美国次贷危机原因、影响及启示
摘要
美国次贷危机是一个正在持续的经济问题,自爆发以来从金融经济部门波及到实体经济部门,其影响并未见底,成为一个全球关注的问题。论文首先对次贷危机的文献作了简要的综述,在此基础上深入的论述了次贷危机的含义和原因。其次,从房地产市场、金融市场、就业和消费等方面论述了次贷危机对美国的影响;从商业银行和外汇储备、人民币汇率和出口、资本市场等方面论述了次贷危机对中国的影响。最后,论述了美国次贷危机对中国资产证券化以及金融监管的启示。
April 2,2007, the United States's second-largest subprime mortgage company New Century Financial Corporation announced that filed for bankruptcy protection, which begined the United States sub-loan crisis .
In June, the fifth-largest U.S. investment bank Bear Stearns's two funds have a loss, further deepening the crisis. In August, the Federal Reserve, European Central Bank, Bank of Japan injected liquidity into the market, sub-loan crisis impacted on global.In March 2008, the United States Bear Stearns bankruptced. September 7, The United States Government took over the two mortgage institutions (Fannie Mae and Freddie Mac). September 15, Lehman Brothers filed for bankruptcy protection. September 21 the United States Federal Reserve Board announced that the last two major investment banks Goldman Sachs and Morgan Stanley converted to bank holding companies, which marks the five major investment banks a thing of the past. September 25, the U.S. Government deploed 700 billion U.S. dollars to save the market. October 9, the world's seven major central banks announced to join hands to save the market. October 10 Group of Seven (G7) said in a statement that they have to "take decisive action and use all means" to fight against the global financial crisis.
What’s the meaning of sub-loan crisis and the reasons, what are the implications to the United States, China and the global, what’s the enlightenment to Chinese real estate finance, asset securitization and financial supervision,these questions led to my thinking. Four parts of this thesis made a research and analysis.
In the first part of thesis (Introduction),I summarized domestic and foreign scholars on the question of the research literature, summarized the problem of theoretical and practical significance,and briefly introduce the structure of the thesis, summarizes the main points of view in this article.
The second part of Papers is an overview of the sub-prime crisis of the United States. First is an overview of the process of crisis.Second is the meaning of sub-loan crisis of the United States.Finally,it discusses the reasons of United States sub-loan crisis. America's mortgage market can be broadly classified into three levels: the first level are high-quality loan market, Excellent customer of credit score at 660 points, stable and reliable income, reasonable debt burden; the second level are "Alt-A" loan market, Credit Score is at between 620-660; the third level are secondary loan market (Sub-prime Market),people of Credit Score below 620 points, missing proof of income, liabilities heavier,they tend to select more complex, risk-based pricing (Risk Based Pricing) mortgage instrument. The size of the Sub-loan is huge, which developed rapidly, about half were security. U.S. subprime mortgage crisis has generated profound economic background,assets into securities on behalf of the financial instrument has been excessive and indiscriminate use of innovation, resulting in the failure of market mechanism. Asset Securitization refers to asset-backed securities flow in the capital market, which are based on cash flow of specific assets, after specific structural design and credit enhancement.It provides commercial banking and other specialized lending institutions to conduct risk transfer provides a new channel. Commercial banks can be various types of loan securitization, the formation of MBS, ABS, and insurance companies, pension funds and other institutional investors have a higher demand for such fixed-income securities,and at the same time it promoted the collateral debt securities (CDO) development. CDO, refers to the MBS, ABS and other fixed income securities issued by asset-based asset-backed securities. Whether it is cash-based synthetic CDO or CDO, are based on the loan based on the creation of secondary or multiple creation. This provided investment banks, credit rating agencies and other securities intermediary enormous profits spaces. These market intermediaries at reducing its own standards of practice, sell investors these securities , which is complex structures, difficult to identify the risk characteristics. To some extent, this is bound to weaken the market, forming a potential conflict of interest. Throughout the process, hedge funds are the key, because the risk of eventually are borne by. U.S. subprime mortgage crisis has experienced four stages conduction: from the sub-loan crisis of derivatives securities to financial institutions crisis, from financial institutions crisis to financial market crisis triggered by the sharp drop in capital markets,from financial market crisis to entities crisis in the economic. The reasons of the United States sub-loan crisis include the bubble burst of the United States real estate market,continuous interest rate, weakening and loss of the risk management , the risk of moral hazard of the U.S. banking industry.
