global financial crisis

世界经济危机对社会的影响英语作文The Impact of the Global Economic Crisis on SocietyIntroductionThe global economic crisis of 2008-2009 had far-reaching consequences on societies around the world. The collapse of financial markets, rising unemployment, and weakened consumer confidence led to widespread social unrest and upheaval. This essay will explore the various ways in which the economic crisis affected different aspects of society.Impact on EmploymentOne of the most immediate effects of the economic crisis was the massive spike in unemployment rates. As businesses struggled to stay afloat and consumer demand plummeted, companies were forced to lay off workers in order to cut costs. This resulted in millions of people losing their jobs, leading to a sharp increase in poverty and homelessness.The impact of unemployment was particularly severe in developing countries, where the majority of the workforce is engaged in informal, low-paying jobs. The lack of social safety nets in these countries meant that many people were left withoutany means of support, leading to a rise in crime and social unrest.Impact on Mental HealthThe economic crisis also had a significant impact on the mental health of individuals. The stress of losing a job, being unable to pay bills, and facing an uncertain future took a toll on many people's mental well-being. Rates of depression, anxiety, and substance abuse soared in the wake of the crisis, as people struggled to cope with the financial and emotional strain.Moreover, the stigma associated with mental health issues meant that many people were reluctant to seek help, exacerbating the problem further. The lack of access to affordable mental health services only served to compound the issue, leading to a vicious cycle of poor mental health and economic hardship.Impact on EducationThe economic crisis also had a profound impact on the education sector. As governments slashed budgets in response to falling tax revenues, schools and universities were forced to make cutbacks in order to stay afloat. This led to a decline in thequality of education, as resources were stretched thin and class sizes increased.Furthermore, the economic downturn meant that fewer students were able to afford higher education, leading to a decline in the number of people pursuing advanced degrees. This had long-term implications for society, as a less educated workforce is less able to compete in the global economy and contribute to technological innovation.Impact on Social CohesionPerhaps the most insidious impact of the economic crisis was the erosion of social cohesion. As people faced financial hardship and uncertainty, trust in institutions and in each other began to wane. This led to increased polarization, as people sought to scapegoat others for their problems and retreat into echo chambers of opinion.The erosion of social cohesion had far-reaching consequences for society, as it hindered the ability of people to come together and address common challenges. This was particularly evident in the political realm, where the rise of populism and nationalism threatened to tear societies apart and undermine democratic norms.ConclusionIn conclusion, the global economic crisis of 2008-2009 had a profound impact on society, affecting everything from employment and mental health to education and social cohesion. The long-term consequences of the crisis are still being felt today, as societies around the world continue to grapple with the fallout from the recession. It is clear that in order to prevent a similar crisis from happening again, policymakers must take steps to address the underlying structural issues that led to the crash in the first place. Only by learning from the mistakes of the past can we hope to build a more resilient and equitable society for the future.。

Global Financial CrisisThe global financial crisis, often referred to as the Great Recession, was a severe economic downturn that occurred in 2007 and lasted until 2009. It was triggered by a combination of factors, including the collapse of the housing market in the United States, high levels of debt and leverage in the financial system, and issues with credit and liquidity.The crisis began with the subprime mortgage crisis in the United States, where banks and other financial institutions issued a large number of mortgages to borrowers with poor credit histories. As house prices began to fall, many borrowers defaulted on their loans, leading to significant losses for financial institutions and a lack of confidence in the market.This lack of confidence led to a credit crunch, where banks and other financial institutions became reluctant to lend money due to concerns about potential losses. This in turn led to a reduction in liquidity and credit availability, which had a negative impact on businesses and consumers.The crisis quickly spread beyond the United States to other countries around the world, affecting both developed and developing economies. Governments and central banks responded by implementing a range of measures to stabilize the financial system and support economic growth.The impact of the crisis was felt in many ways, including job losses, decreases in household wealth, and contractions in GDP. However, with the implementation of stimulus measures and gradual improvement in financial market conditions, the economy began to recover in 2009.The global financial crisis was a significant event that highlighted the interconnectedness of financial markets and the importance of sound financial regulation and supervision. It also served as a reminder of the need for governments and central banks to act quickly and decisively in response to economic crises.全球金融危机，通常被称为大衰退，是2007年发生并持续到2009年的严重经济衰退。

