次贷危机对我国交叉性金融工具监管的启示

The Enlightenment of Subprime Mortgage Crisis to China's Supervision to Crossing Financial Instruments

金融综合化经营趋势下,交叉性金融工具创新不断涌现,整合金融资源的同时,也带来了金融风险的交叉传染甚至叠加扩大。2008年美国次贷及其衍生品带来的交叉性金融风险传染,并最终引致金融危机就是典型的例子。本文梳理总结了次贷衍生品的风险传导路径及其原因和启示,再结合我国当前交叉性金融工具的风险特点及其传导路径,从防范系统性金融风险的角度,提出加强交叉性金融工具监管的相关建议。

Under the trend of financial integrated operations, crossing financial instrument innovation has been emerging constant- ly. At the same time of integrating financial resources, it also brings crossing infection and even superimposed expansion of financial risks. In 2008, a crossing financial risk infection brought by the United States sub-prime mortgage and derivatives eventually led to the financial crisis, which is a typical example. The paper summarizes the risk conduction path of sub-prime mortgage derivatives and its causes and implications, combined with the risk characteristics of current crossing financial instruments and its transmission path. At last, from the point of view of preventing systemic financial risk, the paper puts forward suggestions to strengthen the supervision to the crossing financial instruments.