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1、CausesoftheFinancialCrisisMarkJicklingSpecialistinFinancialEconomicsApril9,2010CongressionalResearchService7-5700www.crs.govR40173CRSReportforCongressPreparedforMembersandCommitteesofCongressCausesoftheFinancialCrisisSummaryThecurrentfinancialcrisisbeganinAu
2、gust2007,whenfinancialstabilityreplacedinflationastheFederalReserve’schiefconcern.Therootsofthecrisisgobackmuchfurther,andtherearevariousviewsonthefundamentalcauses.ItisgenerallyacceptedthatcreditstandardsinU.S.mortgagelendingwererelaxedintheearly2000s,andth
3、atrisingratesofdelinquencyandforeclosuresdeliveredasharpshocktoarangeofU.S.financialinstitutions.Beyondthatpointofagreement,however,therearemanyquestionsthatwillbedebatedbypolicymakersandacademicsfordecades.Whydidthefinancialshockfromthehousingmarketdownturn
4、provesodifficulttocontain?WhydidthetoolstheFedusedsuccessfullytolimitdamagetothefinancialsystemfrompreviousshocks(theAsiancrisesof1997-1998,thestockmarketcrashesof1987and2000-2001,thejunkbonddebaclein1989,thesavingsandloancrisis,9/11,andsoon)failtoworkthisti
5、me?IfweacceptthattheoriginsareintheUnitedStates,whyweresomanyfinancialsystemsaroundtheworldsweptupinthepanic?Towhatextentwerelong-termdevelopmentsinfinancialmarketstoblamefortheinstability?Derivativesmarkets,forexample,werelongdescribedasawaytospreadfinancia
6、lriskmoreefficiently,sothatmarketparticipantscouldbearonlythoseriskstheyunderstood.Didderivatives,andotherriskmanagementtechniques,actuallyincreaseriskandinstabilityundercrisisconditions?Wastheretoomuchrelianceoncomputermodelsofmarketperformance?Didthosemode
7、lsreflectonlythepost-WWIIperiod,whichmaynowcometobeviewednotasatypical60-yearperiod,suitableforuseasabaselineforfinancialforecasts,butratherasanunusuallyfavorableperiodthatmaynotrecur?Didgovernmentactionsinadvertentlycreatetheconditionsforcrisis?Didregulator
8、sfailtousetheirauthoritytopreventexcessiverisk-taking,orwastheirjurisdictiontoolimitedand/orcompartmentalized?thThemultiplerootsofthecrisisaremirroredinthepolicyresponse.Twobillsinthe111Congress
