Ding Dong 2010
Hu Shizong fiscal balance of the U.S. financial system is a federal, state and local fiscal complex, three relatively independent of the financial system. From the perspective of revenue sources, three government revenue overlapping more, in addition to tariff revenue entirely within the federal government, the other major taxes, such as personal income tax, corporate income taxes, payroll taxes, estate and gift tax, wealth tax , sales tax and excise duty by two or three cross-government levied. The U.S. government has tried to impose taxes on all levels of government have a clear division, but several food company in india programs have met with strong opposition from local governments and give up. But in the course of long-term, the three levels of government tax revenue sources or have different focuses: personal income tax and corporate income tax accounted for 64% of total revenue, food company in india mainly imposed by the federal government, in addition to payroll taxes, and excise taxes are levied by the federal government primarily ; sales tax levied by the Government mainly attributable food company in india to the state level, only 28% of income tax levied food company in india at the state level; main source of revenue of local governments is a small amount of sales tax and property tax, non-tax revenues, such as charges food company in india for the use of various public facilities, is also an important source of revenue for local governments. Three levels of government in terms of the scope and responsibilities of financial expenditure is relatively clear: the federal government's spending is mainly used for defense spending, social insurance and health care, education, employment and social services, to pay interest on bonds, general administrative expenses and the development food company in india of foreign relations; states and local government food company in india expenditure is mainly used for the welfare state in the region, such as public facilities, education, health and policing food company in india and fire. As the federal government's revenues and expenditures of nearly 20% of GDP, they are able to play a larger role in the objective economic regulation. After World War II, the U.S. government launched a long-term food company in india deficit policy, in 1945 to 1980, there are 26 fiscal deficit. After the Reagan administration took office, due to the strong development of the military food company in india defense-related spending, so that the federal government's budget deficit continued to expand in 1986, the budget deficit hit a record, reaching food company in india $ 221.2 billion. Although the reduction in 1988, but still $ 155.1 billion. 1990 due to the Gulf War, the government deficit as high as $ 210 billion food company in india in 1991, despite a slight improvement, but still close to $ 200 billion. According to official materials, the federal government's fiscal year 1992 budget deficit reached $ 290.2 billion.
Financial system of the U.S. financial food company in india system is mainly composed of three parts: the Federal Reserve banking system, commercial banks and non-bank financial institutions system. U.S. Federal food company in india Reserve banking system played the role of the central bank. With the issue of currency, treasury and private banking agency management oversight, more importantly, for the U.S. government to develop and implement financial and monetary policies. Federal Reserve System policy which it can directly affect the development of the growth of money supply and credit, thus affecting all aspects of the macroeconomy. Now the Federal Reserve Bank system, including president of the Federal Reserve Board; Federal Open Market Committee; 12 regional Federal Reserve banks, and thousands of private member banks. Federal Reserve Chief Executive's Committee is the highest authority of the Federal Reserve banking system, which consists of seven members, is responsible for determining the national monetary policy, and the regional branch of the Federal Reserve Bank, member banks and commercial banks have a wide range of business activities and supervision and management responsibilities. The Federal Open Market Committee Federal Reserve System is the main mechanism for the implementation of monetary policy by the Federal Reserve Committee of seven members and president of five regional Federal Reserve Bank presidents (which must include the Federal Reserve Bank of New York, the rest of the branches turn participate). Regional Federal Reserve Bank in accordance with the Federal food company in india Reserve Act passed by Congress in 1913, the country is divided into 12 Districts, each district food company in india to set up a branch of the Federal Reserve Bank. Each regional Reserve Bank is a legal entity with its own board of directors. Member banks are U.S. private banks, in addition to the National Bank must be outside the member banks, the rest depends on whether the bank voluntarily be added. Join the Federal Reserve System provided by the system as a member on a private bank deposit guarantee, but must pay a certain amount of the reserve, this part of the funds, the Federal Reserve System does not pay interest. U.S. commercial