全球金融危机英语作文初中The Global Financial Crisis。

The global financial crisis, also known as the Great Recession, was a severe worldwide economic downturn that occurred in the late 2000s. It was the most seriousfinancial crisis since the Great Depression of the 1930s. The crisis originated in the United States housing market and quickly spread to other countries, leading to a global economic meltdown.The crisis began in 2007 when the housing bubble burstin the United States. Banks and financial institutions had been lending money to people who couldn't afford to pay it back, resulting in a massive number of defaults on home mortgages. As a result, housing prices plummeted, causing widespread panic among investors and financial institutions.The crisis quickly spread to other sectors of the economy, as banks faced huge losses due to bad loans andinvestments. Many banks had to be bailed out by governments to prevent them from collapsing. This led to a loss of confidence in the banking system and a freeze in lending, making it difficult for businesses and individuals to access credit.The global financial crisis had a profound impact on the global economy. Stock markets around the world plummeted, wiping out trillions of dollars in wealth. Unemployment rates soared as companies went bankrupt or downsized to cut costs. Governments struggled to stimulate their economies through fiscal and monetary policies, but the effects were limited.The crisis also exposed the weaknesses in the global financial system. It revealed the interconnectedness of financial institutions and the risks associated with complex financial products. It became clear that regulations and oversight were inadequate to prevent such a crisis from happening.In response to the crisis, governments andinternational organizations took various measures to stabilize the global economy. Central banks loweredinterest rates and implemented quantitative easing toinject liquidity into the financial system. Governments implemented fiscal stimulus packages to boost demand and create jobs. International organizations such as the International Monetary Fund provided financial assistance to countries in need.The global financial crisis brought about significant changes in the financial industry. Governments implemented stricter regulations to prevent another crisis, such as the Dodd-Frank Act in the United States. Banks and financial institutions were required to hold more capital and reduce risky activities. The crisis also led to a greater focus on financial literacy and consumer protection.In conclusion, the global financial crisis was a severe economic downturn that had far-reaching consequences. It exposed the weaknesses in the global financial system and led to significant changes in the industry. While the global economy has recovered since then, the lessonslearned from the crisis should not be forgotten to prevent similar events in the future.。

金融危机与货币危机、债务危机、银行危机金融危机金融危机(Financial Crisis)[编辑]什么是金融危机金融危机又称金融风暴，是指一个国家或几个国家与地区的全部或大部分金融指标(如：短期利率、货币资产、证券、房地产、土地(价格)、商业破产数和金融机构倒闭数)的急剧、短暂和超周期的恶化。

其特征是人们基于经济未来将更加悲观的预期，整个区域内货币币值出现幅度较大的贬值，经济总量与经济规模出现较大的损失，经济增长受到打击。

往往伴随着企业大量倒闭，失业率提高，社会普遍的经济萧条，甚至有些时候伴随着社会动荡或国家政治层面的动荡。

金融危机可以分为货币危机、债务危机、银行危机等类型。

近年来的金融危机越来越呈现出某种混合形式的危机。

亚洲金融危机发生于1997年7月，由泰国开始，之后进一步影响了邻近亚洲国家的货币，股票市场，和其它的资产价值。

此危机另一名称是亚洲金融风暴（常见于香港）。

印尼、韩国和泰国是受此金融风暴波及最严重的国家。

新加坡、马来西亚、菲律宾和香港也被波及。

中国大陆和台湾受影响程度相对较轻，但台湾却面临著“本土型金融风暴”的威胁。

日本则仍是处在泡沫经济崩溃后自身的长期经济困境中，受到此金融风暴的影响并不大。

[编辑]1997年亚洲金融危机概况1997年，泰国经济疲弱，许多东南亚国家如泰国、马来西亚和韩国等长期依赖中短期外资贷款维持国际收支平衡，汇率偏高并大多维持与美元或一揽子货币的固定汇率或联系汇率，这给国际投机资金提供了一个很好的捕猎机会。

由美国知名炒家索罗斯主导的量子基金乘势进军泰国，从大量卖空泰铢开始，迫使泰国放弃维持已久的与美元挂钩的固定汇率而实行自由浮动，从而引发了一场泰国金融市场前所未有的危机。

