论美国次贷危机的传导机制

Discussion about the Conduction Mechanism of the United States Loaning Crisis

2007年7月,美国次级按揭贷款(以下简称次贷)引发了全球金融动荡,股市和汇市波动明显,主要金融市场呈现流动性不足。为维护金融稳定,各国中央银行纷纷出手救市。机构投资者和金融机构损失巨大,金融市场余波未定,实体经济衰退风险增大。尽管如此,投资者目前并不清楚还有多少损失没有暴露。有关次贷危机的许多问题值得我们深入思考。

In july 2007, U.S. sub-prime mortgage loans （hereinafter referred to as the loan-to-time）triggered a global financial instability, mavked fluctuations in the stock and foreign exchange markets, major financial market liquidity shortage. For the maintenance of financial stability, central banks attempt to save their city. Six months later, institutional investors and financial institutions huge losses in the financial market repercussions have not been determined, increasing the risk of recession in the real economy. Nevertheless, the current investors is not clear how much damage has not exposed. Times of crisis related to loan-to-many of the issues worthy of our in-depth thinking. This paper analyzes the credit crisis in the United States at the origin of the transfer process and the role of central banks to discuss the crisis on China＇s central bank functions and operation of the enlightenment.