T 70-90 - S Of The 20th Century American Financial Liberalization Reform

Gets up from the20th century70’s, American and the world economics situation has thehuge change：1970s economic crisis and "stagflation";collapse of the Bretton Woods system;rapid development of economic globalization;Decline of US minute of industry management;Financial innovation in Europe and United States domestic financial institutions to avoidfinancial supervision has created an endless stream of financial innovation. These had atremendous impact on the financial system of the United States since the1930s. The traditionalstate intervention-type Keynesism policy appears helpless. At this time,the rise of neoliberalismpolicy has provided the formula of financial liberalization. The development of science andtechnology, the progress of the computer and network has provided the technology base for thefinancial liberalization. In the1970s, the United States began to start the process of financialliberalization reform. To1999, United States Congress through "Financial Modernization ServiceBill".This bill laid the system foundation of US financial liberalization, thus became asignificant milestone of US financial law development.Symbolizes the basic conclusion of USfinancial liberalization reform. The American finance liberalization reform mainly displays in theinterest rate liberalization, the exchange rate liberalization, the financial organ mixes industry,liberalization and internationalization of financial markets, and so on.. However, in the2007financial crisis began to spread in the United States financial institutions open and reached apeak in2008. This crisis transmits fast from the financial system to the entity economy, incurredthe heavy loss to the US economy and even the global economy, also exposed many drawbacksof financial liberalization. Today, the United States still did not get rid of the negative impact ofthe subprime mortgage crisis. This article tries to analyze the background of US financialliberalization, combs its process, Evaluate its pros and cons，Hoping to summer up theexperiences and lessons of the U.S. financial liberalization. To gain some enlightenment infavour of the process of Chinese financial liberalization...