风险转移、风险分担与次贷危机传导

Risk Transfer,Risk-sharing and Transmission of Subprime Mortgage Crisis

美国次贷危机对整个美国金融市场乃至全球金融市场都造成严重的冲击和震荡,并快速地实现跨市场金融风险传导并形成危机。本文利用金融体系风险转移模型及其对风险分担和金融稳定性的影响的理论分析了美国次贷危机中的风险分担和风险传导。分析表明,银行体系的激进性贷款行为和恶意转移风险的道德风险促成了次贷危机的生成与传导;而金融市场的衍生产品创新在转移和分散风险的同时,也放大了美国次贷危机的风险。

The U.S. subprime mortgage crisis resulted in serious impact and fluctuation to American financial market and global financial market, crises are appeared quickly because risk cross-market transmitting. This paper analyses the risk transmission and risk-sharing of U.S. subprime mortgage crisis by a model of financial crisis transfer and the impact to financial stability. The analysis indicates that credit expansion arbitrarily and moral hazard of malicious risk transfer in the system of bank leads to the formation and transmission of U.S. subprime mortgage crisis, the derivative product innovation of the financial market enlarges the risk of U.S. subprime mortgage crisis when it transfers risk as well as separates risk.