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Causes of frequent financial crisis

2021-05-17 来源: 51Due教员组 类别: Essay范文


1. Introduction

Financial crisis, also known as financial turmoil, refers to the rapid, short-term and super-cyclical deterioration of all or most of the financial indicators of a country or several countries and regions. These financial indicators mainly include short-term interest rates, monetary assets, securities, real estate prices, land prices, the number of commercial bankruptcies, and the number of financial institution failures. This article focuses on the causes of frequent financial crises.

2. The cause of financial crisis

Salant & Herderson (1978) and Krugman (1979) represented the first generation of currency crisis models, and regarded the currency crisis as an inevitable result of the conflict between domestic economic policies and fixed exchange rate regimes. They believed that the inherent inconsistency of economic policy objectives and the deterioration of economic fundamentals are the root causes of the crisis. The interactive relationship between policy and economy leads to multiple behavior choices of different actors, which further leads to the existence of a multi-dimensional equilibrium point in the economy. Even if the economic base does not have unexpected interference factors and too many changes, the economy may be transferred from a balance point to Another balance point, which led to the economic crisis (Masson, 1994). That is, people's expectations and psychology have an accelerated effect on the occurrence of financial crisis.

3. The reason of financial crisis repeated

Minsky (1998)used Generational Ignorance and Rivalrous Pressure to explain the recurring phenomenon of the financial crisis. It is believed that the root cause of the financial crisis is the fragile financial system, and the deterioration of the actual operating conditions of the economic system directly leads to the occurrence of the financial crisis.

4. Conclusion

The main reason for the financial crisis is the conflict between domestic economic policies and macroeconomic fundamentals. Once these conflicts begin to emerge, public expectations and psychological factors will accelerate the outbreak of the financial crisis. The reason for the repeated financial crisis is due to the economic cycle and the fragile performance of financial institutions in the economic cycle.

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