北美作业代写：American accounting professional course system

下面为大家整理一篇优秀的essay代写范文- American accounting professional course system，供大家参考学习，这篇论文讨论了美国的会计专业课程体系。美国注册会计师协会和部分大型会计公司为了便于得到符合需要的会计人才，定期对会计教育状况进行研究并发表报告，目前美国大学会计专业教育普遍包括一般教育、普通经济管理教育、会计专业教育这三类课程。其中普通经济管理教育的目的则是让学生更好地去了解企业、政府和非盈利组织等机构的运作和经营，了解市场的供给和需求等；会计专业教育的目的则主要是让学生了解美国会计准则和会计制度的具体内容和实务操作，涵盖会计信息系统、财务会计等会计专业课程，具备持续学习的能力。

In higher vocational education teaching reform, both professional reform and curriculum construction serve to achieve the goal of talent training, and the key to achieve the goal of talent training is the construction of curriculum system. The curriculum system is the core content of the teaching and training plan in the specialty construction. It can directly reflect the quality, teaching level and development form of the specialty, and it is the guarantee to complete the goal of talent training. The author has visited the university of western Illinois in the United States. The school of business where the accounting major of western Illinois university is located has obtained the business school certification and accounting professional certification of AACSB International, a top business school certification institution.

The American institute of certified public accountants and some large accounting companies regularly study and publish reports on the status of accounting education in order to facilitate the acquisition of accounting talents who meet the needs. Currently, the education of accounting major in American universities generally includes general education, general economic management education and accounting major education. The main purpose of education is to broaden the scope of students' knowledge, so that students can dabble in science, art, history, sociology, psychology and other fields, cultivate students' interest in learning, and improve their ability to analyze and solve problems. The purpose of general economic management education is to enable students to better understand the operation and operation of enterprises, governments and non-profit organizations, as well as the supply and demand of the market. The purpose of accounting major education is to let students understand the specific content and practical operation of American accounting standards and accounting system, including accounting information system, financial accounting, management accounting, cost accounting, tax law, auditing and other accounting courses, so as to have the ability of continuous learning. The university of western Illinois in the United States is no exception. The curriculum system of its accounting major is basically designed in accordance with the above ideas. The specific contents are as follows:

Accounting majors at the university of western Illinois in the United States usually have a four-year accounting program and must complete at least 120 credits to graduate. In the course selection arrangement suggested by the school, the first year of college is all the elective courses of general education, the second year is the elective courses of general education and basic professional courses of major education, and only the core professional courses are recommended from the third year. At the same time, it is clearly stipulated that accounting major students must get grade C or above in the two courses of financial accounting principles and management accounting principles before continuing to study the later professional core courses. If after the first two years of study, accounting students can not meet the above curriculum assessment requirements, can choose to change the major.

As can be seen from the above curriculum system of accounting major of western Illinois university in the United States, the design of the curriculum system of accounting major in the United States has distinctive features, including:

American higher accounting education is not only a professional technology education, but also a quality education. American accounting education believes that higher accounting education is unable to impart all the knowledge and skills that an experienced professional accountant should have to students, but should teach them how to learn and have the learning ability required to obtain the professional qualification of accounting. Therefore, the purpose of American accounting education is not to train students to be professional accountants on campus, but to train their learning ability and innovation ability, so that they can have lifelong continuous learning ability and lay a foundation for becoming an accountant in the future. Therefore, in the design of the curriculum system of accounting major, they pay more attention to cultivating students' learning thinking ability and innovative ability.

American universities emphasize "general education ". Refer to the American university related information, most of the American college of accounting professional in approximately 50% of courses are general education, the content involved in natural science and mathematics, social science, humanities, arts, cultural diversity, ethics, and other fields, and respect the students' personal interests, give students more freedom to choose their favorite basics. Take western Illinois university as an example, 45% of its accounting major education is general education. In contrast, higher education in China pays more attention to "professional education", only about 30% of the courses are used in general education, and the scope is very narrow, mainly focused on English, ideological and political courses, which are more common in higher vocational education.

