美国金融危机成因分析及对我国的警示

An analysis of the US Financial Crisis and its Alert to China

美国金融危机引发全球金融市场动荡。这场金融危机从美国的房地产市场开始,以惊人的速度蔓延,波及信贷市场、资本市场,对全球尤其是西方金融机构和金融市场造成重大冲击,短期内升级为全球金融风暴。我国目前正处于资产价格上涨、信贷投放过度的经济环境之中,美国的金融危机给我国敲响了警钟。本文通过描述此次危机的发展脉络,在分析美国金融危机背景的基础之上,从强化房地产按揭贷款业务风险管理、审慎推进资产证券化等六个方面得出了对我国的警示。

The financial crisis in the United States triggered the global turmoil in financial markets. Starting from the real estate market, the crisis spread to the credit market as well as the capital market at an alarming speed. It had a significant effect on the global, especially on the Western financial institutions and markets. Within a short time, it deteriorated into a global financial storm. At present, China is in such an economical environment： the prices of assets are rising and credits are over-delivered. The financial crisis in the United States may well serve as an alat＇m to China. This article begins by traceing the process of this crisis. Then it proceeds to put forward warnings to our country based on the analysis of the background of the US financial crisis in the aspects such as strengthening the risk management of mortgage loan service and prudently promoting the assets securitization.