Financial_Crisis(金融危机个人分析评论).docVIP

Financial Crisis It’s commonly believed that the financial crisis happened during 2008~2009 is one of the most serous financial events in human history. A collapse of the US sub-prime mortgage market and the result of the housing boom in other industrialized economies have had a ripple-effect around the world. Furthermore, the other failures in the global financial system have surfaced. Some financial products and instruments have become so complex and twisted, that as things start to unravel, trust in the whole system started to fail. We know that, the financial crisis is started by 2007 Northern Rock bank run crowd. The initial?liquidity?crisis can be seen as the early stage after?secondary housing credit crisis?triggered.?Northern Rock Bank, which is the mainstream British bank, was one of the first objects that were encountered shocked.?The bank could not borrow the additional funds to repay the debt.?Because of the absence of continuous infusion of cash, its high operating?leverage-business can not be supported, then being taken over eventually, and formed the early signs of the disaster which soon come to other banks and financial institutions. The lower standard of over-borrowing was one of the U.S. housing mortgage bubble characteristics.?Credit crisis lead to a large number of subprime mortgages (subprime loans). Investors believed that these high-risk loans will be reduced by?capital securitized. Since 1989, the main U.S. agency MBS issuance Fannie Mae (?Fannie Mae?) Freddie Mac (?Freddie Mac?), Ginnie Mae (Geely U.S.) issued?MBS?yields were higher than the?U.S.?ten-year?government bonds?yield?137 basic points, attracting many corporate investment.?Lehman Brothers?MBS index shows whether the interest rate movements, since?1996,?since the index is being paid for ten consecutive years, 1999 has the worst rate of return of 2.1%, the MSCI World Bond Index same period in?1999?,?2001?,?2005 and?it is a negative rate of return.?This strategy seems to?has domino e