美国对次贷危机干预的两难选择与启示

The dilemma of regulation against sub-prime lending crisis and its enlightenments for China

对次贷危机进行干预是个两难选择,它既要弥补金融市场失灵,也要防止政府过度干预可能导致的道德风险。危机处理中政府干预与市场调节的平衡更需要考虑干预的成本和收益,以确定干预的合理界限。美国的次贷危机及其干预过程为中国提供了经验教训,其干预实践也对完善我国金融风险的防范与监管具有重要启示意义。

The regulation against sub - prime lending is a dilemma, not only make up for financial market failure, but also avoids possible moral risk resulting from overdue regulation by govemment. Realizing the balance between government regulation and market adjustment in the process of coping with crisis need considering regulation＇ s cost and profit to fix its reasonable limit. Because the crisis provides China with experience and lessons, there are important enlightenments from the regulation in USA for improving regulations against financial risks in our eountry.