In the course system of accounting major in American universities, it is generally recommended to take general courses and basic professional courses in the first two years, and only core professional courses are recommended from the third year. Both general education and professional education modules have two forms of compulsory courses and elective courses, and elective courses account for a large proportion. Even compulsory professional courses have certain flexibility. Students can complete corresponding credits as long as they choose from relevant courses offered by the school. For example, at the university of western Illinois in the United States, if after two years of study, students fail to meet the assessment requirements of financial accounting principles and management accounting principles, the two accounting major courses, they can choose to change majors freely. However, in China, if a student is admitted as an accounting major at the time of admission, no matter how the subsequent acceptance degree of the student is, the course is taught in strict accordance with the curriculum system stipulated in the teaching plan of accounting major. Meanwhile, the proportion of elective courses in the curriculum system is relatively low, and most of them are restricted elective courses, so the student does not have much choice.

Accounting professionalism is reflected in serving society, politics, economy and life, and its professional ethics are particularly concerned. American accounting major education attaches great importance to accounting professional ethics education and legal knowledge courses. It will include business law, federal income tax law and other legal courses into the core courses of accounting major and integrate them into the education of accounting professional ethics. And American accounting education attaches importance to the cultivation of the students' comprehensive analysis ability, attaches great importance to the application of information technology in the field of accounting professional course will open in the management information system analysis, financial analysis, such as curriculum, some even courses in accounting information system programming etc, pay attention to improve students' ability to analyze and solve problems. In the education of accounting major in China, courses such as economic law or financial and economic regulations are offered, but they are often ignored in actual teaching. At the same time, education does not pay enough attention to the professional ethics of students. After graduation, many accounting students have weak legal awareness, weak social responsibility and frequent accounting information distortion.

Due to the different environment of cultural and economic development, it is reasonable that there are differences in the curriculum system of accounting major between China and the United States. Although the university of western Illinois in the United States belongs to the undergraduate education, the design of the curriculum system of accounting major still has certain inspiration and reference significance for the construction of the curriculum system of higher vocational accounting major in China.

Our higher vocational accounting education has been advocated "thick foundation, wide caliber", in the basic course system setting, however, in addition to the traditional theory of MAO zedong thought, deng xiaoping, English, legal basis, sports courses, other involved in humanities, social science and natural science knowledge courses are very few, cultivate the students knowledge narrow, not enough broad vision. Higher vocational accounting education in China can consider adding some courses on history, natural science, philosophy, literature and art, etc., to broaden students' horizons and enhance the value of accounting students.

American accounting professional courses focus on the logical connection between courses, often from the simple to the deep, for example, students must choose the principles of financial accounting and management accounting principles courses, before continuing to choose the courses of financial accounting and management accounting. In teaching, American teachers emphasize the learning process, take students as the main body of learning, and pay attention to cultivating students' teamwork ability and professional self-learning ability. Education, an accounting major in China, attaches great importance to the teaching of specific accounting practices, and lays too much emphasis on letting students master basic operating skills and ignore the shaping of professional ethics. It is expected that students can become skilled accountants in a short time after graduation. But the actual work of China's accounting laws and regulations have been changing, if students do not have the ability of professional self-study, sooner or later will be eliminated by the society.

While strengthening the professional quality of students, we should pay attention to the reasonable connection and expansion of accounting and information technology, so that students have a full understanding of the enterprise information environment. At the same time, with the increasing importance of management accounting, the content of management accounting can be integrated into the teaching of financial management and cost accounting. And can increase the proportion of professional elective courses, such as small business accounting, industry accounting comparison, tax accounting and other elective courses, so that students fully understand the role of accounting in the social and economic activities of various industries, to lay the foundation for students to improve in the future.

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北美作业代写：Internationalization of American higher education

下面为大家整理一篇优秀的assignment代写范文- Internationalization of American higher education，供大家参考学习，这篇论文讨论了美国高等教育的国际化。如今，美国是世界上教育国际化水平最高的国家之一，拥有世界上三分之一的留学生。美国在积极接收外国留学生的同时，也大力鼓励本国留学生到外国留学，因为海外留学既是美国宣传其思想文化的重要途径，又是美国学生了解世界的机会。

