美国金融论文Study on the Formation and International Contagi

　　金融留学生作业代写 Financial crisis is the most traditional themes in the economic literature.Like a ghost,the development of the world economy has been accompanied by the financial crisis in the long river of human development history.Every time,the financial crisis has left economists endless thoughts.The theme of this paper is the formation and transmission mechanism of the U.S. financial crisis under the dollar standard.Since the outbreak of the sub-prime crisis which has developed into a comprehensive financial crisis,many academic researches have been carried out,and have achieved some encouraging results.At present,people mainly concerned about the causes or formation mechanism of financial crisis.From 2007 to the early of 2008, economists mainly analyzed the occurrence or the formation mechanism of sub-prime crisis.However,with the deepening of the sub-prime crisis which gradually becoming a global financial crisis,economists have begun to amend and develop the original understanding of sub-loan crisis from different perspectives.The explanation of the cause or formation mechanism of financial crisis includes:(1)U.S.financial crisis was rooted in U.S.monetary policy;(2)U.S.financial crisis was attributed to sub-prime and the deluge of financial derivatives;(3)U.S.financial crisis was related to the existence of key regulatory system defects of the U.S.government;(4)U.S. financial crisis was caused by the global economic imbalance,and it was the product of global economic imbalances;(5)U.S.financial crisis was rooted in the serious imbalance in the economic structure of the United States,especially a serious imbalance of the real economy and the virtual economy;(6)U.S.financial crisis was attributed to China’s“currency manipulation”or the“over-saving”of the emerging market countries which was represented by China.Among the above six explanations, the first five are comparatively objective and scientific,and they have thoughtful analysis to some extent.It is undeniable that the first five explanations reveal the direct causes or incentives of the U.S.financial crisis.However,they are also questioned:What decides the U.S.monetary policy?What factors are contributed to sub-prime crisis and the deluge of financial derivatives?As the most advanced, perfect and best-regulated financial markets in the world,and the largest and the most international financial sector in the world,why the regulatory system of U.S. government departments now seems so obvious deficiencies?What are the causes of global economic imbalances and the serious imbalance in economic structure of U.S.? If deeply thinking these issues,the first five explanations will not fully explain the financial crisis in the United States.The sixth explanation is only a reflection of bias and ignorance of some scholars and politicians of Western,and it is nothing more than just clearing the charges for Wall Street.The author believes that the U.S.financial crisis is rooted in the dollar standard.Main points are as follows:Firstly,The contemporary financial crisis,particularly the financial crisis in developing countries is closely related to the dollar standard.Reviewing the research literatures about financial crisis,very few analyzes every financial crisis with the perspective of the monetary standard.However,through the analysis of the regulation of dollar standard and operational mechanism,the game rules,as well as the defects in dollar standard,and the frequent international financial crisis since dollar standard was established,the author concludes that dollar standard can not shirk its responsibility for the occurrence of the recent international financial crisis.With this logical starting point,the author believes that dollar standard is the rooted cause of the outbreak of the current U.S.financial crisis.This is not only the basic viewpoint of this dissertation,but also the innovation in it.Secondly,the inherent vulnerability of dollar standard leads to the U.S.financial crisis.Inherent vulnerability of dollar standard is shown in the following:lack of self-adjustment mechanism,new Triffin problems,missing of lender role of last resort, as well as the instability of U.S.hegemonic system.It is such inherent vulnerability of dollar standard that lead to the dollar becoming the world’s largest risky factor,as well as dollar exchange rate fluctuations and a long-term down trend.It is just such reasons that triggered the U.S.credit crisis,as well as the dilemma of“paradox of dollars”and eventually led to the outbreak of the U.S.financial crisis.Thirdly,monetary policy under the dollar standard led to the U.S.financial crisis.The author believes that the essence of dollar standard is U.S.hegemony,so the U.S.financial policy under dollar standard also has the characteristics of hegemony. The U.S.financial policy under dollar standard includes:strong dollar policy, financial policy of“heavy inner and light outside”,financial liberalization policy, floating exchange rate policy,as well as long-term low interest rate policy.Dollar standard brought about the global credit expansion,in particular,the expansion of dollar assets.The result is a long-term weakening of the dollar.However,it is contradictory with the strong dollar policy.As a result,it is this contradiction that triggered the sub-prime crisis and eventually evolved into a comprehensive financial crisis.Under dollar standard,with the status of currency-based dollar,the United States adopted a financial policy focusing on the domestic economy balance while ignoring the external economic balance.This policy has resulted in excessive supply of dollars,as well as expansion

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美国金融论文Study on the Formation and International Contagi