课程名称︰经济危机史 课程性质︰选修 课程教师︰魏凯立 开课学院：社科院 开课系所︰经济系 考试日期（年月日）︰2012/01/09 考试时限（分钟）：120 是否需发放奖励金：是! （如未明确表示，则不予发放） 试题 : Answer 3 out of 5 questions 1. How is Ohanian's view of the Great Depression different than that of most economists? What do you think is the strongest argument in support of his view? What do you think is the strongest argument against his view? How does his view of the Great Depression affect his view of the recent recession? 2. Briefly describe what happended during the 1997 Asian financial crisis. State three policies economists have suggested to avoid or overcome such financial crises. State a weakness of each policy suggested. 3. What are credit default swaps and how are they traded? If a speculator had information that a country would soon default on a bond, how could the speculator use a credit default swap to make money from this information? Describe one way credit default swaps can make financial markets more efficient, and one way in which they might hurt the efficiency of financial markets. 4. Why are mortgages bundled into collateralized debt obligations (CDOs)? Why are these Cdos divided into tranches? Describe one danger that results from bundling mortgages into CDOs and trading them. What is the danger in issuing commercial paper to finance the purchase of CDOs? 5. Describe two ways in which a financial crisis can hurt the real economy. Describe one policy used by the U.S. government to limit the real effects of the recent financial crisis. Would you consider this policy to have been successful? Why or why not? How have the real effects of the recent recession in the U.S. differed from the real effects in Europe? --

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