“两房”与美国的住宅金融市场——兼论中国保障房融资机制创新

Fannie Mae-Freddie Mac and Evolution of US Housing Market——With Implications for China's Security Housing Finance Mechanism

金融危机使"两房"和证券化倍受诟病。本文试图从历史、政治、经济、内生机制和外部市场环境等多个视角系统梳理美国住宅金融体制演变及"两房"和证券化的作用。通过梳理历史,客观评析了"两房"的创立对促进美国传统住宅金融向现代金融转变的积极作用,分析了网络经济泡沫破灭后金融市场环境和"两房"自身资产结构变化及诱发的危机的金融与实体经济因素,并着重剖析了后危机时代"两房"成为政府救市的工具运作机理和未来美国住宅金融市场改革的要点。最后提出我国保障房融资机制匮乏,应建立政策性住宅金融体系。

Financial crisis leads more criticize on Fannie Mae-Freddie Mac and securitization.This paper tries to make a systematic study on the evolution of US housing finance system at historical,political and economic angles with internal and external mechanism.At First,it gives objective appraisal of their active role in transition of US tradition housing finance to a modern one.Then,through analyzing the post-internet bubble's change of market environment,their self assets structure,financial and real economic factors that caused financial crisis,it reveals their role as the government rescue tool and key steps of future housing finance reform.At last,we raise policy recommendations on the establishment of policy-oriented housing system in China based on the study of fund shortage of for security housing supply.