide funds to mortgage firms and other corporations.[12][58]This meant that nearly one-third of the U.S. lending mechanism was frozen and continued to be frozen into June 2009.[104] According to the Brookings Institution, the traditional banking system does not have the capital to close this gap as of June 2009: "It would take a number of years of strong profits to generate sufficient capital to support that additional lending volume." The authors also indicate that some forms of securitization are "likely to vanish forever, having been an artifact of excessively loose credit conditions." While traditional banks have raised their lending standards, it was the collapse of the shadow banking system that is the primary cause of the reduction in funds available for borrowing.[105][edit] Wealth effectsThere is a direct relationship between declines in wealth, and declines in consumption and business investment, which along with government spending represent the economic engine. Between June 2007 and November 2008, Americans lost an estimated average of more than a quarter of their collective net worth. By early November 2008, a broad U.S. stock index the S&P 500, was down 45 percent from its 2007 high. Housing prices had dropped 20% from their 2006 peak, with futures markets signaling a30-35% potential drop. Total home equity in the United States, which was valued at $13 trillion at its peak in 2006, had dropped to $8.8 trillion by mid-2008 and was still falling in late 2008. Total retirement assets, Americans' second-largest household asset, dropped by 22 percent, from $10.3 trillion in 2006 to $8 trillion in mid-2008. During the same period, savings and investment assets (apart from retirement savings) lost $1.2 trillion and pension assets lost $1.3 trillion. Taken together, these losses total a staggering $8.3 trillion.[106]Further, U.S. homeowners had extracted significant equity in their homes in the years leading up to the crisis, which they could no longer do once housing prices collapsed. Free cash used by consumers from home equity extraction doubled from $627 billion in 2001 to $1,428 billion in 2005 as the housing bubble built, a total of nearly $5 trillion over the period.[16][107][108] U.S. home mortgage debt relative to GDP increased from an average of 46% during the 1990s to 73% during 2008, reaching $10.5 trillion.[109]To offset this decline in consumption and lending capacity, the U.S. government and U.S. Federal Reserve have committed $13.9 trillion, of which $6.8 trillion has been invested or spent, as of June 2009.[110] In effect, the Fed has gone from being the "lender of last resort" to the "lender of only resort" for a significant portion of the economy. In some cases the Fed can now be considered the "buyer of last resort."The New York City headquarters of Lehman Brothers.Economist Dean Baker explained the reduction in the availability of credit this way:"Yes, consumers and businesses can't get credit as easily as they could a year ago. There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since the Great Depression. This matters for credit decisions. A homeowner with equity in her home is very unlikely to default on a car loan or credit card debt. They will draw on this equity rather than lose their car and/or have a default placed on their credit record. On the other hand, a homeowner who has no equity is a serious default risk. In the case of businesses, their creditworthiness depends on their future profits. Profit prospects look much worse in November 2008 than they did in November 2007 (of course, to clear-eyed analysts, they didn't look too good a year ago either). While many banks are obviously at the brink, consumers and businesses would be facing a much harder time getting credit right now even if the financial system were rock solid. The problem with the economy is the loss of close to $6 trillion in housing wealth and an even larger amount of stock wealth. Economists, economic policy makers and economic reporters virtually all missed the housing bubble on the way up. If they still can't notice its impact as the collapse of the bubble throws into the worst recession in the post-war era, then they are in the wrong profession."[111]At the heart of the portfolios of many of these institutions were investments whose assets had been derived from bundled home mortgages. Exposure to these mortgage-backed securities, or to the credit derivatives used to insure them against failure, caused the collapse or takeover of several key firms such as Lehman Brothers, AIG, Merrill Lynch, and HBOS.[112][113][114][edit] Global contagionThe crisis rapidly developed and spread into a global economic shock, resulting in a number of European bank failures, declines in various stock indexes, and large reductions in the market value of equities[115] and commodities.[116] Moreover, the de-leveraging of financial institutions, as assets were sold to pay back obligations that could not be refinanced in frozen credit markets, further accelerated the liquidity crisis and caused a decrease in international trade.World political leaders, national ministers of finance and central bank directors coordinated theirefforts[117] to reduce fears, but the crisis continued. At the end of October 2008 a currency crisis developed, with investors transferring vast capital resources into stronger currencies such as the yen, the dollar and the Swiss franc, leading many emergent economies to seek aid from the International Monetary Fund.[118][119][edit] Effects on the global economy[edit] Official economic projectionsOn November 3, 2008, the EU-commission at Brussels predicted for 2009 an extremely weak growth of GDP, by 0.1 percent, for the countries of the Euro zone (France, Germany, Italy, etc.) and even negative number for the UK (-1.0 percent), Ireland and Spain. On November 6, the IMF at Washington, D.C., launched numbers predicting a worldwide recession by -0.3 percent for 2009, averaged over the developed economies. On the same day, the Bank of England and the Central Bank for the Euro zone, respectively, reduced their interest rates from 4.5 percent down to three percent, and from 3.75 percent down to 3.25 percent. Economically, mainly the car industry seems to be involved. As a consequence, starting from November 2008, several countries launched large "help packages" for their economies.The U.S. Federal Reserve Open Market Committee release in June 2009 stated: "...the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales. Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability."[136] Economic projections from the Federal Reserve and Reserve Bank Presidents include a return to typical growth levels (GDP) of 2-3% in 2010; an unemployment plateau in 2009 and 2010 around 10% with moderation in 2011; and inflation that remains at typical levels around 1-2%.[137][edit] Responses to financial crisis[edit] Emergency and short-term responsesMain article: Subprime mortgage crisis#ResponsesThe U.S. Federal Reserve and central banks around the world have taken steps to expand money supplies to avoid the risk of a deflationary spiral, in which lower wages and higher unemployment lead to aself-reinforcing decline in global consumption. In addition, governments have enacted large fiscal stimulus packages, by borrowing and spending to offset the reduction in private sector demand caused by the crisis. The U.S. executed two stimulus packages, totaling nearly $1 trillion during 2008 and 2009.[138] This credit freeze brought the global financial system to the brink of collapse. The response of the USA Federal Reserve, the European Central Bank, and other central banks was immediate and dramatic. During the last quarter of 2008, these central banks purchased US$2.5 trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action, in world history. The governments of European nations and the USA also raised the capital of their national banking systems by $1.5 trillion, by purchasing newly issued preferred stock in their major banks.[99]Governments have also bailed-out a variety of firms as discussed above, incurring large financial obligations. To date, various U.S. government agencies have committed or spent trillions of dollars in loans, asset purchases, guarantees, and direct spending. For a summary of U.S. government financial commitments and investments related to the crisis, see CNN - Bailout Scorecard.。
全球化对中国经济的影响英语作文
