1. Since 1929, there were 5 great depressions, i.e. great depression, 1929-1933, Savings and Loan Association Crissis, 1984-1992, Northern Europe Three Countries Financial Crisis, 1988-1993, Japanese Financial Crisis, 1990-2002. and finally, Subprime Mortgage Financial Crisis, 2008-present. 2. Common causes of financial crisis were: (1) Financial Bubble caused by Lessaer-fare Policy, (2) Lack of Financial Supervision System, (3) Sudden tight money policy shift and collapse of bubble. (4) Crisis of Financial System and Shrinkage of real economy. 3. Suggestive countermeasures and exit strategies are: (1) Timing of Exit Policy, (2) Control of Money, (3) Reformation of Financial Supervision System, (4) Warning System of Debt Increasing, 5) International Cooperation.
목차
Abstract Ⅰ. Introduction Ⅱ. Overview of 5 Great Depressions Since 1929 1. The Great Depression, 1929 2. Savings and Loan Association Crisis, 1984-1992 3. Three Northern European Countries Financial Crisis 4. Japanese 10 Years' Financial Crisis, 1991-2002 5. Subprime Mortgage Financial Crisis, September 2008- Ⅲ. Common Features of Each Financial Crisis 1. Assets Bubble caused by Financial Liberalization and Deregulation 2. Financial Bubble caused by Insufficient Financial Supervision and Severe Loan Competition 3. Collapse of Bubble due to Tight Money Policy and Enforcement of Financial Supervision 4. Financial System Crisis and Depression of Real Economy 5. High Debt Ratio of Economic Subjects 6. Affluent Liquidity flowed in from Overseas Ⅳ. Suggestive Exit Policy 1. Timing of Exit Policy 2. Control of Money Flows 3. Reformation of Financial Supervision System 4. Warning System of Debt Increasing 5. International Cooperation-Global+Regional & G8+G20 Major References
키워드
Great DepressionFinancial CrisisBubbleFinancial SupervisionExit Policy