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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/30756

    Title: The financial crisis and U.S. sub-prime mortgage credit curnch
    Other Titles: 從美國次級房貸風暴看金融全球化的危機
    Authors: 林育菱;Lin, Yu-ling
    Contributors: 淡江大學日本研究所碩士在職專班
    任燿廷;Jen, Eau-tin
    Keywords: 次級房貸;金融全球化;金融自由化;信用衍生性商品;經常帳失衡;風險管理;Sub-prime Mortgage;Financial Globalization;Financial LiberalizationImbalance Current Account;Risk management;Credit Derivative;Imbalance Current Account;サブプライム住宅ローン;金融グローバル化;金融自由化;ストラクチャード・クレジット商品;経常収支のアンバランス;リスク管理
    Date: 2009
    Issue Date: 2010-01-10 23:56:10 (UTC+8)
    Abstract: 本論文主要為探討美國2007年次級房貸風暴及金融全球化的關係,金融危機發展至今,造成了全球金融市場的混亂如我們所見,這場金融災難從美國發生後再蔓延全球,本論文歸納主要有三個原因來說明為何美國國內的貸款問題會引發全球金融危機甚至到現在已經嚴重影響到實體經濟的發展並讓全球陷入經濟衰退的困境。
    關鍵字: 次級房貸、金融全球化、金融自由化、信用衍生性商品、
    The main purpose of this paper is discussing about the relations between sub-prime mortgage crisis and global finance at risk. As we have seen, present financial crisis derived from U.S. domestic loan problem caused such disorder in global financial markets and then brought severe impact to real economy.
    First, financial deregulation and liberalization, the essential problem of U.S. sup-prime mortgage crisis is the regulation with credit derivatives in financial institutions. Self-righteous risk transformation on structural products related to sub-prime mortgage caused housing bubble bigger and bigger and it would collapse when downturn pressure on housing market.
    The second reason is the unsuitable risk management of financial credit derivatives. This paper analyzed that why the financial regulation should catch up the pace of newly financial advanced technology.
    Finally reason is the imbalanced current account in the world. Rapid growth, unbalance of enormous current account, low long-term real interests, risky spread, moderate inflation and credit growth, all the phenomenon have described our global economy before U.S. sub-prime mortgage crisis. This paper analyzed that why some countries have to hold such enormous foreign reserves and why saying surplus and excess consumption caused the instability to global economy.
    Another point of this thesis is the comparison of treatment between Japanese financial crisis in 1997~98 and U.S. sub-prime mortgage crisis. The most differentia between these two cases is the value of write-down assets. In the American toxic assets for example, it is very hard to value the price because these toxic assets are belong to credit derivative structural products. It is also can explain why the recovery process of liquidity takes so long.
    The situation we are facing is the most difficult sine the “Great Depression” in 1930s. Global governments have tried many ways to stabilize financial turmoil and running large fiscal deficits to recovery economies. But one thing we have to realize is that no matter the natural resources or properties should be used in efficiency. Only through the way of balanced development can improve social dislocation and full employment.
    Appears in Collections:[日本研究所] 學位論文

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