《诺贝尔经济学奖获得者Stiglitz商院演讲-金融危机.docx》由会员分享，可在线阅读，更多相关《诺贝尔经济学奖获得者Stiglitz商院演讲-金融危机.docx（6页珍藏版）》请在金锄头文库上搜索。
1、Chinas and the Global Financial CrisisMain topics:1.current global crisis2.Chinas policy responseThe lecture mostly concerns the global perspective, but also aspects of Chinas response.part 1 A deep and prolonged downturn.Its the first truly downtown of the modern era of globalization, most severe s
2、ince the Great depression. What we are experiencing is inevitable and much more difficult and complex than the Great Depression. Its difficult for one country to deal with it, actually all countries are being affected. But China and Indias economy are stilling going up though Chinas exports are affe
3、cted greatly by the weekness of USs aggregate demand.Globalization changed the way crisis intervined, half of the toxic mortages were bought by Europe, US exported deregulatory phylosopy.The crisis began in developed countries, but the developing countries also suffer a lot compared with EU, China,
4、US who can afford mixed expenditures. The developing had to turn to IMF.Some of whats going on in China:decreased exports, lowered investment and wealth an anxiety about the future, expericing reduced borrowing and high unemployment rate, reserve migration.In conclusin, the recovery will be more dif
5、ficult, the only way to get out of the global crisis is to recover together. Global response at the national level is needed. The size of the stimulus is likely to be too small.part 2They all maximize externalities accrue to themselves. But instead, they should add externalities that have benefits t
6、hat accure to others.About Obamas protectionism: the provision is worse. US will buy goods produced in US and Europe, developing countries already had a hard time, and it will make them more difficult in the crisis.This crisis is fundamentally different from most downturns. Inventory cycles-once inv
7、entory depletes, economy restartscentral banks step on brakes too hard and worried about inflation But this time, more fundamentally, financial infrastures are damaged.Classical recession-lack of aggregate demandsupply side affects-lack of availabilitysupply and demand intertwinedrestoration of fina
8、ncial system is necessary,but only restoration of financial system is not sufficient, also we have the problem of lack of demand, cause of reduced consumption and increased saving rates.US saving rate has increased to 7%, household nearly 0, which is difficult to go up.China has a saving rate of alm
9、ost 50%, which is difficult to go down.Currently, the US stock market is going down, housing price is going down, the pension funds for the retired down, people are difficult to geta loan, people began to save.The Sweden crisis about 18 years ago had a 18 percentage point change in saving rate.From
10、2002 to 2007, US experienced consumption boom, US kept economy going up, and they borrowed too much, spent beyond their means, people are not going to consume that level. They are inventive in creating new bubbles. Restoration of the financial system will not be easy. Its not just pulling money into
11、 banks, something else should be done to save the collapsed financial system, to escape such kind of deregulation which is very dangerous. The US government paid 700billion US dollars, creationg 12 times the money, 8.4 trillions, which is more than the banks needs. The basic learning in a finance cl
12、ss is BY-gones are by-gones. And the truth is after the bailout, we got nothing for our money.Part 3Losses of banks already occured, mostly because of the bad loans. The bubbles are broken. Homes values are less than the mortages. We have the social tragedy. All their life-savings(specially the old)
13、 are gone. We have done very little for millions of Americans. We gave billions to the well-off, like shareholders of banks. Its a zero-sum game. The bankers want tax-payers to pay. Thats the debate all about( a debate between the scholars and part of the government including Treasury secretary Paul
14、son)We are increasing national deficit/debt. zero sum game turned to negative sum game. We gave money to banks, we should demand shares in return. But we didnt want the share back. Treasury secretary Paulson proposed blank-check. Its really a bad deal, in fact the worst deal.Its the over-sight penal
15、s,the share worthy of 67 cents for 1 dollar. The citibank bailout, 25 cents for 1 dollar.In 2000, when Bush first came into power, the national debt was 5.7 trillion US dollar, but during the 8 years, the debt is soaring, in 2008, the debt was almost 15-16 trillion, it means that the burden in the future gets higher.Options:560 billion US dollars, bailout banks versus pensions funds for all the old people living in sound conditions for 75 years or more.Because the influnce of the financial markets are so tremendous, the government chose the bailout. they(banks)
