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    Abdelkader Abdelkader
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    This document discusses the causes of financial crises in 3 main points: 1. Inappropriate and unsustainable macroeconomic policies that do not align with the economic situation can lead to economic instability and imbalances. Examples include excessively expansionary monetary and fiscal policies. 2. Unsuitable exchange rate systems and policies can also cause economic imbalances and increase risks of financial crises. For example, an inappropriate exchange rate can lead the economy to suffer from distortions. 3. Hastily implemented non-objective policies can also accelerate the arrival to a crisis. Many financial crises are the result of a combination of inappropriate financial and monetary policies that do not align with the economic conditions.

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    This document discusses the causes of financial crises in 3 main points: 1. Inappropriate and unsustainable macroeconomic policies that do not align with the economic situation can lead to economic instability and imbalances. Examples include excessively expansionary monetary and fiscal policies. 2. Unsuitable exchange rate systems and policies can also cause economic imbalances and increase risks of financial crises. For example, an inappropriate exchange rate can lead the economy to suffer from distortions. 3. Hastily implemented non-objective policies can also accelerate the arrival to a crisis. Many financial crises are the result of a combination of inappropriate financial and monetary policies that do not align with the economic conditions.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    6 views3 pages

    ﺛﺎﻧﻴﺎ

    Uploaded by

    Abdelkader Abdelkader
    This document discusses the causes of financial crises in 3 main points: 1. Inappropriate and unsustainable macroeconomic policies that do not align with the economic situation can lead to economic instability and imbalances. Examples include excessively expansionary monetary and fiscal policies. 2. Unsuitable exchange rate systems and policies can also cause economic imbalances and increase risks of financial crises. For example, an inappropriate exchange rate can lead the economy to suffer from distortions. 3. Hastily implemented non-objective policies can also accelerate the arrival to a crisis. Many financial crises are the result of a combination of inappropriate financial and monetary policies that do not align with the economic conditions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 3

    ‫ﺛﺎﻧﻴﺎ‪ :‬ﺃﺳﺒﺎﺏ ﻭﻗﻮﻉ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ‬

    ‫ﻧﺗﺎج ﻟﻣﺟﻣوﻋﺔ‬ ‫ﻣﺟرد ﺣدث طﺎرئ أو ﻋﺎﺑر‪ ،‬ﺑﻝ ﻫﻰ‬ ‫ﻟﻳﺳت‬


    ‫ﻣناﻷزﻣﺔ اﻟﻣﺎﻟﻳﺔ‬

    ‫اﻟ ارﻫن أو‬


    ‫ﻏﺎﻟﺑﺎ ﻣﻊ اﻟوﺿﻊ اﻻﻗﺗﺻﺎدى‬
    ‫اﻟﺳﻳﺎﺳﺎت اﻟﻣﺎﻟﻳﺔ واﻟﻧﻘدﻳﺔ اﻟﺗﻰ ﻻ ﺗﻧﺳﺟم ً‬
    ‫ﻗد‬
    ‫) ‪(٣١‬‬
    ‫ﺗﺳرع اﻟﺳﻳﺎﺳﺎت ﻏﻳر اﻟﻣوﺿوﻋﻳﺔ ﻓﻰ اﻟوﺻوﻝ إﻟﻰ اﻷزﻣﺔ ‪.‬‬

    ‫وﻧﺗﻧﺎوﻝ ﻓﻳﻣﺎ ﻳﻠﻰ ﺗﻠك اﻷﺳﺑﺎب ﺑﺷﻰء ﻣن اﻟﺗﻔﺻﻳﻝ‪:‬‬

    ‫‪ -١‬ﺍﻟﺴﻴﺎﺳﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﻜﻠﻴﺔ ﻏﲑ ﺍﳌﻼﺋﻤﺔ ﻭﻏﲑ ﺍﻟﻘﺎﺑﻠﺔ ﻟﻼﺳﺘﻤﺮﺍﺭ‬

    ‫اﻟﻧﺎﺗﺟﺔ ﻋن ﺗطﺑﻳق ﺑﻌض‬ ‫ﻣﺷﻛﻠﺔ ﻋدم اﺳﺗﻘ ارر اﻻﻗﺗﺻﺎد‬ ‫ﻟﻘد ﻣﺛﻠت‬
    ‫اﻟﺳﻳﺎﺳﺎت‬ ‫اﻟﻛﻠﻰ‬