全球化对中国经济的影响英语作文全文共3篇示例，供读者参考篇1The Impact of Globalization on the Chinese EconomyGlobalization has played a significant role in shaping the economy of China over the past few decades. As one of the world's largest and most populous countries, China has experienced profound changes as a result of its integration into the global economy. This essay will explore the various impacts of globalization on the Chinese economy, including both the positive and negative effects.One of the most notable benefits of globalization for China has been the rapid economic growth it has experienced since the late 1970s. By opening up its markets to foreign investment and trade, China has been able to attract large amounts of capital and technology from other countries. This has helped to fuel the country's rapid industrialization and urbanization, leading to a significant increase in per capita income and living standards for many Chinese people. Additionally, globalization has allowedChinese companies to expand their operations overseas, giving them access to new markets and customers.Another positive impact of globalization on the Chinese economy has been the increase in foreign direct investment (FDI) flowing into the country. This has helped to create jobs, stimulate economic development, and improve infrastructure in China. Foreign companies investing in China have also brought with them valuable knowledge and expertise, helping to improve the competitiveness of Chinese industries. Furthermore, globalization has facilitated the transfer of technology and skills between countries, leading to advancements in various sectors of the Chinese economy.However, globalization has also brought challenges and risks to the Chinese economy. One of the major concerns is the issue of income inequality, as globalization has led to disparities in wealth distribution between different regions and social groups in China. The rapid pace of economic growth and industrialization has also had negative environmental consequences, such as pollution and resource depletion. Additionally, China's heavy reliance on exports has made its economy vulnerable to fluctuations in the global market, as seen during the global financial crisis of 2008.Despite these challenges, China has shown resilience and adaptability in responding to the impacts of globalization. The Chinese government has implemented various policies to address issues such as income inequality, environmental degradation, and economic instability. For example, it has introduced measures to promote sustainable development, increase social welfare, and reduce the country's dependence on exports. China has also actively participated in international trade agreements and organizations, such as the World Trade Organization (WTO), to promote a more open and inclusive global economy.In conclusion, globalization has had a profound impact on the Chinese economy, contributing to its rapid growth and development over the past few decades. While there have been challenges and risks associated with globalization, China has shown resilience and adaptability in responding to these issues. By embracing the opportunities and overcoming the challenges of globalization, China will continue to play a key role in the global economy in the future.篇2Globalization has had a significant impact on the Chinese economy in recent years. As China has increasingly becomeintegrated into the global economy, it has experienced both opportunities and challenges. In this essay, we will explore the various ways in which globalization has influenced the Chinese economy.One of the most obvious effects of globalization on the Chinese economy is the increase in trade and investment flows. China has become one of the world's largest exporters and attracts a significant amount of foreign direct investment. This has contributed to China's rapid economic growth over the past few decades. The country has also become an important player in the global supply chain, with many multinational corporations relying on Chinese manufacturing and production facilities.Globalization has also led to the transfer of technology and knowledge to China. Foreign companies operating in China often bring with them advanced technologies and management practices. This has helped to improve the efficiency and productivity of Chinese firms, leading to increased competitiveness in the global market. At the same time, Chinese companies have also been able to expand overseas, acquiring foreign technologies and expertise through mergers and acquisitions.However, globalization has not been without its challenges for the Chinese economy. The increased competition from foreign firms has put pressure on domestic industries, leading to job losses and restructuring. In addition, China's reliance on exporting has made its economy vulnerable to external shocks, such as changes in global demand or trade policies. The country's large trade surplus has also led to tensions with other countries, particularly the United States.Another consequence of globalization is the widening income inequality in China. While some regions and sectors have benefited greatly from increased trade and investment, others have been left behind. Rural areas and smaller cities have struggled to keep up with the pace of economic development, leading to a growing urban-rural wealth gap. This has raised concerns about social stability and the sustainability of China's growth model.In response to these challenges, the Chinese government has implemented various policies to promote sustainable development and address the negative impacts of globalization. This includes initiatives to upgrade industries, boost innovation, and promote domestic consumption. China has also beenactively seeking to diversify its trading partners and reduce its dependence on any single market.Overall, the impact of globalization on the Chinese economy has been mixed. While it has brought about unprecedented economic growth and development, it has also presented a range of challenges. China will need to continue to adapt to the changing global landscape and implement reforms to ensure that it can continue to benefit from globalization in the long run.篇3The Impact of Globalization on the Chinese EconomyIntroductionGlobalization has become a prominent force shaping the world economy in recent decades. In the case of China, the process of globalization has had a profound impact on its economy, transforming it from a closed and centrally planned system to one that is increasingly integrated into the global economy. This essay will explore the various ways in which globalization has influenced the Chinese economy, and the challenges and opportunities that it presents.Impact on TradeOne of the most significant effects of globalization on the Chinese economy has been the rapid expansion of its trade relationships with the rest of the world. China has leveraged its large supply of cheap labor to become the world's factory, attracting investment from multinational corporations and becoming a major exporter of manufactured goods. This has enabled China to achieve high rates of economic growth and develop a large trade surplus.However, this reliance on exports also makes China vulnerable to external economic shocks, such as the global financial crisis of 2008. The crisis caused a sharp decline in demand for Chinese exports, leading to a slump in economic growth. To mitigate this risk, China has sought to diversify its trade relationships by expanding into new markets such as Africa and Latin America.Impact on Foreign Direct InvestmentGlobalization has also brought a surge of foreign direct investment (FDI) into China, fueling its economic development and modernization. Multinational corporations are drawn to China's large consumer market, skilled workforce, and improving business environment. The influx of FDI has contributed to thegrowth of China's manufacturing sector, infrastructure development, and technology transfer.At the same time, China faces challenges in managing the inflow of FDI, such as concerns over intellectual property theft, unequal market access, and competition with domestic firms. To address these issues, China has implemented policies to promote indigenous innovation, protect intellectual property rights, and encourage domestic firms to become more competitive.Impact on Technology and InnovationGlobalization has accelerated China's technological development and innovation capabilities, as it has benefited from the transfer of technology and expertise from foreign firms. China has made significant progress in areas such as telecommunications, high-speed rail, and renewable energy, and has become a global leader in e-commerce and digital payment systems.Despite these achievements, China still lags behind advanced economies in terms of indigenous innovation and cutting-edge technologies. To address this gap, the Chinese government has launched initiatives such as Made in China 2025and the Belt and Road Initiative to promote technological upgrading and cooperation with other countries.Impact on Economic ReformGlobalization has played a key role in driving economic reform in China, as it has exposed the inefficiencies of thestate-owned enterprises and the need for market-oriented policies. China has gradually liberalized its economy by reducing trade barriers, opening up to foreign investment, and promoting private entrepreneurship.However, China still faces challenges in reforming its financial sector, addressing income inequality, and reducing overcapacity in industries such as steel and coal. The government is pursuing structural reforms to rebalance the economy towards consumption and services, while ensuring sustainable and inclusive growth.ConclusionIn conclusion, globalization has had a profound impact on the Chinese economy, transforming it into a major player in the global marketplace. While China has benefited from the opportunities presented by globalization, it also faces challenges in managing its trade relationships, attracting foreign investment,promoting technological innovation, and implementing economic reform. By embracing the opportunities and addressing the challenges of globalization, China can continue to prosper and contribute to the development of the global economy.。
2007年环球金融危机
呼伦贝尔学院外国语学院09级英本1班
2007年－2009年环球金融危机 年 年环球金融危机
2007年－2009年环球金融危机，又称世界金融危 年 年环球金融危机， 年环球金融危机 机、次贷危机、信用危机，更于 更于2008年起名为金 次贷危机、 更于 年起名为金 融海啸及华尔街海啸等，是一场在2007年8月9日 融海啸及华尔街海啸等，是一场在 年 月 日 开始浮现的金融危机。自次级房屋信贷危机爆发 开始浮现的金融危机。 投资者开始对按揭证券的价值失去信心， 后，投资者开始对按揭证券的价值失去信心，引 发流动性危机。 发流动性危机。即使多国中央银行多次向金融市 场注入巨额资金， 场注入巨额资金，也无法阻止这场金融危机的爆 直到2008年9月9日，这场金融危机开始失控， 发。直到 年 月 日 这场金融危机开始失控， 并导致多间相当大型的金融机构倒闭或被政府接 管。
Global effects：global recession ：
The continuing development of the crisis prompted fears of a global economic collapse. The financial crisis yielded the biggest banking shakeout since the savings-and-loan meltdown. Investment bank UBS stated on October 6 that 2008 would see a clear global recession, with recovery unlikely for at least two years.
