美国次贷危机的演变趋势及其启示

The Evolution of Subprime Crisis and Its Implications

次贷危机对美国乃至全球金融市场都产生了深刻的影响。次贷危机经历了从美国到全球金融市场,从次级贷款市场到整个货币市场与资本市场的演变。次贷危机的直接原因是房地产泡沫的破灭,其深层次的原因是错误的货币政策、高估的信用评级以及贷款标准的放松。为防范房地产市场的金融风险,必须严格贷款的审查标准,减少证券化中的信息不对称现象,加强对非银行金融机构的监管,并将资产价格纳入货币政策的监控体系。

The subprime crisis has a serious impact on American and global financial markets. The subprime crisis has evolved from American into global financial markets, from the subprime markets to the entire monetary markets and capital markets. It seemed that the crash of real estate market triggered the crisis. However, the real reasons are the wrong monetary policy, the overestimate of credit rates and the loosening of bank loading standards. To control the risks in real estate market, tighter loading standards must be stick to. Measures must be taken to relieve the information asymmetry between market participants. Regulation on non-banking financial institution should be strengthened. And the asset prices should be monitored by monetary authorities.