之后危机很快波及到所有东南亚实行货币自由兑换的国家和地区，香港的港元便成为亚洲最贵的货币。

1998年8月，量子基金和老虎基金开始炒卖港元，首先向银行借来大量港元在市场上抛售，换来美元借出以赚取利息，同时大量卖空港股期货。

Financial crisis of 2007–2009From Wikipedia, the free encyclopediaThis article is about background financial market events dating from July 2007. For the financial market conditions of 2008 and 2009, see Global financial crisis of 2008–2009. For an overview of all economic problems during the late 2000s, see Late 2000s recession.The financial crisis of 2007–2009 has been called the most serious financial crisis since the Great Depression by leading economists,[1] with its global effects characterized by the failure of key businesses, declines in consumer wealth estimated in the trillions of U.S. dollars, substantial financial commitments incurred by governments, and a significant decline in economic activity.[2] Many causes have been proposed, with varying weight assigned by experts.[3] Both market-based and regulatory solutions have been implemented or are under consideration,[4] while significant risks remain for the world economy.[5] [edit] BackgroundThe immediate cause or trigger of the crisis was the bursting of the United States housing bubble which peaked in approximately 2005–2006.[6][7] High default rates on "subprime" and adjustable rate mortgages (ARM), began to increase quickly thereafter. An increase in loan incentives such as easy initial terms and a long-term trend of rising housing prices had encouraged borrowers to assume difficult mortgages in the belief they would be able to quickly refinance at more favorable terms. However, once interest rates began to rise and housing prices started to drop moderately in 2006–2007 in many parts of the U.S., refinancing became more difficult. Defaults and foreclosure activity increased dramatically as easy initial terms expired, home prices failed to go up as anticipated, and ARM interest rates reset higher.Share in GDP of U.S. financial sector since 1860.[8]In the years leading up to the start of the crisis in 2007, significant amounts of foreign money flowed into the U.S. from fast-growing economies in Asia and oil-producing countries. This inflow of funds made it easier for the Federal Reserve to keep interest rates in the United States too low (by the Taylor rule) from 2002–2006 which contributed to easy credit conditions, leading to the United States housing bubble. Loans of various types (e.g., mortgage, credit card, and auto) were easy to obtain and consumers assumed an unprecedented debt load.[9][10] As part of the housing and credit booms, the amount of financial agreements called mortgage-backed securities (MBS), which derive their value from mortgage payments and housing prices, greatly increased. Such financial innovation enabled institutions and investors around the world to invest in the U.S. housing market. As housing prices declined, major global financialFrom 2000 to 2003, the Federal Reserve lowered the federal funds rate target from 6.5% to 1.0%.[25] This was done to soften the effects of the collapse of the dot-com bubble and of the September 2001 terrorist attacks, and to combat the perceived risk of deflation.[26] The Fed then raised the Fed funds rate significantly between July 2004 and July 2006.[27] This contributed to an increase in 1-year and 5-year adjustable-rate mortgage (ARM) rates, making ARM interest rate resets more expensive for homeowners.[28] This may have also contributed to the deflating of the housing bubble, as asset prices generally move inversely to interest rates and it became riskier to speculate in housing.[29][30]U.S. Current Account or Trade DeficitIn 2005, Ben Bernanke addressed the implications of the USA's high and rising current account (trade) deficit, resulting from USA imports exceeding its exports.[31] Between 1996 and 2004, the USA current account deficit increased by $650 billion, from 1.5% to 5.8% of GDP. Financing these deficits required the USA to borrow large sums from abroad, much of it from countries running trade surpluses, mainly the emerging economies in Asia and oil-exporting nations. The balance of payments identity requires that a country (such as the USA) running a current account deficit also have a capital account (investment) surplus of the same amount. Hence large and growing amounts of foreign funds (capital) flowed into the USA to finance its imports. This created demand for various types of financial assets, raising the prices of those assets while lowering interest rates. Foreign investors had these funds to lend, either because they had very high personal savings rates (as high as 40% in China), or because of high oil prices. Bernanke referred to this as a "saving glut."[32] A "flood" of funds (capital or liquidity) reached the USA financial markets. Foreign governments supplied funds by purchasing USA Treasury bonds and thus avoided much of the direct impact of the crisis. USA households, on the other hand, used funds borrowed from foreigners to finance consumption or to bid up the prices of housing and financial assets. Financial institutions invested foreign funds in mortgage-backed securities. USA housing and financial assets dramatically declined in value after the housing bubble burst.[33][34][edit] Sub-prime lendingU.S. Subprime lending expanded dramatically 2004-2006In addition to easy credit conditions, there is evidence that both government and competitive pressures contributed to an increase in the amount of subprime lending during the years preceding the crisis. Major∙As early as 1997, Fed Chairman Alan Greenspan fought to keep the derivatives market unregulated.