ቤተ መጻሕፍቲ ባይዱ
Immediate Trigger
世界经济危机对社会的影响英语作文
世界经济危机对社会的影响英语作文The global economic crisis has had a profound impact on societies around the world. In this essay, we will explore the various ways in which the economic downturn has affected people and communities.One of the most immediate effects of the economic crisis has been a rise in unemployment. As businesses struggle to stay afloat, many are forced to lay off employees or reduce hours. This has led to increased financial stress for families, as well as a sense of uncertainty about the future. Unemployment can also have a negative impact on mental health, leading to feelings of depression, anxiety, and low self-esteem.The economic crisis has also led to a rise in poverty levels in many countries. With incomes falling and job opportunities scarce, more and more people are struggling to make ends meet. This has resulted in an increase in homelessness, food insecurity, and other forms of deprivation. Poverty can have long-lasting effects on individuals and communities, contributing to a range of social problems such as crime, substance abuse, and poor health outcomes.Furthermore, the economic crisis has had a significant impact on education and social mobility. As families struggle to pay for basic necessities, they may be forced to cut back on expenses such as education. This can have a detrimental effect on children's academic performance and future prospects. In addition, rising tuition costs and limited job opportunities have made it increasingly difficult for young people to access higher education, further widening the gap between the wealthy and the disadvantaged.The economic crisis has also exacerbated social inequality and unrest. As wealth becomes concentrated in the hands of a few, social divisions deepen, leading to increased resentment and conflict. This can manifest in various forms, such as protests, strikes, and political upheaval. In extreme cases, social unrest can escalate into violence and civil unrest, further destabilizing societies and economies.In conclusion, the global economic crisis has hadfar-reaching effects on societies around the world. From rising unemployment and poverty levels to challenges in education and social mobility, the impacts of the economic downturn are wide-ranging and complex. It is crucial for policymakers, businesses, and communities to work together to address thesechallenges and create a more inclusive and sustainable future for all. Only through collective action and cooperation can we build a more resilient and equitable society in the face of economic uncertainty.。
CET-6 作文题目-1
测试题一Part ⅠWriting (30 minutes)Directions: For this part, you are allowed 30 minutes to write a short essay entitled A Harmonious Society in My Mind. You should write at least 150 words following the outline given below。
1. 建立和谐社会成为了一种潮流和趋势2. 我心中的和谐社会是…。
3. 为了建立和谐社会，我们应该如何去做？A Harmonious Society in My Mind测试题二Part ⅠWriting(30 minutes)Directions: For this part, you are allowed 30 minutes to write a composition on the topic To Curb Spending. You should write at least 150 words according to the outline given below in Chinese。
1. 现在许多大学生普遍花钱大手大脚，消费水平高2. 有人认为社会整体生活水平提高了，大学生花钱多一些无可厚非3. 你的看法To Curb Spending（一）Fire Prevention on Campus1.前段时间校园火灾频发，造成生命和财产损失2.分析火灾发生的原因3.作为学生，如何预防校园火灾发生Fire Prevention on Campus（二）Enhance Awareness to Guard against Campus Thefts1. 校园盗窃案件时有发生2. 物品被盗的原因3. 学生如何加强防盗意识（三）How Will Our Life Go on without Internet?1. 网络提供给了人们丰富多彩和便捷的生活2. 很多人开始感觉离开网络寸步难行3. 你对网络依赖症的看法How Will Our Life Go on without Internet?（四）Craze for Civil Service Examinations1. 现在有越来越多的大学毕业生报考公务员2. 引起此现象的原因3. 你的看法（五）Is it Necessary to Attend Training Classes?1. 现在社会上有各种各样的培训班2. 有些人认为有必要参加课外培训班，有些人则认为没有必要3. 你的观点（六）University Students’ Pursuit of Famous Brands1. 现在很多大学生都追求穿名牌，用名牌2. 你对这种现象的看法Universi ty Students’ Pursuit of Famous Brands（七）Knowledge and Diploma1. 目前社会上存在这样一种说法：文凭越高越吃香2. 而有些人则认为文凭不等于知识3. 你的观点Knowledge and Diploma（八）The Rise of Shanzhai Culture1. 最近兴起了一股“山寨热”2. 你如何看待山寨现象（九）It’s Time to Stop Software Piracy1. 盗版软件比比皆是2. 盗版软件猖獗的原因3. 如何打击盗版软件It’s Time to Stop Software Piracy（十）Effects of Financial Crisis on College Students1. 金融危机给各行各业都造成了一定影响2. 金融危机对大学生造成何种影响3. 作为大学生，应怎样应对这种影响Effects of Financial Crisis on College Students议论型作文1. Should College Students Live on Campusa. 有些人喜欢住在学校的宿舍，因为……b. 有些人喜欢住在校外，因为……c. 我的看法**** Directions: Suppose you are Wei Qiang and you will graduate from university. Write a letter of inquiry to the Department of Physics, University of Wisconsin, asking for admission as a graduate student.3. Directions: For this part, you are allowed 30 minutes to write an essay entitled Selfishness in Dormitory Life. You should write at least 120 words following the outline given below in Chinese:1. 大学寝室里自私自利的现象比较普遍2. 分析出现这种现象的原因3. 呼吁大学生改变这种不智之举4. Directions: For this part, you are allowed 30 minutes to write an essay entitled Say “Thank You” to Parents. You should write at least 150 words following the outline given below in Chinese:1. 很多的大学生从未跟父母道过谢2. 请说明原因3. 你的建议My First Day on the CampusStudying AbroadIs the Expansion of Enrollment a Good Thing?Harmfulness of Fake Commodities假冒伪劣产品1．目前社会上有不少假冒伪劣商品（fake commodities）。
全球金融危机英语作文
全球金融危机英语作文Title: The Global Financial Crisis: Causes, Impacts,and Lessons Learned。
The Global Financial Crisis (GFC) of 2008 was one ofthe most significant economic downturns in modern history, sending shockwaves across the globe and exposing vulnerabilities in the financial systems of many countries. This essay will delve into the causes, impacts, and lessons learned from this crisis, drawing insights from various scholarly sources and analyzing its lasting effects on the global economy.1. Causes of the Global Financial Crisis。
The GFC had its roots in a complex interplay of factors, including:a. Subprime Mortgage Crisis: The crisis was sparked by the collapse of the housing market bubble in the UnitedStates, fueled by the proliferation of subprime mortgage lending and the subsequent default on these high-risk loans.b. Financial Innovation: Complex financial instruments such as mortgage-backed securities (MBS) and collateralized debt obligations (CDOs) were bundled and sold to investors, leading to a lack of transparency and an underestimation of risk.c. Excessive Leverage: Financial institutions, drivenby greed and the pursuit of short-term profits, engaged in excessive leverage, amplifying the impact of losses and ultimately leading to the failure of major banks and investment firms.d. Regulatory Failures: Regulatory agencies failed to adequately supervise financial institutions and enforce regulations, allowing risky lending practices to go unchecked and contributing to systemic instability.2. Impacts of the Global Financial Crisis。
全球危机的影响成因(The causes of the global crisis)
全球危机的影响成因（The causes of the global crisis）The concept of the global financial crisis: the rapid deterioration of all or most of the financial indicators in the financial sector, so as to affect the stability and development of the relevant countries, regions and even the world economy. Including the global currency crisis, the global debt crisis, the global banking crisis.Causes of the global financial crisisUnder the background of economic globalization, the imbalance of international economy will lead to the re allocation of international capital in the global scope. In a sense, the imbalance of international economy and the defects of the international monetary system are the preconditions for the outbreak of the financial crisis, and the attack of the international hot money is the realization condition of the outbreak of the financial crisis. The common causes of the two international financial crises in 1997 and 2008:One is the integration of the global economy;Two is the inherent instability of international financial markets;Three is the excess liquidity and high level of capital flow. That is, under the modern monetary credit mechanism, the asymmetry of information leads to the crisis. As long as the modern market economy exists, the monetary credit mechanism inherent in the market economy may lead to the financial crisis.The financial crisis is caused by external factors or internal factors, and there are two opposing views in the academic circle: conspiracy theory and law theory. Conspiracy theory holds that the financial crisis is caused by premeditated and planned attacks on the economy, and is caused by external causes, especially after the financial crisis in Southeast asia. The theory of law holds that the financial crisis is the law of the economy itself, and is caused by internal causes. The three generation of financial crisis theory basically acknowledges the law theory. With the improvement of financial supervision, a country for supervision or control problems caused decreases the probability of financial crisis; and with the growing trend of economic globalization, modern financial crisis basically showed an imbalance in international economic conditions, the use of national capital international monetary system distorted in the interests of the drive to regional finance the outbreak of the crisis, which in essence, nature and causes of the financial crisis has changed.First, the imbalance of international economyHuang Xiaolong (2007) [1 believes that the imbalance of international payments leads to the imbalance of the international monetary system, the virtual economy leads to excess liquidity, which leads to the global economic imbalances and financial crisis. Huang Xiaolong is home to complete from the external factor of the financial crisis, but fundamentally the root causes of global economic imbalances should be the imbalance of the real economy, the imbalance of international payments is unbalanced real economy phenomenon, unbalanced real economy leads to currency of international capital flows,international capital flows lead to expansion of the virtual economy and the depression. The formation of a shortage of liquidity, can eventually lead to financial crisis. Therefore, the