banks in the U.S. financial system occupies a major position in 1980, the United States there were 15,082 commercial banks with total assets of 2.1147 trillion U.S. dollars, accounting for about 30% of total financial assets. Commercial banks deposits and loans mainly since the 1970s the major commercial banks to expand business scope, enhance survivability, and actively carry out operations outside the deposits and loans. Since 1933, the development of the Glass - Steagall Act prohibiting commercial banks from investment business, we can not engage in securities issuance and trading, so many commercial banks have set up a trust department, to participate food company in india in the securities business food company in india activities. April 1, 1986, the United States completely remove the ceiling on interest rates on savings deposits, so various bank can decide for themselves how much to pay interest on deposits, which greatly increases the competitive banking industry. Besides the Third World debt crisis food company in india and other factors, coupled with the early 1980s, so the closure rate of U.S. commercial banks continue to rise. 1984 There are 79 commercial bank failures in 1985 to 120 in 1986 to 150 in 1990, up to 200. Among them, in 1984, ranked among the top 10 U.S. banks go bankrupt Continental Bank of Illinois, has $ 23 billion in early 1991's New England Bank Group bankruptcy, to the shock caused by the U.S. financial industry is huge. By the end of 1990, the nation's largest 225 banks stock average fell 17.53 percent, the share price of some big banks even less than half its book prices. According to the U.S. Federal Deposit Insurance Corp. statistics, 1991 the country has been included in the 1000 banking collapse is possible "dangerous bank", the other big banks in the 200, at least 35 44 ~ $ 6.3 billion in urgent need of financial support, Doing so may announce the closure of the year. By the end of 1991, Bank of America's top ten: 1. Citibank, total assets of $ 224 billion; 2. Chemical Bank total assets of $ 140 billion; food company in india 3. Bank of America, the total assets of $ 118 billion; 4. National Bank, the total assets of $ 116.5 billion; 5. Morgan, the total assets of $ 102.5 billion; food company in india 6. Chase Manhattan Bank, total assets of $ 97.3 billion; 7. Pacific Securities Company, the total assets of $ 78.6 billion; 8. Bankers food company in india Trust Company of New York, the total assets of $ 62.6 billion; 9. Wells Fargo company, with total assets food company in india of $ 55.7 billion; 10. The first company in Chicago, total assets of $ 49.2 billion. Non-bank financial institutions including food company in india insurance companies, mutual savings banks, savings loan associations, food company in india investment trusts, pension funds, organizations, financial companies. Total assets of such financial institutions about 1 times the commercial banks, so the domestic financial sector and the economy have a significant impact.
One of the world's most important international food company in india financial centers of New York financial markets. Its formation and development is closely related to the two world wars. 1810 New York had to replace Philadelphia as the nation's largest financial and commercial center. But when international financial transactions are concentrated in London. During World War I and its aftermath, the rapid development of New York as an international financial center. The main reason is: rapid economic growth in the United States during this period, becoming food company in india the world's major industrial powers and the largest creditor; corresponding improvement in the U.S. balance of payments, a large gold inflows, strengthening the dollar's status as an international trade and an important means of liquidation ; establishment of the Federal food company in india Reserve System, the banking system of the United States has been improved, the rapid increase in the New York financial institutions; many European financial centers, such as Paris, Berlin, London, in particular, have been seriously affected by the war, the status of decline, many European countries currency turmoil instability, especially sterling exchange rate volatility, weakening London's attractiveness as an international financial center. So the New York international financial markets have developed rapidly. After World War II, the New York financial market position in the international financial sector has been further strengthened. With its expansion of the United States during the war up strong economic food company in india and financial strength, food company in india to establish a dollar-centric capitalist monetary system, the dollar food company in india became the world's main reserve currency and international clearing currency. Reserves the Western capitalist countries and developing countries are mostly dollar-denominated assets, stored in the United States by the New York Federal Reserve Bank for safekeeping. Some part of the gold held by foreign official institutions also stored in the New York Federal Reserve food company in india Bank. Federal Reserve Bank of New York as the main body to implement U.S. monetary policy and foreign