[citation needed] With the advice of the President's Working Group on Financial Markets,[62] the U.S. Congress and President allowed the self-regulation of the over-the-counter derivatives market when they enacted the Commodity Futures Modernization Act of 2000. Derivatives such as credit default swaps (CDS) can be used to hedge or speculate against particular credit risks. The volume of CDS outstanding increased 100-fold from 1998 to 2008, with estimates of the debt covered by CDS contracts, as of November 2008, ranging from US$33 to $47 trillion. Total over-the-counter (OTC) derivative notional value rose to $683 trillion by June 2008.[63]Warren Buffett famously referred to derivatives as "financial weapons of mass destruction" in early 2003.[64][65][edit] Increased debt burden or over-leveragingLeverage Ratios of Investment Banks Increased Significantly 2003-2007U.S. households and financial institutions became increasingly indebted or overleveraged during the years preceding the crisis. This increased their vulnerability to the collapse of the housing bubble and worsened the ensuing economic downturn. Key statistics include:∙USA household debt as a percentage of annual disposable personal income was 127% at the end of 2007, versus 77% in 1990.[66]∙U.S. home mortgage debt relative to gross domestic product (GDP) increased from an average of 46% during the 1990s to 73% during 2008, reaching $10.5 trillion.[67]∙In 1981, U.S. private debt was 123% of GDP; by the third quarter of 2008, it was 290%.[68]∙From 2004-07, the top five U.S. investment banks each significantly increased their financial leverage (see diagram), which increased their vulnerability to a financial shock. These five institutions reported over $4.1 trillion in debt for fiscal year 2007, about 30% of USA nominal GDP for 2007. Lehman Brothers was liquidated, Bear Stearns and Merrill Lynch were sold at fire-sale prices, and Goldman Sachs and Morgan Stanley became commercial banks, subjecting themselves to more stringent regulation. With the exception of Lehman, these companies required or received government support.[69]∙Fannie Mae and Freddie Mac, two U.S. Government sponsored enterprises, owned or guaranteed nearly $5 trillion in mortgage obligations at the time they were placed into conservatorship by the U.S. government in September 2008.[70][71]These seven entities were highly leveraged and had $9 trillion in debt or guarantee obligations, an enormous concentration of risk, yet were not subject to the same regulation as depository banks.[edit] Financial innovation and complexityA protester on Wall Street in the wake of the AIG bonus payments controversy is interviewed by news media.The term financial innovation refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the adjustable-rate mortgage; the bundling of subprime mortgages into mortgage-backed securities (MBS) or collateralized debt obligations (CDO) for sale to investors, a type of securitization; and a form of credit insurance called credit default swaps(CDS). The usage of these products expanded dramatically in the years leading up to the crisis. These products vary in complexity and the ease with which they can be valued on the books of financial institutions.In a Peabody Award winning program, NPR correspondents argued that a "Giant Pool of Money" (represented by $70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. Further, this pool of money had roughly doubled in size from 2000 to 2007, yet the supply of relatively safe, income generating investments had not grown as fast. Investment banks on Wall Street answered this demand with the MBS and CDO, which were assigned safe ratings by the credit rating agencies. In effect, Wall Street connected this pool of money to the mortgage market in the U.S., with enormous fees accruing to those throughout the mortgage supply chain, from the mortgage broker selling the loans, to small banks that funded the brokers, to the giant investment banks behind them. By approximately 2003, the supply of mortgages originated at traditional lending standards had been exhausted. However, continued strong demand for MBS and CDO began to drive down lending standards, as long as mortgages could still be sold along the supply chain. Eventually, this speculative bubble proved unsustainable.[72]The CDO in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. A CDO essentially places cash payments from multiple mortgages or other debt obligations into a single pool, from which the cash is allocated to specific securities in a priority sequence. Those securities obtaining cash first received investment-grade ratings from rating agencies. Lower priority securities received cash thereafter, with lower credit ratings but theoretically a higher rate of return on the amount invested.[73][74]For a variety of reasons, market participants did not accurately measure the risk inherent with this innovation or understand its impact on the overall stability of the financial system.