20100629

Global Financial Crisis: Implications for Future Business Education Stephen Y L CHEUNG Professor (Chair) of Finance Dean, School of Business Hong Kong Baptist University

Contents ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Origins ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],Real interest rate ,[object Object],[object Object],[object Object],[object Object]

Financial Innovation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Structured Derivatives Housing Loans Sub-prime borrows

What is Sub-prime loans? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What did the banks do? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The boom begins to unravel from 2004 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],Overloading…

Suffering… ,[object Object],[object Object],[object Object],[object Object]

[object Object],There are two sides on the balance sheet: the left side and the right side. On the left side, there is nothing right. and on the right side, there is nothing left . ,[object Object],[object Object],[object Object],[object Object]

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China and India are the Saver ,[object Object],[object Object],[object Object],[object Object]

Policy implications ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Next Phrase in the Financial Crisis ,[object Object],[object Object],[object Object],[object Object]

Government Budget Deficits, Percent of GDP, 2009 Budget deficits have exploded all over with the worst affected being in the advanced industrial world 0 2 4 6 8 10 12 14 16 18 Iceland Greece UK Spain Ireland USA Portugal France Japan Czeck Belgium Russia Turkey Italy Netherlands Canada

Advanced Economies: Gross Debt-to-GDP Ratios, 2010 IMF Projections Debt-GDP ratios have been rumped up dramatically in many countries Strategies for Fiscal Consolidation in the Post-Crisis World, IMF, February 4, 2010 0 25 50 75 100 125 150 175 200 225 250 Percent (%) of GDP Japan Iceland Greece Italy Belgium USA France Canada Portugal Israel UK Germany Ireland Austria Netherl Spain

Is the Greek Crisis Coming to America ?

Consequences ,[object Object],[object Object],[object Object]

Consequences ,[object Object],[object Object],[object Object],[object Object]

Consequences ,[object Object],[object Object]

Day after tomorrow: ,[object Object],[object Object],[object Object],[object Object],[object Object]

Future Business Education ,[object Object],[object Object],[object Object]

More important ,[object Object],[object Object],[object Object],[object Object]

Emphasis on: ,[object Object],[object Object],[object Object]

20100629

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20100629