Enlightenment And Study Of Causes Of American Financial Crisis

The American financial tsunami which broke out in September2008spreadthroughout the world from the United States,then the global economy entered into arecession. However many scholars disagree on the cause of the outbreak of thefinancial crisis.Some believes the reason is the overflow of neo-liberalism, and someones believe the reason is the excessive government intervention, Even somescholars think the financial crisis was due to China and other countries’ over savings.What is different from the financial crises before is the fast increase offinancial derivatives in fictitious capital market development. Fictitious capitalmarket is an important part of market economy, and it has important relations withthe country’s economic order. And how is the fictitious capital markets in thefinancial crisis to run, its size, the relation between the movement of virtual capitaland the financial crisis, how to prevent similar financial crisis breaks out again, and aseries of problems are worth to study.Combining with Marx’s fictitious capital theory, this paper gives studies onreasons and development of the financial crisis, including the analysis of housingprice, housing mortgage loan and mortgage derivatives, and the relation between themovement of fictitious capital with the finical crisis. This paper got some reasons forthe finical crisis.First,it is that the risk of real estate market spread to fictitiouscapital market. Second is the excessive development of fictitious capital market, andthe imbalanced development of entity capital and the fictitious capital.Third,it is thatthe overproduction of development into the overproduction of fictitious capital,which caused by the capitalist system. Finally this paper draws lessons from theAmerican financial crisis and gives countermeasures for construction of fictitiouscapital market and avoiding the fictitious capital markets crisis in China,whichincludes the inhibition of asset price bubbles, control the risk of housing loans andother loans, strengthen the regulation of financial derivatives market and developmoderate scale of fictitious capital market, coordinate the balanced development offictitious capital market and the real economy.