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1.1 Background Overview研究背景
众所周知，在2008的下半年里美国爆发的金融危机，袭击了美国经济的各个方面，这也影响了世界经济的发展It is well-known that the United States broke out the financial crisis during the second half year of 2008, which hit the U.S economy in all kinds of aspects and it also drag the world economic development. The term financial crisis is referred to the situation in which some financial institutions or assets suddenly lose a large part of their value (Haidar, 2009). As we all known about, the 2008 financial crisis derived from the bursting of the United States housing bubble which peaked in approximately 2005–2006, and it increasingly deteriorated into the expansion of subprime mortgage. https://www.51lunwen.org/mgjingji/ According to the claims of Kouretas (2009), this suddenness and serious financial turmoil has brought about the most acute financial disorder since the Great Depression in 1930s, moreover, this created the enormous repercussions on the real economy around the globe. Simkovic (2009) point out that due to the fact that the housing bubble that peaked in 2006 caused the values of securities tied to U.S real estate pricing dramatically to plummet, damaging the financial instructions globally.

Following on the abnormal events began in 2007; there were a series of other events dramatically swept through various fields in U.S. On the September 14th, Lehman Brothers announced to apply bankruptcy after the FED refused to provide the fund supporting. Also on the same day, Merrill Lynch declared to be experiencing the acquisition of the Bank of America. These two events marked the beginning of the great crash decline of the global stock market in the following week. On the next two days the equity market underwent the crash as expected, furthermore American international group AIG was involved into the trouble of liquidity crisis and experienced downgrading of its credit rating because of holing numerous credit default contracts. Since then, various financial events occurred as butterfly effect.
In the face of such a severe situation, the two giants of Federal Reserve and the Treasury made the policy responses immediately in order to reduce the influence on the economy of United States. The Federal Reserve adjusted the direction of the monetary policy, greatly lowering interest rates and simultaneously carried on the action of dollar exchange rate depreciation. Among all the responses the most main and frequent policy is the reduction of the interest rate and the capital injection. Since August 2007, the Federal Reserve has responded aggressively in the face of the worst financial crisis. Following the reduction of the discount rate in August in that year, the Federal Open Commitment took account of using ease monetary policy in September 2007. On the basic points of Mishkin(2009), the FED reduced the target of federal funds rate by 50 basis points, which drop from 51/4% in September 2007 to 0-1/4% in December 2008, which mean that the federal funds was close to zero, there was no space to be downward any more (totally showing in Figure4). Also the FED lowered down the overnight rate to almost zero against the crisis. Beyond all these mentioned adjustments that tied to current and expected future values of the overnight interest rate, the FED applied a range of policy tools to provide direct support to credit markets and the broader economy.

The first set of tools involved th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。