次贷危机的成因、影响及对金融监管的启示

Sub-prime Crisis:Cause,Impact and Implication for Supervision

美国次贷危机愈演愈烈已造成了全球金融危机,究其根源在于次级房屋贷款发放环节。由于包括美国政府、美联储、投资银行、评级机构、保险公司在内的各个市场参与者的共同作用,次级房屋贷款市场迅速膨胀。通过房贷-评级-卖出的证券化过程,次级贷款的风险被散播到了全球的各类投资者。金融监管机构对此次危机负有不可推卸的责任,其传统的最佳标准式的监管理念通过巴塞尔新协议等方式导致了市场行为趋同从而流动性缺失、系统性风险发生、亲周期问题显现。此外,监管机构对于高杠杆率和负债与资产错配的金融机构监管明显不足,也在一定程度上加剧了危机。

US subprime crisis, resulted in current financial sector crisis, derived from the issue of subprime mortgage. The subprime market boomed with the contribution from US government, the Fed, investment banks, rating agencies and insurance companies. Through the ＂Originate, rating and relocate＂ mechanism, the risk of subprime is diversified to worldwide investors. It is shown that financial sector regulator is one of them who are responsible for the crisis. The market homogeneous behavior, which realized the systemic risks, is the result of traditional and out-of-dated regulation principles and New Basel Accord. New Basel Accord is also the reason for pro-cyclicality. Nevertheless, the limited regulation on financial institutions with high leverage and mismatch in terms of funding, to some extent, worsen the crisis.