作业代写：Financial liberalization

下面为大家整理一篇优秀的essay代写范文- Financial liberalization，供大家参考学习，这篇论文讨论了金融自由化。金融自由化是一把双刃剑，在一定条件下可以充分发挥市场的调节力量，但发展过度或路径选择错误就会引发金融混乱，甚至导致金融危机的发生。近几十年来，在美国的主导下很多发展中国家掀起了金融自由化的浪潮，同时也将全球经济与美国利益捆绑在了一起。虽然美国在推行金融自由化过程中迎有过繁荣的时期，但最终却因金融自由化失控而使本国经济陷入危机。

Financial liberalization is a double-edged sword, which can give full play to the regulatory power of the market under certain conditions. However, excessive development or wrong path selection will lead to financial chaos and even the occurrence of financial crisis. In recent decades, many developing countries, led by the United States, have embarked on a wave of financial liberalization that has tied the global economy to U.S. interests. The United States ushered in nearly 20 years of prosperity in the process of financial liberalization, but its economy was finally plunged into crisis due to the runaway financial liberalization.

For almost 20 years, financial liberalization has been a wonderful phrase for many countries. The theory of financial deepening put forward by McKinnon and shaw in 1973 laid the theoretical foundation of financial liberalization. McKinnon and shaw's financial deepening theory mainly focus on the question of interest rate control of financial repression, with the continuous development of the theory of financial liberalization, expanding the content of the financial liberalisation, including interest rate liberalization, to reduce the financial market admittance standard, relax the separated management of financial institutions, encourage financial product innovation, the currency freely convertible, the floating exchange rate management, open the domestic financial market, etc. In short, the core of financial liberalization is to reduce government intervention in the financial market, loosen the restrictions on financial institutions and the financial market, so that financial prices such as interest rate reflect the relationship between capital supply and demand, and pursue the optimization of capital allocation.

The collapse of the bretton woods system in 1973, when the dollar was no longer tied to gold reserves and a floating exchange rate, marked the beginning of global financial liberalisation. In the 1980s, the United States relaxed restrictions on the financial sector by enacting and amending a series of laws. Such as the United States in 1980 congress passed the lifting depository institutions controls and monetary management act, namely the abolition of the "regulation Q", in 1982 passed the act of grace - st. germain savings institutions, through the fair competition banking act in 1987, passed in 1989, the financial institution reform, Renaissance and implementation plan, completely abolished after the great depression of the glass - steger, act of the basic principles, gradually formed in order to realize the mixed management, encourage financial innovation and financial regulation, relaxing the financial liberalization reform with the characteristics of international capital free flow pattern. Since the 1970s, under the strong impetus of the United States and other developed countries, the financial liberalization reform that abandons the Keynesian economic policies and advocates the neo-liberal policies has become a wave sweeping the world. Attempts to liberalise finance in many developing countries have mostly failed. However, after more than 20 years of financial liberalization, the United States, which is billed as the "most liberal", suffered the "once-in-a-century" subprime crisis due to excessive financial speculation and out-of-control financial market regulation, and triggered the global financial crisis. It can be seen that financial liberalization is a double-edged sword for any country. Under certain conditions, it can give full play to the regulating power of the market and contribute to the improvement of financial efficiency and capital efficiency. However, excessive development or wrong path selection will lead to financial chaos.

The relationship between financial liberalization and financial crisis has been studied deeply by domestic and foreign scholars. Carlos daz-alejandro believes that financial liberalization and deregulation lead to more risky behaviors of financial institutions, interest rate liberalization, expansion of mixed business scope and financial innovation, which lead to higher risks and speculations and increase the degree of financial vulnerability. Willianmson studied 35 systemic financial crises from 1980 to 1997, and found that financial liberalization had largely exposed the instability of the financial system and increased financial risks. Barth, Caprio and Levine pointed out that as of 1998, 130 countries suffering from financial crisis had implemented financial liberalization reforms, and their economic development was closely related to the international capital market. The empirical analysis of 53 financial crises by demirguc-kunt and Detragiache shows that financial liberalization increases the probability of financial crisis, and the large-scale expansion of domestic credit and the formation and expansion of asset bubbles are the symptoms of financial crisis. It can be said that every financial crisis in the past 20 years has triggered the theoretical circle's discussion and reflection on financial liberalization. In the context of the American subprime crisis into the global financial crisis. Financial liberalization is also indispensable to the exploration of the root causes of the subprime crisis. Ding bing pointed out that the neo-liberal policy centered on the implementation of overall privatization, marketization and liberalization has aggravated the fundamental contradiction and polarization between the rich and the poor inherent in capitalism, and laid a hidden danger and foundation for the current international financial crisis. Zhang xinping believed that the outbreak of American subprime mortgage crisis once again proved the disadvantages of financial liberalization. Financial liberalization under the guidance of neo-liberalism led to the absence of financial market regulation, asymmetric information, loss of industry credit and excessive speculation. By reflecting on the us subprime crisis, wang jie analyzed the relationship between interest rate liberalization, mixed operation, financial innovation, financial deregulation, capital free flow and financial risks, and pointed out that excessive financial liberalization would breed financial risks and aggravate the vulnerability of financial system. Wang lijun summarized the relationship between financial liberalization policies and financial crisis in the United States and believed that financial liberalization led to financial crisis through four aspects. First, financial liberalization leads to the relaxation or absence of market regulation and state intervention. Secondly, financial liberalization led by developed countries led by the United States leads to unreasonable international economic and financial order. Thirdly, financial deregulation and free flow of capital promote the rapid expansion of virtual economy. Fourth, the government's non-intervention in income distribution has caused relatively serious polarization between the rich and the poor. Li baowei believes that the essence of financial liberalization is economic virtualization, and the excessive development of European and American virtual economies is the source of global currency and financial instability. Yang huichang et al. pointed out that the us-led financial liberalization was the root cause of the world financial crisis, which led to the prevalence of speculation, eroded the direct link between international financial development and productive real investment, and damaged the foundation of economic development. In how the tiger released its cage -- on financial liberalization and American financial crisis, cheng enfu et al. pointed out that financial liberalization encouraged the expansion of consumer credit, especially subprime mortgage, directly contributed to the accumulation of American "subprime mortgage" bubble. And the United States has taken advantage of established financial strengths to push for financial openness. The excessive dependence of global financial markets has laid a hidden danger for the vicious spread of American financial crisis.

