This paper provides an account of the financial crisis that began on 9 August 2007 and continued into 2008. It is the story of how the crisis came about and how the Federal Reserve worked to contain the damage. To understand what has happened, I will start with financial developments that led up to the crisis. Section II describes some of the most relevant recent innovations in the financial system and their impact on residential mortgage lending, the focus of the early stages of the crisis. A full appreciation of the Fed’s response requires an understanding of how the traditional tools of monetary policy work. This is the task of section III. Section IV describes the nature of the crisis, describing the symptoms and speculating about the causes. (Dùng cho sinh viên đại học, cao đẳng các ngành cơ khí) |
