In which month did the financial crisis begin?

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, in June of 5438+00, a financial crisis occurred in new york, and a series of enterprises in London closed down. Bahrain Bank almost closed down in June of 1 10, only with the help of the syndicated guarantee fund led by William Lidderdale, governor of the Bank of England, but Britain helped South Africa, Australia, the United States and other Latin American countries. 1928 In the spring, new york's stock market began to prosper, draining the credit sources that could have been invested in Latin America, which led to economic depression in these countries and regions. The suspension of overseas credit is likely to accelerate the overseas economic recession, which will have an impact on the countries that caused all this. In 1990s, with the expansion of international hot money, international monetary and financial crises broke out frequently. According to a study completed by Barry Eisengreen and Michael Bodo in 200 1 year, the probability of financial crisis in a randomly selected country in 200 1 year is greater than that in 1973/times. The media left many words to describe this phenomenon: 1994 "tequila effect", "Asian flu" and "Russian virus" in the Mexican crisis, and the research on the contagion mechanism of monetary and financial crises also rose rapidly. Because a variety of crisis contagion mechanisms need to be realized under the conditions of open capital account and financial market, China survived the Asian financial crisis of 1997 to a great extent by moderate control of capital account and low openness of financial service market. But today, with the changes in China's economic and financial situation, although China's capital account has not been fully opened, the risk of crisis contagion has greatly increased. The American subprime mortgage crisis that shocked the international financial market sounded the alarm for us, indicating that international finance.

From June 65438 to June 0997, a financial crisis broke out in Asia, and the development process of this crisis was very complicated. The end of 1998 can be roughly divided into three stages: 1997.

June to 65438+February; 1998 1 month to1998 July; 1998 July to the end of the year.

The first stage: 65438+1July 2, 1997, Thailand announced that it would abandon the fixed exchange rate system and implement a floating exchange rate system, which triggered a financial storm sweeping Southeast Asia. On the same day, the exchange rate of Thai baht against the US dollar fell by 17%, and financial markets such as foreign exchange were in chaos. Under the influence of the fluctuation of Thai baht, Philippine peso, Asian dong and Malaysian ringgit have become the targets of international speculators. In August, Malaysia gave up its efforts to defend Ringgit. The Singapore dollar, which has been strong, has also been hit. Although Indonesia is the latest country to be "infected", it is the most seriously affected. 10 year 10 in late October, international speculators moved to Hong Kong, an international financial center, aiming at Hong Kong's linked exchange rate system. Taiwan Province authorities suddenly abandoned the exchange rate of the new Taiwan dollar, depreciating by 3.46% a day, which increased the pressure on the Hong Kong dollar and Hong Kong stock markets. 65438+1On October 23rd, Hong Kong Hang Seng Index fell121.47 points; On the 28th, it fell 162 1.80 points, falling below the 9000 mark. Faced with fierce attacks from international financial speculators, the Hong Kong SAR Government reiterated that it would not change the current exchange rate system, and the Hang Seng Index rose to 10000. Then, 1 1 in mid-June, a financial storm broke out in South Korea in East Asia. 17 In June, the exchange rate of the Korean won against the US dollar fell to a record 1 008: 1. 2 1, the South Korean government had to seek help from the International Monetary Fund, which temporarily controlled the crisis. However, on 65438+February 13, the exchange rate of Korean won against the US dollar fell to 1 737.60: 1. The Korean won crisis has also hit the Japanese financial industry, which has invested heavily in South Korea. 1997 a series of Japanese banks and securities companies went bankrupt in the second half of the year. As a result, the Southeast Asian financial crisis evolved into the Asian financial crisis.

The second stage: 1998, Indonesia's financial turmoil resumed. In the face of the worst economic recession in history, the prescription prescribed by the International Monetary Fund for Indonesia failed to achieve the expected results. On February 1 1, the Indonesian government announced the implementation of the linked exchange rate system with a fixed exchange rate between the Indonesian rupiah and the US dollar to stabilize the Indonesian rupiah. This move was unanimously opposed by the International Monetary Fund, the United States and Western Europe. The International Monetary Fund threatened to withdraw its aid to Indonesia. Indonesia is in a political and economic crisis. On February 6/kloc-0, the exchange rate of the Indonesian rupiah against the US dollar fell below 10000: 1. Affected by this, the Southeast Asian currency market once again set off waves, with the Singapore dollar, Malaysian dollar, Thai baht and Philippine peso falling one after another. It was not until April 8 that Indonesia and the International Monetary Fund reached an agreement on a new economic reform plan that Southeast Asian currency markets were temporarily calm. 1997 The financial crisis in Southeast Asia put the Japanese economy, which is closely related to it, into trouble. The exchange rate of Japanese yen dropped from 1 15 at the end of June 1997 to 1 USD at the beginning of April 1998. In May and June, the exchange rate of the Japanese yen fell all the way, once approaching the mark of 150 yen 1 US dollar. With the sharp depreciation of the yen, the international financial situation is more uncertain and the Asian financial crisis continues to deepen.

The third stage: 65438+1At the beginning of August, 1998, international speculators launched a new round of attacks on Hong Kong in the face of the turmoil in the American stock market and the continuous decline of the yen exchange rate. The Hang Seng Index has fallen to over 6600 points. The Hong Kong SAR Government retaliated, and the HKMA used the Exchange Fund to enter the stock market and futures market, absorbing Hong Kong dollars sold by international speculators and stabilizing the foreign exchange market at the level of 7.75 Hong Kong dollars 1 US dollar. After nearly a month of hard work, international speculators suffered heavy losses and failed to realize their attempt to use Hong Kong as a "super ATM" again. While international speculators lost in Hong Kong, they lost in Russia. 17 On August 7, the Russian Central Bank announced that it would expand the floating range of the ruble against the US dollar to 6.0 ~ 9.5: 1, and postpone the repayment of foreign debts and government bonds. On September 2, the ruble depreciated by 70%. This led to a sharp drop in the Russian stock market and foreign exchange market, which triggered a financial crisis and even an economic and political crisis. The sudden change of Russian policy has greatly hurt international speculators who have invested huge amounts of money in Russian stock market, and has led to the overall violent fluctuations in the foreign exchange markets of American and European stock markets. If the Asian financial crisis was still regional before this, then the outbreak of the Russian financial crisis shows that the Asian financial crisis has gone beyond the regional scope and has global significance. By the end of 1998, the economy was still in trouble. 1999, the financial crisis is over.

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.

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.