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Title:RAZSEŽNOSTI AKTUALNE FINANČNE KRIZE
Authors:Jambrašič, Andreja (Author)
Savin, Davor (Mentor) More about this mentor... New window
Files:.pdf UNI_Jambrasic_Andreja_2010.pdf (571,12 KB)
 
Language:Slovenian
Work type:Undergraduate thesis (m5)
Organization:EPF - Faculty of Business and Economics
Abstract:Razlogov nastanka finančne krize je veliko in so povezani med seboj. Združene države Amerike so vzpodbujale lastništvo nepremičnin, kar je privedlo do povečanega povpraševanja po hipotekarnih posojilih, kar so še dodatno vzpodbujale nizke obrestne mere. Posojilni pogoji so se začeli krhati in naraščala je ponudba finančnih inovacij. Pojavilo se je listinjenje, ki predstavlja združevanje hipotekarnih posojil v velike pakete in njihova prodaja. Ameriške kot tudi evropske banke in zavarovalnice so kupovale te zapakirane kredite in se v trenutku, ko kreditojemalci niso bili sposobni odplačevati kreditov, znašle v nezavidljivem položaju. Mnogo hipotekarnih posojil je bilo odobrenih na podlagi posojilojemalčeve izjave o dohodku, brez preverjanja njegovega finančnega stanja. Ko so obrestne mere za najeta posojila začela naraščati in je počil nepremičninski balon, so cene nepremičnin zgubljale vrednosti in ljudje niso bili več sposobni odplačevati kreditov. Dolg je postal večji kot vrednost zastavljene nepremičnine. Propadle so banke in druge finančne institucije. Zgodile so se nacionalizacije finančnih institucij in odpisi »slabega premoženja«. Izgube bank so pripeljale do medsebojnega nezaupanja na bančnem trgu, s tem pa se je močno zmanjšala likvidnost finančnega trga. Razmere na trgu so pripeljale tako daleč, da nobena banka ni bila pripravljena posojati denarja, saj ni bila prepričana o kreditni sposobnosti nasprotne stranke. To pa je vodilo do finančnega krča. Slovenija kot majhno odprto gospodarstvo ni ostala imuna na dogajanje v ZDA in Evropi. Slovenske banke niso utrpele velikih izgub iz naslova »slabih naložb«, vsekakor pa so jih prizadeli posledični učinki upada likvidnosti na medbančnem trgu. Izvozna podjetja se soočajo z zmanjšanjem in odpovedmi naročil, kar je privedlo do odpuščanj in naraščajoče brezposelnosti. V reševanje krize so se vključile države z reševalnimi paketi in centralne banke z zniževanjem ključnih obrestnih mer in širokim spektrom ukrepov. Na vprašanja, ali smo dosegli dno krize, kdaj se bo kriza končala, kakšne bodo posledice, ali so sprejeti ukrepi dovolj učinkoviti in kako hitro bo okrevanje, lahko le ugibamo.
Keywords:drugorazredna hipotekarna posojila, listinjenje, zadolžnice zavarovane z dolgom, finančna kriza, kreditni krč, protikrizni ukrepi.
Year of publishing:2010
Publisher:[A. Jambrašič]
Source:Maribor
UDC:338.1
COBISS_ID:10323740 Link is opened in a new window
NUK URN:URN:SI:UM:DK:BPFAGGA3
Views:1776
Downloads:313
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Categories:EPF
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Secondary language

Language:English
Title:DIMENSIONS OF THE CURRENT FINANCIAL CRISIS
Abstract:There are several reasons for the existent financial crisis, all of them being connected to one another. The United States of America encouraged owning real estate which, in addition to very low rate of interest, lead to an increase in demand of subprime mortgage loans. Mortgage conditions begun to soften and the supply of financial innovations increased. There also appeared securitization which stands for merging credit loans into packages and their sale. American and European banks and insurance companies bought these packages and were caught in an unenviable position the moment it turned out that the loaners weren't capable of repaying their debts. Various loans were granted on the basis of the loaner's statement about their income, without verification of their financial status. Once the rate of interest for loans started to increase rapidly and the real estate bubble burst, real estate begun to lose value and people weren't capable of paying back loans anymore. Loans started to exceed the value of the pledged property. Banks and some other institutions went bankrupt. Financial institutions were nationalized and there have also been »bad wealth« write offs. Banks' losses lead to mistrust in the bank market which severely decreased financial markets liquidity. Situation on the market went as far as no bank being willing to money for the lack of trust towards another bank's credit ability. All of the above caused a financial crunch. Slovenia, being a small open economy, did not remain immune to the situation in USA and elsewhere in Europe. While Slovenian banks didn't suffer severe loss from »bad investments«, they certainly felt the consequences of the decrease in liquidity in the inter-bank market. Exporting companies have been facing the decrease in the number of and cancellations of orders which has consequently been leading to layoffs and increased unemployment. Countries are contributing to solving the crisis with aid packages and central banks by lowering crucial interest rates and wide spectrum of other anti-crisis measures. Answering the questions of whether we have reached the lowest point the crisis, when will it end, what will be the consequences of it, if the measurements are effective enough and how long will it take economy to recover, are mere speculations.
Keywords:subprime mortgage loans, securitization, collateralized debt obligations, financial crisis, credit crunch, anti-crisis measures


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