imbalance of the global real economy is the necessary condition for the financial crisis, and the liquidity shortage caused by the virtual economy is the sufficient condition of the financial crisis.Throughout the history of the financial crisis, the financial crisis is always accompanied by regional or global economic imbalances. The European financial crisis in 1992, from the unification of Germany and the rapid economic development of Germany, broke the economic balance between Germany and the United States, and between Germany and other European countries. Japan in 1990 was also because of the economic balance between the United States and Japan was broken, in the role of the financial crisis, to achieve a new economic equilibrium.Regional or global economic imbalances will lead to the reallocation of international capital within a certain range. Under the background of regional economic integration and economic globalization, the influence of a country's macro policy may be regional or global. When a country of a stronger economy will attract international capital inflows to the country, the result is also some of the country's capital outflows, when capital outflows will occur to a certain extent, the shortage of liquidity, the financial crisis is changing from possibility to necessity. The signal for this change is the high interest rate policy of big countries, or the strong monetary policy of big powers. But for a small country in terms of economy, a stronger economy, will attract internationalcapital inflows, when the number of international capital inflows, the country's real economy to absorb the international capital is saturated, the international capital will be the integration of virtual economy and the country's economic bubble, when the virtual economy and real economy serious divergence,The rapid retreat of international capital led to the small country from the excess liquidity to the liquidity crunch, resulting in the outbreak of the financial crisis.From the international economic imbalance leads to the formation of the path can be seen in the financial crisis, international economic imbalances through the balance of payments, international payments imbalances and adjustment through the international monetary system, if you have a perfect and effective international monetary system, so can avoid the mandatory international economic and disruptive adjustment, that is to say can be avoided the financial crisis, but the reality of the international monetary system is controlled by great powers, and international economic imbalances will be further enlarged and distorted.Two. Distortion of the international monetary systemXu Mingqi is a scholar who has earlier attributed the financial crisis of developing countries to the inherent defects of the international monetary system. Xu Mingqi (1999) [2] that one is wandering in order to maintain the status quo and weakening of reform the international monetary system; on the other hand is developing in the international trade, investment and debtin a weak position; dual constraints of developing countries have to swallow a bitter financial crisis, and thus escape the inherent defects of the existing international the monetary system of the blame. It is said that the international monetary system follows the basic principles and concepts of the Bretton Woods system in the mediation of international balance of payments, and countries in the formulation of monetary policy coordination in international economic imbalances has lost the original order and discipline, and now the international economic imbalance is now the international monetary system enlarged, exacerbated. The collapse of the Bretton Woods system, the existing international monetary system is a loose international monetary system, although the role of the euro and the yen in the international monetary system has gradually increased, however, reserve currency diversification can not effectively solve the "Triffin Dilemma", only contradiction that reserve currency diversification, is a national currency in the international the identity of the same currency. In the case of the dollar, the dollar's value adjustment is achieved through the adjustment of the dollar interest rate. The fed in the formulation of U.S. interest rates, can not take into account the dollar peg to the dollar as a reserve or country (region) macroeconomic situation, so when the dollar interest rate adjustment, often in other economies, especially the United States and relatively close economic ties or currency pegged countries and regions caused by the impact of [2].Can be seen from the above analysis, now the international monetary system retains the original ideas and principles of the international monetary system, but lost the original order and discipline, strong economies can use this system on thefinancial crisis and obtain more profits, and should not assume too much responsibility.Three, international hot money attacksThe imbalance of international economy is the precondition of the financial crisis, and the imperfect international monetary system will aggravate the imbalance of international economy. However, the financial crisis is caused by the international floating capital.After the collapse of Bretton Woods system, the financial crisis can not be separated from the attack of international hot money. As we all know, the scale of international hot money is large, and it has the ability to influence and shorten the financial cycle of the countries under attack. When the international hot money enters the attacked country, it will affect the interest rate and exchange rate change of a country, thus speeding up the transformation of the financial market from rational development to irrational prosperity [3]. According to the psychological expectation self actualization principle of the financial market, the international hot money has premeditated entry and retreat, which will lead to the collapse of the financial market. International capital skillfully use financial derivatives to earn high profits in the period of financial prosperity, can also use the financial crisis to earn high profits or capital acquisition quality crisis of the country, and then control the economic lifeline of the country was attacked. In 1992 the European financial crisis, Soros through the way of obtaining 1: 20 margin lending, in just one month's time, by selling the equivalent of $7billion, equivalent to $6 billion to buy Mark, forcing the substantial depreciation of the pound, the repayment of loans after more than $1 billion 500 million [4].Hedge fund investment strategy is also constantly enriched, from the initial "short selling + leverage" strategy (market neutral fund),It has developed into a single strategy (including arbitrage, direction, event driven, etc.), Multi Strategy (including emerging markets, mergers and acquisitions, etc.), fund funds and other investment strategies. Its risk characteristics also show a variety of trends, both high risk, high income macro hedge funds, but also low-risk, but relatively stable market neutral fund.Typical features before the financial crisis:First, the economy has maintained high growth for many years;Two is a large inflow of external funds;Three is the rapid growth of domestic credit;Four is the general over investment;Five is the rapid rise in asset prices such as stocks and real estate;Six, the trade deficit continues to deteriorate;Seven, the currency is generally overvalued.The financial crisis is mainly manifested in the following aspects:1., the stock market plummeted. It is one of the main signs of the international financial crisis.2. capital flight. It is one of the major signs of the international financial crisis.3. normal bank credit relationship is destroyed, and with a bank run, monetary shortage and a large number of financial institutions bankruptcy and other phenomena.4., the official reserves have been greatly reduced, and the currency has depreciated substantially and inflation.5. debt difficulties.Impact of financial crisisIn the global financial crisis, the import and export industry in the cusp of the impact is the most direct and most serious.First, the crisis shifts from the financial level to the economic level, directly affecting exports. Specific to the industry, textile industry and other traditionallabor-intensive enterprises are seriously affected. The export countries, Chinese exports to the United States the amount of growth decreased obviously, the EU and Oceania's exports havenot been significantly affected, while showing a strong growth in the amount of regions such as Latin America and Africa in the development of export. With the further development and diffusion of the financial crisis, China's exports to European countries and even some developing countries will be affected, thus posing a severe challenge to China's overall export growth.The impact of the financial crisis on the world economy is far-reaching. The data provided by the Institute of finance, Chinese Academy of Social Sciences, shows that the market size of subordinated bond derivatives has been enlarged to nearly 400 trillion US dollars, equivalent to 7 times higher than the global GDP. The impact of the crisis on the real economy has emerged, and the world economic downturn has become a foregone conclusion. China is the smallest developing countries damaged in this crisis, the direct loss is small, but the indirect impact can not be ignored. Exports will be reduced, as one of the three carriages to promote economic growth, its role began to weaken; investor confidence has been shaken, investment enthusiasm is not high; the bank "credit crunch", the lack of domestic liquidity.The upheaval in the economy has brought about psychological changes, and they have lost their sense of security. In this sense, like an avalanche of the arrival of the financial crisis in the United States as the economic field "9 - 11". Americans began to question the decision making capacity of the US government, and 23 of the news reports released by the United States showed that 78% of respondents believed that the current U.S. national line was wrong.The financial crisis also directly impacts on personal life. Inflation, business failures, and economic difficulties have reduced people's ability to pay, which not only increases the number of people who can't afford mortgages, but also greatly reduces the quality of life of many people. Since last year, ordinary Americans have complained that even day-to-day spending has to be thought over and over again and again.。
