Financial Crisis 2008 Explained: Causes And Consequences
X
  • وقت
  • دکھائیں
Clear All
new posts
  • #1 Collapse

    Financial Crisis 2008 Explained: Causes And Consequences
    Assalamu Alaikum Dosto!

    Financial Crisis 2008 Explained: Causes And Consequences


    Finance industry aur puri economy ke andar factors ki confluence ne 2008 ki finance crises ka aghaz kiya. Lekin, is crisis ka asal sabab financial industry ki tanzeem mein azadi ka tha, jo bankon ko derivatives mein shamil hone ki permit karti thi. Is azadi ne bankon ko derivatives ki munafa bakhsh farokht ko support karne ke liye mazeed mortgages ki talaash karne ki ijaazat di. Subprime borrowers ki taraf rujhan ke liye, banks ne aise loans pesh kiye jin mein sirf interest dena hota tha aur jo sasta nazar aata tha.
    Mushkilat tab badh gayin jab, 2004 mein, Federal Reserve ne fed funds rate ko barha diya, bilkul us waqt jab in naye loans ki interest rates reset ho rahe thay. Is natije mein, 2007 mein, housing prices kam ho gayiye thi jiska sabab oversupply aur demand ke mutabiq tha. Is housing prices ki kami ne homeowners ko phansaya jinhe apni mortgage ki payments afford karna mumkin nahi tha aur na hi woh apne ghar bech sakte thay. Iske alawa, jab derivatives ki qeemat gir gayi, to banks dosray banks ko qarz dene mein dhaire huye. Ye aik shadeed maliyat ka sabab bana, jo akhir mein Great Recession mein muntaqil ho gaya.

    Deregulation (Azadi)

    1999 mein, Gramm-Leach-Bliley Act, jo ke Financial Services Modernization Act bhi kehlaya jata hai, pass hua, jo ke Glass-Steagall Act of 1933 ko maqool kar dene wala tha. Is act ne financial industry ko azad kardia aur banks ko deposits ka istemal derivatives mein invest karne ki ijaazat di. Bank lobbyists ne yeh dawa ki ke yeh tabdeeli zaroori hai taake woh foreign firms ke sath muqablah kar sakein aur unho ne ittefaqan ye bhi kaha ke woh sirf low-risk securities mein invest karenge taake unke customers ki hifazatiyat ki jaye.
    Iske baad, aglay saal, Commodity Futures Modernization Act pass hui, jo ke credit default swaps aur dosray derivatives ko regulatory oversight se mehfooz karne ka ijazat deti hai. Yeh federal legislation pehle ke state laws ko replace karti hai jo speculative activities par rok lagati thi. Khaas taur par, isne energy derivatives ki trading par kisi bhi qisam ke regulations ko exclude kiya.
    Dono acts ke pass hone ke peeche ke asal force Senator Phil Gramm thay, jo ke Texas se thay aur jo Senate Committee on Banking, Housing, and Urban Affairs ka chairman thay. Yeh zaroori hai ke yaad kia jaye ke Senator Gramm ko Enron naam ke energy company ki lobbyists ki taraf se input mila tha. Iske alawa, Senator Gramm ki biwi pehle hi Commodities Future Trading Commission ki chairwoman rahi hui thi aur Enron ke board ke member bhi thi. Enron, jo ke Senator Gramm ke political campaigns ke liye major contributor tha, derivatives trading mein shamil hone ka tajaweez karta tha apne online futures exchanges ke zariye. Enron ne ye dawa ki ke foreign derivatives exchanges ne overseas firms ko unfair competitive advantage de rahe the.
    Iske alawa, influential shakhsiyatien jese ke Federal Reserve Chairman Alan Greenspan aur former Treasury Secretary Larry Summers ne is acts ke pass hone ko aktively support kiya.

