Debt,Risk and Leverage 債務,風險和杠桿原理課件

1、Debt, Risk and Leverage The Dominoes in the Financial Crisis Brief introduction of American financial crisisReal-world Examples 123The Risk and Benefit of Leveragehttp:/www.RedOThe financial crisisthe global imbalances excessive leverage market failure The causes of the financial crisisIn my view, r

2、egardless of the causes of the global imbalances, both the Global Financial Crisis in 2008 and the current European sovereign debt crisis have been driven by excessive leverage in private and public sectors alike in the major industrial economies, resulting in dangerously high levels of debts. In 19

3、80, the average debt level of the 18 major industrial economies was at 165% of GDP. In 2010, the ratio rose drastically to 320% of GDP. In the US, the debt-to-GDP ratio remained stable at 150% from mid-1950s to early 1980s, but the ratio rose sharply and steadily to slightly under 300% in 2010. by N

4、orman T.L. Chan, Chief Executive, Hong Kong Monetary Authority Ive got a great investment plan for you. Ready?Step 1: Withdraw all your moneyStep 2: Go to Las VegasStep 3: Bet it all on red in roulette (Get it right and double your money get it wrong and lose it all)Its perfect! Well double our mone

5、y in one step.Sure, theres a “chance” that things go wrong. But even then its not so bad well be at zero, like the day we were born. Debt multiplies our risk and reward. The good times get great, and the bad times become awful. In our example, we went from winning or losing $100 to winning or losing $1M a 10,000 x difference in profit and loss!This effect from investing debt is called “l(fā)everage”. leverage ratio = asset / equity(杠桿比率=資產總值/凈資產)return = leverage ratio * percent change(回報率=杠桿比率*升值率)Real-world Exampl