英语翻译The factors thought to be crucial in causing financial c
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英语翻译
The factors thought to be crucial in causing financial crises in different periods were different.In the 1980s,the Latin American crisis countries were unable to control their fiscal deficits and current account deficits.Their economic fundamentals were regarded as very weak before the crises broke out.Krugman’s (1979) “first generation” currency crisis model has been widely used to explain this kind of crisis.Then came the crises in the early 1990s that were explained by “second generation” models pioneered by Obstfeld (1996).These models highlight the inconsistency in macroeconomic policy objectives and issues of credibility and commitment.Finally,“third generation” models featuring financial fragility,“self-fulfilling prophecy” and “contagion” have been developed to explain the occurrence of currency crisis despite strong macroeconomic performance and absence of fiscal deficits.
The factors thought to be crucial in causing financial crises in different periods were different.In the 1980s,the Latin American crisis countries were unable to control their fiscal deficits and current account deficits.Their economic fundamentals were regarded as very weak before the crises broke out.Krugman’s (1979) “first generation” currency crisis model has been widely used to explain this kind of crisis.Then came the crises in the early 1990s that were explained by “second generation” models pioneered by Obstfeld (1996).These models highlight the inconsistency in macroeconomic policy objectives and issues of credibility and commitment.Finally,“third generation” models featuring financial fragility,“self-fulfilling prophecy” and “contagion” have been developed to explain the occurrence of currency crisis despite strong macroeconomic performance and absence of fiscal deficits.
在不同的年代,人们认为导致金融危机的原因是不同的.在20世纪80年代,遭受危机的拉美国家无力控制其财政赤字以及经常项目赤字.在金融危机爆发前,其经济指导基本原则就十分疲软.克努格曼(1979)提出的“第一代”货币危机的原理被广泛用于解释这样的金融危机.接着由obsetfeld所首先提出的第二代危机原理解释了20世纪90年代所爆发的危机.这个原理强掉了宏观经济政策目的和信贷产品的发行和监管的不连贯性.而最终,第三代原理着重指出了尽管在强有力的宏观调控下,没有出现财政赤字,但是金融行业本身拥有其软若性,自我预知能力,以及易感性.
我水平就这样了··经济知识不太好··不好意思了··你看看‘
我水平就这样了··经济知识不太好··不好意思了··你看看‘
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