Different scholars have different understandings of the connotation of internationalization of higher education, and put forward the definition of differentiation from different perspectives. Japanese scholar hidoramura pointed out that communication, openness and universality are the basic elements for higher education to go international. The basic goal of higher education internationalization is to integrate with the perspective of internationalization, which is reflected in the process of higher education research and service. Shanghai normal university doctoral tutor de-guang Yang pointed out that the internationalization of higher education is to strengthen the exchanges and cooperation of higher education, and actively guide the development of the domestic education market, make full use of the international education market to enhance the domestic education system intrinsic motivation and attractive, especially pay attention to international exchanges, in terms of teaching method and content to meet the basic requirement of internal development, cultivate international communication ability and competition ability of high quality talents. Yang fujia, an academician at the university of Nottingham, pointed out that the internationalization of higher education has realized the communication and integration of Chinese and western cultures, and is the only way for talent development. Under the mode of economic globalization, it can better lay the foundation for realizing national interests. On the basis of the definition of the United Nations educational, scientific and cultural organization, the national university of education internationalization gives the basic definition, namely, cross-cultural and cross-border cultural view and atmosphere with related functions such as teaching, scientific research and social service, the internationalization of higher education is a complex and comprehensive process, including all the change process of the schools internal and external, is the important process of school policy fully implemented. In conclusion, there is no consensus on the internationalization of higher education, but there are many consensus. The author thinks that, the internationalization of higher education is a process of constantly changing development and trends, among them, each country's higher education, based on domestic, face the world, constantly absorbing foreign advanced ideas of education and cultural achievements at the same time, combined with their own outstanding cultural essence, achieve the purpose of common progress and common improve, to cope with the challenge of the future development of the world and training talents, build up our strength.

The international flow of students includes two kinds: export and import. The export is that American students study abroad in other countries. Input means that students from all over the world come to study in the United States. The exchange of output and input of international students can not only produce huge economic benefits, but also promote cross-cultural collision and integration, which is conducive to carrying out international curriculum research, improving the height of international teaching and the ability of international talents.

At present, the United States is one of the countries with the highest level of education internationalization in the world, and has one third of the international students. More than 800,000 international students attended American colleges and universities in 2012. Compared with 2011, the number of overseas students increased by 55,000, or 7%. In addition, while the United States actively accepts foreign students, it also strongly encourages domestic students to study abroad, because overseas study is not only an important way for the United States to promote its ideology and culture, but also an opportunity for American students to learn about the world.

The reason why the United States can become the representative of the internationalization of higher education is not only related to the large-scale international students, but more importantly, the close international exchanges between teachers and visiting scholars are maintained. In order to promote the development of its higher education, American government, education institutions and civil society groups are willing to provide various conveniences to attract world-renowned teachers and visiting scholars to the us for visiting and exchange. At the same time, in order to actively spread American ideology and values and promote the development of education level in other parts of the world, the United States also actively sent scholars to other parts of the world for research and academic conferences. In this way, American colleges and universities not only strengthen their ties with academic circles in other countries, but also gain substantial benefits, such as economic benefits.

The development of internationalization of higher education requires fundamental changes from education thought, education content, education means and education management, etc., and course internationalization is one of its main approaches. As for the connotation of curriculum internationalization, foreign researchers believe that the internationalization of curriculum includes international regional discipline research, foreign language expansion and the process of discipline generalization, etc., and the global adaptability of the discipline has already been verified and promoted. In 1996, the organization for economic cooperation and development put forward the basic concept of course internationalization, which takes the course content and form internationalization as the development direction, takes the social work of students in the international and diversified environment as the core, and takes the optimized design and standardized management of domestic and international courses as the basic goal. In 2012, professor wang xia pointed out in her research that there are three different views on the discussion of course internationalization in the current international community. The first view is that international courses including world economy, African culture, European law and world history should be included in the current curriculum design. The second point of view points out that on the basis of the existing curriculum into the internationalization of the content, so as to enhance students' awareness of internationalization, enhance students' ability to survive in a diversified national environment, enhance the internationalization of the curriculum orientation; The third point of view points out that international factors should be integrated with curriculum practice, and the integration of international curriculum setting and teaching methods should be combined. In a word, internationalization of higher education courses is the only way to cope with economic globalization and cultivate a large number of internationally conscious talents. It is also the key to enhance talents' ability and integrate internationalization elements.

