《货币银行学》课程教学资源（案例讨论）英格兰银行的拯救行动（双语）

CaseStudy：案例分析FinancialCrisis金融危机Caseone:BankofEnglandtorescueUKlenderTheBank of Englandwill on Fridayprovideemergency funding to rescueNorthern Rock, a leading UK mortgage lender that has fallen victim to the creditsqueeze triggered by the US supreme meltdown.NorthernRock,which had morethan s2oobn in assets atthe end of June,is thefirst UK financial institution to be propped up since the Bank of England in 1998revised therulesunderwhichit wouldactasalenderof lastresortto banks.TheBoE is onFriday expected to saythatasimilarfacility isavailableto anyotherinstitutionfacingshort-termdifficulties.Questions:(1)Whatroledoesthecentralbankplayinthepotentialfinancialcrises?(2) Explain the reason that "UK mortgage lender that has fallen victim to thecredit squeeze triggered by the Us supreme meltdown", and asses thedrawbackoffinancialglobalization.Case two: TheAsian financial crisisThe Asian financial crisis involves four basic problems or issues: (1) a shortage offoreign exchange that has caused the value of currencies and equities in Thailand,Indonesia, South Korea and other Asian countries to fall dramatically, (2)inadequately developed financial sectors and mechanisms for allocating capitalin the troubled Asian economies, (3) effects of the crisis on both the United Statesand the world, and (4) the role, operations, and replenishment of funds of theInternational Monetary Fund.The Asian financial crisis was initiated by two rounds of currency depreciationthat have been occurring since early summer 1997. The first round was aprecipitous drop in the value of the Thai baht, Malaysian ringgit, Philippine peso,and Indonesian rupiah. As these currencies stabilized, the second round beganwith downward pressures hitting the Taiwan dollar, South Korean won, Brazilianreal, Singaporean dollar, and Hong Kong dollar. Governments have countered the

Case Study : 案例分析 Financial Crisis 金融危机 Case one: Bank of England to rescue UK lender The Bank of England will on Friday provide emergency funding to rescue Northern Rock, a leading UK mortgage lender that has fallen victim to the credit squeeze triggered by the US supreme meltdown. Northern Rock, which had more than $200bn in assets at the end of June, is the first UK financial institution to be propped up since the Bank of England in 1998 revised the rules under which it would act as a lender of last resort to banks. The BoE is on Friday expected to say that a similar facility is available to any other institution facing short-term difficulties. Questions: (1) What role does the central bank play in the potential financial crises? (2) Explain the reason that “UK mortgage lender that has fallen victim to the credit squeeze triggered by the US supreme meltdown”, and asses the drawback of financial globalization. Case two: The Asian financial crisis The Asian financial crisis involves four basic problems or issues: (1) a shortage of foreign exchange that has caused the value of currencies and equities in Thailand, Indonesia, South Korea and other Asian countries to fall dramatically, (2) inadequately developed financial sectors and mechanisms for allocating capital in the troubled Asian economies, (3) effects of the crisis on both the United States and the world, and (4) the role, operations, and replenishment of funds of the International Monetary Fund. The Asian financial crisis was initiated by two rounds of currency depreciation that have been occurring since early summer 1997. The first round was a precipitous drop in the value of the Thai baht, Malaysian ringgit, Philippine peso, and Indonesian rupiah. As these currencies stabilized, the second round began with downward pressures hitting the Taiwan dollar, South Korean won, Brazilian real, Singaporean dollar, and Hong Kong dollar. Governments have countered the

weakness in their currencies by selling foreign exchange reserves and raisinginterest rates, which, in turn, have slowed economic growth and have madeinterest-bearing securities more attractive than equities. The currency crises alsohasrevealedsevereproblemsinthebankingandfinancialsectorsofthetroubledAsianeconomies.The International Monetary Fund has arranged support packages for Thailand,Indonesia, and South Korea. The packages include an initial infusion of fundswithconditionsthatmustbemetforadditional loanstobemadeavailableQuestions:(1)Whatisfinancialcrises?(2) Whatis thereason of The1997Asian financialcrisis?(3)whythecrisesinonecountryorzoneaffectanothercountryofzone?

weakness in their currencies by selling foreign exchange reserves and raising interest rates, which, in turn, have slowed economic growth and have made interest-bearing securities more attractive than equities. The currency crises also has revealed severe problems in the banking and financial sectors of the troubled Asian economies. The International Monetary Fund has arranged support packages for Thailand, Indonesia, and South Korea. The packages include an initial infusion of funds with conditions that must be met for additional loans to be made available. Questions: (1)What is financial crises? (2) What is the reason of The 1997 Asian financial crisis? (3) why the crises in one country or zone affect another country of zone?