第一节：金融危机下亚太地区中小企业融资：.pptVIP

the factors leading to the 2008 Financial Tsunami 2008金融海啸的形成因素 the factors leading to the 2008 Financial Tsunami 2008金融海啸的形成因素 美国联邦基金利率 the factors leading to the 2008 Financial Tsunami 2008金融海啸的形成因素 followed by a sharp fall as the financial crisis set in 随后，随着金融危机的出现，利率陡降 steady increases in official rates to combat inflation, 官方利率稳固上升以控制通胀 Source: /eg_8_financial_tsunami_of_2008 technology allowed complex products to be created (eg securitised), traded, and leveraged 科技的进步使复杂的金融衍生产品被创造（如证券化）、交易和杠杆化。 2. “deregulation” moves of 1999 to repeal the Glass-Steagall act allowed banks (such as Citi, and Lehmans) to ride the wave of asset inflation. 1999年的放松金融管制运动使银行（如花旗、雷曼）经受一波波的资产通胀。 3. By 2007 this wave was shaped by a wave of SIV (Structured Investment Vehicles) write downs and Sub Prime defaults, and some bank runs from depositors (eg Northern Rock). By end 2007, the wave then came from the finance suppliers, mostly banks, who ceased to trust each other, so the interbank rates (eg LIBOR) rose steeply 2007年，结构性投资工具减记和次贷违约加重了这一波行情，一些银行（如北岩）发生挤兑事件。2007年底，银行变得互不信任，同业拆借利率陡升，是为第三波海啸浪潮。 4. This then led to the sharp fall in the share prices of Banks (by August 2008 Citi had fallen 58%, RBS 15.2%, Merrill 62%). This wave led to collapse and/or restructuring of many banks or near banks (Wachovia, Merrill Lynch, UBS, Indy Mac, Washington Mutual), Investment banks (Bear Stearns, Lehmans) Insurance providers (AIG), Mortgage Providers (Freddie Mac and Fannie Mae), and private equity providers (Allco, Babcock and Brown). 随后导致银行股价大幅下跌，很多银行、投行、保险机构、抵押机构和私募机构倒闭或者重组。 5. Regulators and central banks scrambled to inject liquidity to the markets, partly by taking a stake in the banks. This has changed the whole pattern of competition. 监管机构和央行纷纷给市场注入流动性，部分还收购了银行股份，使整个竞争格局变了样。 the factors leading to the 2008 Financial Tsunami 2008金融海啸的形成因素 lending growth to large firms 对大公司的贷款增长 real annual % growth bank lending loans to SME of $500,000 中小企业 Real g