宽松货币政策、流动性过剩及影响:以美国为例

Easy-money Policy and Excess Liquidity: with America's Subprime Mortgage Crisis as Example

流动性的本质要素是货币。宽松货币政策使得经济主体将短期资产替换为收益更高的长期资产,由此引发流动性过剩,造成资产价格泡沫膨胀。2000年以后美联储开始实施宽松货币政策,这一政策导致了流动性过剩,吹大了房地产市场泡沫,并带动次级抵押贷款市场及次级抵押贷款证券市场繁荣。流动性过剩下的房地产泡沫膨胀及随后的泡沫破裂是美国次贷危机发生的主要原因。

The essence of liquidity is currency. When a central bank adopts the easy-money policy to enable economic entities to substitute long-lived assets for short-lived assets with the intention of acquiring more gain, the excess liquidity will unavoidably come to pass to form bubble inflation of the price of assets. The Federal Reserve System had adopted the easy-money policy since 2000, then the policy caused excess liquidity to inflate the real estate bubbles, thus hastening the formation of subprime mortgage loan market and getting the subprime mortgage securities boomed. A conclusion is therefore drawn that the bubble inflation of real estate due to excess liquidity causes the bubble bursts -- this is just the root cause of the current subprime mortgage crisis in America.