知其然,更要知其所以然 ——《断层线》读后感（To know how to know why -- fault lines.）.docVIP

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知其然,更要知其所以然 ——《断层线》读后感（To know how to know why -- fault lines.）.doc

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知其然,更要知其所以然 ——《断层线》读后感（To know how to know why -- fault lines.）

知其然,更要知其所以然 ——《断层线》读后感（To know how to know why -- fault lines.） To know how to know why -- fault lines. (2012-05-12 00:42:31) Have not been published, declined to reprint I am from the summer of 2007 the Bell Sten problem surfaced, began to closely follow and study the American subprime mortgage crisis. I reflect themselves on the outbreak of the subprime crisis and deepening the understanding of root conduction path in three papers from 2007 to 2009 (Zhang Ming, 2007; 2008a; Zhang Ming, Zhang Ming, Fu Lichun, 2009). I am in the other two papers in 2008 and 2009 to it from below about the subprime crisis from the view of constructing specific financial derivatives (Zhang Ming, 2008b; Gong Xunzhou, Zhang Ming, 2009). Understanding of the root causes of the sub-prime crisis derived from in the study there are three main points: one is the Feds monetary policy mistakes, especially during the period from 2003 to 2005, the loose monetary policy pushed up asset prices; two are in the United States government under the background of lax regulation naturally or half unconsciously, excessive financial innovation in US financial markets (such as subprime mortgage, CDO, CDS) the cumulative result of financial risk and transfer; three is the global imbalances, return from emerging market countries foreign exchange reserve funds lowered long-term interest rates in the United States, also pushed up asset prices. From 2009 onwards, as the subprime crisis relief, my attention began to focus on the ultra loose monetary and fiscal policies and consequences, the subprime crisis itself did not continue in-depth study. However, I still continue to read the research literature about the subprime crisis and related works. So far, I think the outbreak of the subprime crisis causes of most books should be comprehensive and systematic, Professor, the University of Chicago Booth School of business, former IMF chief economist Rajan (Raghuram G. Rajan) the fault line: the potential fault is sti