economy教师课堂教学课件公开课一等奖课件省课获奖课件

Economy

BritishandAmericanEconomy第1页MainContent1.History2.P0litics&GovernmentSystems3.MassMedia4.Religion&Beliefs5.NationalCharacters6.Education7.Economy8.Holidays9.Leisure&Entertainment10.SocialProblems第2页TeachingframeworkThe1stclass.1.students’team-work(includingteacher’scomments):grouppresentationonthegiventopicrelatedtothelecture(10mins)2.warm-upactivity1:pair/groupdiscussionandideasharing(10mins)warm-upactivity2:videowatchingandQ&A(10mins)3.drillonskimming&scanning(readwithquestions)(20mins)(length:about1000words;readingspeed:120words/min)The2ndclass.teacher’slecturing(withexplanation,illustration,videoetc.)(50mins)第3页TeachingframeworkThe3rdclass.1.students’team-work(includingteacher’scomments):grouppresentationonthegiventopicrelatedtothelecture(10mins)2.drillonreadingindepth(readwithquestions)(includingteacher’sintroductiontodifferentreadingtechniques)(30mins)(length:about500-600words;readingspeed:70-90words/min)3.extendedreadingcheck(10mins)The4thclass.Writingpracticewithafocus(50mins)第4页TeachingframeworkHomeassignmentExtendedreading(thismaybecheckedthefollowingweekinclass)第5页EconomyLearningobjectivesandrequirements1.TomakethestudentsknowabouttheBritishandtheAmericanfinancialcrises.2.Tohelpthestudentsunderstandthefeatures/characteristicsoftheBritishandAmericaneconomy.3.TomakethestudentsknowaboutthesimilaritiesanddifferencesbetweentheBritishandAmericaneconomy.第6页EconomyLearningobjectivesandrequirementsTofamiliarizethestudentswithtwobasicreadingskills:skimming&scanningToletstudentsknowclearlyaboutonebasicwritingstyle—toanalyzeaphenomenon/issueandcommentonit.第7页Warm-upactivitiesActivity1:Lead-inpair/groupdiscussionHowmuchdoyouknowabouttheBritishand/orAmericaneconomy?Listasmanyaspectsasyoucan.Activity2:VideowatchingandQ&AWatchthevideo课上视频1.2U.S-TheCrisisofCreditVisualized-Part1.2

andanswerthefollowingquestions:Accordingtothevideoclips,whatisthecreditcrisis?Andwhoisinvolvedandaffectedbyit?WhatareCDOandCDS?第8页Skimming&scanningSkimthepassage1.FastReadingHowtoPreventForeclosureandfindtheanswerstothefollowingquestions.1.Whatisforeclosure?Key:Thelegalprocesswhereapropertyowner(mortgagor)failstomakehisorhermortgagepayment,thereforecreatingadelinquentloan,alender(mortgagee)obtainsaterminationofthemortgagor’sequitablerightofredemptionofhisorherpropertyeitherbycourtorderorbyoperationoflaw(afterfollowingaspecificstatutoryprocedure),andthemortgagor’spropertyendsupbeingsoldatpublicauction.2.Howmanytypesofforeclosurearementionedinthepassage?Whatarethey?Key:Four.Theyareforeclosurebysale,powerofsaleforeclosure,deedinlieuofforeclosure,andtaxforeclosures.第9页Skimming&scanning3.Inatypicalforeclosureprocess,howmanyproceduresarecovered?Whatarethey?Eight.Theyare:delinquency,defaultandacceleration,foreclosuresuit,judgmentandsale,deficiencyjudgment,statutoryredemptionperiod,realestateownedproperties,eviction.4.WhatdoesREOsstandforinatypicalforeclosureprocess?Andwhatisit?Key:Realestateownedproperties.REOsarethemortgagedpropertiesthatrevertbacktothelenderbecauseofforeclosure(ordeedsinlieuofforeclosure).5.Intheevictionprocureofatypicalforeclosure,whomustrespectanystatutoryrightsofredemptionthattheborrowermayhave?第10页Skimming&scanningKey:Thehighestbidder(andthuswinner)oftheforeclosureauction.6.Accordingtothepassage,whatarethepotentialfeasiblewaysthatcanhelpyouavoidforeclosure?Key:specialforbearance,mortgagemodification,partialclaim,deed-in-lieuofforeclosure,andpre-foreclosureshort-sale.7.Whatdoesmortgagemodificationmean?Key:Itmeansthefavorablesituationinwhichyouareabletorefinancethedebtand/orextendthetermofyourmortgageloan,whichhelpsyoucatchupbyreducingthemonthlypaymentstoamoreaffordablelevel.8.WhowillpayyourlendertheamountnecessarytobringyourmortgagecurrentinalenderPartialClaimfiling?第11页SkimmingandScanningKey:TheU.S.DepartmentofHousingandUrbanDevelopment.9.Howdoespre-foreclosureshort-saleworkinallowingyoutoavoidforeclosure?Key:Bysellingyourpropertyforanamountlessthantheamountnecessarytopayoffyourmortgageloan.10.Whatdoyouneedtodotostopforeclosure?Key:Callyourlenderandtalktosomeoneintheloanlossmitigationdepartment.第12页Teacher’slecturing:IntroductionAnOverviewofU.S.EconomyIn235yearstheU.S.grewtoahuge,integrated,industrializedeconomythatmakesupoveraquarterofthewholeeconomy.Population:308.5millionNominalGDP:$14.6trillionin2023,largestnationaleconomyinbothactualdollarsandbyPurchasingPowerParity;largestmanufacturer;GDPpercapita:$47,422in2023HDIranking(2023):4th第13页Teacher’slecturing:IntroductionABriefHistoryofU.S.EconomyRootsinEuropeansettlementsinthe16th,17th,and18thcenturies;theAmericancoloniesprogressedfrommarginallysuccessfulcolonialeconomiesto13small,independentfarmingeconomies,whichjoinedtogetherin1776toformtheUSA;the19thcentury;theGreatDepression;1973---periodofhighinflation;S&Lcrisis(savings&lending/loancrisis)inthe1980sand1990s(costof$160.1billion);financial/sub-primecrisis---2023第14页Teacher’sLecturing:Sub-primeCrisisandForeclosure第15页Teacher’sLecturing:Sub-primeCrisisandForeclosure

