资产证券化的发展及前景

Asset securitization: Evolution and prospects

资产证券化(asset securitization)是近二十年来国际金融界最重要的改革动力之一,同时也带来了银行乃至整个金融服务业的革命。本文以美国按揭贷款市场的资产证券化为例,介绍资产证券化在发达国家市场的应用和发展,以及新兴市场国家发展资产证券化工具的现状和前景。

As one of the most important engines of financial reform in the past two decades, asset securitization has brought about revolutions in the banking and financial industry throughout the world. Taking the US mortgage market as an example, this paper sheds light on the evolution of asset securitization in developed countries, and analyzes the conditions for developing countries to use asset securitization more extensively in the future.