从次贷危机看资产证券化与中国商业银行监管

Securitization and the Subprime Mortgage Crisis:Implications to China's Banking Regulations

政府研究组建住房政策性金融机构引起人们对资产证券化的新一轮思考。资产证券化工具设计本身存在缺陷,直接导致次贷产生和风险联动,这一缺陷如果监管不当在中国会引起相似的危机。因此有必要在重启资产证券化之前完善对房地产金融链条特别是商业银行的监管。

The goverment plans to establish policy-based housing financial institutions, which pushes researchers to reexamine securitization. Securitization is not the only explanation for the US subprime mortgage crisis. It, however, is believed by many analysts to be inherently flawed, which led to subprime credit extension and increased systematic risk. Before China puts securitization back to market, financial regulations need to be reexamined and improved to head off the potential problems.