The third part of thesis research and analysis the impact of the United States sub-loan crisis on the United States, China. First of all, the United States are deteriorating real estate market: First, the United States real estate price trend remains in the doldrums; Second, trading volume and starts shrinks. Secondly, the financial markets continues turmoil: by sub-loan crisis, the United States experienced a sharp correction in the stock market; by the Federal Reserve cut interest rates and the impact of economic pessimism, the dollar continued to decline. Third, loss of financial institutions is to expand:Wall Street financial plate is damaged;Holders of subprime mortgage securities companies, asset companies, mutual funds, hedge funds, large banks and insurance companies loss huge. Fourth, market liquidity lacked, credit crunch. Finally, a job market slowdowns, consumption growth may be reversed.To China's influence, in the area of commercial banks and foreign exchange reserves, three firms involved in Subordinated Debt, Chinese overseas M&A appears.Foreign exchange reserve asset faces allocation choices. At the RMB exchange rate and export aspects, it brought the RMB exchange rate system reform steadily worries; China's export slowdown, it is increase of the risk of metastasis of the International Order. On China's capital markets: the political pressures and the impact of international capital. On China's mortgage market, overseas capital into China property market continue to raise the real estate market prices, increasing their risk and foam; Subprime crisis for China's direct impact on the market is relatively small, because China's commercial banks assets is very low degree of securitization.
The fourth part of thesis research and analysis the inspiration of United States sub-loan crisis on the Chinese real estate finance, asset securitization and financial supervision.1.The inspiration of United States sub-loan crisis on the Chinese asset securitization: the development of specialized asset securitization law, provide a sound legal environment for asset securitization system; Perfect capital market-building, make great efforts to cultivate institutional investors; According to the characteristics of asset securitization and our bank's practice, the focus of the assets of steady progress in selection; To build up a pool by the market generally accepted and recognized credit rating agencies; Construction of an objective scientific system of credit rating; Separation of the operation of institutional investors and risk regulators; Reduce dependence on bank guarantee;Stock Exchange to strengthen efforts to cultivate the market, to promote asset securitization business;Steady advancement innovation of a variety of financial instruments job including asset securitization; Strengthen the asset securitization products, regulatory issues; In the asset securitization model, the trust While the simple, but a true sale should be more room for development; Guard against the sub-prime crisis may be hidden behind the financial conspiracy.2. The inspiration of United States sub-loan crisis on China's financial supervision.Paper put forward policy recommendations: the development of the financial groups are mixed is a strategic reality choice of China's financial industry; Set up China's financial industry mixed regulatory system; Mixed Group financial capital regulation and risk trade-off must be carried out innovative governance structure; Set up and improve laws and regulations of the development of Mixed financial industry group;Set up a financial regulatory system of dynamic regulatory and check and market constraints; Change the concepts, and to enhance external supervision; Dialectical View of financial innovation, improve the supervision of financial innovation; Take appropriate measures to consolidated supervision and to strengthen cross-border supervision.
April 2,2007, the United States's second-largest subprime mortgage company New Century Financial Corporation announced that filed for bankruptcy protection, which begined the United States sub-loan crisis .
In June, the fifth-largest U.S. investment bank Bear Stearns's two funds have a loss, further deepening the crisis. In August, the Federal Reserve, European Central Bank, Bank of Japan injected liquidity into the market, sub-loan crisis impacted on global.In March 2008, the United States Bear Stearns bankruptced. September 7, The United States Government took over the two mortgage institutions (Fannie Mae and Freddie Mac). September 15, Lehman Brothers filed for bankruptcy protection. September 21 the United States Federal Reserve Board announced that the last two major investment banks Goldman Sachs and Morgan Stanley converted to bank holding companies, which marks the five major investment banks a thing of the past. September 25, the U.S. Government deploed 700 billion U.S. dollars to save the market. October 9, the world's seven major central banks announced to join hands to save the market. October 10 Group of Seven (G7) said in a statement that they have to "take decisive action and use all means" to fight against the global financial crisis.
What’s the meaning of sub-loan crisis and the reasons, what are the implications to the United States, China and the global, what’s the enlightenment to Chinese real estate finance, asset securitization and financial supervision,these questions led to my thinking. Four parts of this thesis made a research and analysis.