The reason why the internationalization of higher education in the United States is so developed is closely related to the continuous implementation of the international education policy. The United States attaches great importance to international education. What needs to be shown here is that Europe is the birthplace of the earliest higher education, and the higher education in the United States is developed on the basis of learning from the European education model. However, with the rapid development of American society, as early as the early 1960s, many universities in the United States started to develop towards the internationalization of universities by setting up branches overseas. The United States has promulgated the education project evaluation principles for non-american countries, actively encouraged cooperative projects and the establishment of schools abroad, and established the observation organization of institutions of higher learning without borders. According to the research data, the number of overseas education input and output in the United States is relatively concentrated and in an expanding state. According to the department of statistics, 78 of the 162 overseas education schools worldwide are now established in the United States.

The basic forms of early international education mainly include three types: the first is to run schools directly in overseas branches. For example, the American branch of heilongjiang university of traditional Chinese medicine was established in San Francisco in 2014. New York university is committed to building a global university and actively establishing branches around the world. The second way is to share education facilities, venues, teachers and other costs by cooperating with foreign schools, education institutions, enterprises and governments in running schools. For example, one of the most famous investments made by the qatari government in the Persian gulf region is the city of education. In 2011, uc Berkeley cooperated systematically with Chinese institutions to build a campus in Shanghai zhangjiang high-tech park. The third is to connect education in different countries, provide Shared education resources, cultivate common students or strengthen special teaching activities. As we usually say when referring to higher education, "2+2", "3+1", "1+2+1" mode and so on all belong to this form of cooperative education.

With the continuous development of science and technology, especially the rapid progress of network science and technology, the internationalization of higher education also presents new characteristics and pays attention to the application of modern forms. By virtue of its advantages in network science and technology and characteristics of informatization, the United States continuously consolids and enhances its influence globally, which to some extent promotes the improvement of the internationalization ability of higher education. Columbia University, university of London, university of Cambridge, the British library and the New York state library work together to build online education institutions, such as integrated curriculum has attracted a large number of people to accept education, especially the library of congress in 2011 at the world digital library activities more strengthened the connection to the world. The international cultural exchange promotes the cultural exchange in the global scope, and also promotes the rapid development of the internationalization of higher education. The rapid development of information socialization and networking has played an important role in promoting the innovation of the concept of higher education in the contemporary world to some extent, and is an essential condition for the rapid formation and development of higher education.

In the traditional sense, most transnational education cooperation is between American universities and local universities or government agencies overseas, so as to enhance personnel activities and cultural exchanges. At present, with the establishment of overseas branch schools, education ability of each campus in the United States is constantly improved, and the ability of students is also constantly enhanced, but this teaching method has caused some controversy. Some members pointed out that although the cooperative model was strongly welcomed, it would have a negative impact on local teaching. The U.S. house of representatives committee on science and technology held hearings in 2007 on the globalization of universities. The meeting, the California Congressman Dana roller barker of education should pay more attention to the American people, let us in communication university professor sent to live overseas, but the establishment and teaching activities is another matter. Brian baird is education in the United States and the chairman of the committee on science and technology, he pointed out that if such measures are not taken to us university, university of other countries and will take relevant measures, rather than by participating. Amy gutman is a professor at the university of Pennsylvania, he pointed out that the United States cannot guarantee in overseas, with the education and the Alma mater of the same quality, namely facing the Alma mater teachers dilution problem, this is the internationalization of higher education schools the main risks faced by. Despite the controversy, the author still believes that the internationalization of higher education is one of the most effective ways to realize the internationalization of higher education in the United States.

As mentioned above, 78 overseas branches of 162 global universities are opened by American universities, accounting for 48% of the total. However, due to the declining population of school-age college students in the United States in recent years and increasingly fierce competition for enrollment, in order to continue to stabilize its leading position in the world of higher education, the United States has to firmly grasp the emerging international education input markets in Asia, the Middle East and other regions. At the same time, the curriculum setting of the United States in international education is relatively simple, mainly focusing on economic and technological courses, such as MBA courses, but ignoring the promotion of literature courses. In addition, while achieving the success of international education, American higher education international education also encountered various setbacks and failures. For example, while American universities are keen on establishing branch schools, most of them are not "acclimatize". One of the reasons is that American universities pay too much attention to economic benefits and neglect the investigation of the market of the importing country. The second reason is that the United States is not familiar with the local culture, language and social norms of the importing country. Copying and transplanting established models in a new environment will often lead to the failure of international education.

