美国金融危机成因分析:基于次贷产品链的视角

The Cause Analysis of American Financial Crisis Based on Subprime Product Chain

始于美国的金融危机虽已持续几年,其影响尚未结束,并在一定程度上引致了欧债危机、全球金融危机,因此现阶段对美国金融危机成因的分析仍具有重要意义。从次贷产品链的视角入手,分析危机发生的最直接因素,得出次贷产品链缺乏止损机制、信用评级不可靠、收益脱离实体经济、衍生品本身存在缺陷的结论,并提出相应的政策建议,以期对我国金融市场和金融衍生品市场的发展提供借鉴和参考。

The influehce of the financial crisis still exists and leads to euro zone debt crisis and global financial crisis, so it is very important to analyze the crisis causes at this stage. This paper analyzes the direct causes of the financial crisis from the perspective of Subprime product chain, and draws conclu- sions. To be more specific, the conclusions show that the Subprime product chain lack of loss recovery mechanism, credit rating is unreliable; earnings are not connected closely with the real economy and derivatives have flaws. Furthermore, the relative suggestions are proposed to improve the development of financial market and financial derivatives market.