[75] For example, the pricing model for CDOs clearly did not reflect the level of risk they introduced into the system. The average recovery rate for "high quality" CDOs has been approximately 32 cents on the dollar, while the recovery rate for mezzanine CDO's has been approximately five cents for every dollar. These massive, practically unthinkable, losses have dramatically impacted the balance sheets of banks across the globe, leaving them with very little capital to continue operations.[76]Another example relates to AIG, which insured obligations of various financial institutions through the usage of credit default swaps. The basic CDS transaction involved AIG receiving a premium in exchangefor a promise to pay money to party A in the event party B defaulted. However, AIG did not have the financial strength to support its many CDS commitments as the crisis progressed and was taken over by the government in September 2008. U.S. taxpayers provided over $180 billion in government support to AIG during 2008 and early 2009, through which the money flowed to various counterparties to CDS transactions, including many large global financial institutions.[77][78]The limitations of a widely-used financial model also were not properly understood.[79][80] This formula assumed that the price of CDS was correlated with and could predict the correct price of mortgage backed securities. Because it was highly tractable, it rapidly came to be used by a huge percentage of CDO and CDS investors, issuers, and rating agencies.[80] According to one article[80]: "Then the model fell apart. Cracks started appearing early on, when financial markets began behaving in ways that users of Li's formula hadn't expected. The cracks became full-fledged canyons in 2008—when ruptures in the financial system's foundation swallowed up trillions of dollars and put the survival of the global banking system in serious peril... Li's Gaussian copula formula will go down in history as instrumental in causing the unfathomable losses that brought the world financial system to its knees."As financial assets became more and more complex, and harder and harder to value, investors were reassured by the fact that both the international bond rating agencies and bank regulators, who came to rely on them, accepted as valid some complex mathematical models which theoretically showed the risks were much smaller than they actually proved to be in practice [81]. George Soros commented that "The super-boom got out of hand when the new products became so complicated that the authorities could no longer calculate the risks and started relying on the risk management methods of the banks themselves. Similarly, the rating agencies relied on the information provided by the originators of synthetic products. It was a shocking abdication of responsibility." [82]Certain financial innovation may also have the effect of circumventing regulations, such as off-balance sheet financing that affects the leverage or capital cushion reported by major banks. For example, Martin Wolf wrote in June 2009: "...an enormous part of what banks did in the early part of this decade – theoff-balance-sheet vehicles, the derivatives and the 'shadow banking system' itself – was to find a way round regulation."[83][edit] Boom and collapse of the shadow banking systemIn a June 2008 speech, U.S. Treasury Secretary Timothy Geithner, then President and CEO of the NY Federal Reserve Bank, placed significant blame for the freezing of credit markets on a "run" on the entities in the "parallel" banking system, also called the shadow banking system. These entities became critical to the credit markets underpinning the financial system, but were not subject to the same regulatory controls. Further, these entities were vulnerable because they borrowed short-term in liquid markets to purchase long-term, illiquid and risky assets. This meant that disruptions in credit markets would make them subject to rapid deleveraging, selling their long-term assets at depressed prices. He described the significance of these entities: "In early 2007, asset-backed commercial paper conduits, in structured investment vehicles, in auction-rate preferred securities, tender option bonds and variable rate demand notes, had a combined asset size of roughly $2.2 trillion. Assets financed overnight in triparty repo grew to $2.5 trillion. Assets held in hedge funds grew to roughly $1.8 trillion. The combined balance sheets of the then five major investment banks totaled $4 trillion. In comparison, the total assets of the top five bank holding companies in the United States at that point were just over $6 trillion, and total assets of the entire banking system were about $10 trillion." He stated that the "combined effect of these factors was a financial system vulnerable to self-reinforcing asset price and credit cycles."[12]2007 bank run on Northern Rock, a UK bankOne of the first victims was Northern Rock, a medium-sized British bank.[98] The highly leveraged nature of its business led the bank to request security from the Bank of England. This in turn led to investor panic and a bank run in mid-September 2007. Calls by Liberal Democrat Shadow Chancellor Vince Cable to nationalise the institution were initially ignored; in February 2008, however, the British government (having failed to find a private sector buyer) relented, and the bank was taken into public hands. Northern Rock's problems proved to be an early indication of the troubles that would soon befall other banks and financial institutions.Initially the companies affected were those directly involved in home construction and mortgage lending such as Northern Rock and Countrywide Financial, as they could no longer obtain financing through the credit markets. Over 100 mortgage lenders went bankrupt during 2007 and 2008. Concerns that investment bank Bear Stearns would collapse in March 2008 resulted in its fire-sale to JP Morgan Chase. The crisis hit its peak in September and October 2008. Several major institutions either failed, were acquired under duress, or were subject to government takeover. These included Lehman Brothers, Merrill Lynch, Fannie Mae, Freddie Mac, and AIG.