2008

Internet (dot-com bubble)

(Recession)

, ,

Institut dEtudes Politiques de Paris, France


(MBA), Paris, France

All Rights Reserved Dyna Seng 2008

Subprime

Subprime ?

Subprime (Subprime Loan)

()

(

(High Risks)

)


Prime Loan

(Prime Loan)

(Prime Loan)

Subprime

(Federal Funds Rate)

%
Subprime

,%

Subprime

%
,%
Subprime

,%



Subprime

(
)

Subprime

?
Subprime

Subprime

Subprime

Subprime

( )

Subprime?

Subprime

Subprime

% %

Subprime

10

Subprime

11

12

 Subprime

?
?

Subprime

Subprime

Subprime

Subprime ?

13

)
(

14

Subprime

Subprime

Subprime

Subprime

15

?
?

Subprime

Subprime

Subprime

Subprime

16

Subprime

Subprime

Subprime

(Speculation)

Subprime

17

(Stock Market)?

(Stock Market)

?
(Stock)

(Dividends)

) % ()


Bill Gates
Microsoft
)

% (

18

 Microsoft

(Nominal Value)

( $ = $ )

(Primary Market)

(Nominal

Value)

% %

(Secondary Market)

(Stock

Exchange)

19


(Nominal Value)

(Speculative Value)

>

(Demand > Supply)

(

> )

20

(Nominal Value)

Subprime

?

Subprime

(High Risk)

21

(%, %

%
)

Subprime

AIG

(Credit

Crunch)

22

23

Subprime

Subprime

Subprime

Subprime

Subprime

Subprime ?

?!

24

(
)

25

(Speculative Value)

(Real/Nominal Value)

(Consumers)

(Deflation)

(Recession)

26

27

,
,
/

Subprime

Subprime

Subprime

28

Henry

Paulson

Ben Benanke

Subprime

Subprime

Subprime

29

,%

,%
%

30

,% %

,%

?
?

?!

31

?!

32

?!

?!

33

34

,%

35

(Deflation)

36

Budgetary

Policy)

John Maynard Keynes

John Maynard Keynes

37

Multiplier Effect

! Multiplier Effect !

38

,% ,%

,%

********@********

39