美国次贷危机的传导机制

The U.S. Subprime Mortgage Crisis:Transmission Mechanism

美国次贷危机根源于房地产市场繁荣背景下激进的住房抵押贷款行为,本质是由房价下跌和利率提升导致的信用危机引发的信贷紧缩和金融市场流动性缺失。文章以美国次贷危机的传导基础为切入点,利用金融危机传导模型来分析美国次贷危机的传导机制。在其传导过程中,美国次贷危机形成了从信贷市场到资本市场、从资本市场到信贷市场、从金融市场到实体经济和从国内市场到国际市场的传导路径。在金融全球化的背景下,美国次贷危机通过金融市场和实体经济传导到全球市场,并对全球经济发展造成不确定性影响。

The U.S. subprime mortgage crisis resulted from credit expansion arbitrarily while its housing market boomed,whose nature is credit crunch and liquidity squeeze caused by credit crisis resulted from the interest rising and the housing price drop. Based on the forming foundation of the U.S'. subprime mortgage crisis ,this paper analyses the transmission mechanism of the U.S'. subprime mortgage crisis by a model of financial crisis' transmission,which includes four paths:from credit market to capital market,from capital market to credit market,from financial market to entity economy,from domestic market to international market. Under the financial globalization,the U.S'. subprime mortgage crisis is transmitted to global market by financial market and entity economy and makes the uncertain impact on global economic development.