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5 EFS Project 2Research essay
Outline/Plan
Name: ______________________________ Term 9/2012 Term 1/ 2013
Use this template to create your essay outline in NOTE form. Submitthis completed outline on Friday WK 3 together ith a copy of your
articles !minimum of "#
Remember you MUST highlight the sections on the articles that you are going to useas support in your essay an you MUST !rite ne"t to these sections# !hat
paragraph in your essay the ieas !ill be use in$ i$e$ %e&inition paragraph#'P(# 'P2# 'P)$ *'P + 'oy paragraph,$
Title: To what extent have the US governments policies caused the financial
crisis?______________________________________________________________________________________________
THE INFORMATION THAT YOU WRITE BELOW SHOULD BE IN DOT POINT FORM
USING ABBREVIATIONS AND SYMBOLS WHERE APPROPRIATE.
WRITE FULL SENTENCES FOR YOUR THESIS AND TOPIC SENTENCES ONLY!!
THE TOPIC and
THE ISSUE
(quest!n":
To what extent have the US governments policies
caused the financial crisis?
INT#O$UCTION
%a&'r!und
n)!rmat!n *
d))erent +e,-!nts!n t.e ssue:
The U.S. financial crisis in august 200 started to emerge full!"lown in
200#$ the impact from the U.S. financial mar%ets to the glo"al financial
mar%ets continue to spread$ from the virtual econom& to the gradual
infiltration of the real econom&$ so that the glo"al econom& into the worstrecession since world war ''. (s of the end of )ecem"er 200*$ although the
glo"al economic development$ the most difficult period has passed$ some
countries have "een out of the recession and started to recover$ "ut with
var&ing degrees of glo"al economic recover&$ in particular the unusuall&
slow recover& in the developed countries$ even in the face of new attac%s.
The reason$ it is "elieved that this is mainl& due to the formation of the
U.S. financial crisis$ did not eliminate the underl&ing causes are still
ma%ing. Therefore$ in!depth stud& of the cause of financial crisis in the
United States$ there are lots of reasons resulting in the financial crisis.
+an& scholars argues that the world monetar& fluctuations and the oil
crisis mainl& result in the financial crisis. (nd some advocates that theUnited States government policies such as financial policies and fiscal
policies contri"ute a lot to the financial crisis.
(nd the this essa& would specificall& discuss to what extent that United
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States government policies
would cause the financial
crisis.
THESIS
STTEENT
OUTINE O
ST#UCTU#E :
ere$ it is "elieved the Unite States government policies mainl& result in
the financial crisis. (nd it would "e illustrated from the following aspects.
)efinition of currenc& crisis
/omment on (merican governments role in financial crisis
/onclusion
ETEN$E$
$EINITIONP#4#PH ( !)
5E6 TE#S N$
CONCEPTS"
Include references
Definition of cenc" ci#i#
+arx once points out that an& common currenc& crisis is a special stage of
production and "usiness crisis$ which should "e the apart from the special
crisis. The special crisis can produce alone$ onl& reacting to the industrial
and commercial$ and the movement center of this crisis is monetar& capital$
so the direct scope of the crisis is the "an%s$ stoc% exchange and finance
/olander$ et.al$ 200*1.+arxs currenc& crisis has two meanings. or the first t&pe of currenc&
crisis$ it happed in a period of time "efore financial crisis with the currenc&
crisis of economic crisis. (nd the currenc& crisis is the s&mptoms and signs
of financial crisis$ which is caused "& the capitalist overproduction and
capital surplus. or the second t&pe of monetar& crisis$ in the case of an
independent currenc& crisis$ occurs in the financial sector$ which is a
special stage of virtual capital independence movement. 't is from the
disorder withing the financial s&stem as the social reproduction process has
not "een stretched to the limit and the development of comprehensive
production surplus has not &et "een critical degree of the financial
crisis/olander$ et.al$ 200*1.
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%O$6Section $%
1stsu--!rtn
arument
'dentif& main topic of
this section
TOPIC SENTENCE%
(rguments3'deas34oints Sources that support &our
ideas author surname$
date 5 page num"er1
(merican scholars -ehinhart and -ogoff
200#1 comprehensivel& anal&6ed the
influence and results of financial crisis ofUnited States$ and he concluded that the
government intervention contri"utes a lot to
the financial crisis. Since the #0 s last centur&$
the new li"eral capitalism in the United States
occup& the dominant position$ (merican
government implements the financial
deregulation 7on$ 8**91.
