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02.06.2023 16:10 •  Английский язык

Following the market turbulence of the 1990s financial crises and September 11 attacks on the U.S. in 2001, financial integration intensified among developed nations and emerging markets, with substantial growth in capital flows among banks and in the trading of financial derivatives and structured finance products. Worldwide international capital flows grew from $3 trillion to $11 trillion U.S. dollars from 2002 to 2007, primarily in the form of short-term money market instruments. The United States experienced growth in the size and complexity of firms engaged in a broad range of financial services across borders in the wake of the Gramm-Leach-Bliley Act of 1999 which repealed the Glass–Steagall Act of 1933, ending limitations on commercial banks' investment banking activity. Industrialized nations began relying more on foreign capital to finance domestic investment opportunities, resulting in unprecedented capital flows to advanced economies from developing countries, as reflected by global imbalances which grew to 6% of gross world product in 2007 from 3% in 2001. The global financial crisis precipitated in 2007 and 2008 shared some of the key features exhibited by the wave of international financial crises in the 1990s, including accelerated capital influxes, weak regulatory frameworks, relaxed monetary policies, herd behaviour during investment bubbles, collapsing asset prices, and massive deleveraging. The systemic problems originated in the United States and other advanced nations. Similarly to the 1997 Asian crisis, the global crisis entailed broad lending by banks undertaking unproductive real estate investments as well as poor standards of corporate governance within financial intermediaries. Particularly in the United States, the crisis was characterized by growing securitization of non-performing assets, large fiscal deficits, and excessive financing in the housing sector. While the real estate bubble in the U.S. triggered the financial crisis, the bubble was financed by foreign capital flowing from many different countries. As its contagious effects began infecting other nations, the crisis became a precursor for the global economic downturn now referred to as the Great Recession. In the wake of the crisis, total volume of world trade in goods and services fell 10% from 2008 to 2009 and did not recover until 2011, with an increased concentration in emerging market countries. The global financial crisis demonstrated the negative effects of worldwide financial integration, sparking discourse on how and whether some countries should decouple themselves from the system altogether.
Задание 2. Выпишите из текста слова и фразы со следующим значением
a) аннулировать, отменить
b) в след за
c) валовый мировой продукт
d) великий экономический спад
e) внутренние инвестиционные возможности
f) возникающие рынки
g) волнения на рынке
h) глобальный дисбаланс
i) денежные потоки
j) дефицит бюджета
k) жилищный сектор
l) заразное влияние
m) инвестиционная банковская деятельность
n) инвестиционный пузырь
o) корпоративное управление
p) кратко инструмент денежного рынка q) массивный сброс акций
r) мировая торговля
s) непродуктивные инвестиции в недвижимость
t) отделиться
u) передовые экономики
v) повлечь за собой
w) подтолкнуть
x) показать
y) превращение неработающих активов в рыночные ценные бумаги
z) предвестник
aa) размер и сложность
bb) смягченная денежно-кредитная политика
cc) усилиться
dd) ускоренный приток капитала
ee) ускорять
Задание 3. Письменно ответьте на вопросы к тексту
1. When were the September 11 attacks on the U.S.?
2. How did worldwide international capital flows change from 2002 to 2007?
3. What did industrialized nations rely on to finance domestic investment opportunities?
4. What features did the global financial crisis of 2007 have in common with international financial crises of the 1990s?
5. What financed the real estate bubble in the U.S.?
6. What is the Great Recession?
7. What did the global financial crisis demonstrate?