金融产品创新视角下的美国次级抵押贷款危机

The Subprime Crisis in the US:The Perspective of Financial Products Innovation

本文从金融产品创新视角剖析美国次级抵押贷款危机。本文认为,美国次级抵押贷款危机能引发全球金融市场动荡,根源在于高风险次级抵押贷款的过度发放和以次级抵押贷款为基础资产的证券化产品和信用衍生品在全球金融市场泛滥,通过杠杆效应放大了实体经济中次级抵押贷款的风险。

This paper analyzes the Subprime Crisis from the perspective of financial products innovation. Why can the Subprime Crisis incur global financial market turbulence？ The reason roots in the over-issuance of high-risk subprime mortgage, as well as the flooding of ABS and credit derivatives based on the subprime mortgage in global financial market. The leverage effect amplifies the subprime mortgage risks in real economy.