TAILIEUCHUNG - Seventh Edition - The Addison-Wesley Series in Economics Phần 4

Khủng hoảng tài chính và hoạt động kinh tế tổng hợp Cơ quan lý thuyết, phân tích kinh tế của chúng ta về ảnh hưởng của lựa chọn bất lợi và rủi ro đạo đức, có thể giúp chúng ta hiểu cuộc khủng hoảng tài chính. | CHAPTER 8 An Economic Analysis of Financial Structure 189 Financial Crises and Aggregate Economic Activity Agency theory our economic analysis of the effects of adverse selection and moral hazard can help us understand financial crises major disruptions in financial markets that are characterized by sharp declines in asset prices and the failures of many financial and nonfinancial firms. Financial crises have been common in most countries throughout modern history. The United States experienced major financial crises in 1819 1837 1857 1873 1884 1893 1907 and 1930-1933 but has not had a full-scale financial crisis since Studying financial crises is worthwhile because they have led to severe economic downturns in the past and have the potential for doing so in the future. Financial crises occur when there is a disruption in the financial system that causes such a sharp increase in adverse selection and moral hazard problems in financial markets that the markets are unable to channel funds efficiently from savers to people with productive investment opportunities. As a result of this inability of financial markets to function efficiently economic activity contracts sharply. Factors Causing To understand why banking and financial crises occur and more specifically how Financial Crises they lead to contractions in economic activity we need to examine the factors that cause them. Five categories of factors can trigger financial crises increases in interest rates increases in uncertainty asset market effects on balance sheets problems in the banking sector and government fiscal imbalances. Increases in Interest Rates. As we saw earlier individuals and firms with the riskiest investment projects are exactly those who are willing to pay the highest interest rates. If market interest rates are driven up sufficiently because of increased demand for credit or because of a decline in the money supply good credit risks are less likely to want to borrow while bad credit .

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