从次贷危机看消费信贷违约防范机制的失灵

On consuming loan faith breach prevention mechanism’s failure from subprime crisis

本文以美国次贷危机为例,分析了消费信贷市场违约防范机制失灵的问题。本文指出,政府隐含担保的存在是导致消费信贷市场违约防范机制失灵的真正原因,可能使消费信贷市场出现大范围的违约并威胁整个金融体系的稳定。美国次级抵押贷款市场上爆发的危机不是偶然的,恰恰是消费信贷市场上违约风险防范机制失灵的一个集中反应。

This article exemplifies the failure of de fault prevention mechanism on consumer credit market with the sub-prime loan crisis in the United States. It concludes that the existence of government implicit guarantee is the source of the failure of default prevention mechanism, which may lead to perverse default on consumer credit market and even threaten the stability of the whole financial system. The subprime loans crisis is not accidental. It exactly illustrates the failure of default prevention mechanism on consumer credit market.