Bussiness ManagementMBAstrategyHuman ResourceMarketingHospitalityE-commerceInternational Tradingproject managementmedia managementLogisticsFinanceAccountingadvertisingLawBusiness LawEducationEconomicsBusiness Reportbusiness planresearch proposal
英语论文题目英语教学英语论文商务英语英语论文格式商务英语翻译广告英语商务英语商务英语教学英语翻译论文英美文学英语语言学文化交流中西方文化差异英语论文范文英语论文开题报告初中英语教学英语论文文献综述英语论文参考文献
ResumeRecommendation LetterMotivation LetterPSapplication letterMBA essayBusiness Letteradmission letter Offer letter
澳大利亚论文英国论文加拿大论文芬兰论文瑞典论文澳洲论文新西兰论文法国论文香港论文挪威论文美国论文泰国论文马来西亚论文台湾论文新加坡论文荷兰论文南非论文西班牙论文爱尔兰论文
小学英语教学初中英语教学英语语法高中英语教学大学英语教学听力口语英语阅读英语词汇学英语素质教育英语教育毕业英语教学法
英语论文开题报告英语毕业论文写作指导英语论文写作笔记handbook英语论文提纲英语论文参考文献英语论文文献综述Research Proposal代写留学论文代写留学作业代写Essay论文英语摘要英语论文任务书英语论文格式专业名词turnitin抄袭检查
temcet听力雅思考试托福考试GMATGRE职称英语理工卫生职称英语综合职称英语职称英语
经贸英语论文题目旅游英语论文题目大学英语论文题目中学英语论文题目小学英语论文题目英语文学论文题目英语教学论文题目英语语言学论文题目委婉语论文题目商务英语论文题目最新英语论文题目英语翻译论文题目英语跨文化论文题目
日本文学日本语言学商务日语日本历史日本经济怎样写日语论文日语论文写作格式日语教学日本社会文化日语开题报告日语论文选题
职称英语理工完形填空历年试题模拟试题补全短文概括大意词汇指导阅读理解例题习题卫生职称英语词汇指导完形填空概括大意历年试题阅读理解补全短文模拟试题例题习题综合职称英语完形填空历年试题模拟试题例题习题词汇指导阅读理解补全短文概括大意
论文作者:留学生论文论文属性:案例分析 Case Study登出时间:2011-03-12编辑:anterran点击率:74021
论文字数:12111论文编号:org201103120945343035语种:英语 English地区:美国价格:免费论文
关键词:Anatomythe financial crisisThe proper governmental response
The proper governmental response
213
23 September 2008
The crisis solution depends upon its causes. Here one of the world’s leading internationalmacroeconomists explains how the world got into 代写留学生论文this mess. This is the‘Director’s cut’ of his 18 September 2008 column on Project Syndicate.Getting out of our current financial mess requires understanding how we got intoit in the first place. The dominant explanation, voiced by figures as diverse as
Thomas Friedman and John McCain, is that the fundamental cause was greed andcorruption on Wall Street. Though not one to deny the existence of base motivesin the institutional investor community, I would insist that the crisis has roots inkey policy decisions stretching back over more than three decades.At the domestic level, the key decisions in the United States were to deregulatecommissions for stock trading in the 1970s and then to eliminate the Glass-Steagall restrictions on mixing commercial and investment banking in the 1990s.In the days of fixed commissions, investment banks could make a comfortable living
booking stock trades for their customers. Deregulation meant greater competition,entry by low-cost brokers like Charles Schwab, and thinner margins. Theelimination of Glass-Steagall then allowed commercial banks to encroach on the
investment banks’ other traditional preserves. (It was not only commercial banksof course, but also insurance companies like AIG that did the encroaching.)In response, investment banks to survive were forced to branch into new linesof business like originating and distributing complex derivative securities. Theywere forced to use more leverage, funding themselves through the money market,
to sustain their profitability. Thereby arose the first set of causes of the crisis: theoriginate-and-distribute model of securitisation and the extensive use of leverage.
It is important to note that these were unintended consequences of basicallysensible policy decisions. It is hard to defend rules allowing price fixing in stocktrading. Deregulation allowed small investors to trade stocks more cheaply, whichmade them better, off other things equal. But other things were not equal. In particular,
the fact that investment banks, which were propelled into riskier activitiesby these policy changes, were entirely outside the regulatory net was a recipe fordisaster.
Similarly, eliminating Glass-Steagall was a fundamentally sensible choice.Conglomeratisation allows financial institutions to better diversify their business.Combining with commercial banking allows investment banks to fund their oper-Anatomy of the financial crisis
Barry Eichengreen
University of California Berkeley and CEPR
ations using a relatively stable base of deposits rather than relying on fickle moneymarkets. This model has proven its viability in Germany and other Europeancountries over a period of centuries. These advantages are evident in the UnitedStates even now, with Bank of America’s purchase of Merrill Lynch, which is onesmall step helping to staunch the bleeding.
Again, however, the problem was that other policies were not adapted to thenew environment. Conglomeratisation takes time. In the short run, Merrill, likethe other investment banks, was allowed to lever up its bets. It remained outsidethe purview of the regulators. As a self-standing entity, it was then vulnerable toinevitable swings in housing and securities markets. A crisis sufficient t本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。