exchange policy, the activity in the financial markets directly affect changes in market interest rates and exchange food company in india rates, changes in interest rates and exchange rates on the international market has a significant impact. U.S. dollar traded around food company in india the world, including Europe dollars, the Asian dollar market transactions must be in the United States, especially handling payment, clearing and allocation on commercial bank accounts in New York, so New York became the center of the world dollar clearing transactions. In addition, food company in india the U.S. exchange controls looser, freer capital mobility. In New York, there are only so many big banks and commercial banks, savings banks, investment banks, stock exchanges and insurance companies and other financial institutions gathered, many foreign food company in india banks with offices also in New York, in 1983, the world's largest 100 banks in with offices in New York, there are 95. These have created the conditions for the further development of the New York financial markets and strengthen its position in the field of international finance. New York financial markets division at the transaction object, including the foreign exchange market, money market and capital market. , One of the world's leading foreign exchange market in New York foreign exchange market the United States. Divided into "spot market" and "forward food company in india markets." Spot transactions accounted for the majority, a small number of forward transactions. New York foreign exchange food company in india market has no fixed place of transaction, all foreign exchange transactions are by telephone, telegraph and telex communications equipment between commercial banks and foreign exchange markets in New York brokers. Such contact would form the inter-bank foreign exchange market in New York. In addition, the major commercial banks have their own communication food company in india system, keep in touch with the foreign exchange department of the bank branches around the world, but also constitutes a global foreign exchange market. Due to the time difference relations around the world, all the different foreign exchange market opening time, a large New York banks and foreign exchange markets around the world can stay connected 24 hours a day. So it is in the international arbitrage activities can be done almost immediately. Participate in the foreign exchange market activity is mainly companies and consortia, personal, commercial banks, foreign exchange brokers and central banks. Commercial banks play an extremely important role in forex trading, forex trading, mainly food company in india through commercial bank. Since the 1970s, a sharp increase in the New York foreign food company in india exchange market trading volume. New York Foreign Exchange Trading Center has developed into an important link between Europe and the Far East, the main centers of global foreign exchange transactions, foreign exchange market to compete with London. New York money market funds that short-term lending market in New York is one of the largest trading volume of the capitalist world major currencies markets. In addition to New York City financial institutions, businesses and private transactions here, but every day there are a large influx of short-term food company in india capital food company in india outflows from the United States and around the world. And foreign exchange markets, the New York money market does not have a fixed place, both supply and demand transactions are carried out directly or through brokers. Money market trading in New York, according to trading partners can be divided into: the federal funds market, the Government treasury bills market, negotiable certificates of deposit banking market, bankers' acceptances and commercial paper market and other markets. New York is the world's largest capital market operations and long-term borrowed funds capital markets. Or into the bond market and the stock market. The main target of the domestic bond market, bond market trading in New York are: government bonds, corporate bonds, foreign bonds. government bonds mainly mid-and long-term treasury bonds. According to statistics, by the end of 1982, an interim Treasury bills issued by the U.S. federal government amounted to $ 465 billion of outstanding long-term debt amounted to $ 104.6 billion. Capital markets in New York, the U.S. government, the largest long-term bond trading, food company in india day trading is about 1982 more than 130 billion dollars. corporate bonds. U.S. corporate bonds to raise long-term food company in india funds issued. 1982 newly issued bonds of U.S. companies $ 53.2 billion. In the New York capital markets, corporate bond trading volume after the government bonds. foreign bonds. Bonds of foreign governments and companies in the New York market, issued to raise long-term funds. According to the U.S. Morgan Bank statistics from 1980 to 1982, foreign food company in india bonds in the U.S. market were issued $ 3.4 billion, $ 7.5 billion and $ 5.9 billion. New York stock market is an integral part of the New York capital markets. In the United States, 10
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