金融危机的影响英语作文
金融危机的影响英语作文The Financial Crisis: A Catalyst for ChangeThe global financial crisis that erupted in 2008 was a pivotal moment in modern economic history. It exposed the vulnerabilities of the world's financial systems and had far-reaching consequences that are still being felt today. This essay will explore the various impacts of the financial crisis, from economic downturns to shifts in policy and regulation.Economically, the crisis led to a severe recession in many countries. Unemployment rates soared as businesses closed their doors, leaving millions jobless. The housing market, which was at the epicenter of the crisis, suffered a dramatic collapse, with home prices plummeting and foreclosures becoming commonplace. This not only affected individual homeowners but also the banks and financial institutions that held these assets.The crisis also had a profound impact on global trade. As credit markets froze and consumer confidence waned, international trade volumes dropped significantly. This was exacerbated by protectionist measures that some countries adopted in an attempt to shield their domestic industries, which further slowed down the recovery process.Policymakers were forced to respond to the crisis with arange of measures. Central banks around the world lowered interest rates and implemented quantitative easing to inject liquidity into the economy. Governments introduced fiscal stimulus packages to boost spending and counter the downturn. These actions, while necessary to stabilize the economy, also led to a significant increase in public debt.Regulation of the financial sector was another area that saw major changes. In the aftermath of the crisis, there wasa global push towards more stringent oversight and regulation. The Dodd-Frank Wall Street Reform and Consumer Protection Act in the United States and the European Market Infrastructure Regulation (EMIR) in the European Union are examples of the new regulatory frameworks put in place to prevent a similar crisis from happening again.The financial crisis also had social implications. It led to a loss of trust in financial institutions and a growing sense of economic insecurity among the public. This, in turn, fueled political movements and calls for greater economic equality and transparency.In conclusion, the financial crisis of 2008 was a transformative event that had profound and lasting effects on the global economy, policy, and society. It served as a wake-up call to the risks inherent in unchecked financial markets and has led to significant changes in how economies are managed and regulated. While the world continues to grapple with the aftermath of the crisis, it has also been a catalyst for positive change, pushing towards a more stable and equitable financial system.。
经济危机英语作文
经济危机英语作文The Global Economic Crisis: Challenges and OpportunitiesThe world has witnessed a series of economic crises throughout history, each with its unique set of challenges and implications. The most recent global economic crisis, often referred to as the Great Recession, began in 2007 and had a profound impact on economies around the world. This crisis was characterized by a collapse in the housing market, a credit crunch, and a sharp decline in consumer spending, leading to a severe recession in many countries.The roots of the crisis can be traced back to a combination of factors, including lax regulations, excessive risk-taking by financial institutions, and a general lack of oversight in the financial sector. The subprime mortgage crisis in the United States, where lenders extended credit to borrowers with poor credit histories, was a significant contributing factor. As the housing bubble burst and home prices plummeted, many borrowers found themselves unable to make their mortgage payments, leading to a wave of foreclosures and a collapse in the value of mortgage-backed securities.The ripple effects of the crisis were felt across the globe asinterconnected financial markets and trade networks transmitted the shockwaves. Countries with strong economic ties to the United States, such as China and other emerging economies, were particularly vulnerable to the downturn. The crisis also exposed the underlying weaknesses and imbalances in the global economic system, highlighting the need for comprehensive reforms and a more resilient financial architecture.One of the primary challenges faced during the economic crisis was the need to stabilize the financial system and prevent a complete collapse. Governments and central banks around the world implemented various interventions, including bailouts of financial institutions, monetary policy measures, and fiscal stimulus packages, in an attempt to restore confidence and liquidity in the markets. These actions were often controversial and met with public skepticism, as many felt that the burden of the crisis was disproportionately borne by taxpayers.Another significant challenge was the impact on employment and the rise in unemployment rates. As businesses struggled to cope with the economic downturn, many were forced to cut jobs, leading to widespread job losses and increased financial insecurity for households. The crisis also exacerbated existing social and economic inequalities, as the effects were often more severe for vulnerable populations, such as low-income individuals and marginalizedcommunities.Despite the immense challenges posed by the economic crisis, it also presented opportunities for positive change and reform. The crisis highlighted the need for stronger financial regulations, improved risk management practices, and greater transparency in the financial sector. Policymakers and regulators around the world have since worked to implement stricter regulations, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act in the United States, to address the weaknesses that contributed to the crisis.Moreover, the crisis has prompted a renewed focus on the importance of diversifying economic activities and reducing over-reliance on certain sectors or industries. Many countries have recognized the need to invest in more sustainable and resilient economic models, such as renewable energy, green technologies, and the development of local supply chains. This shift towards a more balanced and diversified economy can help mitigate the impact of future economic shocks and promote long-term stability.The global economic crisis has also underscored the need for international cooperation and coordination in addressing economic challenges. Governments and multilateral organizations have worked to strengthen global financial governance, improve cross-border regulations, and develop early warning systems to detect andmitigate potential crises. The crisis has also highlighted the importance of social safety nets, healthcare systems, and education in building resilient and inclusive societies that can better withstand economic upheavals.In conclusion, the global economic crisis has been a profound and transformative event, with far-reaching consequences for individuals, businesses, and governments around the world. While the challenges posed by the crisis were immense, it has also presented opportunities for reform, innovation, and the development of more sustainable and resilient economic models. As the world continues to grapple with the aftermath of the crisis, it is crucial that policymakers, businesses, and citizens work together to address the underlying structural issues and build a more equitable and prosperous global economy.。
财经类英语文章
1. China's economy, one of the fastest-growing economies in the world and the biggest contributor to global growth, grew 9.9 percent year-on-year in the first three quarters of this year, according to official figures released on Monday, showing a trend of a slowdown amid the current global financial crisis. In the third quarter, the gross domestic product (GDP) growth rate slowed down to 9 percent, the lowest in five years, from 10.6 percent in the first quarter, 10.1 percent for the second quarter and 10.4 percent in the first half of 2008. China's economic growth has been on a steady decline since peaking in the second quarter of 2007. The slowing world economy pummeled by the global financial crisis and weaker demand for Chinese exports on international markets heavily weighted on the Chinese economy, according to Li Xiaochao, spokesperson for the National Bureau of Statistics. Another widely watched indicator, the consumer price index (CPI) -- an important measure of inflation -- rose 4.6 percent in September, over the same period last year. The figure, coupled with 7.1 percent in June, 6.3 percent in July, 4.9 percent in August and a nearly 12-year-high of 8.7 percent in February, shows the CPI in a downward spiral. Analysts mainly attribute the decline in the CPI to ample grain supply and lower-thanexpected income growth of Chinese residents, as the housing and stock markets take heavy toll, which dented residents' desire to consume. Chinese stocks have shed nearly 70 percent of their value from the last year's peak at 6,124 points due to weak investor confidence. The stock market rose more than two percent on Monday amid expectation the government would unveil more measures to stimulate economy. The benchmark Shanghai Composite Index gained 43.36 points to close at 1,974.01 points. Exports, one of the three major drivers of the Chinese economy