美国次贷危机爆发原因的文献研究

Documental Research on the Reason of America Subprime Mortgage Crisis

网络经济破灭后美国实行的宽松的货币政策使流动性变得充足,促成了美国房地产市场的持续繁荣。根据借款人的信用条件所设计的次级贷款对流动性有很大的依赖性,它的偿付保障不是建立在客户本身的还款能力基础上,这一先天不足使之在利率上升和房地产市场低迷的情况下因违约率的上升而孕育危机。由松变紧的货币政策变化,直接导致了次贷危机的出现。抵押贷款支持证券使货币市场与资本市场有机连接在一起,低质量的贷款借助金融创新工具,通过分拆、打包、出售转移了风险。令人眼花缭乱的金融创新工具、漫长的销售链条和高杠杆率在流动性紧缺的情况下放大了风险。有效的金融监管是金融市场健康发展的重要保障,在金融创新的同时缺乏相应的监管导致次贷危机的扩散。次贷危机与华尔街和评级机构的贪婪和道德缺失有着直接的关系,利益驱动下的职业道德缺失是造成次贷危机的主要原因。低储蓄率和非理性的的透支消费助推了次贷危机。

After the burst of cyber-economy easier monetary policy makes liquidity become sufficient, and thus it contributed to the sustained prosperity of the American real estate market. The subprime mortgage which was designed by taking the borrower’s credit terms into consideration has great dependences towards liquidity. Its payment ensurance not based on the clients’ own repayment ability. Due to the rising delinquency rate,this deficiency makes it bred crisis under the situation of interest rates rise and the real estate market downturn. Changes from loose to tight monetary policy directly results in the subprime mortgage crisis. Because of the Wall Street and rating agencies’ greed and moral deficiency, it has a direct relationship towards the subprime mortgage crisis. And the main reason of the subprime mortgage crisis is moral deficiencies which is driven by benefits. Moreover, low saving rate and irrational overdraft consumption propel the subprime mortgage crisis.