The author believes that a direct consequence of the us-led financial liberalization model is excessive financial innovation and lack of regulation, which promotes the rapid expansion of the virtual economy and leads to the disconnection and distortion of the relationship between the virtual economy and the real economy. At the same time, a large amount of international debt of the United States, innovative financial products entering the markets of other countries, and long-term trade deficit closely tied the global economy and the United States economy, creating an unreasonable international economic and financial order. This is the root cause of the outbreak of the subprime mortgage crisis and the global economic crisis. Based on the analysis of American financial liberalization mode and its harms, this paper concludes that after the financial crisis, while adhering to the long-term goal of financial liberalization, the United States must temporarily abandon the neo-liberalism concept and adjust its financial liberalization strategy.

The strong development of financial globalization and financial liberalization is inextricably linked to the rising trade and fiscal deficits of the United States in recent years. Between financial liberalization of more than 20 years, the United States on the economic base and economic behavior, considerable changes have taken place in the past a accumulation, production and create substantial wealth of the society, a used to be the world's biggest exporter, gave up the savings into now, from manufacturing to service industry, the high debt and high consumption. When it comes to debt, the U.S. economy has reached unprecedented levels of crisis, both nationally and personally. In the 1970s, the United States was the world's largest creditor nation. In 1985, it went from net creditor to debtor country. In 2004, it became the world's largest debtor country. The result: America's growing trade deficit, persistent fiscal deficits and record national debt.

As the U.S. debt burden grows, the U.S. government can no longer rely on its own investors to finance its fiscal deficits. Instead, it must turn to international investors, especially institutional investors, to buy U.S. government bonds. As of January 2009, China's holdings of us treasuries had reached $739.6bn, accounting for 24.07% of the total. Next came Japan, with $63.48 billion in U.S. treasuries, or 20.66 percent of the total. Almost all the developed and newly industrialized countries have a large amount of U.S. debt, and the United States has tied the global economy to its interests and constrained the economic development of other countries.

Against this backdrop, a strange phenomenon has emerged in global capital markets. The developed countries, led by the United States, rely heavily on debt financing to obtain funds and consume the products produced by other countries. As a result, financial capital greatly outperforms the development of productive capital, and American enterprises are no longer encouraged to expand production investment, but to purchase securities in various forms for financial investment in the interest of interest. This is what has happened in the developed world since the 1990s. It is in this context that virtual capital, that is, financial assets with profitability and liquidity divorced from the physical capital invested in the production process, have greatly developed. In the 1970s and 1980s America's financial industry produced only a fifth of the profits of the non-financial sector; by 2000 it had reached half. At the end of 2006, stocks, bonds, foreign exchange, commodity futures and financial derivatives in the United States were valued at about $400 trillion, or 36 times the value of the U.S. ODP that year, according to conservative estimates from the bank for international settlements. The rapid development of the virtual economy has encouraged speculation, with the aim of achieving excess value through operation rather than investing in productive capital. In the development history of market economy, speculation is not a new phenomenon, but financial liberalization has made speculation achieve unprecedented development. The mechanics of the derivatives market are the strongest evidence of this. These speculations played a very important role in the financial crisis. If the logic of speculation overrides the logic of production, the foundation of economic development in our time will not exist.

Keynes pointed out in 1936: "the peculiar state of modern investment markets inclines me to the proposition that buying securities is a permanent affair. Like marriage, it can't be terminated except for death and other serious causes. This may be an effective way of dealing with contemporary abuses, as it forces investors to consider long-term prospects. A little thought about this solution, however, also points to the difficulty that while requiring investment to be liquid is sometimes detrimental to the creation of new investments, it is often beneficial. The reason for this is that each investor will assume that the money he has invested is liquid. This fact can embolden investors and make them more willing to take risks. Here speculation is defined as a preference for liquid capital and a protective behavior against economic instability. When the instability of future production and operation is more serious, the enterprise investment will be withdrawn and favorable conditions for the speculative spirit will appear. Financial capital flows therefore become more active than the industrial capital cycle. The unrestricted free flow of capital has extended the scope of financial speculation to international financial markets. Short-term capital flows between markets in pursuit of high short-term profits form the basis of most international capital flows and can destabilize the currencies involved once they convert their assets from one currency to another.

On the other hand, the absence of financial regulation caused by financial liberalization in the United States makes the excessive development of virtual economy not effectively contained. Financial institutions under the drive of profits to develop highly leveraged financial innovation products, these products along with large-scale American Treasury bonds through the door into the global financial market liberalisation, in capital flowing into the United States, to maintain the high debt, high consumption of mode of economic growth at the same time, also for the outbreak of the financial crisis and the spread of malignant planted hidden dangers.

Financial globalization and financial liberalization, does his progress, but in the dominant mode of the United States, not just use his improvement action, at the same time, excessive financial innovation, the lack of financial regulation and of excessive dependence on debt consumption, eventually lead to serious disconnect between the virtual capital and entity economy, ruined a good model.

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