Under the governments intervention$ the
United States most housing mortgage loan
originators are regional savings ;an%s and
savings and loan associations$ localcommercial ;an%s are also involved in
mortgage loans.These institutions have not
ver& strong financial strength$ that a lot of
mone& was put on the housing mortgage loan
poses a severe stress to the turnover of
funds. Some.S$ 200#$ 7ol.9@1$4ages$ 2*8!2**
7on$ A. -$ 8**9$ 7ol$
921$ 4ages$ 8!2.
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"onds. +ortgage companies had a stead&
stream of the financing channels$ to create the
rapid growth of new su"prime. 'nvestment
institutions so o"tain higher earnings. Bnce
the "u""les come up$ it can eventuall& result
in financial crisis.
rom this point$ it can see that thederegulation of (merican government on
financial industr& ma%e the "ad situation of
economics. The disorder and irregular
housing loans at the merc& of government
intervention results in the disorder of current
rates$ which contri"utes a lot to the financial
crisis. So the government of (merican on the
housing loan policies ta%e more responsi"ilit&
of the financial crisis.
%!d7Section &%
2ndsu--!rtn
arument
TOPIC SENTENCE%
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'dentif& main topic of
this section (rguments3'deas34oints
;ased on the famous (merican government
intervention theor& put forward "& the
economist Coseph stiglit6$ he thin%s that in
the United States financial crisis is out of a
variet& of factors$ such as the im"alance ofthe real estate mar%et and inappropriate
monetar& polic&$ the chaos of the asset
securiti6ationTa&lor$ 200*1. inancial
derivatives$ credit rating and the lac% of
financial regulation$ loss of e=uili"rium of
international econom& and the international
monetar& s&stem$ the consumption of
economic model and neo!li"eral capitalism$
etc.$ are closel& related to the mar%et defects
and government intervention +ish%in$ 20881.
The financial crisis is li%el& to "e destructive
and has the widest affective scope. (s Coseph
argued$ U.S. governments financial polic& is
a hot"ed of the financial crisis. The long time
loose monetar& polic& and financial
regulation$ on the one hand$ impel the
transformation of the financial mar%ets and
product innovation$ on the other hand also
"ecause of the change of the economic c&cle
and regular$ it plants the seeds of all %inds of
crisis. 'n earl& 2000$ due to the economicdownturn$ in 200@ to 200D the fed has cut
short!term interest rates to %eep the level of
around 8E$ "ut a low interest rate polic&
ended in 2009$ the short!term interest rate
clim"ed to .2E soon. The rising of short!
term interest rates are influenced "& monetar&
polic&$ thus it affect long!term interest rates$
the result is that return curve "egins to flatten$
and narrow the difference "etween the long
and short rates. Thus$ it strongl& affects the
house rate of (merican$ which is the firstphase of financial crisis. So the (merican
governments monetar& polices exert great
impact on the
Sources that support &our
ideas author surname$
date 5 page num"er1
Ta&lor$ C.;$ 200*$ 7ol$
2@21$ 4ages$ 8!
+ish%in$ .S$ 2088$ 7ol$
8981$ 4ages$ 8!82
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%!d7Section '%
3rdsu--!rtn
arument
'dentif& main topic of
this section
TOPIC SENTENCE:
(rguments3'deas34oints
Forld "an% senior vice 4resident and chief
economist Custin Gin said in an interview that
the financial crisis to the current development
stage is greatl& connected to the U.S.
government having not well dealt with the
'nternet "u""le "urst in 2008. 'n the process
of economic "ooms and "usts$ the stoc%
mar%et and real estate mar%et often show the
fluctuations/hristiano$et$al$200D1. ,ventuall&
ma%er people dont understand of the
economic c&cle is not the stoc% mar%et$ also isnot the real estate mar%et$ "ut mastering the
power to implement the expansion of the
monetar& polic& "& the government. (ustrian
school argues that the ultimate source of
economic depression is credit expansion$ and
the modern mar%et econom& power in the
hands of the government$ therefore$ the
government has "ecome the ma%er of the
"usiness c&cle;arnet and /hauvet$ 20881. So
once the stoc% mar%et shows fluctuation$ the
government should adopts suita"le monetar&police to help deal with the pro"lem.
owever$ the (merican government does not
ta%e the new monetar& policies "ased on the
Sources that support &our
ideas author surname$date 5 page num"er1
/hristiano$ G.C$ Aust$ /$
-oldos$ C$ 200D$
7ol$88*81$ 4ages$ 9D!
