Summary of international experience research on financial deleveraging: Developed economies have experienced the expansion of financial and asset bubbles japan property agency, and have also experienced the process of leveraging. They have once again reviewed the history from the perspective of financial deleveraging japan property agency, and may have some current domestic situation. Revelation. In order to circumvent regulation japan property agency, the bank also transferred a large amount of assets and liabilities to the off-balance sheet japan property agency. At the same time, the shadow banking system dominated by money funds and investment banks has exploded japan property agency, and risk appetite and leverage are more radical. Finance quickly cleared out and the economy recovered slowly. For example japan property agency, more than 500 banks went bankrupt in 2008-14. After many ways, such as bailout, bankruptcy, restructuring, and mergers, the US financial industry can be described as a big “transformation”. However, in this process, the financial industry quickly cleared up, the function of financing to the entity recovered, and the US economy began to improve. Eurozone: Leverage first rises and then falls, and financial returns are stable. Active debt plus leverage, the bank is in crisis. The European banking industry also expanded aggressively before the 2008 financial crisis. Europe strengthened its regulatory requirements and pushed commercial banks to leverage. The proportion of non-deposit liabilities fell from 67% to 58%. In the 11 years, the EU will increase the core tier 1 capital adequacy ratio of large banks. The demand is raised to 9%; the euro zone also requires shareholders and creditors to bear the risk first, and the government does not easily rescue. After undergoing regulatory rectification, most banks returned from the investment banking business that relied on capital leverage to the traditional business model. In the 1980s, the leverage of the Japanese banking industry increased significantly, the proportion of deposits shrank, and the proportion of active liabilities rose from 17% to 27%. After the banks add leverage, the proportion of investment in real estate and finance continues to increase, which exacerbates risks. Leverage is slow and credit is difficult to improve. As the Bank of Japan began to raise interest rates in 1989, the real estate bubble burst and the bank’s NPL ratio soared. However, unlike Europe and the United States, Japan’s early treatment of non-performing loans in the banking industry was not firm enough and not timely enough. Bank operators took delays and covered up. The way. In the case of loose monetary policy and financial supervision, financial institutions such as banks tend to increase risk appetite, actively leverage, allocate funds to high-risk and high-yield areas, and increase both liquidity risk and credit risk. The fall triggered a crisis. In contrast, China’s current financial industry is de-leveraging. In the past few years, under the background of monetary easing, interest rate liberalization, and financial regulation, financial institutions such as banks and insurance have taken the initiative to increase leverage, and funds have flowed to real estate. This process has developed in Europe and the United States. The country is very similar.
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