along with investment and consumption, are taking hit from the global financial turmoil and economic slowdown. In the first three quarters exports grew 22.3 percent, 4.8 percent points lower than the same period last year. Fixed assets investment totaled 11.6246 trillion yuan ($1.66 trillion) in the first three quarters of 2008, up 27.0 percent over the same period last year, according to the bureau. The growth rate was 0.7 percentage points higher than the first half of this year, or 1.3 percentage points higher than the year-earlier level. Another key economic indicator, retail sales, increased by 22 percent year-on-year in the first three quarters and climbed 23.2 percent in September alone. Analysts say China would have to further stimulate domestic consumption in order to push the economy forward amid an export slump. "China still has huge potential and leeway to expand domestic consumption," Li said. The combination of an economic slowdown and easing inflation may give rise to louder calls for loosening the monetary policy and adopting a more proactive fiscal policy. Analysts expect more monetary easing, building on two cuts in interest rates and banks' required reserves since mid-September. The State Council said on Sunday China's economy can weather the effects of the global financial turmoil, but growthwill decline as business profits and public revenues slow. In a statement at the end of an executive meeting presided by Premier Wen Jiabao, it said the global turmoil and economic instability will have a "gradual" effect on the country. It said China's economic growth will slow along with corporate profits and public revenues, and as capital markets continue to fluctuate. "Unfavorable international factors and the serious natural disasters at home have not changed the basic growth situation of our country's economy," said the statement posted on a government website. "Our country's economic growth has the ability and vigor to resist risks." China must "adopt flexible and cautious macroeconomic policies" to maintain stable growth, the statement said. The State Council said that in the fourth quarter, China should focus on developing the rural economy, while striving to control inflation. Global Financial Crisis：全球金融危机international market 国际市场gross domestic product 国内生产总值consumer price index 消费者物价指数housing and stock markets 房地产和证劵市场investor confidence 投资者信心stimulate economy 刺激经济easing inflation 缓解通货膨胀investment and consumption maintain stable growth投资和消费保持稳定增长2. Macroeconomics is a sub-field of economics that examines the behavior of the economy as a whole, once all of the individual economic decisions of companies and industries have been summed. Economy-wide phenomena considered by macroeconomics include Gross Domestic Product and how it is affected by changes in unemployment, national income, rate of growth, and price levels. In contrast, microeconomics is the study of the economic behaviour and decision-making of individual consumers, firms, and industries. Macroeconomics can be used to analyze how to influence government policy goals such as economic growth, price stability, full employment and the attainment of a sustainable balance of payments. Macroeconomics is sometimes used to refer to a general approach to economic reasoning, which includes long term strategies and rational expectations in aggregate behavior. Until the 1930s most economic analysis did not separate out individual economics behavior from aggregate behavior. With the Great Depression of the 1930s, suffered throughout the developed world at the time, and the development of the concept of national income and product statistics, the field of macroeconomics began to expand.Particularly influential were the ideas of John Maynard Keynes, who formulated theories to try to explain the Great Depression. Before that time, comprehensive national accounts, as we know them today, did not exist . One of the challenges of economics has been a struggle to reconcile macroeconomic and microeconomic models. Starting in the 1950s, macroeconomists developed micro-based models of macroeconomic behavior. Dutch economist Jan Tinbergen developed the first comprehensive national macroeconomic model, which he first built for the Netherlands and later applied to the United States and the United Kingdom after World War II. The first global macroeconomic model, Wharton Econometric Forecasting Associates LINK project, was initiated by Lawrence Klein and was mentioned in his citation for the Nobel Memorial Prize in Economics in 1980. Macroeconomics 宏观经济学Price stability 价格稳定balance ofpayments 国际收支平衡表individual economics behavior 个体经济行为product statistics 产品统计individual economic decisions 个体经济决策full employment 充分就业rational expectations 理性预期long termstrategies 长期战略microeconomic models 微观经济模型3.The annual review of American company board practices by Korn/Ferry, a firm of 3. headhunters, is a useful indicator of the health of corporate governance. This year’s review, published on November 12th, shows that the Sarbanes-Oxley act, passed in 2002 to try to prevent a repeat of corporate collapses such as Enron’s and WorldCom’s, has had an impact on the boardroom--albeit at an average implementation cost that Korn/Ferry estimates at $5.1m per firm.Two years ago, only 41% of American firms said they regularly held meetings of directors without their chief executive present; this year the figure was 93%. But some things have been surprisingly unaffected by the backlash against corporate scandals. For example, despite a growing feeling that former chief executives should not sit on their company’s board, the percentage of American firms where they do has actually edged up, from 23% in 2003 to 25% in 2004. Also, disappointingly few firms have split the jobs of chairman and chief executive. Another survey of American boards published this week, by A.T. Kearney, a firm of consultants, found that in 2002 14% of the boards of S&P 500 firms had separated the roles, and a further 16% said they planned to do so. But by 2004 only 23% overall had taken the plunge. A survey earlier in the year by consultants at McKinsey found that 70% of American directors and investors supported the idea of splitting the jobs, which is standard practice in Europe. Another disappointment is the slow progress in abolishing "staggered" boards--oneswhere only one-third of the directors are up for re-election each year, to three-year terms. Invented as a defence against takeover, such boards, according to a new Harvard Law School study by Lucian Bebchuk and Alma Cohen, are unambiguously "associated with an economically significant reduction in firm value".corporate governance 企业管制splitting the jobs 分裂的工作4.taken the plunge 采取果断行动corporate scandals 公司丑闻4. The dollar's tumble this week was attended by predictable shrinks from the markets; but as it fell to a 20-month low of $1.32 against the euro, the only real surprise was that it had not slipped sooner. Indeed, there are good reasons to expect its slide to continue, dragging it below the record low of $1.36 against the euro that it hit in December 2004. The recent decline was triggered by nasty news about the American economy. New figures this week suggested that the housing market's troubles are having a wider impact on the economy. Consumer confidence and durable-goods orders both fell more sharply than expected. In contrast, German business confidence has risen to a 15-year high. There are also mounting concerns that central banks in China and elsewhere, which have been piling up dollars assiduously for years, may start selling. So, contrary to popular perceptions, America's economy has not significantly outperformed Europe's in recent years. Since 2000 its structural budget deficit (after adjusting for the impact of the economic cycle) has widened sharply, while American households' saving rate has plunged, causing the current-account deficit to swell. Over the same period, the euro-area economies saw no fiscal stimulus and household saving barely budged. Yet cyclical factors only partly explain why the dollar has been strong. At bottom, its attractiveness is based more on structural factors---or, more accurately, on an illusion about structural differences between the American and European economies. The main reason for the dollar's strength has been the widespread belief that the American economy vastly outperformed the world's other rich country economies in recent years. But the figures do not support the hypothesis. Sure, America's GDP growth has been faster than Europe's, but that is mostly because its population has grown more quickly too. Official figures of productivity growth, which should in theory be an important factor driving currency movement, exaggerate America's lead. If the two are measured on a comparable basis, productivity growth over the past decade has been almost the same in the euro area as it has in America. Even more important, the latest figures suggest that, whereas productivity growth is now slowing in America, it is accelerating in the euro zone. America's growth, thus, has been driven by consumer spending. That spending, supported by dwindling saving and increased borrowing, is clearly unsustainable; and the consequent economic and financial imbalances must inevitably unwind. As that happens, thecountry could face a prolonged period of slower growth. As for Europe, the old continent is hobbled by inflexible product and labor markets. But that, paradoxically, is an advantage: it means the place has a lot of scope for improvement. Some European countries are beginning to contemplate (and, to a limited extent, undertake) economic reforms. If they push ahead, their growth could actually speed up over the comingyears. Once investors spot this, they are likely to conclude that the euro is a better bet than the dollar. dollar's tumble 美元下跌durable-goods 耐用商品popular perceptions 流行观点structural budget 结构性预算current-account deficit 现有项目赤字currency movement 资本流通comparable basis 可比基础consumer spending 消费性开支financial