对美国次贷危机的深层思考

In-depth Understandings on the U.S. Subprime Crisis

本文首先揭示了次贷危机的三大特征,然后分析次贷危机对金融业所造成的损失,接下来分析次贷危机的传导机制和对美国经济的整体影响。我们从周期及其结构的角度上作出谨慎的分析,最后提出了对中国银行业的启示和相关建议。

Since the explosion of the U.S. subprime crisis last year, we have been closely monitoring its developments. This report provides our in-depth understandings on this subprime crisis. In the first part of the report, we analyze the three main characteristics of the crisis. Then we discuss the estimated write-down figures for the global financial sectors. In the end, we examine the possible transmission mechanism of the subprime crisis and its potential impacts on the U.S. economy from both cyclical and structural points of view. The report concludes with the suggested lessons for the China＇ s banking industry.