[99]See also: Federal takeover of Fannie Mae and Freddie Mac[edit] Credit markets and the shadow banking systemTED spread and components during 2008During September 2008, the crisis hits its most critical stage. There was the equivalent of a bank run on the money market mutual funds, which frequently invest in commercial paper issued by corporations to fund their operations and payrolls. Withdrawal from money markets were $144.5 billion during one week, versus $7.1 billion the week prior. This interrupted the ability of corporations to rollover (replace) their short-term debt. The U.S. government responded by extending insurance for money market accounts analogous to bank deposit insurance via a temporary guarantee[100] and with Federal Reserve programs to purchase commercial paper. The TED spread, an indicator of perceived credit risk in the general economy, spiked up in July 2007, remained volatile for a year, then spiked even higher in September 2008,[101] reaching a record 4.65% on October 10, 2008.In a dramatic meeting on September 18, 2008 Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke met with key legislators to propose a $700 billion emergency bailout. Bernanke reportedly tells them: "If we don't do this, we may not have an economy on Monday."[102] The Emergency Economic Stabilization Act also called the Troubled Asset Relief Program (TARP) is signed into law on October 3, 2008.[103]Economist Paul Krugman and U.S. Treasury Secretary Timothy Geithner explain the credit crisis via the implosion of the shadow banking system, which had grown to nearly equal the importance of the traditional commercial banking sector as described above. Without the ability to obtain investor funds in exchange for most types of mortgage-backed securities or asset-backed commercial paper, investment banks and other entities in the shadow banking system could not provide funds to mortgage firms and other corporations.[12][58]This meant that nearly one-third of the U.S. lending mechanism was frozen and continued to be frozen into June 2009.[104] According to the Brookings Institution, the traditional banking system does not have the capital to close this gap as of June 2009: "It would take a number of years of strong profits to generate sufficient capital to support that additional lending volume." The authors also indicate that some forms of securitization are "likely to vanish forever, having been an artifact of excessively loose credit conditions." While traditional banks have raised their lending standards, it was the collapse of the shadow banking system that is the primary cause of the reduction in funds available for borrowing.[105][edit] Wealth effectsThere is a direct relationship between declines in wealth, and declines in consumption and business investment, which along with government spending represent the economic engine. Between June 2007 and November 2008, Americans lost an estimated average of more than a quarter of their collective net worth. By early November 2008, a broad U.S. stock index the S&P 500, was down 45 percent from its 2007 high. Housing prices had dropped 20% from their 2006 peak, with futures markets signaling a30-35% potential drop. Total home equity in the United States, which was valued at $13 trillion at its peak in 2006, had dropped to $8.8 trillion by mid-2008 and was still falling in late 2008. Total retirement assets, Americans' second-largest household asset, dropped by 22 percent, from $10.3 trillion in 2006 to $8 trillion in mid-2008. During the same period, savings and investment assets (apart from retirement savings) lost $1.2 trillion and pension assets lost $1.3 trillion. Taken together, these losses total a staggering $8.3 trillion.[106]Further, U.S. homeowners had extracted significant equity in their homes in the years leading up to the crisis, which they could no longer do once housing prices collapsed. Free cash used by consumers from home equity extraction doubled from $627 billion in 2001 to $1,428 billion in 2005 as the housing bubble built, a total of nearly $5 trillion over the period.[16][107][108] U.S. home mortgage debt relative to GDP increased from an average of 46% during the 1990s to 73% during 2008, reaching $10.5 trillion.[109]To offset this decline in consumption and lending capacity, the U.S. government and U.S. Federal Reserve have committed $13.9 trillion, of which $6.8 trillion has been invested or spent, as of June 2009.