Economic policy

Июль 30, 2022

Содержание

2. Еconomic policy The objectives of the economic policy The types of economic policy By industry Functionally-oriented
3. Elements/measures of economic policy Administrative (legal infrastructure) Economic Institutional (institutions: authorities, state property, business and trade
4. Economic elements: Monetary policy (monetary) Budget Tax (fiscal) Investment Foreign trade Monetary policy Impact on the
5. Economic elements: Monetary policy (monetary) Budget Tax (fiscal) Investment Foreign trade Fiscal policy Government Purchases Taxes
6. Тимофеева А.А. 2018 ©
7. Тимофеева А.А. 2018 © The growth rate of U.S. GDP
8. Тимофеева А.А. 2018 © Mortgage crisis
9. Global recession 2009 Financial crisis or mortgage crisis of USA 2007-2008 Mortgage loans with a high
10. Standard lending is reduced Subprime mortgage credit Reduction of influence of the enterprises with state participation
11. Тимофеева А.А. 2018 ©
12. "Securitization of a mortgage loan of a very high risk was made by private investment banks"
13. Тимофеева А.А. 2018 ©
14. + of securitization of mortgage loans Improve the structure of Bank's balance sheet Additional financial resources
15. Тимофеева А.А. 2018 ©
16. 2006-2007 Refinancing Rise in % Falling prices for residential property September 2007 – 23% of residential
17. Тимофеева А.А. 2018 © The number of disposed houses in the U.S.
18. Тимофеева А.А. 2018 ©
19. Why did availability of credit increase? Foreign investment in the U.S. + cheap credit => the
20. Some of the factors that contributed to the development of the crisis: Sub-Prime lending; Securitization of
21. The impact of the crisis on the U.S. economy 2007 By the beginning of 2008, the
22. Тимофеева А.А. 2018 ©
23. 2007: about 100 companies associated with the mortgage stop operations=> the panic in the financial markets
24. Тимофеева А.А. 2018 © The dynamics of oil prices
25. The world food crisis of 2007-2008 instability, social unrest The initial reason is the drought in
26. The impact of the crisis on the US economy 2008 The key is bankruptcy of Lehman
27. Тимофеева А.А. 2018 ©
28. Тимофеева А.А. 2018 ©
29. The fed buys toxic assets and government debt in the amount of $2.5 trillion + buying
30. Тимофеева А.А. 2018 ©
31. Тимофеева А.А. 2018 ©
32. Тимофеева А.А. 2018 ©
34. Скачать презентацию

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Еconomic policy
The objectives of the economic policy
The types of economic policy
By

industry
Functionally-oriented division (fiscal, monetary, structural)

Тимофеева А.А. 2018 ©

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Elements/measures of economic policy
Administrative (legal infrastructure)
Economic
Institutional (institutions: authorities, state property, business

and trade unions)

Economic elements:
Monetary policy (monetary)
Budget
Tax (fiscal)
Investment
Foreign trade

Тимофеева А.А. 2018 ©

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Economic elements: Monetary policy (monetary) Budget Tax (fiscal) Investment Foreign trade
Monetary policy
Impact on the quantity of

money in circulation

Price stabilization
Employment
The growth of real output
Exchange rate

Stimulating measures of the Central Bank to increase money supply
The economic policy of restraining

The norm of reserve requirements
Central bank rate
Buy/sell of government securities by Central Bank

Methods=concepts:
OPERATIONS ON THE OPEN MARKET
CHEAP MONEY POLICY (looser monetary policy)
TIGHT MONEY POLICY

Тимофеева А.А. 2018 ©

64. Types and tools of Monetary economic policy and their impact on the forms of international economic relations (open SCHEME)

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Economic elements: Monetary policy (monetary) Budget Tax (fiscal) Investment Foreign trade
Fiscal policy
Government Purchases
Taxes
Transfers
Crowding out effect
Тимофеева А.А.

2018 ©

Stimulating
The economic policy of restraining

65. Types and tools of Fiscal economic policy and their impact on the forms of international economic relations (open SCHEME)

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Тимофеева А.А. 2018 ©

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Тимофеева А.А. 2018 ©
The growth rate of U.S. GDP

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Тимофеева А.А. 2018 ©
Mortgage crisis

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Global recession 2009
Financial crisis or mortgage crisis of USA 2007-2008
Mortgage loans

with a high degree of risk
Before 2006 - 8%
After – 20%
Loans with a floating rate - 90%
Standard lending is reduced
The share of liabilities in disposable income
1974 - 60%
1990 – 90%
2007 – 127%

Тимофеева А.А. 2018 ©

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Standard lending is reduced
Subprime mortgage credit
Reduction of influence of the enterprises

with state participation
Freddie Mac =
Federal Home Loan Mortgage Corporation
Fannie Mae =
Federal National Mortgage Association
and improving the position of private lenders

Lightweight credit
Easier to get
Higher %
Unfavorable additional terms

Тимофеева А.А. 2018 ©

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Тимофеева А.А. 2018 ©

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"Securitization of a mortgage loan of a very high risk was

made by private investment banks"

Securitization

single-level

Тимофеева А.А. 2018 ©

bank

the issue of mortgage bonds

individuals borrowers

the buyers of the bonds

66. Securitization as reason for 2008 crises (SHEME AND WHY)

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Тимофеева А.А. 2018 ©

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+ of securitization of mortgage loans
Improve the structure of Bank's balance

sheet
Additional financial resources from the sale of receivables;
Eliminating the direct relationship between the cost of deposits and loans;

- of securitization

Тимофеева А.А. 2018 ©

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Тимофеева А.А. 2018 ©

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2006-2007
Refinancing
Rise in %
Falling prices for residential property
September 2007 – 23%

of residential real estate is cheaper than the amount of payments on your mortgage => refusal of payment => alienation = > the fall of banking system stability

Тимофеева А.А. 2018 ©

67. Why refinancing was unreal?

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Тимофеева А.А. 2018 ©
The number of disposed houses in the U.S.