    Securitization


    Securitization ek mushkil process tha jo alag alag financial instruments, jese ke mortgage-backed securities (MBS), collateralized debt obligations (CDOs), aur derivatives ki sale se shuru hota tha hedge funds aur dosray entities dwara. Mortgage-backed securities ne underlying mortgages ke qeemat ko represent kiya tha jo collateral ke tor par istemal hoti thi. Banks in mortgages ko individuals se hasil karte thay aur phir inko secondary market par bechte thay.
    Hedge funds phir is tarah ke mortgages ko bundle karte thay, computer models ka istemal karke jama kiye gaye mortgages ki qeemat ka andaza lagate hue, jismein mahine ki payments, kul qarza, adaigi ki taqat, aur mustaqbil ki home prices jese factors shaamil thay. Ye mortgage-backed securities phir investors ko bech diye jate thay.
    Jab bank ne mortgage becha, to usne milay hue funds ka istemal naye loans dene ke liye kar sakte thay. Jab bank phir bhi payments borrowers se collect karta tha, to ye payments hedge fund ko forward kiye jate thay, jo usay apne investors mein taqseem karta tha. Is process ke doran, shamil hone wale mukhtalif parties ne munafa ka hissa lia, jiski wajah se securitization banks aur hedge funds ke liye ek attractive strategy ban gaya kyun ke ismein kam risk mehsoos hota tha.
    Lekin, investors default ke risk ko assume karte thay. Apni pareshaniyon ko kam karne ke liye, insurance credit default swaps (CDS) ke roop mein mojood thi. Companies jese ke American International Group (AIG) ne ye CDS beche, jo ke investors ke liye ek safety net pesh karte the. Is insurance coverage ne investors ko in derivatives mein tijarat karne ke liye utsuk banaya. Waqt ke sath, ye securities ke malik pension funds, baray banks, hedge funds, aur aam investors mein shaamil ho gaye. In derivatives ke mashhoor malik thay Bear Stearns, Citibank, aur Lehman Brothers.
    Real estate aur insurance ke sath taalluqat rakhe jane wale derivatives ki munafa asal thi. Jab is tarah ke derivatives ki demand badhti gayi, to banks ko in securities ki pedaish ko support karne ke liye mazeed mortgages dene par majboor karna tha. Is demand ko pura karne ke liye, banks aur mortgage brokers ne lending standards ko kamzor kiya aur ghar ke loans ko aam borrowers ko bhi dene ka faisla kiya.

    Fed Ne Subprime Borrowers Par Rates Increase Ki

    2001 ki recession ke baad, banks, jo maeeshat girane ke asarat mein ghire thay, ne naye derivative products ko khush aamdeed ki. Recession ke jawab mein, Federal Reserve Chairman Alan Greenspan ne December 2001 mein Fed funds rate ko 1.75% tak kam kiya. Yeh rate phir November 2002 mein 1.25% tak aur kam kiya gaya.
    Rate kam karne se adjustable-rate mortgages par bhi kam interest rates aaye, jo in mortgages ki payments ko afford karne ko asaan bana deti thi. Ye mortgages short-term Treasury bill yields se mutasir hoti thi, jo ke Fed funds rate par asar daalte hain. Lekin, interest rates mein kami ne banks ki income ko bhi mutasir kia, kyun ke unki aamdani loan interest rates par zyada depend karti thi.
    Interest-only loans ki dastiyabiyat ne un logon ke liye jinhe conventional mortgages afford nahi kar sakte thay, mein dilchaspi paida ki. Is natije mein, subprime mortgages ka hissa, 2007 tak dubkar 14% tak pohanch gaya. Mortgage-backed securities ki pedaish aur secondary market ka kam karna, ne 2001 ki maeeshat girane mein bhi hissa liya.
    Lekin, is halat ne 2005 tak real estate market mein aik asset bubble mein izafah bhi kiya. Mortgages ki buland demand ne housing demand ko barha diya, jiski wajah se homebuilders ne is demand ko pura karne ka faisla kia. Bohat se logon ne low-interest loans ka faida uthaya aur gharain investments ke tor par khareedne ka irada kia, tawanai ke barhne ke sath sath unhe bechne ka irada karte hue.
    Aik baray hisse ke adjustable-rate loans walay borrowers ko yeh maloom nahi tha ke unke rates tees se panch saal ke baad reset honge. 2004 mein, Federal Reserve ne interest rates ko barhane ka faisla kia, jiski wajah se saal ke end tak ye 2.25% tak pohanch gaya. Iske natije mein, 2005 ke end tak, ye 4.25% tak barh gaya. Aakhir mein, June 2006 tak, ye rate 5.25% tak pohanch gaya. Homeowners ne mehsoos kia ke ye interest rates pehle ke fed funds rate ke muqablay mein tezi se barh rahe hain.
    2005 tak, homebuilders ne high housing demand ko pura kar dia tha, jiski wajah se homes ki oversupply ho gayi thi. Is natije mein, housing prices kam hone lagi. April 2006 mein apne peak se le kar March 2011 mein apne lowest point tak, home prices mein aik numaya giravat hui, jismein 33% ka izafah hua.
    Home prices ki kami ne mortgage holders par gehra asar dala, kyun ke unhone apne gharain itni qeemat par nahi bech sakte thay jo unke maqami loan amounts ko cover karti. Iske alawa, Federal Reserve ke rate barhane ne naye homeowners ke liye bhi mushkilat ko barhaya, jo barhte hue mortgage payments afford karne mein asani nahi mahsoos kar sakte thay. Is real estate market bubble ka phatna wazeh ho gaya aur 2007 mein ek banking crisis ko trigger kia, jo ke baad mein 2008 mein Wall Street tak phail gaya.
    Ye waqiat ek chain reaction ko shuru karte hain, jismein housing market ka collapse aik catalyst ki tarah kaam karta hai jo agle saalon mein hone wale baraayi maliyat crisis ka asal sabab ban gaya.

