住房贷款二级市场的经验教训与政策建议

Experience and lessons from secondary mortgage market and policy suggestions

本文结合主要国家实践,分析了一国住房贷款二级市场的驱动因素、成功要素及其主要的经济金融功能;在总结次贷危机带来的市场发展启示的基础上,探讨了未来房贷二级市场的主流模式。鉴于房贷二级市场对中国经济金融长期稳定发展具有一定的重要意义,文章进一步探讨了我国建立证券化房贷二级市场的模式选择与发展对策。

This paper analyzes the driving factors, the key elements and the major economic and financial functions of the secondary mortgage market having regard to the practice in major countries. On the basis of summarizing the implications of market development after the subprime crisis, the mainstream mode of the secondary mortgage market in the future is discussed. In light of the significance of the secondary mortgage market to China＇s long-term and stable economic and financial development, the paper further studies the mode options and development strategies of the secondary market for securitized mortgage in China.