美国次级贷款危机的国际传递机理及其影响

The International Transmission Mechanism of U.S Subprime Crisis and its effect

美国次级贷款危机向全球传递的渠道主要包括国外投资者购买美国次级债;机构投资者的投资组合调整效应;资产评级下降导致风险重新定价;实体经济传递和心里预期效应。次贷危机的国际传递引起全球金融市场恐慌,投资者大量抛售金融资产,全球金融资产价格普遍大幅下跌;企业融资更加困难;全球大型金融机构出现巨额亏损,直接导致市场资金紧张和信贷紧缩;市场信心受挫。

The American subprime lending crisis transmission to the overseas investor to purchase the American subprime bond; the global channel mainly includes Organization investor＇s investment profolio adjustment effect; The property rating drops causes the risk to fix a price; In entity economy transmission and anticipated effect. The subprime lending crisis causes the whole world financial market in the international transmission to be panic, the investor undersells the financial property massively, the global finance property price universally falls largely; Enterprise financing is more difficult; The whole world large-scale financial organ appears the large amount loss, causes the market fund directly anxious and the contraction of credit; The market confidence suffers setbacks.