1 Know about the world-Background information
1.1 Development and cause of the global financial crisis
The underlying causes leading to the crisis had been reported in business journals for many months before September 2008, with commentary about the financial stability of leading U.S. and European investment banks, insurance firms and mortgage banks consequent to the subprime mortgage crisis.
Beginning with failures caused by misapplication of risk controls for bad debts, collateralization of debt insurance and fraud, large financial institutions in the United States and Europe faced a credit crisis and a slowdown in economic activity. The impacts rapidly developed and spread into a global shock resulting in a number of European bank failures and declines in various stock indexes, and large reductions in the market value of equities and commodities. The credit crisis was exacerbated by Section 128 of the US Emergency Economic Stabilization Act of 2008 which allowed the Federal Reserve to pay interest on excess reserve requirement balances held on deposit from banks, removing the incentive for banks to extend credit instead of placing cash on deposit with the Fed. Moreover, the de-leveraging of financial institutions further accelerated the liquidity crisis and caused a decrease in international trade. World political leaders, national ministers of finance and central bank directors coordinated their efforts to reduce fears, but the crisis continued. At the end of October a currency crisis developed, with investors transferring vast capital resources into stronger currencies such as the yen, the dollar and the Swiss franc, leading many emergent economies to seek aid from the International Monetary Fund.
1.2 Job situation under the global financial crisis
The global financial crisis has had different impact on human beings’ economy, society and life as well as employment of the college graduates in 2009. How severe is the influence of the global financial storm on the employment of the college graduates? This is a 本文来自*优%文.论-文&网原文请找腾讯752018766 is much larger than that in 2008. Therefore, some experts have forecast that owing to the financial crisis, college graduates in 2009 will find themselves confronted with more pressure in job hunting.
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