美国次贷危机中的金融创新产品及其启示

The Financial Innovation and Inspiration from U.S. Sub-loan Crisis

美国次贷危机爆发至今,有许多金融创新产品出现在我们的视野中,如MBS、CDO、CDS等,这些金融创新产品形成了一条影响着美国经济兴衰的价值链。次贷价值链的形成过程也是美国经济泡沫的形成过程,而价值链的断裂同时也意味着泡沫的破裂和危机的爆发。通过对美国次贷危机的分析,可以得到以下几点启示:金融创新应该循序渐进;金融机构适度介入衍生品市场;金融机构不能过度依赖数学模型;防范房地产信贷风险;防范贷款机构道德风险;将衍生品的场外交易转化为场内交易;加强对评级机构监管和提高金融监管水平。

The United States has been sub- loan crisis. There are many financial innovations in our field of vision, such as MBS, CDO, CDS, which form a value chain that plays an important role in American economy. The formation of the sub - loan value chain was the formation of the U.S. bubble economy, while breaking the value chain also meant that the bubble burst and the crisis broke out. Through the analysis of the U.S. sub -loan crisis, inspiration can be the following： Financial innova- tion should be gradual. Financial institutions participate reasonably derivatives. Financial institutions can not be over - reliance on mathematical models. We guard against the real estate credit risk. Lending institutions should guard against the risk of moral hazard. The OTC derivatives transactions switch to the venue. We strengthen the supervision of rating agencies. And we should improve the level of financial supervision.