美国次贷危机传导机理分析

The Analysis of the U.S. Subprime Mortgage Crisis Transmission Mechanism

美国次贷危机爆发后,迅速在国内和国际传导蔓延。从国内看,危机先从信贷市场传导至资本市场,又从资本市场回传到信贷市场,并对实体经济造成冲击。从国际看,危机通过金融渠道、贸易渠道和心理渠道向世界各国扩散。分析本次危机的传导机理,对日后有效防范金融危机的产生和蔓延具有理论和现实意义。

After the explosion of U.S. subprime mortgage crisis, it quickly spread and transmit in the domestic and the international. Domestically, the crisis start the transmission from credit markets to capital markets, then from the capital market back to the credit market, and impact the real economy. From the international perspective, it spread around the world mainly through financial channels, trade channels and psychological channels. Analyzing the conduction mechanism of this crisis has theoretical and practical significance on the effective prevention of the future financial crisis’s generation and spread.