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留学生金融危机论文:Anatomy of the financial crisis:The proper governmental response

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:73805

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论文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。

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