    2008 K Financial Crisis K Asarat

    2008 maliyat crisis ne dunia bhar mein maeeshat, maliyat markets, aur afrad par asarat dalne wale intehai asarat paida kiye. Is crisis ke kuch asarat mein shaamil hain:
    • Global Recession
      Maliyat crisis ne aik shadeed aalmi girawat ko trigger kia, kyun ke ye United States mein shuru hui thi magar jald hi dunia ke dosray hisson mein bhi phail gayi. Bohat se mulk manfi GDP growth, buland bayrozgari dar, aur karobar ki faalat mein kami ka samna kar rahe thay.
    • Bank Failures Aur Bailouts
      Kai baray banks aur maliyati idaray is crisis mein ghair mustehkam ya toot gaye. Lehman Brothers, aik badi investment bank mein se aik, ne bankruptcy ki darkhwast di, jiski wajah se financial system mein ittefaq ka nuqsan hua. Hukumat ne is sector ke mukammal collapse ko roknay ke liye dakhla kia, bailouts aur maliyati madad faraham karke industry ko mustehkam karne mein madad ki.
    • Housing Market Girawat
      Crisis ka asal sabab US housing bubble ka phatna tha, jiske natije mein housing prices mein kami aur mortgage defaults mein izafah hua. Bohat se homeowners ne apne gharon ko bechne par unhe unke outstanding loan amounts ko cover karne wali qeemat milne mein mushkilat ka samna karna pada. Iske alawa, Federal Reserve ke rate barhane ne new homeowners ke liye bhi mushkilat ko barhaya, jo barhte hue mortgage payments afford karne mein asani nahi mahsoos kar sakte thay.
    • Unemployment Aur Jobs Ka Nuqsan
      Financial crisis ne mukhtalif sectors mein shadeed naukriyon ka nuqsan hasil kiya. Jab ke asbab mali mushkilat aur consumer spending mein kami ke liye businesses ko qarz aur nuqsan uthana pada, unhe majboor kiya gaya ke woh apne amliyat ko kam karein, workers ko nikalein, ya mukammal taur par band kar dein. Bayrozgari darat buland hui, jiski wajah se bohat se afrad aur unke ghar walon ko mushkilat ka samna karna para.
    • Government Debt Aur Bachat k Iqdamat
      Hukumat ne dunia bhar mein bailouts, stimulus packages, aur maeeshat ke asarat se nijat ke liye qarza uthaya. Is natije mein, bohat se mumalik ko izafah hua, jo ke baad mein austeriti tadabeer jaise ke kharch kam karna, tax barhane, aur halki public services ko kam karna ke taur par zahir hua.
    • Stock Market Ki Volatility
      Maliyat crisis ke doran stock markets ne shadeed idraaj mehsoos kiya. Stock prices mein giravat hui, jiski wajah se investors ko ittefaq kho gaya aur market capitalization mein tezi se kami hui. Markets ko stable hone mein kayi saal lag gaye.
    • Regulatory Reforms
      Maliyat crisis ne maliyati industry ko hukumat dwara tanzeem dene wale dastoor mein nuqsanat aur kamiyon ko saamne la diya. Hukumat aur tanzeemi idaray ne tafteesh ko mazeed mustehkam banane, shafaafiyat mein izafah, aur ek mawafiq crisis ko dobara na hone dene ke liye mukhtalif islahat ko amal mein lane ka dawa kia. Ismein United States mein Dodd-Frank Act aur duniya bhar mein Basel III framework shaamil hain.
    • Awaam Mein Adam-e-I'timad Aur Ittefaq Ka Nuqsan
      Crisis ne mali idaroon, hukumaton, aur umoomi ma'eeshat ke nizam par awaam ke i'timad mein kamzori aur ittefaq mein nuqsan paida kia. Logon ko aisa mehsoos hua ke kuch maliyati karindon ne tamam mehnatmandon ka faida uthaya, jokhim uthaya, aur jimmedari ka hissa nahi liya. I'timad ko dobara qaim karne aur mali sector mein ittefaq ko dobara banane ka silsila jari raha hai.
    • Dairpaishi Maeeshati Asarat
      2008 maliyat crisis ne ma'ashat mein dairpaishi asarat paida kiye. Kai mumalik ne tez bahali ke douran dhire dhire izaafah hote hue mukhlis aur ruka hua tijarat tajaweez ki. Ye crisis ma'eeshat ke andar aisi masail ko roshni mein daal gaya jo ke amliyat mein masawi aur dolat ka taqseem mein farq karne wale asarat hain.
    • Finance Tawun Par Izafah
      Crisis ne maliyati tawun aur dastoor mein izafah ko barhane ka dawa kia. Tanzeemein rishwat nigrani, maaliyat ki darkhwaston ki zaruraton mein izafah, aur stress testing jaise tajaweez ko nafiz karne par ziada tawajju di gayi taake maliyat idara aur maeeshati nizam ki mustehkamai ko yaqeeni banaya ja sake.


