Liquidity risk may break out japan property agency

Liquidity risk may break out japan property agency, triggering a chain reaction such as asset selling and even credit risk. Based on foreign experience japan property agency, we believe that one goal of this round of domestic financial deleveraging is to curb the disorderly expansion of the financial industry. Another goal is for high-risk financial institutions japan property agency, in fact, Japan and the 21st century in the 1980s and 1990s japan property agency. At the beginning of Europe and the United States, they all experienced the expansion of financial and asset bubbles japan property agency, and also experienced the process of leveraging. Once again, reviewing these history from the perspective of financial deleveraging may have implications for the current domestic situation. Implement a loose monetary policy japan property agency. At the same time, in the 1990s, the United States liberalized the mixed operations of financial institutions, and the regulatory system did not keep up with the rhythm. The banking industry began a radical expansion. In 02-07, the average growth rate of total assets was nearly 10%, and the highest level exceeded 13%. During this period, the US GDP growth rate was only 3.8%. The real estate industry has become the focus of bank asset allocation. Even if the bank does not allocate MBS, the average growth rate of US bank investment in real estate in 02-07 is as high as 12%. In the real estate boom of 02-07, the US banking industry More is the use of foot levers. Because the US banking industry’s statements are relatively transparent, in order to circumvent regulation, banks have transferred large amounts of assets and liabilities out of the table. For example, as of the end of 2008, the scale of off-balance sheet assets of the top four deposit companies in the United States reached 5.2 trillion US dollars. In addition, the shadow banking system, which is dominated by money funds and investment banks, has experienced explosive growth. Because of the looser regulation, the funds are then invested in long-term, high-yield assets such as MBS. In particular, the high leverage of investment banks is more obvious. For example, the top five investment banks in 2007 reached 4.1 trillion US dollars, accounting for about 30% of US GDP. 1.2 Rapid financial clearing, slow economic recovery Since 2006-07, the subprime market has gradually defaulted and sold, and house prices began to fall. The risks of financial institutions equipped with real estate-related assets also began to be exposed. On the one hand, the asset side began to shrink and credit risk broke out. On the other hand, the debt side financing was difficult. The US government also rescued some financial institutions and allowed some financial institutions to go bankrupt. . First, the Fed provides liquidity support to various types of financial institutions through various tools such as discount, TAF, PDCF, TSLF, AMLF, etc., while lowering the benchmark interest rate to reduce market financing costs.Among the top five investment banks in the United States, Lehman Brothers went bankrupt and reorganized. Bear Stearns and Merrill Lynch were acquired by JP Morgan Chase and Bank of America respectively, and Goldman Sachs and Morgan Stanley were transformed into commercial banks. After multiple channels such as bailout, bankruptcy, restructuring, and merger,

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