With the continuous development of globalization, the United States more deeply realize the internationalization of higher education in the country's strategic positioning in the significance of globalization era has come, not to people in the United States, we must make a positive reaction for the higher education internationalization, the internationalization of higher education schools as one of the important ways in higher education internationalization in the United States play a positive role to be reckoned with. The United States should, while trying to unify its thoughts on international education, give full play to its advantages as a scientific and technological power and actively create more innovative and effective education models, such as the formation of a systematic Internet virtual education model. At the same time, the United States should take a long-term and comprehensive view when carrying out international education, and strive to combine its own advantages with the culture of the importing country, so as to contribute to the cultivation of global international talents and the response to global challenges.

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英文论文写作中的复合句式

对于一篇英文论文来说，句子是非常重要的，好比是论文的基础，如果句子用的不好的话，那么论文的质量肯定好不到哪里去。复合句式是英文论文写作中常用的句式，所以大家必须要学会。当然，掌握复合句式并没有那么简单，下面就给大家讲解一下。

一、了解复合句的使用难度

复合句是英语语法中的一大难点和重点，然后，你要定位清楚学好复合句对英语学习和考试是有极大的决定性作用的。其实复合句是简单句的扩展，只要借助简单句的句型结构分析推理出复合句的主干结构，弄清从句是何种从句，再根据从句相应知识点解决语法问题或理解句子并在未来的英文论文中加以应用。

二、复合句的构成

即由主句加从句构成的。从句，指这个句子虽然能表达完整意思，但是它却是作为另一个句子（主句）的某成分而存在。主句与从句之间的关系就是，从句是主句的成分，从句可能是主语、宾语、表语、定语或者状语。两个简单句子组合成并列句需要并列词，那么主句与从句组合成复合句就需要关系词。主语从句需要的关系词与定语从句或状语从句需要的不一样，因此从句也有分类的。从句分三大类：名词性从句、定语从句和状语从句。名词性从句包括主语从句、宾语从句、表语从句、同位语从句。

三、摆正心态

复合句的运用在英文论文中其实不是一件难事的。下面以简单句、并列句和复合句表达的原则来举例区别。

句子原则1：一个句子只能有一个谓语，谓语由动词构成。

句子原则2：如果一个句子有多个动词，只有一个是谓语动词，其它为非谓语动词。

句子原则3：如果一个句子有多个谓语，那么这个句子可能是并列句或者是复合句。如果有并列连词，就是并列句，如果没有就是复合句。

以上就是关于英文论文写作中的复合句式讲解，希望大家看完之后，都能掌握复合句式的使用。

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Paper代写：A Discussion Of Effects Of Native Americans’ Gambling On Economy

本篇paper代写- A Discussion Of Effects Of Native Americans’ Gambling On Economy And Social Relationship of Native Americans讨论了印第安人的赌博行业。印第安人的赌博行业对印第安人经济和社会关系的影响是巨大的，并且具有双重作用。在经济方面，联邦政府和相关法律允许的印度博彩业在发展成为一个大而繁荣的产业的同时，给印第安人带来了巨大的利润，产生了良好的经济效益。但除了巨大的经济效益之外，负面影响也是存在的，这里的主要问题是由于赌博的收入和利润分配不均，导致了其他犯罪活动的发生。本篇paper代写由51due代写平台整理，供大家参考阅读。

After Columbus discovered the new continent, the Indians' unique way of life and cultural traditions changed dramatically as a result of the arrival of white colonists, whose economic situation was going worse and lived at the edge of bankruptcy. In the history of the United States, the native people have been discriminated against by the European people, and they are completely excluded from the mainstream community. As a result, many Indians painfully find themselves unable to recognize their identity, and some dare not admit to that they have Indian descent. The change in the status of the tragic Indians has to be attributed to the surge in the income of the Indian gambling industry and the increase in the government's preferential policies for ethnic minorities. In 1987, the Supreme Court of the United States ruled the case of California v. Cabazon Band, and the results supported the legal rights of the American Indian tribes to open casinos in the reserve. Since then, the casino program within in Indian tribes has been much more successful in reversing the migration and poverty of American Indians than all other anti-poverty programs. The US Congress passed the Rules in 1988 about Indians' Gambling, namely The Indian Gaming Regulatory Act of 1988 (IGRA) , allowing them to operate casinos in reserves, and since then, the Indian economy has undergone a radical change.