    ‫أﺳﺎﺳﻳﺎ وﻣﺷﺗرًﻛﺎ ﻓﻰ اﻟﻌدﻳد ﻣن اﻷزﻣﺎت اﻟﻣﺎﻟﻳﺔ‬


    ‫ً‬ ‫ﻋﺎﻣﻼ‬
    ‫ً‬ ‫اﻻﻗﺗﺻﺎدﻳﺔ ﻏﻳر اﻟﻣﻼﺋﻣﺔ‬

    ‫اﻟﻣﺧﺗﻠﻔﺔ‪ ،‬ﻓﻘد أﺛﺑﺗت ﺗﺟﺎرب اﻟدوﻝ اﻟﺗﻰ ﻋﺎﻧت ﻣن اﻷزﻣﺎت اﻟﻣﺎﻟﻳﺔ أن ﻫﻧﺎك ﻣﺟﻣوﻋﺔ‬

    ‫ﻋﻠﻰ ﻋدم اﺳﺗﻘ ارر‬


    ‫ﻓﻰ ﺣﺎﻝ‬ ‫ﻣن اﻟﺳﻳﺎﺳﺎت اﻟﺗﻰ ﻋﺎدة ﻣﺎ ﺗﻌﻣﻝ–‬
    ‫اﻻﻗﺗﺻﺎد‬ ‫ﺗطﺑﻳﻘﻬﺎ–‬

    ‫اﻟﻛﻠﻰ وﻣﻌﺎﻧﺎﺗﻪ ﻣن اﻻﺧﺗﻼﻻت ﻋﻠﻰ اﻟﻣﺳﺗوى اﻟﻛﻠﻰ‪ ،‬وﻣن أﻫم ﻫذﻩ اﻟﺳﻳﺎﺳﺎت ﻣﺎ ﻳﻠﻰ‪:‬‬

    ‫أ‪ -‬اﻟﺳﻳﺎﺳﺎت اﻟﻧﻘدﻳﺔ واﻟﻣﺎﻟﻳﺔ اﻟﺗوﺳﻌﻳﺔ اﻟﻣﺑﺎﻟﻎ ﻓﻳﻬﺎ‬

    ‫ﻳؤدى اﺗﺑﺎع اﻟﺳﻳﺎﺳﺎت اﻟﻧﻘدﻳﺔ واﻟﻣﺎﻟﻳﺔ اﻟﺗوﺳﻌﻳﺔ ﺑﺻورة ﻣﺑﺎﻟﻎ ﻓﻳﻬﺎ ﻋﺎدة إﻟﻰ ﺣدوث‬

    ‫واﻓ ارط ﻓﻰ ﺗ ارﻛم اﻟدﻳون وزﻳﺎدة ﻫﺎﺋﻠﺔ‬


    ‫ﻓﻰ ﺣرﻛﺔ اﻻﻗﺗ ارض وﻣﻧﺢ‬ ‫رواج‬
    ‫ﻓﻰ‬
    ‫اﻻﺋﺗﻣﺎن‪،‬‬

    ‫ﻓﻰ اﻟﻧﻬﺎﻳﺔ‬ ‫)اﻟﺣﻘﻳﻘﻳﺔ(‪ ،‬وﻛﻝ ذﻟك‬ ‫اﻻﺳﺗﺛﻣﺎ ارت ﻓﻰ اﻷﺻوﻝ‬ ‫ﺣﺟم‬


    ‫إﻟﻰ‬
    ‫ﻳؤدى‬ ‫اﻟﻣﺎدﻳﺔ‬

    ‫ارﺗﻔﺎع ﺗﻠك اﻷﺳﻌﺎر وﻣﺎ ﻗد ﻳﺻﺎﺣﺑﻬﺎ ﻣن ﺗ ازﻳد ﻓﻰ ﻣﻌدﻻت اﻟﺗﺿﺧم‪ ،‬ﻳﺻﺑﺢ ﻻ ﻣﻔر‬
    ‫) ‪(٤١‬‬
    ‫ﻣن ﺗﺷدﻳد اﻟﺳﻳﺎﺳﺎت ﺑﻬدف ﺗﺻﺣﻳﺢ أﺳﻌﺎر اﻷﺻوﻝ ‪.‬‬
    ‫ب‪ -‬ﺳﻳﺎﺳﺎت وﻧظم أﺳﻌﺎر اﻟﺻرف ﻏﻳر اﻟﻣﻼﺋﻣﺔ‬
    ‫إﻟﻰ ﻣﻌﺎﻧﺎة اﻻﻗﺗﺻﺎد اﻟﻛﻠﻰ ﻣن‬
    ‫إن اﺗﺑﺎع ﻧظﺎم ﺳﻌر ﺻرف ﻏﻳر ﻣﻼﺋم ﻳؤدى‬
    ‫اﺧﺗﻼﻻت وزﻳﺎدة ﻣﺧﺎطر اﻟﺗﻌرض ﻟﻸزﻣﺎت اﻟﻣﺎﻟﻳﺔ‪ ،‬ﻓﻌﻠﻰ ﺳﺑﻳﻝ اﻟﻣﺛﺎﻝ أﺛﺑﺗت اﻟﺗﺟﺎرب‬

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