80@.
;arnet$ F.($ /hauvet$ +$
2088$ 7ol$89881$
4ages$9!2@.
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modern situations "ut releases a series of
laws and policies on restricting export and
import. Thus$ it finall& results in the financial
crisis.
C!n&8us!n
(s is illustrated a"ove$ the nature of the U.S. financial crisis lies in the
intensified currenc& of internal contradictions./urrenc& as pa&ment method
contains a pair of contradictions: the contradiction of calculation and the
real currenc&. Fhen people trust each other$ most trading currenc& would
"e settled "& calculation. Fhen people distrust$ trading should "e carriedout "& real currenc&$ this raises pa& crisis or illi=uidit&$ goods will not "e
a"le to smoothl& transformed into a currenc&$ internal contradictions of
commodit& would out"rea%$ social production will "e in stagnation. rom
the moment$ the financial crisis in the United States will out"rea%$ is
characteri6ed "& illi=uidit&. ;an% credit crunch is a t&pical pa&ment crisis
and credit crisis. Thus$ the economic polic& such as monetar& polic& pla& a
vital role in the financial crisis as it is closel& related to the capital
li=uidit&. (ccording to the argument a"ove$ it can "e concluded that the
government policies contri"ute a lot to the financial crisis.
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#e)eren&es (s 7!u ,!u8d ,rte t.em n a 8!ra-.7 )!88!,n P ude8nes "
Hame of article: 's the 200 US su"!prime financial crisis so different? (n international historical comparison
(uthor: -einhart$ /.+$ -ogoff$ >.S$
Hotes:
http:33www.n"er.org3papers3w8@98
,rror: -eference source not found
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Hame of article: The financialcrisis and the polic& responses: (n empirical anal&sis of what went wrong
(uthor: Ta&lor$ C.;
Hotes:
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Hame of article: +onetar& polic& in a financial crisis$ Cournal of economic theor&
(uthor: /hristiano$ G.C$ Aust$ /$ -oldos$ C
Hotes:
http:33www.sciencedirect.com3science3article3pii3S00220@80@0022#K
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(uthor: /olander$ )$ Aold"erg$+$ aas$($ Cuselius$ >
Hotes: http:33www.tandfonline.com3doi3a"s380.80#030#*8@#80*02*@D80*
,rror: -eference source not found
http://www.nber.org/papers/w14631.pdfhttp://www.nber.org/papers/w14631.pdfhttp://www.tandfonline.com/doi/abs/10.1080/08913810902934109http://www.tandfonline.com/doi/abs/10.1080/08913810902934109http://www.nber.org/papers/w14631.pdfhttp://www.nber.org/papers/w14631.pdfhttp://www.tandfonline.com/doi/abs/10.1080/08913810902934109http://www.tandfonline.com/doi/abs/10.1080/089138109029341097/27/2019 To what extent have the US governments policies caused the financial crisis
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Hame of article:+&th and realit& of /hinas seventeenth!centur& monetar& crisis
(uthor: 7on A. -
Hotes:
http:33Lournals.cam"ridge.org3action3displa&ulltext?
t&peI85fidID829#5LidIC,5volume'dI95issue'dI025aidID8290
Hame of article: +onetar& polic& strateg&: lessons from the crisisM(uthor: +ish%in$ .S
Hotes:
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http:33www.n"er.org3papers3w89
Hame of article:ow "etter monetar& statistics could have signaled the financial crisis
(uthor: ;arnet$ F.($ /hauvet$ +
Hotes:
http:33www.sciencedirect.com3science3article3pii3S0@0DD0980008#2K
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http://www.sciencedirect.com/science/article/pii/S030440761000182Xhttp://www.sciencedirect.com/science/article/pii/S030440761000182X7/27/2019 To what extent have the US governments policies caused the financial crisis
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