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Essay代写：A run on northumbria bank in Britain

下面为大家整理一篇优秀的essay代写范文- A run on northumbria bank in Britain，供大家参考学习，这篇论文讨论了英国诺森罗克银行的挤兑事件。受美国次级债危机导致的全球信贷紧缩影响，英国诺森罗克银行发生储户挤兑事件。自全国范围的挤兑发生以来，仅仅几天的时间就有30多亿英镑从诺森罗克银行流出，占该行240多亿英镑存款总量的12%左右，其电话银行和网上银行业务一度出现崩溃。为防止系统性银行危机的出现，英国财政部、英格兰银行与金融管理局先后采取了注资以及存款账户担保等救助措施，至此，诺森罗克银行的储户挤兑情况才有所缓解，各大银行的股价也出现不同程度的上涨，银行体系的恐慌局面才得以控制。

Financial globalization is accompanied by the globalization of risks. As far as the subprime crisis in the United States has affected the northumroc bank in the United Kingdom, the shock of depositors' run and stock price crash has followed one after another. Whether the central bank and the Treasury Department can inject capital and guarantee to save the bank is still unknown, but the bank run that occurred in the golden age is worth thinking about.

Recently, due to the global credit crunch caused by the subprime crisis in the United States, the UK's fifth largest mortgage lender, northrop grumman bank, suffered a run on depositors. Since the nationwide run began on September 14, more than 3 billion pounds have flowed out of northrop grumman bank in just a few days, accounting for about 12 percent of the bank's 24 billion-plus pounds of deposits as of September 18. Its telephone and online banking businesses have collapsed. Northumroc's shares fell nearly 70 percent in recent days to a seven-year low, making it the biggest casualty of the credit crisis in Britain. To prevent the occurrence of systemic banking crises, the Treasury, the bank of England and the financial administration has taken a capital injection and rescue measures, such as guarantee deposit account to 18, runs from the northern rock bank depositors to ease, each big bank shares also appeared different degree rise, the panic of the banking system to control. This is a brief review of the bank run in Britain, and the reasons behind it are worth looking into.

Founded in 1850 as a home loan association, northrock became a bank and went public in 1997. The bank is now Britain's fifth-largest mortgage lender, with 1.5m depositors and 800,000 homebuyers to lend to. In the first half of this year, northrop grumman accounted for 18.9 per cent of all new mortgage lending in the country, ranking first in the UK. But why did Norfolk rock, once a champion of the mortgage market, fall into a run? In addition to the above adverse factors in the UK's economic and financial environment, this may be caused by the following factors:

Unlike other Banks, which get most of their money from depositors, Norfolk rock still gets most of its money from financial institutions, even though it became a publicly traded bank in 1997. Less than a quarter of northumroc's capital comes from retail deposits, while more than three-quarters comes from the wholesale market, where it is financed by borrowing from one another, issuing bonds or selling asset-backed securities. The 75% figure is far higher than that of other major mortgage companies in the UK. Table 2 shows the proportion of capital of several major mortgage institutions that rely on the wholesale market for financing. HBOS, the UK's largest mortgage lender, also had 43 per cent. Given the stability of retail deposit financing, northrop amro bank, which derives most of its capital from the wholesale market, is more susceptible to the impact of the supply and demand of funds in the market.

The difference in pricing between the wholesale market and the home loan market has widened the interest rate gap at northrop grumman. Both bond issues and securitisation of home loans are priced at three-month Libor rates on the market. However, northrop grumman's home mortgages are issued at the bank of England's benchmark interest rate. This pricing method of investment and financing will cause bank losses when the money market interest rate is significantly higher than the official interest rate. Of northrop grumman's assets, mortgages to consumers amounted to 96.7 billion pounds, or 85.2 percent. Of the more than 96 billion pounds in mortgages, it is estimated that 12 billion pounds are directly exposed to the risk of this interest-rate gap. This means that for every basis point Libor exceeds the benchmark rate, Norfolk rock will pay an extra 12m a year.