[110] In effect, the Fed has gone from being the "lender of last resort" to the "lender of only resort" for a significant portion of the economy. In some cases the Fed can now be considered the "buyer of last resort."The New York City headquarters of Lehman Brothers.Economist Dean Baker explained the reduction in the availability of credit this way:"Yes, consumers and businesses can't get credit as easily as they could a year ago. There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since the Great Depression. This matters for credit decisions. A homeowner with equity in her home is very unlikely to default on a car loan or credit card debt. They will draw on this equity rather than lose their car and/or have a default placed on their credit record. On the other hand, a homeowner who has no equity is a serious default risk. In the case of businesses, their creditworthiness depends on their future profits. Profit prospects look much worse in November 2008 than they did in November 2007 (of course, to clear-eyed analysts, they didn't look too good a year ago either). While many banks are obviously at the brink, consumers and businesses would be facing a much harder time getting credit right now even if the financial system were rock solid. The problem with the economy is the loss of close to $6 trillion in housing wealth and an even larger amount of stock wealth. Economists, economic policy makers and economic reporters virtually all missed the housing bubble on the way up. If they still can't notice its impact as the collapse of the bubble throws into the worst recession in the post-war era, then they are in the wrong profession."[111]At the heart of the portfolios of many of these institutions were investments whose assets had been derived from bundled home mortgages. Exposure to these mortgage-backed securities, or to the credit derivatives used to insure them against failure, caused the collapse or takeover of several key firms such as Lehman Brothers, AIG, Merrill Lynch, and HBOS.[112][113][114][edit] Global contagionThe crisis rapidly developed and spread into a global economic shock, resulting in a number of European bank failures, declines in various stock indexes, and large reductions in the market value of equities[115] and commodities.[116] Moreover, the de-leveraging of financial institutions, as assets were sold to pay back obligations that could not be refinanced in frozen credit markets, further accelerated the liquidity crisis and caused a decrease in international trade.World political leaders, national ministers of finance and central bank directors coordinated theirefforts[117] to reduce fears, but the crisis continued. At the end of October 2008 a currency crisis developed, with investors transferring vast capital resources into stronger currencies such as the yen, the dollar and the Swiss franc, leading many emergent economies to seek aid from the International Monetary Fund.[118][119][edit] Effects on the global economy[edit] Official economic projectionsOn November 3, 2008, the EU-commission at Brussels predicted for 2009 an extremely weak growth of GDP, by 0.1 percent, for the countries of the Euro zone (France, Germany, Italy, etc.) and even negative number for the UK (-1.0 percent), Ireland and Spain. On November 6, the IMF at Washington, D.C., launched numbers predicting a worldwide recession by -0.3 percent for 2009, averaged over the developed economies. On the same day, the Bank of England and the Central Bank for the Euro zone, respectively, reduced their interest rates from 4.5 percent down to three percent, and from 3.75 percent down to 3.25 percent. Economically, mainly the car industry seems to be involved. As a consequence, starting from November 2008, several countries launched large "help packages" for their economies.The U.S. Federal Reserve Open Market Committee release in June 2009 stated: "...the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales. Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability."[136] Economic projections from the Federal Reserve and Reserve Bank Presidents include a return to typical growth levels (GDP) of 2-3% in 2010; an unemployment plateau in 2009 and 2010 around 10% with moderation in 2011; and inflation that remains at typical levels around 1-2%.[137][edit] Responses to financial crisis[edit] Emergency and short-term responsesMain article: Subprime mortgage crisis#ResponsesThe U.S. Federal Reserve and central banks around the world have taken steps to expand money supplies to avoid the risk of a deflationary spiral, in which lower wages and higher unemployment lead to aself-reinforcing decline in global consumption. In addition, governments have enacted large fiscal stimulus packages, by borrowing and spending to offset the reduction in private sector demand caused by the crisis. The U.S. executed two stimulus packages, totaling nearly $1 trillion during 2008 and 2009.[138] This credit freeze brought the global financial system to the brink of collapse. The response of the USA Federal Reserve, the European Central Bank, and other central banks was immediate and dramatic. During the last quarter of 2008, these central banks purchased US$2.5 trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action, in world history. The governments of European nations and the USA also raised the capital of their national banking systems by $1.5 trillion, by purchasing newly issued preferred stock in their major banks.[99]Governments have also bailed-out a variety of firms as discussed above, incurring large financial obligations. To date, various U.S. government agencies have committed or spent trillions of dollars in loans, asset purchases, guarantees, and direct spending. For a summary of U.S. government financial commitments and investments related to the crisis, see CNN - Bailout Scorecard.。

