美国住房抵押贷款次级债风波的分析与启示

An Analysis of U.S.Sub-prime Mortgage Turmoil and its Implication for China

今年8月份,美国次级住房抵押贷款出现还款困难,进而引发以其为基础资产的证券化产品——次级债风波,并波及世界金融市场。本文着重对次级债的界定和其影响机制进行分析:本文首先介绍了次级债的概念以及与次级债相关的产品,分析了与次级债直接联系的两个市场,即住房抵押贷款市场和以此贷款为基础的衍生品市场和证券化产品市场,以及次级债市场与其他金融市场的关系,具体阐明了次级债市场影响整个金融市场的机制;以此为基础,结合美国经济基本面因素和金融市场状况,对次级债的具体影响和未来走势进行了分析。最后提出了对中国金融市场的启示及相关建议:在世界金融市场联系日趋紧密的今天,应摈弃那种被动防守,因噎废食的心态,以开放的姿态,在提高本土市场各类主体的抗风险能力的同时,积极参与国际金融市场的竞争与合作。

USA credit market witnessed severe chaos in recent months, mainly due to the sub-prime mortgage problem. Investors＇ panic even spread to international stock markets. In this paper, we try to define the sub-prime loan and investigate its transmission mechanism. Specifically, sub-prime loan and other related terms are defined in the first part. Then we describe the markets correlated to the su-bprime loan. We pay more attention to the mechanism in which the sub-prime loan influences the financial markets. Based on this analysis, we take a deep lookinto U.S. economy and financial market. We believe that the sub-prime mortgage problem will not severely damage U.S. economy. However, we should spend more time to learn the lessons from the sub-prime loan problem.