imbalances 财政失衡inflexible product 缺乏弹性的产品labor markets 劳力市场5. At its heart, logistics deals with satisfying the customer. This implies that management must first understand what those requirements are before a logistics strategy can be developed and implemented to meet them. Customer service is the most important output of an organization’s logistics system. In a more practical sense, logistics refers to the systematic management of the various activities required to move benefits from their point of production to the customer. Often these benefits are in the form of a tangible product that must be manufactured and moved to the user; sometimes these benefits are intangible and are known as services. They too must be produced and made available to the final customer. But logistics encompasses much more than just the transport of goods. The concept of benefits is a multifaceted one that goes beyond the product or service itself to include issues regarding timing, quantity, supporting services, location and cost. So a basic definition of logistics is the continuous process of meeting customer needs by ensuring the availability of the fight benefits for t he right customer, in the quantity and condition desired by that customer, at the time and place the customer wants them, all for a price the buyer is willing to pay. These concepts apply equally well to for-profit industries and non-profit organizations. However, logistics can mean different things to different organization. Some firms are more concerned with producing the benefits: their management focus is on the flow of raw materials into the production process rather than on delivering the final goods to the user. Some companies are much more concerned with the flow of finished goods from the end of the production line to the customer. Logistics in this situation is sometimes referred to as physical distribution. Finally, somefirms view logistics as embracing both material management and physical distribution tasks into a single supply chain that links the customer with all aspects of the firm, sometimes it is referred to as supply chain management. logistics strategy 物流战略tangible product 有型产品continuous process 连续过程final goods 最终产品physical distribution 物资调运single supply chain单一供应链supply chain management 连锁供应管理系统Global house pricesHome truthsOur latest round-up shows that many housing markets are still in the dumpsTHE house-price boom that preceded the financial crisis was remarkable for its scope and scale. With a very few exceptions, there seemed only one way for prices to go: up. Things have been more diverse since, and our latest review of house prices is a picture with dramatic chiaroscuro. A brightening outlook for America stands out against the darkening tones of the beleaguered economies on the periphery of the euro area.In the countries we track, house prices are rising and falling in equal numbers. Over the past year prices have jumped most in Hong Kong (see table), prompting further government efforts to cool the market. They have dropped by 9.3% in Spain, the heaviest faller. The overall trend is down, however, since in three of the countries where prices are rising they are doing so at a slower pace than a year ago—in Canada, for example, they are up by 3.3% compared with 7.1% 12 months ago.A similar diversity characterises valuations. To gauge whether homes are cheap or expensive we use two measures, both of which compare current estimates with a long-run average (in most countries, going back to 1975). This average is our benchmark for “fair value”.The first gauge is a price-to-rents ratio. This is analogous to theprice-earnings ratio used for equities, with the rents going to property investors (or saved by homeowners) equivalent to corporate profits. The measure displays a massive range, from a whopping 78% overvaluation in Canada to an undervaluation of 37% in Japan. The other measure, the ratioof prices to disposable income per person, stretches from a 35% overvaluation in France to a 36% undervaluation, again in Japan. America’s housing-market revival looks sustainable in part because the sharp correction in house prices over the past few years has made homes cheap by historical standards. A year ago house prices were still falling, by 3.6%. There has been a turnaround since: the latest data show prices rising by 4.3%. But based on the ratio of prices to rents, houses are still 7% undervalued; judged by the price-to-income ratio, they are 20% below fair value. It also helps that mortgage rates are at historic lows and are likely to stay that way, since the Federal Reserve has promised to keep an extremely loose monetary stance for the next couple of years.Homeowners may be coming up for air in America, but their plight is deepening across much of Europe. The agony is most acute in Spain, where declines have gathered momentum (the 9.3% fall in our latest round-up follows a drop of 5.5% the previous year). Other big euro-zone economies are also heading in the wrong direction. In Italy and the Netherlands the pace of decline has quickened; in France prices are now edging down after a brief recovery.European valuations are most stretched in France, by as much as 50% judging by rents and by 35% on the basis of incomes. This compares with around 20% overvaluation on both counts in Spain, despite the price falls to date. But any house-price collapse in France is likely to be modest compared with Spain’s. Spain’s bust reflects a massive oversupply of housing built in the construction boom, and an unemployment rate that rose to 26.6% in November, the highest in Europe. France’s unemployment rate has edged up to 10.5% but that is in a different league to Spain’s; its banks are in better shape than Spanish ones, too.The anomaly among Europe’s big economies is Germany, where house prices are rising by a restrained 2.7%, the same pace as a year earlier. Thanks to their good fortune in missing the housing party before the financial crisis, German homeowners have a decent chance of making further gains. Homes there are 17% undervalued compared with historical averages on both our measures. German purchasers can benefit fromrock-bottom borrowing costs, unlike their counterparts in peripheral Europe. One of the lowest rates of unemployment (5.4%) in Europe further underpins the housing market.British house prices have posted only modest overall declines over the past five years (although rising rents and incomes have also helped bring things closer to fair value). But the British market may do rather better thanstill-stretched valuations suggest. For one thing, it does not suffer from the glut of empty homes that has created ghost towns in Ireland and Spain. Andaccording to the Bank of England’s latest credit-conditions survey lenders are more willing to make mortgage finance available than at any time since the financial crisis. The number of mortgage approvals for new purchases is at its highest for almost a year.Overvaluation is especially marked in Canada, particularly with respect to rents (78%) but also in relation to income (34%). Mark Carney, the country’s central-bank governor, who is soon to jump ship to join the Bank of England, where he takes over from Sir Mervyn King in July, may have shown good market timing with his move to London as well as a deft hand in negotiating his lavish remuneration. Singapore and Hong Kong also look vulnerable to a correction, given the overvaluation on their price-to-rents ratios.Misalignments with our gauges of fair value can persist for a long time, of course. That may spare countries where house prices have clearly overshot from a painful bust, but it may also mean that some markets end up mimicking Japan’s long descent and badly undershoot. At some point, central banks will have to take away the balm of easy money. If housing markets remain so fragile when they are getting so much help, they may break when it is removed.。
世界经济危机对社会的影响英语作文
世界经济危机对社会的影响In the twenty-first century, the world has witnessed numerous economic crises, each with profound impacts on society. These crises are not mere fluctuations in economic indices; they are seismic shifts that reshape the social, political, and cultural landscape. The global economic crisis of 2008, for instance, triggered a chain reaction of events that had far-reaching consequences for individuals, communities, and nations alike.**1. Economic Disruption**The most immediate impact of the crisis was the widespread disruption of economic activities. Global trade, investment, and production suffered significant contractions, leading to job losses, business closures, and a general slowdown in economic growth. This had a direct impact on individuals, who faced increased financial instability and uncertainty about their future.**2. Social Unrest**The economic downturn often led to social unrest and political instability. As people struggled to make endsmeet, there was a rise in protests, strikes, and even riots in some parts of the world. This social unrest could have long-term consequences for political systems and social cohesion.**3. Inequality**The crisis often exposed and exacerbated existing inequalities. While some sectors of society were able to weather the storm, others were hit much harder. This led to a widening gap between the rich and the poor, which can have long-term social and political consequences.**4. Social Services**Governments, facing budget constraints, often had to make difficult decisions about where to allocate limited resources. This often meant cuts to social services such as healthcare, education, and welfare, which had a direct impact on the well-being of society's most vulnerable members.**5. Technological Innovations**In the wake of the crisis, there was a surge in technological innovations that aimed to address theeconomic and social challenges. For instance, the rise of the gig economy and remote work became more prevalent as businesses looked for ways to cut costs and remain competitive. These innovations, while they brought new opportunities, also presented new challenges for society. **6. Global Cooperation**The crisis also highlighted the need for global cooperation to address shared challenges. As national economies became increasingly interconnected, it became clear that unilateral action was not enough. This led to an increased focus on global institutions and cooperation to address issues such as trade, climate change, and financial stability.In conclusion, the world economic crisis not only had immediate economic impacts but also had profound social consequences. It exposed and exacerbated existing social issues, such as inequality and social unrest, while also presenting opportunities for technological innovation and global cooperation. As we face future crises, it is important to remember that the solutions often lie not justin economic policies but also in addressing the underlying social and cultural challenges.**世界经济危机对社会的影响**自二十一世纪以来，世界见证了多次经济危机，每一次都对社会产生了深远的影响。