HouseinSalinas,Californiaunderforeclosure,followingthepoppingoftheU.S.realestatebubble.第16页Teacher’slecturing:IntroductionWhatisthecreditcrisis?Thecreditcrisisisaworldwidefinancialfiascoinvolvingtermslikesub-primemortgages,collateralizeddebtobligations,frozencreditmarketsandcreditdefaultswaps.Videowatching:课上视频3.4RecklessEndangermentbyGretchenMorgenson&JoshRosner

Question:Whatdoyouthink“recklessendangerment”inRecklessEndangermentreferto?Doyouagreewithit?Whyorwhynot?第17页Teacher’slecturing:Sub-primeCrisisWhatitisabout:Thesub-primemortgagecrisisisanongoingfinancialcrisistriggeredbyadramaticriseinmortgagedelinquenciesandforeclosuresintheUnitedStates,withmajoradverseconsequencesforbanksandfinancialmarketsaroundtheglobe.Thecrisis,whichhasitsrootsintheclosingyearsofthe20thcentury,becameapparentin2023andhasexposedpervasiveweaknessesinfinancialindustryregulationandtheglobalfinancialsystem.第18页Teacher’slecturing:Sub-primeCrisisApproximately89%ofU.S.mortgagesissuedinrecentyearstosub-primeborrowerswereadjustable-ratemortgages.WhenU.S.housepricesbegantodeclinein2023-07,refinancingbecamemoredifficultandasadjustable-ratemortgagedelinquenciessoared.Securitiesbackedwithsub-primemortgages,widelyheldbyfinancialfirms,lostmostoftheirvalue.TheresulthasbeenalargedeclineinthecapitalofmanybanksandUSAgovernmentsponsoredenterprises,tighteningcreditaroundtheworld.Ingredientsinvolved:incompetence,greed,fraud,policyblunders,inadequateregulatoryoversight,sharplyshiftingfinanciallandscape.第19页Teacher’slecturing:Sub-primeCrisisCauses:(1)Boomandbustinthehousingmarket:Lowinterestratesandlargeinflowsofforeignfundscreatedeasycreditconditionsforanumberofyearspriortothecrisis,fuelingahousingmarketboomandencouragingdebt-financedconsumption.(2)Speculationinresidentialrealestate.(3)High-riskmortgageloansandlending/borrowingpractices:Intheyearsbeforethecrisis,thebehavioroflenderschangeddramatically.Lendersofferedmoreandmoreloanstohigher-riskborrowers,includingillegalimmigrants,justoneindicationofpoorunderwriting.(4)Securitizationpractices.(5)inaccuratecreditratings.(6)Financialinstitutionsdebtlevelsandincentives.(7)InvestmentinU.S.byforeignersoftheirproceedsfromAmerica’snetimports.第20页Teacher’slecturing:Sub-primeCrisisFalloutorEffects:1.TheimpactontheU.S.GDPwassevere:theGDPfelltosubzerolevelin2023-09.2.TheimpacthadasystematiceffectandithasnowturnedaroundasaGlobalFinancialTurmoil,impactingpracticallytheentireglobewhichisevendistantlyrelatedtoU.S.3.Thecrisisledtothefailuresofanumberofonce“Stalwarts”oftheWallStreet.LehmanBros,MerilLynch,BearSternstonameafew.ApartfromthatitalsoledtoanumberofM&Ainthespecificdomain.第21页Teacher’slecturing:Sub-primeCrisisCorrectiveActionsTaken:1.FederalReserveandcentralbanks:TheFed,inpartnershipwithcentralbanksaroundtheworld,hastakenseveralstepstoaddressthecrisis.(1)LoweredthetargetfortheFederalfundsratefrom5.25%to2%,andthediscountratefrom5.75%to0-0.25%.(2)undertaken,alongwithothercentralbanks,openmarketoperationstoensurememberbanksremainliquid.2.EconomicStimulus:(1)A$168billioneconomicstimuluspackage,mainlytakingtheformofincometaxrebatechecksmaileddirectlytotaxpayers.(2)AmericanRecoveryandReinvestmentActof2023,an$800billionstimuluspackagewithabroadspectrumofspendingandtaxcuts.