金融危机的演化阶段及其美国检视

Evolutionary Phase of Financial Crisis and Examination of America

过度自由却缺少监管的资产证券化,最终酿成了美国的"次贷危机"。次贷危机是一次非传统的金融危机,但可以体现所有金融危机的共同特征,即信用扩张背景下的资产价格泡沫。从资产价格泡沫的形成和发展过程来把握金融危机的生成机理,将有助于我们在把握金融危机本质的基础上极大限度地加以防范。

The asset securitization that enjoys excessive freedom but lacks supervision has eventually resulted in America＇s subprime mortgage crisis, which, a kind of non-traditional financial crisis, reflects the common features of all financial crisis： the bubbles of asset price under the background of credit expansion. The examination of the formation mechanism from the perspective of the generation and development of such bubbles will help us to understand the essence of financial crisis so as to effectively prevent such crisis in China.