Effects of global financial crisis on developing countries
Indirect Effects: Commodity price decline
Commodity price deveopments, major categories, Jan. 2000 - Sep. 2008
500 450 400
Index, 2000=100
350 300 250 200 150 100 50 0
UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT (UNCTAD)
CONFÉRENCE DES NATIONS UNIES SUR LE COMMERCE ET LE DÉVELOPPEMENT (CNUCED)
Effects of global financial crisis on developing countries
ODA Disbursements
Finland Banking Crisis
8 6 4 2 0 1988 -2 -4 -6 -8 GDP Growth 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
Indirect effect: Possible aid effect
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n2
00
0
Indirect effect: Possible aid effect
Finland Banking Crisis
1200
1000
800
600
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0 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
ODA Commitments
国际经济危机对非洲的影响【英文】
• Just when the scale of the crisis was becoming manifest in America, sub-prime related difficulties emerged around the world;
The Origin of the Crisis
• Subprime mortgages are given to people whose credit rating do not qualify them for mortgages;
• The banks lent aggressively and recklessly to these financially less secure households and individuals
THE IMPACT OF THE GLOBAL ECONOMIC CRISIS ON AFRICA
Presented by Kwabena Nyarko Otoo (Director, Labour Research & Policy Institute, Ghana TUC)
Outline of Presentation
• In Autumn 2008, the world economy went into the Great Recession
• The crisis is said to have originated in the US housing mortgage system
全球经济衰退我们该英语作文
全球经济衰退我们该英语作文Title: Navigating the Global Economic RecessionAs the world faces the challenge of a global economic recession, it is essential for individuals, businesses, and governments to work together to mitigate its impact and plan for a sustainable recovery.First and foremost, it is crucial for individuals to be financially responsible and cautious during this period. Managing personal finances effectively, such as reducing unnecessary expenses, saving money, and investing wisely, can help individuals weather the economic storm. Additionally, upskilling and learning new skills can increase one's employability and financial security in the long run. Businesses, too, have a crucial role to play in navigating the recession. It is essential for them to be agile and innovative in order to adapt to the changing market conditions. This might involve reevaluating business strategies, diversifying revenue streams, and reducing costs. Furthermore, businesses should prioritize maintaining good relationships with their customers and suppliers, as these partnerships can be vital in times of economic uncertainty. Governments have a significant responsibility in guiding the economy through a recession. They can provide fiscal stimulus by investing in infrastructure, education, and healthcare, which can create jobs and boost economic growth. Monetary policy measures, such as reducing interest rates and providing liquidity to financial markets, can also help stimulate economic activity. In addition, governments should prioritize protecting the vulnerable members of society, such as the unemployed and low-income households, by providing financial assistance and social welfare benefits.Moreover, international cooperation is crucial in addressing the global economic recession. Countries should work together to ensure that trade and investment flows remain open and stable, which can promote economic growth and development. Additionally, countries can share experiences and strategies in managing the recession, which can help them learn from each other and find effective solutions.In conclusion, navigating the global economic recession requires a collective effort from individuals, businesses, and governments. By being financially responsible, innovative, and cooperative, we can mitigate the impact of the recession and pave the way for a sustainable recovery.。
金融危机给大学生带来的影响英语作文
金融危机给大学生带来的影响英语作文The Impact of Financial Crisis on College StudentsIntroductionThe global financial crisis that began in 2008 has had significant impacts on economies around the world. While its effects are often analyzed in terms of job losses, market crashes, and government bailouts, the crisis has also had a profound impact on college students. In this essay, we will explore the ways in which the financial crisis has affected college students, both academically and financially.Financial ImpactOne of the most immediate effects of the financial crisis on college students is the increased financial burden. As families struggle with job losses and rising debt, many students find themselves having to take on more student loans or work longer hours to support themselves through college. This can lead to increased stress, lower academic performance, and longer time to graduation.In addition, the financial crisis has also led to cuts in state funding for higher education, forcing colleges and universities to raise tuition rates to make up for the shortfall. This puts an addedstrain on students and their families, making it harder for them to afford a college education.Academic ImpactThe financial crisis has also had an impact on the academic lives of college students. With parents losing their jobs and struggling to make ends meet, many students are forced to take on part-time or full-time work to support themselves and their families. This can take away time and energy from studying, leading to lower grades and a decline in academic performance.Furthermore, the financial crisis has also affected the availability of internships and job opportunities for college students. As companies cut back on hiring and investment, students find it harder to secure internships and gain valuable work experience that can help them in their future careers.ConclusionIn conclusion, the financial crisis has had a significant impact on college students, both financially and academically. It has increased the financial burden on students and their families, making it harder for them to afford a college education. It has also affected their academic performance and the availability of internships and job opportunities. As we continue to recoverfrom the financial crisis, it is important to support college students and ensure that they have the resources they need to succeed in their education and future careers.。
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Effects On Global Financial Crisis 资料
世界经济高增长期中断，发达国家同时陷入经济衰退。
受国际金融危机拖累，2008年及未来两年内世界经济增长将显著放慢。
日本、欧元区和美国，世界三大经济体在二战后首次同时陷入衰退。
据估计，美国经济衰退将经历至少18个月，为大萧条以来持续时间最长的经济衰退。
能源资源“超级牛市”将可能终止。
世界银行在《2009年全球经济展望》报告中称，最近石油和粮食价格大幅度下跌，标志着过去几十年来历史上最严重的商品价格上涨的终结。
主要经济体调整增长方式。
金融危机和经济衰退正促使美国消费进行多年的调整，同时，中国等新兴经济体正在调整增长方式，积极扩大内需。
但真正改变全球经济失衡局面还需要印度、日本、德国等国家扩大个人消费。
国际金融体系酝酿重大改革。
危机导致国际金融体系重新洗牌，也为改革不合理的国际金融秩序提供了契机。
显然，在可见的未来，对现行国际金融秩序的改革如果仅限于作些修补，特别是美欧要维护其既得利益，就不可能对现行金融体系进行大刀阔斧的改革。
西方贸易、投资保护主义抬头。
危机证明了全球化与缺乏可信的国际监管之间的矛盾日渐增大。
这促使各国重新认识和评估全球化及其负面影响，对美国倡导的经济和金融自由化采取更加谨慎的态度。
美国经济金融实力遭受一定损蚀。
金融危机表明长期以来美国金融体系稳定的神话被打破，显示纽约华尔街在全球金融体系的主导地位下降。
面对全球性危机，美国主导世界事务的能力下降，必须与欧洲、日本及中国等新兴大国联手“救市”。
危机使美国背负上万亿美元的财政赤字，对外经济政治影响也将受到限制。
中国在危机中发挥独特的稳定作用。
国际金融危机使中国遭遇严峻挑战，但也带来一些重要机遇。
与10年前的亚洲金融危机期间一样，中国被视为重要的稳定力量。
Global Financial Crisis
Author and Page information
The global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems.
On the one hand many people are concerned that those responsible for the financial problems are the ones being bailed out, while on the other hand, a global financial meltdown will affect the livelihoods of almost everyone in an increasingly inter-connected world. The problem could have been avoided, if ideologues supporting the current economics models weren’t so vocal, influential and inconsiderate of others’ viewpoints and concerns.
This article provides an overview of the crisis with links for further, more detailed, coverage at the end.
A crisis so severe, the world financial system is affected
Following a period of economic boom, a financial bubble—global in scope—has now burst.
A collapse of the US sub-prime mortgage market and the reversal of the housing boom in other industrialized economies have had a ripple effect around the world. Furthermore, other weaknesses in the global financial system have surfaced. Some financial products and instruments have become so complex and twisted, that as things start to unravel, trust in the whole system started to fail.
John Bird, John Fortune, Subprime Crisis, February 14, 2008
While there are many technical explanations of how the sub-prime mortgage crisis came about, the mainstream British comedians, John Bird and John Fortune, describe the mind set of the investment banking community in this satirical interview, explaining it in a way that sometimes only comedians can.
The betting of practically anything helped create enormous sums of money out of almost nothing. However, as former US Presidential speech writer, Mark Lange, notes, “because [derivatives are] entirely unregulated and trade on no public exchanges, their originators can deliberately hide their vulnerabilities.”。