金融危机英语怎么说金融危机指的是金融资产或金融机构或金融市场的危机，具体表现为金融资产价格大幅下跌或金融机构倒闭或濒临倒闭或某个金融市场如股市或债市暴跌等。

那么你知道金融危机用英语怎么说吗?下面来学习一下吧。

金融危机的英语说法1：financial crisis金融危机的英语说法2：The global financial crisis金融危机的相关短语：系统性金融危机 systemic financial crisis国际金融危机 international financial crisis金融危机传染 Financial Crisis Contagion有关全球金融危机 globle financial crisis全球金融危机延伸 Global Financial Contagion经济/金融危机 economic/financial crisis金融危机的英语例句：1. This financial crisis had a much greater impact on Main Street.这次金融危机对老百姓的影响更为深远。

2. a financial crisis of mammoth proportions极其严重的金融危机3. During the monetary crisis, several European bankers rallied to the pound.在金融危机期间, 欧洲的几个银行家联合起来支持英镑.4. Urgent talks are going on to prevent the market going into financial meltdown during the summer.正在进行紧急会谈，以防止市场在夏季出现金融危机。

5. Korea plutocrat is the prime cause that causes financialcrisis to erupt.韩国财阀是导致金融危机爆发的根本原因。

国际金融危机的笔译符号
国际金融危机的笔译符号是指在翻译国际金融危机相关文献和报道时所采用的特定符号和术语。

这些符号和术语旨在简化和准确地传达与国际金融危机相关的复杂概念和情况。

在国际金融危机中，一些常见的笔译符号包括：
1. GFC（Global Financial Crisis）：全球金融危机的缩写。

这个符号通常用于指代2008年爆发的金融危机，也可以用来描述其他类似的全球性金融危机。

2. IMF（International Monetary Fund）：国际货币基金组织的缩写。

这个符号用于指代一个由189个国家组成的国际组织，该组织旨在促进全球金融稳定和经济增长。

3. TBTF（Too Big To Fail）：指的是那些因其规模和重要性而被认为不能倒闭的金融机构。

这个符号用来描述政府可能会采取行动来防止这些机构倒闭，以免对整个经济系统造成灾难性影响。

4. Bailout：指的是政府为了拯救面临金融危机的金融机构而提供的财政援助。

这个符号用来描述政府采取的紧急措施以防止金融系统崩溃。

除了这些基本的符号外，还有许多其他的术语和缩写被广泛使用，以便更好地理解和传达国际金融危机的复杂性。

这些符号的使用有助于提高翻译效率和准确度，使读者能够更好地理解和掌握国际金融危机的重要概念和影响。

全球金融危机英语作文The Global Financial Crisis。

The Global Financial Crisis, also known as the Great Recession, was a severe economic downturn that began in 2008 and lasted for several years. It was caused by a combination of factors, including the subprime mortgage crisis in the United States, the collapse of the housing market, and the failure of major financial institutions.The crisis had a significant impact on the global economy, leading to widespread job losses, bankruptcies, and a decline in consumer spending. It also caused a sharp drop in stock markets around the world, as investors lost confidence in the financial system.Governments and central banks around the world took a range of measures to try to mitigate the effects of the crisis. These included injecting large amounts of money into the financial system, cutting interest rates, andintroducing stimulus packages to boost economic growth.Despite these efforts, the global economy took several years to recover from the crisis. Many countries experienced prolonged periods of slow growth, high unemployment, and rising debt levels.The crisis also had a significant impact on the waythat governments and financial institutions operate. It led to increased regulation of the banking sector, as well as greater scrutiny of financial products and practices. It also highlighted the need for greater international cooperation to prevent future financial crises.In conclusion, the Global Financial Crisis was a major event in world history that had far-reaching economic and social consequences. Its impact is still being felt today, and it serves as a reminder of the importance of responsible financial management and regulation.。

The effect of the global financialThe international financial crisis is becoming more and more worse, the impact on the Chinese economy is also further expansion, it even extended into every aspect of society. For example, manufacturing, energy, food, IT… and so on..From the news, many international companies went bankrupt, and more companies begin to lay off employees, also cancelled the original recruitment plan. Around us, many people can not find a job.This is a global economic crisis, no one can disregard .Facing the crisis, We can only helpless? No way. Everything has two sides. The financial crisis also let investors concern about the long-term growth prospects field. For example, the field of new energy. It also provides China opportunities of increasing the input of new energy.We will use their wisdom, potential, and find the way to overcome it. This is the only way to minimize crisis, also can be safely in this crisis.The financial crisisA slump in finance increase since last year was likely to continue through the next whole year, resulting that people's cutting back on spending due to recession fears, which is a period of reduced trade and business activity, and increasing food and gasoline prices. Ever since the financial crisis broke out, hundreds of thousands of people had lost their jobs, and the governments all over the world are now faced with the huge problem of unemployment. People in the west country and Europe are cut short their budget and try to keep a balance between payout and earnings. As to my opinions to the financial crisis, I hold a positive rather than a negative attitude. I think we will together cope with it well, and I believe there is no obstacle that we can't jump over. So I believe there will be a better tomorrow for the world economy.金融危机英语作文1What Caused The Financial Crisis?I think we can sum up the cause of our current economic crisis in one word —GREED. Over the years, mortgage lenders were happy to lend money to people who couldn’t afford their mortgages. But they did it any way because there was nothing to lose. These lenders were able to charge higher interest rates and make more money on sub-prime loans. If the borrowers default, they simply seized the house and put it back on the market. On top of that, they were able to pass the risk off to mortgage insurer or package these mortgages as mortgage-backed securities. Easy money!And what went wrong with our financial system? The whole thing was one big scheme. Everything was great when houses were selling like hot cakes and their values go up every month. Lenders made it easier to borrow money, and the higher demand drove up house values. Higher house values means that lenders could lend out even bigger mortgages, and it also gave lenders some protection against foreclosures. All of this translates into more money for the lenders, insurers, and investors. Unfortunately, many borrowers got slammed when their adjustable mortgage finally adjusted. When too many of them couldn’t afford to make their payments, it causes these lenders to suffer from liquidity issue and to sit on more foreclosures than they could sell. Mortgage-backed securities became more risky and worth less causing investment firms like Lehman Brothers to suffer. Moreover, insurers like AIG who insured these bad mortgages also got in trouble.The scheme worked well, but it reverses course and is now coming back to hurt everyone with a vengeance.金融危机英语作文2Today's college students face choices unheard of years ago. Terms like two way selection, self-employment are not new to them. Many students swarm into job market or look every talent fair for potential employers. The concept of selling oneself rather than hiding oneself is well accepted by students.Hunting a job is no small matter. Instead, it is probably one of the most, if not the most, important decisions any of would-be graduates can make in a lifetime. Therefore, they are very serious and cautious when that time comes. It is something that the society has taught them.有关美国金融危机英语作文[1]美国次贷危机，金融危机已经严重影响到全球的经济，全球的股市更是每况愈下。