美国次贷危机论文

The subprime mortgage crisisThe U.S. subprime mortgage crisis says the subprime crisis, also translated into subprime mortgage crisis. It is an occurrence in the United States, because subprime mortgage lenders bankruptcy, investment funds being closed down, stock market caused violent shake the financial storm. It causes major global financial market liquidity shortage of crisis. America's "the subprime crisis" from 2006 spring began gradually revealed. In August 2007, started across the United States, the European Union and Japan and other major world financial markets. The subprime crisis has now become one of the hot issues of international.For American financial crises, general attitudes are considered, the crisis is mainly caused by the lack of financial regulatory system. The root cause of the crisis in the United States for nearly thirty years to speed up the implementation of new liberalism economic policy.The new liberalism, is a set of traditional liberalism in Renaissance ideal. In order to reduce government intervention in the economy and society for the main economic policy goals trend. Content mainly includes：reduce government intervention in financial markets. pushing promoting consumption. with the high consumption of economic policy to pull tje high-growth.一、To promote economic growth and encourage crazy spending.Liberal economics theory has always attached great importance to promote production and by consumption of economic development. Adam Smith says "consumption is the only home and all production purposes". They think luxury consumption on the surface promoted the production.二、Social imbalance, the distribution relationship middle-class incomes decline.Nearly thirty years, American society exists a curious phenomenon, On one side is the U.S. civilians deficit spending, On the other hand, the common people's income has been a trend of decline. According to statistics, after deducting inflation factor later, the American average hourly wage with only 35 years ago, and a flat for more than 30 years old man's income is the same age 30 years ago, low by 12%. Economic development efforts more inflows to the pockets of the rich. This for decades the United States the income gap between rich and poor continues to expand. The U.S. economy is developing rapidly, but income but no growth三、the financial industry a serious lack of oversight, entice ordinary people by borrowing deficit spending, entering the market speculation.The new liberalism is an important content of deregulation, including financial regulation. Since the early 1980s after Reagan administration, the United States has been through formulate and revise laws, to relax restrictions on financial industry, to promote financial liberalisation and the so-called financial innovation.As shown in figure，during the 2001 recession in the us, the federal reserve to slash interest rates 11 times, federal funds target rate (hereinafter referred to as target rate) levels fall to 1.75% rapidly from 6.5 percent. Until November 2002, target rate, commodity and drop to 1.25%, begin to enter negative real interest rates period. In June 2003, target interest rates to 1% of low level, and maintained a period of one year. Super cheap environment increased financial market expectations of inflation, meantime long-term interest rates twice been pushed higher sharply. June 2004 to June 2006, target rate rose to 5.25% continuously. Cheap period form by expectations of inflation risks for the compression and raised interest rates gradually released,lead to long-term interest rates raised interest rates nearly 1 in after years of falling.In June 2006, the United States federal reserve continuous 17 times, the federal funds rate ascent from 5% to 1.25%.As shown in figure,first the stock market is raised from 2002 to 2006,but from 2006 to 2008,the stock market declined.Second because the stock market declined,the net worth of the company is declined. Third as the net worth fell,the harder to raise funds.And it is easy to lead to financial crises.Forth also because the rate raised,increased the debt burden,leading to the net worth declined,thecash flow reduced,then might happen economic atrophy.Because the prices of the house was high before, says that although loans to subprime credit borrowers, if the borrower cannot repay loan, can use mortgage houses to return, auction or sell back after the bank loan. But because prices become lower suddenly, the borrower unable to repay when the home is sold, but found that the money can not compensate for the loans and interest, even can not replace loan itself, so the bank will appear on in this loan losses.One or two borrowers appear such problem is ok, but because instalment interest rise,in addition these borrowers itself is subprime credit borrowers. Thus there appear a large number cannot repay loan borrowers. As mentioned above, the bank repossessed houses but sell for a lower price, bedding face accumulates losses, sparked the subprime mortgage crisis. As the U.S. housing market cooling especially short-term interest rates rise, Reimbursement rates have also risen sharply, the person that buy a house to engage the burden is heavier. Meanwhile, the housing market continues to sell cool also make or through a mortgage buyers housing refinancing more difficult. The situation led directly to the large number of subprime borrowers can't repays the loans, causing "subprime crisis".In addition, due to a rise in interest rates,the asset market effects on balance sheets is worsen,the people can not pay the money back to the bank,that will lead to the problems in the banking sector. Ultimately the bank bankruptcy.The influence strength and range is expanded.The influence of the subprime crisis was profound and powerful, this round of U.S. financial system borrow storm has put forward several challenges. From a long-term plan, crisis will surely become the market opportunity significant new old cloth leather. And American regulation authorities deal with crises in the move, and when the double meaning battles and permanent neo-virginity and on reading. In this sense, the obvious subprime storm to Chinese global may be blessing. Appreciate the storm seriously of teaching, we should as far as possible to avoid crisis in China the seeds of future, root cause endless trouble.。