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2008 - 2009年的全球金融危机开始于2007年7月,当投资者丧失信心的证券化抵押贷款的价值在美国导致流动性危机促使向金融市场注入大量资金,美国联邦储备理事会(美联储,fed)、英国央行(Bank of England)和欧洲央行(ecb)。2008年9月,危机加深,全球股市崩溃和进入了一段时间的高波动性,以及相当数量的银行,抵押贷款和保险公司在接下来的几周都陷入危机。

房地产的危机、银行和信贷在美国有全球影响力,影响广泛的金融和经济活动和机构,包括:

•与金融机构整体的信贷紧缩使得企业和消费者信贷更难;

•金融市场(股票交易和衍生品市场),经历了大幅下降;

•在股票基金和对冲基金流动性问题;

•支撑保险合同和养老基金资产的贬值导致担忧这些工具能够满足未来的义务:

The global financial crisis of 2008-2009 began in July 2007 when a loss of confidence by investors in the value of securitized mortgages in the United States resulted in a liquidity crisis that prompted a substantial injection of capital into financial markets by the United States Federal Reserve, Bank of England and the European Central Bank. 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.

Scope

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, including the:

•Overall tightening of credit with financial institutions making both corporate and consumer credit harder to get;

•Financial markets (stock exchanges and derivative markets) that experienced steep declines;

•Liquidity problems in equity funds and hedge funds;

•Devaluation of the assets underpinning insurance contracts and pension funds leading to concerns about the ability of these instruments to meet future obligations:

•Increased public debt public finance due to the provision of public funds to the financial services industry and other affected industries, and the

•Devaluation of some currencies (Icelandic crown, some Eastern Europe and Latin America currencies) and increased currency volatility,

Background

In the years leading up to the crisis, high consumption and low savings rates in the U.S. contributed to significant amounts of foreign money flowing into the U.S. from fast-growing economies in Asia and oil-producing countries. This inflow of funds combined with low U.S. interest rates from 2002-2004 resulted in easy credit conditions, which fueled both housing and credit bubbles. Loans of various types (e.g., mortgage, credit card, and auto) 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), 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 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. Total losses are estimated in the trillions of U.S. dollars globally.

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