The Wall Street storm triggered by the American subprime mortgage crisis has evolved into a global financial crisis. The rapid development, large quantity and great influence of this process can be said to be unexpected.

Generally speaking, it can be divided into three stages: first, the debt crisis, housing lenders can not repay the principal and interest on time caused by the problem. The second stage is the liquidity crisis.

Due to the debt crisis, some of these financial institutions cannot have enough liquidity in time to meet the creditors' requirements for liquidation. The third stage is the credit crisis. In other words, people have doubts about credit-based financial activities, leading to such a crisis.

2. Hong Kong's financial defense

At the beginning of Hong Kong's return from 65438 to 0997, the Asian financial crisis broke out. 1998 from mid-July to August, international financial speculators attacked the Hong Kong dollar three times and took actions in the foreign exchange market, stock market and futures market at the same time. They used financial futures to buy Hong Kong dollars with three-month or six-month Hong Kong dollar futures contracts, and then quickly sold them short, resulting in a sharp rise in Hong Kong dollar interest rates and a sharp drop in the Hang Seng Index, from which they made huge profits.

3. International financial crisis

The financial crisis caused by external factors and its international contagion are not recent phenomena. 1873, German and Austrian economic prosperity attracted capital to stay at home, and foreign credit suddenly stopped, which made it difficult for American Jay Cooke companies to operate.

1890 London Bahrain Brothers Investment Bank has a payment crisis against Argentina's creditor's rights. In addition, 10 In June, a financial crisis occurred in new york, and a series of enterprises in London closed down. Bahrain Bank almost closed down in June 1 10, only with the help of the syndicated guarantee fund led by William Lidderdale, governor of the Bank of England.

British loans to South Africa, Australia, the United States and other Latin American countries have also fallen sharply, resulting in the economic crisis in these countries and regions lasting to 1893.

4. Asian financial crisis

From June 65438 to June 0997, a financial crisis broke out in Asia, and the development process of this crisis was very complicated. By the end of 1998, it can be roughly divided into three stages: June 1997 to February12; 1998 1 month to1998 July; 1998 July to the end of the year.

There are many reasons for the financial crisis from 65438 to 0997. Chinese scholars generally believe that it can be divided into direct trigger factors, internal basic factors and world economic factors.

5. Global financial crisis

2007-2008 Global Financial Crisis

Also known as financial tsunami, credit crisis and Wall Street tsunami, it was a financial crisis that began to appear on August 9, 2007. Since the subprime mortgage crisis broke out, investors began to lose confidence in the value of mortgage-backed securities, which triggered a liquidity crisis.

Even if many central banks injected huge amounts of money into the financial market many times, they could not stop the outbreak of this financial crisis. Until 2008, the financial crisis began to get out of control, leading to the closure or takeover of many large financial institutions by the government.

Baidu Encyclopedia Financial Crisis