The Research Of Financial Crisis

Financial liberalization around the world promote asset securitization and financial innovation, the result has caused large-scale expansion of virtual assets. Especially since the 80s of last century, Western countries set off to "liberalization" as the characteristics of the wave of financial reforms made to speed up the frequency of financial crisis, which typically include the Latin American debt crisis, the European currency crisis and the Asian financial crisis, The financial crisis is a crisis shared characteristics of the main hazards arise limited to local areas and not spread to the world. In 2007, the outbreak of the U.S. financial crisis is different from the past, it originated in the United States, spread to the world, the world economy caused by different degrees. The damage caused by the financial crisis beyond all previous financial crisis. Although under the cooperation of all countries in the world, the world economy constantly move forward in the rough, but left many questions waiting for us to think about the reality on these issues urgently requires an in-depth theoretical research.Through close analysis of several financial crises, we can find a common factor behind these crises, that is, over-expansion of virtual economy.Virtual economy is a" double-edged sword", which originally was developed based on the real economy, and its attachment, and serve the real economy. But with the collapse of the Bretton Woods system, non-monetary gold dollar out of bondage to become institutionalized in the international currency, the dollar has led the world to provide liquidity expansion. Expansion in global liquidity in the process of rapidly increasing size of the virtual economy, a steady flow of funds into the stock market and financial derivatives market, the ultimate virtual economy from the real economy. As the volatility characteristics of virtual economies, which makes the already fragile financial system collapse of possibility. In the virtual economy, the OTC derivatives trading due to its high leverage and high risk, making the financial crisis triggered the current round of tipping point. Based on U.S. financial crisis as the background, from the virtual perspective on the financial crisis of economic theory to study the significance of the following:The first part is the introduction. This paper mainly studies the background, practical significance and theoretical significance of the article, the research methods and research topics, the international and domestic research situation, the basic innovation of this paper.The second part is about the theory of fictitious economy and financial crisis theory and its definition. This chapter firstly summarizes the development of the fictitious economic meaning, and then defines the concept of the financial crisis.In the third part, the relationship between the financial crisis and the volatility of fictitious economy is studied. Firstly, the theoretical model of the fictitious economic fluctuation is summarized, and the main characteristics of the fictitious economy are described. Secondly, the influence of the financial system is studied. Finally, with the economic data of the United States, the empirical analysis of the relationship between the them. Through the study of this chapter, we can draw the conclusion that the volatility of fictitious economy is the basic reason which affects the stability of the financial system, but also because of the fluctuation of the fictitious economy, which can’t be avoided.The fourth part is about the real economy and the fictitious economy, the impact of the financial crisis. This part of the study of the real economy and the fictitious economy from the internal principle and motivation, and then explain the deviation of the role of the virtual economic stability mechanism and way, the deviation from the macro level of the financial system stability, when the fictitious economy and the real economy to maintain the appropriate proportion, they are synchronized development, mutual promotion. However, if the fictitious economy from the real economy development, the scale is too expansive, it will enhance its own instability, but also hinder the healthy development of the real economy.The fifth part, the relationship between the financial crisis and the financial sector vulnerability. The most important part of the fictitious economy is the financial sector, because of the rapid development of the former, both developed countries and developing countries in the financial sector have gained rapid development, but when the scale of the fictitious economy continues to expand, the financial system’s vulnerability is also intensified. Compared with the departure from the real economy and the fictitious economy, financial fragility is the impact on the financial system at the micro level. This chapter first discusses the various theories of financial fragility, and then explores the origin of the vulnerability, and then studies the evaluation criteria of financial stability. At last, it discusses the negative influence and function of the financial industry in the financial industry.The sixth chapter, financial supervision. With the rapid development of fictitious economy and the rapid expansion of scale, especially the scale of fictitious economy is far larger than the real economy, and the stability of fictitious economy is very important to the stability of the whole economic system. So it is necessary to carry out the necessary supervision and management of the development of the fictitious economy, and the financial sector is the most important part of the fictitious economy, so the supervision of the fictitious economy is directly reflected in the supervision of the financial sector. This chapter from the world’s largest economies-the United States before and after the subprime crisis in the financial regulatory policy changes, and combined with China’s financial regulatory policy, to the fictitious economic supervision issues.In the seventh chapter, according to the research conclusion, and combined with the actual situation of our country, in the current international and domestic situation, how to protect the fictitious economic system, especially the stability of the financial sector, to avoid the occurrence of financial crisis, and put forward some policy recommendations.In the eighth chapter, this chapter summarizes the main contents of the paper and discusses the main conclusions and innovation points of this paper.The innovation points of this paper are mainly reflected in three aspects, such as the volatility of fictitious economy, virtual economy and real economy, and financial fragility:1:in this paper, the research framework of financial crisis in the perspective of economic fiction, the 5 part of the article discusses the volatility of the fictitious economy, the real economy and the fictitious economy and the financial fragility of the financial crisis, from the three aspects of the volatility and macro, micro and micro third levels of the financial crisis, and the mechanism. First, the most important factor that influences the stability of the financial system is the volatility of fictitious economy. Second, the real economy and the fictitious economy deviate from the macro level and affect the stability of the financial system. Third, the financial fragility of the financial system stability in the micro level. Finally, combined with the above three aspects, in the United States and China after the subprime mortgage crisis, the financial system of the financial regulatory issues.2:in this paper, we will study the basic factors that affect the stability of financial system. In the past, the study on the impact of the fictitious economy and the real economy will be the focus of the study. In this paper, the virtual economic fluctuation is the basic reason and the intrinsic basis of the financial stability, so the research and analysis of the causes of the fictitious economic fluctuation and its influence on the financial system.3:This part discuss the reform of the American financial supervision system before and after the subprime crisis and compare it with China’s financial supervision system. As the world’s largest economy, the United States is the largest and most representative of the fictitious economy. At the same time in the subprime crisis, the United States is also the most serious damage. So by comparing the American financial supervision system before and after the subprime crisis, the new trend of the fictitious economy can be studied. In the study of the financial supervision system of the United States, the financial supervision system of China and its comparison, we can see the advantages and disadvantages of China’s financial supervision system.