基于信用创造视角的次贷危机问题分析

An Analysis of Loan Crisis Meeting in Terms of Credibility Creation

次贷危机是信用风险聚集和金融创新中的信用创造协同效应。金融创新使次级贷款信用创新膨胀,资本软约束使信用风险剧增。资产证券化给住房金融机构提供了充足的资金来源,而信用创造将信用风险转化,使资本市场与银行货币市场对接,出现风险渗透。银行流动性过剩是次贷扩张的直接原因之一,流动性不足是引发次贷危机以致金融危机的导火索。

The financial crisis meeting has resulted from gathering of financial risks and credibility creation in financial innovation. Financial creation causes an expansion of sub-loan credibility creation and capital soft-bound adds considerably to credibility risk. Moreover, capital securitization offers a sufficient supply fund for housing banking institutions, but credibility creation transforms credibility risk, and links capital market to the bank＇ s currency market, bringing about risk infiltration. Therefore, the bank＇ s surplus mobility is one of the direct reasons for sub-loan expansion, but insufficient mobility is the trigger to financial Crisis meeting and financial crisis itself.