久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

US EUROPE AFRICA ASIA 中文
Opinion / Op-Ed Contributors

Learning from Lehman

By Liu Mingkang (China Daily) Updated: 2013-09-18 07:49

When the US investment bank Lehman Brothers collapsed five years ago, emerging-market economies did not hold many of the toxic financial assets - mainly American subprime mortgages - that fueled the subsequent global financial crisis. But they were deeply affected by the drop in world trade, which recorded a peak-to-trough decline of at least 15 percent, with trade finance also contracting sharply, owing to a shortage of dollar liquidity. Have policymakers responded appropriately since then?

Learning from Lehman

Lehman Brothers Holdings Inc. Chief Executive Richard S. Fuld Jr., wearing tie, is heckled by protesters as he leaves Capitol Hill in Washington after testify before the House Oversight and Government Reform Committee Monday, Oct 6, 2008, on the collapse of Lehman Brothers. [Photo/Agencies]

Soon after the crisis erupted, the G20 countries embraced massive stimulus packages, unconventional monetary policies in the advanced economies, and major institutional efforts, such as the Dodd-Frank financial reform legislation in the United States and the Basel 3 initiative to strengthen banking standards. China's 4-trillion-yuan stimulus package, unveiled in November 2008, restored confidence in global commodity markets. Led by strong Chinese growth, emerging markets stabilized.

Since 2009, quantitative easing (QE) by the US Federal Reserve has resulted in record low interest rates around the world. But, while the resulting surge in capital flows to emerging markets stimulated economic growth, it also inflated asset bubbles.

Now, with the Fed publicly considering an end to its massive, open-ended purchases of long-term securities and foreign capital fleeing home from emerging markets, many fear that Asia's economies could come crashing down, as they did in the late 1990s. Leverage in some emerging markets' household and corporate sectors has reached record levels. China's annual economic growth has slowed to around 7.5 percent, while Indonesia and India - and, outside Asia, Brazil and South Africa - are experiencing sharp downward pressure on their exchange rates.

Previous Page 1 2 Next Page

Most Viewed Today's Top News
New type of urbanization is in the details
...
主站蜘蛛池模板: 99久久精品国产亚洲 | 成人免费大片黄在线观看com | 久久久国产精品免费视频 | 免费一级大毛片a一观看不卡 | 性久久久久久久 | 免费三级毛片 | 成人中文字幕在线 | 一级毛片在线完整免费观看 | 免看一级a毛片一片成人不卡 | 毛片在线播放网址 | 国产精品激情丝袜美女 | 免费高清国产 | 男女国产一级毛片 | 精品一区二区三区免费毛片爱 | 久久精品午夜视频 | 日韩福利视频精品专区 | 久久国产视频在线观看 | 91精品久久国产青草 | 牛人国产偷窥女洗浴在线观看 | 毛片免费视频观看 | 毛片在线高清免费观看 | 最爽的乱淫片免费 | 日本精品久久 | 刺激一区仑乱 | 日韩在线中文 | 最近中文在线中文 | 一级片a| 欧美亚洲激情视频 | 一本色道久久88 | 国产精品三级手机在线观看 | 一级片美女 | 麻豆视频国产 | 亚洲第一区视频在线观看 | 亚洲 欧美 国产 中文 | 国产一区二区三区在线观看影院 | 日本三级香港三级人妇r | 成人免费网站久久久 | 亚洲精品综合久久中文字幕 | 亚洲欧美日韩精品永久在线 | 国产精品亚洲片在线不卡 | 欧美精品综合一区二区三区 |