美国的经济和金融危机
最近起源于美国的经济金融危机使得这个国家货币过剩，一部分是由于美联储在2001 - 2007年期间的宽松货币政策，促进了房地产市场的繁荣，进而导致金融市场动荡，然后实体经济危机在2007年和2008年期间蔓延到了全球。
金融危机的第一征兆已经有人在2007年上半年在美国抵押贷款市场观察到了，但伴随而来的只有2008年9月雷曼兄弟(Lehman Brothers)破产，金融危机从金融行业扩大到美国实体经济，并从美国扩大到全球范围。
金融市场动荡爆发的一年多以来，持续的通货膨胀风险,金融体系的巨大压力和风险的稳定性致使美国采取了消极的货币政策。然而,随着2008年9月金融危机的恶化，出现了避险情绪大幅上升,信心一落千丈,银行体系压力增加,金融市场信贷功能紧缩,世界经济活动大幅减少,全球贸易急剧下降,大宗商品价格显著下降。
The Economic And Financial Crisis Of The Us Economics Essay
The recent economic and financial crisis originated in the US where monetary excesses, partly caused by FED easy monetary policy in the period 2001-2007, prompted the housing boom, which in turn led first to financial markets turmoil, and then to the real economy crisis that spread worldwide between 2007 and 2008.
The first symptoms of financial crisis were observed on the USA mortgage market already in the first half of 2007, but only with the collapse of Lehman Brothers in September 2008, the crisis extended from the financial sector to American real economy, and from there it broadened globally.
For more than a year since the eruption of the financial market turmoil, the persisting inflation risks, the substantial stresses in the financial systems and risks to its stability led to a passive monetary policy. However, with the worsening of the crisis in September 2008, risk aversion rose dramatically and confidence plummeted, stresses in the banking system increased, the money market became dysfunctional credit tightened), world economic activity weakened substantially, a sharp drop in world trade and a marked decline in commodity prices were observed. This sudden and substantial deterioration brought a significant decrease in inflation risks and a steep increase of the risks to financial instability. Banks became more and more reluctant to lend to each other as a result of a sharp increase in the perceived risks of counterparty default and a continued lack of transparency about the health of banks’ balance sheets.
In response, major central banks took steps of unprecedented magnitude to ease monetary policy and inject large amounts of liquidity, also by relying on non-standard measures.
Economic consequences of the crisis: how the global crisis hit Poland
The financial turmoil hit Poland swiftly in late 2008. Following the inception of the crisis, Poland experienced a rapid capital outflow, a significant depreciation of the zloty, and a freezing of the interbank market.
The subsequent decline in credit growth, combined with lower exports, contributed to a marked decline in GDP growth. Nonetheless, in consideration of the fact that the climax of the crisis took place in the last quarter of 2008, this was one of the best results in the EU member states. Specifically, Poland, together with the Czech Republic, has been the most robust economy among the EU10 and was the only European economy not to contract.
Impact on actual and potential growth
Source : Central Statistical Office of Poland
Following Poland’s accession to the EU, from 2004 until the middle of 2008, all the main sectors (i.e. services, industry, and construction) showed strong economic growth, hence pulling GDP growth. This upward trend, which got to its highest point in 2007 with a 6.8% increase in GDP, was interrupted in 2008, when GDP increased only by 4.9%. Specifically, after the first three quarters of the year displaying economic growth at 5.7%, a clear slowdown was observed in the last quarter of 2008 when growth rate dropped to 2.9%.
On the basis of the analysis of current conditions and the cycle of economic development, the growth rate is expected to drop in the next quarters of 2009 (in the first quarter of 2009 the growth rate was 0.8%).
Specifically, IMF projects a mild recession in 2009 (decline in GDP by about 0.5%) and a slow recovery in 2010(about 1% recovery in 2010).
Source : IMF World Economic Outlook Database – October 2009 edition
Domestic demand (Consumption+ Investments)
Domestic deman
