次贷危机传导机制及银行危机防范探析

The Contagion Mechanism of the Subprime Mortgage Crisis and the Prevention of the Bank Crisis

美国次贷危机的影响还在继续,许多研究从不同角度对美国次贷危机进行了分析。文章从资产证券化这种金融创新入手来探析此次信贷危机扩散的根源。在美国次级贷款证券化过程中,次贷证券化带来的信息不对称和道德风险是危机扩散的重要根源,金融恐慌和利率是危机传染的重要渠道。银行业应该汲取美国次贷危机的教训,加强对金融创新的监管,通过加强信息披露、完善金融监管协调机制和风险定价机制来防范和控制银行危机传染。

The effect of the subprime mortgage crisis in America is continuing and analyzed from different points of view by researchers. This paper explores the roots of the crisis dispersion proceeding with the financial innovation. In the process of the asset securitization, the information asymmetry and the moral hazard induced by the securitization is the root of the subprime mortgage crisis, and the financial panic and the interest rate are important transmission channels. The banking should draw lessons from the crisis and strengthen the supervision on the financial innovation, and then prevent and control the bank crisis transmission by the improvement of the information disclosure, the financial supervision coordination mechanism and the risk-pricing mechanism.