金融商品交易视域下的次贷危机原因及立法启示

Reasons for U.S.Sub-Prime Crisis and Revelation from the Perspective of Financial Instruments Exchange

美国次贷危机的发生无疑具有复杂性,是多因素共同作用的结果。从根本上说,次贷危机是美国新自由主义经济政策和宽松的货币政策的产物。但是,从金融商品交易的角度出发,资产支持证券等衍生性金融商品的过度发展以及金融监管制度的缺失是构成美国次贷危机的重要原因。次贷危机后,加强金融商品交易的场外监管、功能监管,增强市场透明度,增进监管合作已经成为各国监管改革的重点。

The occurrence of the U. S. subprime mortgage crisis is undoubtedly complex. It is the result of many factors. Fundamentally, the U. S. subprime mortgage crisis is the product of neo - liberal economic policies and loose monetary policy. However, from the perspective of financial commodity transactions, the over - development of asset - backed securities and other derivatives and lack of financial regulatory system are important reasons for the U. S. subprime mortgage crisis. After subprime mortgage crisis, to strengthen supervision of OTC financial products and functional regulation, to enhance market transparency, and to enhance regulatory cooperation have become the focus of national regulatory reform.