. 37/2009 ~ 35 ~ " , New Century Financial Corporation, - Fannie Mae Freddie Mac. ( subprime) FHLMC). Fannie Mae Freddie Mac [10].

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1 . 37/2009 ~ 35 ~, - -,,.,, -., ' ,..,.. -., ,.., -... : " ", ,..,..,..,....: " - ", :, " " :., -.,, - " ".. This article considers the unfolding of the global financial crisis with a focus on the role played by the US sub-prime mortgage crisis in destabilizing the US banking and insurance sectors. The article also examines the ripple effects caused by US investment bank bankruptcies. The article analyzes the measures taken by governments of the leading industrialized countries to overcome the liquidity crisis in the financial sector.. -. " " - '., -, -,,.,. " ", - " " ,. - ( subprime) ( ), -,. [10].., - ( subprime) [13] , 20% -. -, -. -, 2006, 2007 [8] , -,. -, New Century Financial Corporation, -, 2007, 89% ,., Fannie Mae Freddie Mac ( FNMA - FHLMC). Fannie Mae Freddie Mac -. -,, (,, ) Fannie Mae Fannie Mae S&P 500,,, 5.. Fannie Mae , 2008

2 ~ 36 ~ 52., 0,79.. ', Fannie Mae Freddie Mac, 5 - [5]. -, - -. [14]., Lehman Brothers, Fanny Mae Freddy Ma,., Lehman Brothers. 2007, : Bear Stearns, BNP Paribas. Lehman Brothers [1] ' - Bear Stearns, - -., , Bear Stearns, -. J.P. Morgan Bear Stearns [12]. Bear Stearns.,,, -.,., - -, , -,. - -., ,. -., 2008 Brent 32%, (, FOB) 79%, 81% ' ,., - -, , 40% , - Lehman Brothers Merrill Lynch Lehman Brothers Lehman Brothers 680., ,. - - Lehman Brothers (" Lehman, - "). Merrill Lynch - Bank of America [1] ,, - Goldman Sachs Morgan Stanley. Lehman Brothers Merrill Lynch -,, -,

3 . 37/2009 ~ 37 ~ [1] Washington Mutual (WaMu), %. - (FDIC).. - Washington Mutual JP Morgan Chase. - Fortis,,, ' - [17]. Hypo Real Estate,, 2008., ,, HBOS Plc, Banco Portugues de Negocios (BPN), Parex Banka. ',. -, -,,.,, ,,. 2008,, , -, 60%, Citigroup Goldman Sachs., Goldman Sachs 2006 Industrial and Commercial Bank of China (ICBC) , ICBC 40%., -, ,.,,,., American International Group (AIG), - ( - 1..), , - -., 15, Standard & Poors (S&P), Moody's Fitch, AIG, AIG. ', AIG. -, [1] ( - Bear Stearns, Lehman Brothers Merrill Lynch AIG),,, , Lloyds TSB HBOS,., -, -., - Reserve Primary Fund ,, Lehman Brothers, -., 3 Lehman Brothers, Putnam - ( 12..), Bank of New York Mellon ,, - 1,, 633.., 184. ( 300..)..,, , -,, -, ,

4 ~ 38 ~ - 7, (Troubled Asset Relief Program (TARP)) " " [3] Emergency Economic Stabilization Act, -, - -. TARP -., TARP,, ,,,. -. TARP -, -. -, - [3; 9]. -, -. -,.. - Bear Stearns American International Group [16]. -., 1%,,, -. Bank of America, ' Fanny Mae Freddy Ma,, -, - 80% AIG,. 2008,, 85.., , - [7] Federal Reserve Bank of New York , Fannie Mae, Freddie Mac Ginnie Mac 500. [15]. - Morgan Stanley Goldman Sachs, ,, - -, [11]. 50. (64,43. ). 10,5, - 480, 400 -, , -. -,, -, [11] , 1,5.,,, [2]. -, 500.., - - [6]. -, - -,, , ,, -.,, [4].

5 . 37/2009 ~ 39 ~ 1. Arner D. The Global Credit Crisis of 2008:Causes and Consequences. Asian Institute of International Financial Law Working Paper No. 3. AIIFL, Bank bail-outs: Quids pro-quo // The Economist. November 22, p Bebchuk L. A Plan for Addressing the Financial Crises // The Economists' Voice Vol. 5, Issue Bruni F. Do We Understand It? Forbidden Questions on the Financial Crisis. "Paolo Baffi" Centre Research Paper No "Paolo Baffi" Centre, Calverley J. Financial Sector in Crises // The Financial Times. September 10, Demirguk-Kunt A., Serven L. Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro and Financial Policies. Policy Research Working Paper Washington D.C.: World Bank, Krishna G. US Policy Struggles to Get Ahead of Events // The Financial Times. January 4, Kregel J. Changes in the U.S. Financial System and the Subprime Crisis. The Levy Economics Institute of Bard College Working Paper No NY: Annandale-on-Hudson, Krugman P. Cash for Trash // New York Times. September 22, Mah-Hui L. Old Wine in a New Bottle:Subprime Mortgage Crisis Causes and Consequences. The Levy Economics Institute of Bard College Working Paper No NY: Annandale-on-Hudson, Martin D., Saba O., Alongal F. European Responses to the Financial Crisis // M&A Lawyer Vol. 13. P Pruzan J. Timeline: Bear Stearns' year of turmoil // Financial Times. 14 Mar Schwarcz S. Disclosure's Failure in the Subprime Mortgage Crisis. Research Paper No Duke Law School Legal Studies, Schwarcz S. Understanding the Subprime' Financial Crisis. Research Paper No Duke Law School Legal Studies, Scholters S. New York Fed Starts $500bn Home Loans Aid // The Financial Times. January 5, Taylor J. The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong. Rock Center Working Paper No. 30. Rock Center, Rock Center. 17. The Financial Times ,... -,,,. In this article author analyze the main aspects of national services trade policy. On the basis of institutional theory's principals author ground the economic reason of government control of service production and trade, namely a presence of natural monopoly or oligopoly, asymmetry of information, external effects and necessity of grant of social services., - -, - -,,,,, ' -.,.,.,.,.,.,.,.,. -,.,.,.,. -,.., - :.,.,.,.,.,.,.,. -,.,.,.,.,.,.,.,.,.. -,, : ',, -,, , -,. - -,.. VI -, -,, ' [1]. -, -. -,,,,. : -,. -, ,,, -,, , -.,,,,, - - '. -, -., 2008