    Yeh yaad rakhna zaroori hai ke 2008 maliyat crisis ke asarat mulkon aur ilaqon ke darmiyan mukhtalif the, inki exposure maliyat crisis se mutalliq, maeeshati policies aur unke maliyati nizam ki mustehkamai par mabni thi.

    Conclusion


    Last mein, 2008 maliyat crisis aik complex waqia tha jiska intihai asbab aur dairpaishi asarat thay. Maliyati industry ke andar tanzeemi azadi, khas tor par Glass-Steagall Act ki mansookhi aur agle Commodity Futures Modernization Act ki wajah se, ne banks ko risky trading practices mein shamil hone aur mortgage-backed securities ki pedaish mein izafah karne mein aham kirdar ada kia. In securities ke izafah ke sath sath, a real estate market bubble aur Federal Reserve ke interest rates barhane ne bubble phatne aur housing market mein girawat ka silsila shuru kia. Crisis ne aalmi girawat, bank failures, housing market girawat, buland bayrozgari darat, aur hukumaton ki barhi hui qarzaat ka izafah shamil hai. Isne financial regulation mein kamzoriyo ko khulasa kia, is par reformen ki gayin aur tanzeem mein shafaafiyat aur oversight ko mustehkam karne ka dawa kia. Awaam mein mali idaroon aur ma'eeshati nizam par i'timad ki kamzori hui, aur dairpaishi maeeshati asarat, jese ke slow growth aur income inequality, ko mehsoos karte hain. Ye crisis dikhata hai ke mustehkam dastoor, jokhim ki tadbir, aur mali sector ke andar jawabdeh zimmedariyon ki ahmiyat ko barqarar rakhne ke liye.




اب آن لائن

Working...
X