Research On The Conduciton Of American Financial Crisis

Along with the speeding of world economic integration and financial liberalization process,the economy of all countries in the world have been making mutual penetrations,interdependences and interactions.While Countries are enjoying economic prosperity that open economy brings,they are all exposed to the risks of external shocks.Fuelled by the financial innovation and financial liberalization,the international financial risk make accumulation,zoom in and being spread and as a result.the international financial crisis arise and become more serious.On September 15,2008,America’s fourth-largest investment bank Lehman brothers filed for bankruptcy protection,as the symbol of the American financial crisis.Since the financial crisis swept the world,spread to the rest of the world and caused bankruptcy of financial institutions,volatility of the stock market and turmoil of the international financial market.Global macro economy rapidly deteriorated and world economic growth made recession.Under the onslaught of the current international financial crisis,our country how to deal with the impact of the international financial crisis,there are many problems of theory and practice to study.From the point of theoretical value,theoretically analysis of the international financial crisis under the background of economic globalization transmission and diffusion mechanism,can enrich modern financial crisis conduction theory;Study of the international financial crisis to our country economy conduction channels and means,analysis in the process of economic transformation and development of the particularity of the financial crisis conduction valuable conclusion,can provide theoretical basis for our country to cope with the international financial crisis.From the point of application value,study on the impact effect of the international financial crisis on our country social economy,especially in the financial market,foreign trade,industrial structure and enterprise management,can helps to be timely aware of the dangers of the international financial crisis from different levels and take effective measures in a timely manner.The outbreak of the financial crisis marked the beginning of the conduction process,including domestic crisis conduction and international conduction.Related literature at home and abroad generally defines conduction as multinational conduction,this paper mainly studies the financial crisis multinational conduction;study the mechanism of conduction and conduction channels and conduction effect.This article first discusses the theoretical basis of the financial crisis conduction,mainly making conceptual definition and analysis on the financial crisis and the financial crisis conduction and its category,feature and collation of several typical models of the financial crisis;Analyze the cause of America’s financial crisis and spread,subjective and objective conditions,and crisis conduction path and scope,summed up the particularity of,the U.S.financial crisis compared with all previous financial crisis.Secondly,this article make induction and analysis of the U.S.financial crisis on the U.S.economy and the world economy,especially economy impact and harm to China,Points out the necessity of analysis on the international transmission mechanism of the U.S.financial crisis and make matting for the following empirical research.Then,using panel data econometric methods to analyze,test and analyze the financial crisis transmission mechanism of international trade in the United States.Using ADF test and co integration test,Granger causality test,vector autoregressive model of impulse response and variance decomposition to analyze and test the U.S.financial crisis financial conduction mechanism.Research shows that:the United States financial crisis on China’s conduction mainly goes through trade channels and channels of non-financial,trade channels,trade income and the industrial linkage mechanism plays the main role in the transmission mechanism.The study has following conclusions.Optimize the structure of export products and improve in the international market competitiveness of export products,make a cautious attitude towards liberalization of the country’s financial system,build a scientific financial risk monitoring and financial crisis early warning systemand further improving the financial firewall.