Reading2 (MINJI JEONG)

[Summary]


       The global financial crisis of 2008 was caused by multiple factors, including the rise and fall of the subprime mortgage market and the monopolistic behavior of financial companies. These issues were a result of the interaction between the government and the market, with major financial companies disrupting the principles of a free market and the absence of regulation.


     The chapter argues that increasing the transparency of financial markets and strengthening regulations is crucial to prevent future financial crises. While the management policies and regulations of financial institutions have contributed to the competitiveness and profitability of the financial market, this competitive environment can also increase its instability.


     Financial companies pursue profits through loans and other means, which sometimes result in the creation of risky financial products or the purchase of bad debt for their own benefit. Therefore, both the government and financial companies need to engage in active self-regulation to ensure stability.


     In conclusion, the financial market should operate in a competitive environment achieved through regulation and self-regulation to ensure stability. Financial companies need to pursue profits while fulfilling their social responsibility to prevent future financial crises.



[Interesting point]


     It was an opportunity to think about how the government's regulations to avoid the financial crisis and the degree of autonomous competition of financial companies can be specifically adjusted.



[Discussion angle]


     The recent series of bankruptcies of Silicon Valley Bank (SVB) and Signature Bank has raised anxiety over the U.S. financial sector. As in the position of the above article, could this situation at least be avoided if both the government and financial companies had actively implemented self-regulation to secure stability? If so, how should the U.S. government regulate the autonomous regulation and autonomous competition of financial companies?

 

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