第22页Teacher’slecturing:Sub-primeCrisis3.Banksolvencyandcapitalreplenishment:Lossesonmortgage-backedsecuritiesandotherassetspurchasedwithborrowedmoneyhavedramaticallyreducedthecapitalbaseoffinancialinstitutions,renderingmanyeitherinsolventorlesscapableoflending.4.Homeownerassistance:Bothlendersandborrowersmaybenefitfromavoidingforeclosure,whichisacostlyandlengthyprocess.Somelendershaveofferedtroubledborrowersmorefavorablemortgageterms(i.e.,refinancing,loanmodificationorlossmitigation),.Borrowershavealsobeenencouragedtocontacttheirlenderstodiscussalternatives.第23页Teacher’slecturing:Sub-primeCrisis5.HomeownersAffordabilityandStabilityPlan:A$75billionprogramtohelpuptoninemillionhomeownersavoidforeclosure,whichwassupplementedby$200billioninadditionalfundingforFannieMaeandFreddieMactopurchaseandmoreeasilyrefinancemortgages.LessonsLearnt:1.Distortedincentiveswithoutaccountabilitycanspelldisasters.2.Riskallocationdoesnotmeanriskelimination.3.Complexmathematicalmodelscanalsofail.4.Trueriskassessmentsofsecuritiesiscrucial.5.Resistpressureforbailouts.Lossesshouldbedispersedtoexposedinvestorsratherthantakenoverbytaxpayers.第24页Teacher’slecturing:Sub-primeCrisis6.Improveconsumerprotection.Withlendingstandardstightening,theappropriatepolicyresponseneedstobalanceimprovingconsumerprotectionwithmaintainingtheviabilityofthesecuritizationmodelthathassuccessfullydispersedcreditriskawayfromsystemicallyimportantfinancialinstitutions.7.Tightenoversight.FederalbankingregulatorshaverecentlytightenedguidanceonnontraditionalandhybridARMmortgagelending.第25页EffectofHousing“WealthEffect”onU.S.EconomyDestin,FL,March01,2023–Theerosionofthesyndromeknownasthe“WealthEffect”isshowingthatfall-outfromthehousingslumpishavingamajorimpactontheU.S.Economy,accordingtoHousingPredictoranalysts.Consumerspendinghabitsslowedforatimeafterthehousingbubbleburstasthe“WealthEffect”madepeoplefeelliketheywerelosingmoneyasequityintheirhomesdissipatedwithfallinghomevalues.Threeyearsafterthefinancialcrisisconsumershavechangedtheirhabits,cuttingspendingonmanyconsumergoods.第26页EffectofHousing“WealthEffect”onU.S.EconomyAstudyconductedbyHarvard’sJointCenterforHousingStudiesshowedthattherealestatebubblewouldhaveonlybeenabouthalfitssizehadbanksandmortgagecompaniesnotofferedthenewbreedofmortgages,reducingthenumberoftroubledpropertiesin

foreclosure

substantially.Theforeclosurecrisishasresultedinmorethan6-millionU.S.foreclosuresandisgainingmomentumasmorehomeownerslosetheabilitytopaymortgages,andotherupsidedownmortgageholderswalkawayfromtheirhomes.Historically,housingleadstheU.S.economyoutofrecessions,buttheeconomyhassustainedamassiveblowfromthebankers,whodevelopednewmortgagesandsoldthemtoanyonethatcouldsigntheirname.第27页解说翻译练习InIndia,meanwhile,theeconomicfall-outappearstobestrongerandthegloominthestock-markethashelpedtodampsentimentintheconsumergoodsandpropertymarkets.与此同步，印度股市下跌对经济连带影响似乎更为显著，股市低迷影响了消费品及房地产市场信心。Andtheeffectwastodissipate

thegoodworkdoneincuttingU.S.governmentdebtduringtheClintonera.减税举措也把克林顿时期削减政府债务成就一扫而光。

第28页解说翻译练习Inrecentmonths,wehavetakenstepstoshoreupthehousingsector--includingmeasurestohelpstrugglinghomeownersavoidforeclosureandkeeptheirhomes.近几个月里，我们已经采取多种积极伎俩按