Financial crisis in the USA 2008-2009
Başlık çevirisi mevcut değil.
- Tez No: 402504
- Danışmanlar: DR. KIP BECKER
- Tez Türü: Yüksek Lisans
- Konular: Bankacılık, Ekonomi, Banking, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2009
- Dil: İngilizce
- Üniversite: Boston University (Metropolitan College)
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 53
Özet
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Özet (Çeviri)
High consumption, low savings rates in the U.S. and significant amounts of foreign money flowing into the U.S. from fast-growing economies in Asia and oil-producing countries combined with low U.S. interest rates from 2002-2004 and resulted in easy credit conditions, which fueled both housing and credit bubbles. Loans were easy to obtain and consumers assumed an unprecedented debt load. As part of the housing and credit booms, the amount of financial agreements called mortgage-backed securities (MBS) greatly increased. Share in GDP of US financial sector have increased 4% to 8% from 1980 to 2000. Such financial innovation enabled institutions and investors around the world to invest in the U.S. housing market. As housing prices declined, major global financial institutions that had borrowed and invested heavily in subprime MBS reported significant losses. Defaults and losses on other loan types also increased significantly as the crisis expanded from the housing market to other parts of the economy. The developments in the U.S. mortgage market were only one aspect of a much larger and more encompassing credit boom whose impact transcended the mortgage market to affect many other forms of credit. Aspects of this broader credit boom included widespread declines in underwriting standards, breakdowns in lending oversight by investors and rating agencies, increased reliance on complex and opaque credit instruments that proved fragile under stress, and unusually low compensation for risk-taking. The abrupt end of the credit boom has had widespread financial and economic ramifications.1 The financial crisis of 2008-2009 began in 2007 when a loss of confidence by investors in the value of MBS in the United States resulted in a liquidity crisis. The crisis in real estate, banking and credit in the United States had a global reach, affecting a wide range of financial and economic activities and institutions. The TED spread, the difference between the interest rates on interbank loans and short-term U.S. government debt (“T-bills”), 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, reaching a record 4.65% on October 10, 2008. In September 2008, the crisis deepened, as stock markets worldwide crashed and entered a period of high volatility, and a considerable number of banks, mortgage lenders and insurance companies failed in the following weeks. After the subprime debacle triggered the crisis, large financial institutions in the United States and Europe faced a credit crisis and a slowdown in economic activity. The 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 and commodities. Moreover, the de-leveraging of financial institutions further accelerated the liquidity crisis and caused a decrease in international trade. World political leaders, national ministers of finance and central bank directors coordinated their efforts to reduce fears, but the crisis continued. The US Federal Reserve announced it was making available the extra funding to overnight and longer-term money markets in September 2008. In a joint statement, the European Central Bank, the Bank of Japan, the Bank of England, the Bank of Canada and Swiss National Bank pledged they would continue to work closely together and will take appropriate steps to address the ongoing pressures.2 The fear of the recession in the U.S. economy which would lead a global recession resulted in serious measures taken by most of the countries' government. In order to increase trust in markets, a substantial amount of capital injected into financial markets by the United States Federal Reserve, Bank of England and the European Central Bank. The Emergency Economic Stabilization Act of 2008 enacted on October 3, 2008, in the President Bush period, authorized the United States Secretary of the Treasury to spend up to US$700 billion to purchase distressed assets, especially mortgage-backed securities, and make capital injections into banks. The American Recovery and Reinvestment Act of 2009 enacted on February 17, 2009, in the President Obama period, was intended to provide a stimulus to the U.S. economy in the wake of the economic downturn. The measures are nominally worth $787 billion. The Act includes federal tax cuts, expansion of unemployment benefits and other social welfare provisions, and domestic spending in education, health care, and infrastructure, including the energy sector. Economists expect a shrinking in the U.S. economy in 2009. But they forecast that it will start to grow slowly in 2010 again. However, they worry that the recovery might not be sustained if unemployment rate and national debt continue increasing. In our opinions, the major cause of this crisis is the over indebtedness of U.S. household. Therefore, the crisis can not be averted by the policy prompting consumption.
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