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Тимофеева А.А. 2018 ©

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Why did availability of credit increase?
Foreign investment in the U.S. +

cheap credit =>
the growth of credit market =>
the growth of the real estate market =>
investments of investors from all over the world in mortgage-backed securities

From 1997 to 2006 - rising cost of real estate at 124%

Economic cycle!

Тимофеева А.А. 2018 ©

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Some of the factors that contributed to the development of the

crisis:
Sub-Prime lending;
Securitization of mortgage-backed securities;
The impossibility of refinancing;
The stage of "saturation" of the economic cycle

Тимофеева А.А. 2018 ©

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The impact of the crisis on the U.S. economy 2007
By the

beginning of 2008, the stock index S&P has fallen by 45%
Prices for residential property fell by 20%
The total loss - 8.3 trillion$
The increase in the number of homeless is 9% (to 1.6 million)
HSBC (Hongkong and Shanghai Banking Corporation) withdraws the papers equal to 10.5 billion$, ceases to issue the loans

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2007:
about 100 companies associated with the mortgage stop operations=>
the

panic in the financial markets =>
reset mortgage of shares, bonds =>
the search for other means of holding money =>
the commodity supercycle =>
the rise in oil prices
the world food crisis

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The world food crisis of 2007-2008
instability, social unrest
The initial reason is

the drought in grain-producing countries, increase in population

The cost of grain in the finished bread in the EU – 1-5%

Dynamics of world food prices

the overall index of food prices FAO

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The impact of the crisis on the US economy 2008
The key

is bankruptcy of Lehman Brothers Holdings,

TED spread increased by 4 times
Treasures over Eurodollars spread

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The fed buys toxic assets and government debt in the amount

of $2.5 trillion
+ buying specially issued preferred shares in the amount of 1.5 trillion $
THE LARGEST OPERATION OF MONETARY POLICY IN HISTORY!
Reduction of % for the Federal funds from 5.25% to 2% (9.07-4.08), 0.25% (12.08)
Refund of paid property tax in the amount of 168 billion $;
The increase in the size of state spending to 787 billion $;
Plan to ensure the availability and stability of homeownership, with 73 billion$
Summary table of emergency financing
http://money.cnn.com/news/storysupplement/economy/bailouttracker/index.html

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Economic policy

Содержание

Еconomic policyThe objectives of the economic policyThe types of economic policyBy

Elements/measures of economic policyAdministrative (legal infrastructure)EconomicInstitutional (institutions: authorities, state property, business

Economic elements: Monetary policy (monetary) Budget Tax (fiscal) Investment Foreign tradeMonetary policyImpact on the quantity of

Economic elements: Monetary policy (monetary) Budget Tax (fiscal) Investment Foreign tradeFiscal policyGovernment PurchasesTaxesTransfersCrowding out effectТимофеева А.А.

Тимофеева А.А. 2018 ©

Тимофеева А.А. 2018 ©The growth rate of U.S. GDP

Тимофеева А.А. 2018 ©Mortgage crisis

Global recession 2009Financial crisis or mortgage crisis of USA 2007-2008Mortgage loans

Standard lending is reducedSubprime mortgage creditReduction of influence of the enterprises

Тимофеева А.А. 2018 ©

"Securitization of a mortgage loan of a very high risk was

Тимофеева А.А. 2018 ©

+ of securitization of mortgage loansImprove the structure of Bank's balance

Тимофеева А.А. 2018 ©

2006-2007RefinancingRise in %Falling prices for residential propertySeptember 2007 – 23%

Тимофеева А.А. 2018 ©The number of disposed houses in the U.S.

Тимофеева А.А. 2018 ©

Why did availability of credit increase?Foreign investment in the U.S. +

Some of the factors that contributed to the development of the

The impact of the crisis on the U.S. economy 2007By the

Тимофеева А.А. 2018 ©

2007: about 100 companies associated with the mortgage stop operations=> the

Тимофеева А.А. 2018 ©The dynamics of oil prices

The world food crisis of 2007-2008instability, social unrestThe initial reason is

The impact of the crisis on the US economy 2008The key

Тимофеева А.А. 2018 ©

Тимофеева А.А. 2018 ©

The fed buys toxic assets and government debt in the amount

Тимофеева А.А. 2018 ©

Тимофеева А.А. 2018 ©

Тимофеева А.А. 2018 ©

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Еconomic policy
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Standard lending is reduced
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September 2007 – 23%

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The number of disposed houses in the U.S.

Why did availability of credit increase?
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Тимофеева А.А. 2018 ©
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