To make matters worse, since July, northrop grumman bank, which mainly relies on wholesale markets for financing, has struggled to secure stable financing channels due to the tight liquidity in global money markets caused by the subprime mortgage crisis in the United States. Market analysts said northrop grumman needed to raise 10 billion pounds and raise another 8 billion pounds over the next 12 months to meet growth targets set earlier this year. The problem is that investors have lost interest in mortgage assets because of the subprime crisis in the United States. Moreover, even if it is not affected by the us subprime debt crisis, the panic in the UK subprime bond market will gradually be exposed. Indeed, the liquidity panic among British investors was evident in the case of west bromwich alfa, whose recent securitisation products had to be cancelled because no one had bought them. As you can see, Britain's credit markets are starting to close. That would be a fatal blow to northern rock, which relies heavily on credit markets to finance itself.

The widening of the interest rate gap between the assets and liabilities and the slowdown of the loan business caused by the lack of liquidity have reduced the operating income of Banks, and the direct cause of the depositors' run may be the decline of the expected income of Norfolk rock bank. Although northrop's share of the mortgage market rose sharply in the first half of the year, to 18.9% from 14.5% in the second half of 2006, and its total assets rose 28% from a year earlier, its profits did not rise significantly. Northrop grumman's pre-tax profit in the first half of 2007 was less than 300m, little changed from a year earlier. Asset increases substantially, and profit does not increase, the fact that the operation income of the bank drops. On September 14th northrop grumman issued another profit warning, saying that interest rates had risen unexpectedly, that asset growth had slowed as a result of the credit crunch and that pre-tax profits for 2007 were expected to be about 20% lower than expected. The announcement of the news also directly triggered the day of widespread depositors run.

In fact, northrop amro does not invest much in the us subprime bond market, accounting for 0.24 per cent of its total assets. It has about 275 million pounds, of which 200 million pounds is invested in us collateralized debt obligations and 75 million pounds is invested in mortgage-backed securities. And these securities have a duration of less than two years and will not affect lending in 2006 or 2007. While the losses are small relative to the overall assets, they already account for 40% of northumroc's portfolio portfolio, and could have a bigger psychological impact on investors in the market.

Since the outbreak of the subprime mortgage crisis in the United States, the bank of England has adopted a completely different regulatory approach from that of the European central bank and the federal reserve -- to do nothing, that is, not inject capital into Banks or lower the discount window interest rate. Although Britain's subprime debt crisis may be worse than America's, the government and the bank of England did not seem to recognise the problem before the liquidity crisis hit the banking system. In mid-august, most central Banks around the world, including the federal reserve and the European central bank, injected $38 billion into Banks three times a day to ease the liquidity squeeze caused by the subprime crisis, while the UK did not inject capital into the banking system.

The bank of England governor mervyn gold has repeatedly said, not follow other central Banks for Banks, he thought, the UK should avoid giving investors "the central bank will pay for the market participants error decision" impression, capital injection may encourage "excessive risk-taking, saddled for future financial crisis". For the behavior of the capital, in addition to mervyn gold fear injections cause "moral hazard" in the financial markets this concern, another reason may be that the British authorities believe the criteria for the assessment of domestic housing mortgage loan and the subprime mortgage market is heavily regulated in the United States, and Britain is no housing oversupply problems such as the United States. In August, a spokesman for the UK's monetary authority noted that "overall, the relatively good recent economic conditions have kept the financial institutions we regulate relatively well capitalised". This optimistic view of the UK subprime market is Shared not only by the authorities but by many in the market. That is not the case, however, and the bank of England now appears overly optimistic and confident before the liquidity crisis in the banking system.

In addition, the bank of England's early non-injection of capital is also related to the "lender of last resort" system. Since 1998, since the revision of the bank of England issued and implemented, the function of the bank of England began to independently control the conduct of monetary policy, but the exercise of lender of last resort function became the behavior of the bank of England is very rare, because according to the regulation, the bank of England when exercising the functions of the lender of last resort to negotiate with the monetary authority in advance. Before the crisis, the bank of England was reluctant to inject capital, and the monetary authority deemed it unnecessary.

