透视美国金融危机中的金融创新“蝴蝶效应”

On "Butterfly Effect"——A Financial Creation of Financial Crisis in U.S.A

始于2007年夏的次贷危机很快发展成为美国金融危机,并蔓延全球,究其原因,金融创新是一个不容忽视的因素。由于抵押贷款创新的理念建立在房价不断上升的假设之上,使得抵押贷款创新及建立在其基础之上的证券化产品创新不具备可靠的基础资产。房价下跌使创新抵押贷款的风险暴露,金融创新的"蝴蝶效应"终于得以实现,所有金融机构陷入了一场前所未有的危机中。这给我国未来的金融创新提供了良好的启示。

The subprime mortgage crisis, started in summer 2007, has soon become a financial crisis in U. S. A and is going down the whole world. One of the causes is financial creation. The concept of mortgage creation is based on the increasing price of real estate, which made the creation of security instru- ment, based on the mortgage creation, lack of dependable asset base. The falling price of real estate exposed the risk of creative mortgage loans, the ＂butterfly effect＂ of financial creation came true and all financial institutions are in unprecedented crisis, which gave us good inspiration about our future financial creation.