货币金融学(第十三版)课件 英文第12章 金融危机.pptx

货币金融学(第十三版)课件 英文第12章 金融危机.pptx

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TheEconomicsofMoney,Banking,andFinancialMarketsThirteenthEditionChapter12FinancialCrisesCopyright?2022,2019,2016PearsonEducation,Inc.AllRightsReserved

Preview(1of2)Thischaptermakesuseofagencytheory,theeconomicanalysisoftheeffectsofasymmetricinformation(adverseselectionandmoralhazard)onfinancialmarkets,toseewhyfinancialcrisesoccurandwhytheyhavesuchdevastatingeffectsontheeconomy.Itthenappliesouranalysistoexplainthecourseofeventsthatledtoanumberofpastfinancialcrises,includingthemostrecentglobalfinancialcrisis.

LearningObjectives12.1Definetheterm“financialcrisis.”12.2Identifythekeyfeaturesofthethreestagesofafinancialcrisis.12.3Describethecausesandconsequencesoftheglobalfinancialcrisisof2007–2009.12.4Summarizethechangestofinancialregulationthatdevelopedinresponsetotheglobalfinancialcrisisof2007–2009.12.5Identifythegapsincurrentfinancialregulationandhowtheymightbeaddressedwithfutureregulatorychanges.

WhatIsaFinancialCrisis?Afinancialcrisisoccurswhenthereisaparticularlylargedisruptiontoinformationflowsinfinancialmarkets,withtheresultthatfinancialfrictionsincreasesharplyandfinancialmarketsstopfunctioning.

DynamicsofFinancialCrisesStageOne:InitiationofaFinancialCrisisCreditBoomandBust:Mismanagementoffinancialliberalization/innovationleadingtoassetpriceboomandbustAsset-priceBoomandBustIncreaseinUncertaintyStagetwo:BankingCrisisStagethree:DebtDeflation

Figure1SequenceofEventsinFinancialCrisesinAdvancedEconomies

TheMotherofAllFinancialCrises:TheGreatDepressionHowdidafinancialcrisisunfoldduringtheGreatDepressionandhowitledtotheworsteconomicdownturninU.S.history?Thiseventwasbroughtonby:StockmarketcrashBankpanicsContinuingdeclineinstockpricesDebtdeflation

Figure2StockPricesDuringtheGreatDepressionPeriodSour

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