The bank of England announced on Friday that it would inject 4.4 billion pounds into financial markets as criticism of the "hands-off" approach grew in the face of growing strains in the interbank lending market. However, at this time, the injection of capital could not change the tension in the market. Three-month Libor continued to hit new highs, and the three-month Libor from September 7 to 13 was as high as 6.85%. On Thursday, northrop grumman ran out of liquidity and ran on some of its branches, forcing it to apply for emergency loans from the central bank. Only then did the British government begin to realize the seriousness of the problem. The Treasury, the bank of England and the financial administration in that northern rock bank to apply for an emergency meeting of the second day, three departments issued a joint statement pointed out that the northern rock bank is still the repayment ability, and its capital adequacy ratio meets the requirements, the loan quality is no problem, the current run is only a temporary liquidity difficulties, appears the bank as a result, the Treasury authorized the bank to the northern rock bank to provide the financial support of a punitive interest rates. However, after the announcement was made through the media, and Norfolk rock bank also announced the bad news that its expected earnings for the whole year would decline, the bank's stock price immediately fell by nearly a quarter, which was just a small run that broke out in some branches and quickly spread to the whole country. Over the next three days, depositors ran even harder, reducing northrop grumman's deposits by more than 3 billion pounds in just a few days. To make matters worse, two other British Banks, Alliance & Leicester and Bradford & Bingley, also saw their share prices tumble on the 17th, as speculation mounted that this would be the next "northrock".

The Treasury promised full compensation. 17 in the evening, to alleviate the northern rock bank runs, the outbreak of the prevent systemic financial risks, the Treasury secretary Darlene had to once again announced that the government will ensure the safety of the bank deposits existing government guarantee will cover all deposits, no matter how much the amount, and the government will also be the same as the northern rock face problems of other bank account. The Treasury's commitment to a full guarantee is unprecedented, even extreme, and goes beyond the provisions of the UK service compensation scheme. According to the financial compensation regulations of the United Kingdom, the British service compensation plan is only a simple "payment box" mechanism, so the compensation plan limited company has not been involved in the bank run crisis. Under the financial compensation ordinance, depositors with less than 2,000 pounds of deposits will be fully compensated if the bank fails, while those with more than 2,000 pounds will not be fully compensated. The Treasury's promise of full guarantees was a reassurance to depositors.

In addition to the full guarantee from the Treasury secretary, the bank of England has increased its capital injection into the banking system. On the 18th, the bank of England promised to inject 4.4 billion pounds of low-interest money into the banking system, and on the 19th it announced that it would inject 10 billion pounds of money into the three-month capital market next week, in an attempt to deal with the lack of liquidity in the overnight interbank market over a longer period.

With this series of heavy government intervention, the run on northrop grumman bank subsided and the financial panic in Britain was brought under control. Review the administration behavior, can be found in the banking system liquidity before the crisis, the bank has refused to capital to the banking system, nor reduce the discount rate, the financial administration is optimistic that unnecessary capital injection, these is the British to become the subprime crisis "disaster zone," a very important reason. Against the background of increasing financial panic, the British authorities changed their original intention of inaction and were finally forced to impose financial aid and deposit guarantee on Banks, so as to control the panic in the financial system. However, the capital injection and deposit guarantee are adopted to solve the problems of northrop grumman bank. On the one hand, the regulatory authorities always believe that northrop grumman bank is still solvent and the fundamentals are sound. On the other hand, regulators fear that northrop grumman's risks could spread throughout the financial system. However, the question of whether the UK government's aggressive support for northrop grumman involved a breach of market competition principles has raised concerns among eu officials, even though the current aid is considered emergency.

As the "protagonist" of the whole run, what measures did northrop amro bank take to cope with the run? This is also worth our attention. To sum up, northrop grumman bank mainly took the following measures:

In addition to applying for an emergency loan from the bank of England on September 13th to boost liquidity, northrop grumman has sought to raise liquidity through asset sales and restructuring. News has emerged that the troubled bank northumroc is planning to divest up its 100bn-worth of mortgage debt. In fact, as early as June and July, Norfolk rock bank sold more than 1 billion pounds of Commercial insurance loans to Lehman Commercial Mortgage Conduit Limited. Northrop grumman's chairman, on the other hand, has publicly called for a takeover. There have also been rumours that lloyds, a British bank, and a number of foreign Banks are interested in buying northrop grumman.

In the face of panic in the markets, solvent northrop grumman soothed depositors by stepping up its statements that it was operating normally and would try to keep customers' money safe. After Sept. 16, northrop grumman posted an open letter from its chairman on its home page that said the company would keep its customers' money safe. And for days northrop grumman ran full-page ads in Britain's main newspapers declaring that its business was normal. These have played a certain role in easing the tension of customers.

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