资产担保债券:抵御风险的有效工具?

Covered Bonds:An Effective Instrument to Prevent Risk?

在经济危机中,欧洲模式的资产证券化市场,即资产担保债券(CBs)市场的表现远好于美国模式的资产证券化市场。因此CBs逐渐引起各国的重视与研究。本文简述了CBs的发展历史、特点,并以德国和美国为例介绍了CBs的监管立法情况,最后对我国发展CBs市场进行了思考。

The market for European style securitized assets,namely covered bonds(CBs),outperformed American-style asset-backed securities during the financial crisis. Since then,CBs have attracted a considerable amount of attention. This article briefly introduces the history and characteristics of CBs,and examines legislation and the regulatory environment in Germany and the United States in this effort. It offers some suggestions on China's own CB market.