从金融产品异化角度解析次贷危机的特征、发展和前景

Characteristics,Development and Future of Subprime Crisis:A Perspective from Financial Product Alienation

人们之所以对次贷危机一再判断失误和低估其影响,主要在于采用了传统观念来评估这次前所未有的危机。次贷危机和以往历次金融危机相比最大的特征在于它是首次由产品异化引发的全面金融危机,所以从产品异化角度来审视这次危机,有助于揭示其中许多新的特征和发展脉络。相应地,传统的危机对策难以完全应对这次新型危机,只有同时对业务模式和产品重新调整,才能最终恢复市场信心和信任。在业务模式和产品经过调整的后危机时代,美国金融市场将会进入更加健康持续深化发展的新阶段。

The reason that people underestimated the subprime crisis, is that they used the traditional measures to assess this all new crisis. The primary difference between subprime crisis and previous financial crises is： this crisis is the first one that caused by alienation of the financial products created by financial institutions themselves. This standpoint helps us to discover the true features and trends of the crisis. Accordingly, in order to stabilize the financial markets, the business pattern and products problems need to be solved properly.