银行消费信贷条件下的资产价格泡沫与美国次贷危机

The Bubbles of Assets Prices and the Financial Crisis of US in the Condition of Consume Credits

美国长期的低利率政策造成了住房抵押贷款的快速膨胀,使许多信用等级低的人获得了贷款,也促成了房地产价格的泡沫。当利率提高时,信用等级低的人首先遇到了还款障碍,次级贷款的大量发放为美国次贷危机的爆发埋下了"火种",利率的提高刺破了房地产价格的泡沫并引发了次贷危机,而住房抵押贷款的资产证券化又为次贷危机插上了"翅膀",扩散了次贷危机的影响范围,造成了整个金融系统和实体经济的波动。

The demand and supply of credit are important factors that will have great effect on the fluctuation of real estate price. Because of the endogenous supply of money, the excessive demand of credit will be met by the supply of credit. The excessive liquidity based on the excessive demand of credit will induce the rise of price of real estate and produce bubbles of assets price in the last, which is the most important factor of the subprime lending crisis.