全球经济危机的根源.pptVIP

Global Economic Crisis Workers Rights: Issues for Unions全球经济危机与工人权利工会面临的问题 What caused the global economic crisis? 全球经济危机的根源 - Immediate causes直接原因 Fundamental roots of the crisis 危机的根源 What can we learn from it? 给我们的教训 Background of the crisis危机的背景 US Internet stocks crash in 2001-02 – to counter threat of recession, interest rate lowered to 1% in 2003 - easy money availability set off housing market boom speculation 2001－2002年美国互联网泡沫崩溃－为免于衰退，2003年利率下调至1％－轻易获得贷款带来房地产市场泡沫和投机 Housing loans market was lucrative since these loans could be sold as securities (CDOs) to other banks financial institutions, who in turn bundled these CDOs into giant securities sold it to others so on – the value of these securities now runs into trillions (no one has any exact idea) 由于贷款可作为证券销售，房地产贷款市场利润可观，购买这些房地产证券的银行和投资机构将这些证券与大的证券捆绑打包卖给其他人，一环接一环，最后大大抬高了这些证券的价格 Background of the crisis危机的背景 To cover risk of default on CDOs, buying institutions bought insurance (credit default swaps) – which generated huge profits for insuring companies - CDS market is said to be as big as $45 trillion – both CDOs CDS market is not regulated by govt. 为掩盖CDO带来的风险，收购这些CDO的机构开始买保险，给保险公司带来巨额利润 Crisis erupted when housing interest rates were raised in Aug 2007, housing loan defaults started, housing market crash CDOs became worthless… banks insurance Cos. fail ? liquidity crunch ? real economy faces credit squeeze ? consumption, building activity cash flows reduce ? US recession + globalization ? global troubles 随着2007年8月提高住房贷款利率，危机爆发，引发房贷坏账，房地产市场崩盘，CDO严重贬值 Impact on Asia对亚洲的影响 Outflow of capital from Asia (100 billion $$$ in 2008) – what was its impact on Asian economies, stock markets currencies? 资本从亚洲外流-对亚洲各个经济体、证券市场和货币的影响？ Impact of recession in western markets on Asian production economic growth 西方市场衰退，影响亚洲产品和经济增长 Impact of credit squeeze on domestic investments, industry jobs 压缩信贷对国内投资、工业和就业机会的影响 Remittances, foreign aid, govt revenue go down 汇款、外援资金、政府财政收入下滑