后危机时代我国金融创新监管的法律因应之道——以美国次贷危机为视点

Coping Solutions of Law on Financial Innovation and Regulation in the Post-financial Crisis Era——from the Perspective of U.S.Subprime Mortgage Crisis

在法律领域内,从金融创新监管角度研究美国次贷危机的论述很多,但经常自说自话,彼此之间并没有建立有效的联系。因此,运用金融学对美国次贷危机进行系统和深入的研究,对各种已有论说从微观(运用资产证券化和结构化金融技术设计出的次级抵押债券和金融衍生品)和宏观(上述金融衍生品的广泛交易,催生了一个还没有建立起有效监管的"影子银行"体系)两个层面加以整合,从而对次贷危机暴露出的金融创新监管问题实现一个整体和有机的把握,在此基础之上,从微观和宏观层面构建我国法律的因应之道就具有十分重要的意义。

In the law field,studies on U.S.subprime mortgage crisis from the perspective of financial innovation and regulation are numerous yet lack of effective interaction.This paper aims at a systemic and thorough research on U.S.subprime mortgage crisis by application of finance on two levels：from the microscopic（by means of asset securitization and structured finance techniques to design the sub-prime mortgage bonds and financial derivatives） and macroscopic（the wide range of financial derivatives transactions as mentioned above resulting in a ＂shadow banking＂ system that has escaped from effective regulation）.Therefore,such integrated and systematic study will be of great significance on coping with financial innovation and regulation from both micro and macro level.