美国次贷危机的传导机制研究

Study on the Transmission Mechanism of American Subprime Mortgage Crisis

2007年,美国次级住房抵押贷款市场违约率持续上升导致次债危机爆发,随着形势的逐渐恶化,次债危机已经演变为席卷全球的金融危机,金融市场动荡加剧,全球主要金融机构深陷其中,损失惨重。目前,金融领域的危机已经影响到实体经济,受其拖累,世界主要经济体纷纷陷入衰退。对这次危机从次贷市场向其他金融领域乃至实体经济的经济危机的传导过程作简要梳理,对危机得以发生和迅速传播的一些重要问题加以探讨,以及此次危机对中国金融业的启示。

The increasing cases of breach of contract in subprime mortgage in 2007 led to the subprime mortgage crisis in the United States. As the situation is getting worse, the subprime mortgage crisis has evolved into a global financial crisis and the unrest of financial market has trapped the key financial institutions deeply in the scope of world, causing them heavy losses. At present, the financial crisis has affected the real economy, causing the main economies in the world fall into recession. The paper makes a description of thc transmission process from subprime mortgage crisis to financial crisis and finally to economic crisis of real economy, probes into some pivotal issues that initiated the emergence and spreading of the crisis, and demonstrates the lessons to be drawn by Chinese financial institutions.