| In 2008 an outbreak of global "financial crisis" can be said a significant damage on the world economy in human history, according to Chinese Academy of Social Sciences Institute of Finance data ,the U.S. subprime mortgage bonds, only the actual 600 billion dollars, but as of early 2009, the sub-bond derivatives contracts has been to nearly 400 trillion dollars, which is equivalent to 7 times the global GDP, Japanese media also reported that the current financial crisis will lead to global financial assets shrink 27 trillion dollars, these data indicate that the current "crisis" will seriously hamper the pace of development in the world economy.With regard to the cause of the "financial crisis", there are a variety of different interpretations in the world, but we recognized that the current "financial crisis" from America's financial center - the "Wall Street", and extend out here . Since this very abstract "financial terms" (financial crisis) and "geographical term" (Wall Street) in the news, newspapers appeared, the two terms are constantly on the world people's lips, and also deeply influnce the national economies and the lives around us. With regard to the reasons of the "financial crisis" I have discussed in the article, but it does undermine the world economy for all to see: for example, drastic changes in the economy have brought a psychological change, they gradually lose their sense of security.Americans are beginning to question the U.S. government's decision-making capacity, the surveys of the U.S. news media showed that 78% of those surveyed believe that the current U.S. national path is wrong. Such subtle changes in people, no doubt it will play a "power" in the U.S. presidential election in 2009, so both the United States presidential candidates Barack Obama and John McCain are sparing no effort to criticize the current government policy, they also passionately published"good ways"to resolve the economic difficulties of the "coup" in order to fight for this part of the electorate. Finally Obama victory; another example, the financial crisis has a direct impact on our personal lives. Inflation, the drop in business or go bankrupt, and economic development problems, and all have reduced people's ability to pay, which not only makes it a decline in spending power, but also greatly reduced the quality of life for many people. From 2009 onwards, many people are complaining about that even daily expenses have to ponder again and again, repeatedly cut and so on. "BRIC" as an emerging "economic community" has been more national attention, these four countries were at different geographic locations, have different economic development background, but the pace of development and the current economic strength is received national recognition and attention, we know that China is the most populous, the world's largest developing country, India is the world's second most populous country in South America, Brazil is the largest country, Russia is the country which can vie with the United States, the economic performance of these four countries can compete with the G7 all countries. But the crisis has also caused them a certain influence on the economy, for example, China is the least damaged developing countries by this crisis, the direct loss of small, but the indirect effects can not be belittled. For example, a substantial weakening exports, exports as a driving economic growth, one of the troika, its role began to weaken; investor confidence has been shaken, their enthusiasm for investment is not high; bank "credit crunch", the domestic lack of liquidity and so on. In Russia, for example, as the world's most developed countries, this "financial crisis" is also a major impact on their banking system ---"liquidity crisis" (Russia, although the banks have much more than 1000, but the limited size of most of the capital, the entire banking system's own capital is not yet arrived the size of the capital of China Industrial and Commercial Bank of China) . Russia's top 20 banks in total bank's total external debt 2 / 3, of which 70% of the short-term external debt, the need to repay in the year 2008. When the global financial crisis made the international financial markets a serious shortage of funds, after the Western countries implement the credit crunch on the developing market, the Bank of Russia from the West can no longer get cheap long-term funds and can not borrow new debt repayment. At the same time, capital flight is accelerating, according to the Russian central bank data,it shows that only the third quarter of 2008 capital outflows from the Russian banking sector as much as 15.9 billion U.S. dollars, which relies heavily on western capital for the functioning of the Russian financial sector is no different from backing off. "Seek no one to turn debt, capital flight" moment led to Russia's banking system liquidity crisis), the stock market crash, oil prices, capital flight, reduce the use of foreign capital, increasing pressure on the ruble devaluation, economic growth slowing, the international rating decline, corporate cuts, rising unemployment and the phenomenon of wage arrears increased, reducing foreign exchange reserves, residents and business savings, economic growth faces a passive adjustment, etc. At present, expanding domestic demand, in particular, to stimulate consumption has become a unified government and the academic caliber of economic adjustment, but only rely on individual economic behavior (personal and household consumption and business investment) in promoting economic development is clearly some "far-fetched." Practice shows that when the economy is in recession, or expected recession, (China is still in a sound track, but the economic downturn) the Government's expansionary fiscal policy and flexible monetary policy, will bring about unexpected results. However, due to the economic development in these four countries rely mainly on their own internal environment, and therefore be less affected, causing them to speed the economic recovery will also be the fastest. If we imagine that they are the faster economic recovery, the world also the faster pace of economic recession, so the front of the four countries in crisis, how to adjust the economic development strategy, how the development of joint consultation is very important. I have made 5-point views and inspiration at the end of the article, it is necessary that the four countries in the current economy world should work together on how to strengthen cooperation and seek common development, to make recommendations, and how timely adjusting their development strategies, as soon as possible out of the development of bottom, with a view to stimulate the world economy out of the "crisis" and embark on economic development, "on track" to submit their views. |
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