美国次贷危机成因研究述评

The Review of Researches on the Causes of U.S. Subprime Crisis

本文将国外学术界关于美国次贷危机成因的研究按研究视角的不同整理为五大观点:货币政策失误说、金融自由化过度说、会计标准不当说、道德风险上升说和经济结构失衡说。其中,金融自由化过度主要体现在两方面:证券化过度、信贷标准与信贷质量下降;经济结构失衡主要有三种类型:经常账户失衡、财富与收入分配失衡、资本主义经济增长过程中产生的金融部门与实体经济部门间的失衡。本文认为,不同研究视角之间是内在联系或统一的,并不相悖。

This paper holds that there are five perspectives of the researches on the causes of U.S. subprime crisis, which are loose monetary policies, excessive financial liberalization, inappropriate accounting rules, increased moral risks and structural imbalances. Moreover, there are three kinds of financial liberalization, which are excessive securitization, declined credit standards and declined credit quality. There are three kinds of structural imbalances, which are current account imbalances, wealth and income inequality, and sectoral imbalance between financial sector and real economy sector. This paper considers that these perspectives are consistent.