In the first part of thesis (Introduction),I summarized domestic and foreign scholars on the question of the research literature, summarized the problem of theoretical and practical significance,and briefly introduce the structure of the thesis, summarizes the main points of view in this article.
The second part of Papers is an overview of the sub-prime crisis of the United States. First is an overview of the process of crisis.Second is the meaning of sub-loan crisis of the United States.Finally,it discusses the reasons of United States sub-loan crisis. America's mortgage market can be broadly classified into three levels: the first level are high-quality loan market, Excellent customer of credit score at 660 points, stable and reliable income, reasonable debt burden; the second level are "Alt-A" loan market, Credit Score is at between 620-660; the third level are secondary loan market (Sub-prime Market),people of Credit Score below 620 points, missing proof of income, liabilities heavier,they tend to select more complex, risk-based pricing (Risk Based Pricing) mortgage instrument. The size of the Sub-loan is huge, which developed rapidly, about half were security. U.S. subprime mortgage crisis has generated profound economic background,assets into securities on behalf of the financial instrument has been excessive and indiscriminate use of innovation, resulting in the failure of market mechanism. Asset Securitization refers to asset-backed securities flow in the capital market, which are based on cash flow of specific assets, after specific structural design and credit enhancement.It provides commercial banking and other specialized lending institutions to conduct risk transfer provides a new channel. Commercial banks can be various types of loan securitization, the formation of MBS, ABS, and insurance companies, pension funds and other institutional investors have a higher demand for such fixed-income securities,and at the same time it promoted the collateral debt securities (CDO) development. CDO, refers to the MBS, ABS and other fixed income securities issued by asset-based asset-backed securities. Whether it is cash-based synthetic CDO or CDO, are based on the loan based on the creation of secondary or multiple creation. This provided investment banks, credit rating agencies and other securities intermediary enormous profits spaces. These market intermediaries at reducing its own standards of practice, sell investors these securities , which is complex structures, difficult to identify the risk characteristics. To some extent, this is bound to weaken the market, forming a potential conflict of interest. Throughout the process, hedge funds are the key, because the risk of eventually are borne by. U.S. subprime mortgage crisis has experienced four stages conduction: from the sub-loan crisis of derivatives securities to financial institutions crisis, from financial institutions crisis to financial market crisis triggered by the sharp drop in capital markets,from financial market crisis to entities crisis in the economic. The reasons of the United States sub-loan crisis include the bubble burst of the United States real estate market,continuous interest rate, weakening and loss of the risk management , the risk of moral hazard of the U.S. banking industry.
The third part of thesis research and analysis the impact of the United States sub-loan crisis on the United States, China. First of all, the United States are deteriorating real estate market: First, the United States real estate price trend remains in the doldrums; Second, trading volume and starts shrinks. Secondly, the financial markets continues turmoil: by sub-loan crisis, the United States experienced a sharp correction in the stock market; by the Federal Reserve cut interest rates and the impact of economic pessimism, the dollar continued to decline. Third, loss of financial institutions is to expand:Wall Street financial plate is damaged;Holders of subprime mortgage securities companies, asset companies, mutual funds, hedge funds, large banks and insurance companies loss huge. Fourth, market liquidity lacked, credit crunch. Finally, a job market slowdowns, consumption growth may be reversed.To China's influence, in the area of commercial banks and foreign exchange reserves, three firms involved in Subordinated Debt, Chinese overseas M&A appears.Foreign exchange reserve asset faces allocation choices. At the RMB exchange rate and export aspects, it brought the RMB exchange rate system reform steadily worries; China's export slowdown, it is increase of the risk of metastasis of the International Order. On China's capital markets: the political pressures and the impact of international capital. On China's mortgage market, overseas capital into China property market continue to raise the real estate market prices, increasing their risk and foam; Subprime crisis for China's direct impact on the market is relatively small, because China's commercial banks assets is very low degree of securitization.
The fourth part of thesis research and analysis the inspiration of United States sub-loan crisis on the Chinese real estate finance, asset securitization and financial supervision.1.The inspiration of United States sub-loan crisis on the Chinese asset securitization: the development of specialized asset securitization law, provide a sound legal environment for asset securitization system; Perfect capital market-building, make great efforts to cultivate institutional investors; According to the characteristics of asset securitization and our bank's practice, the focus of the assets of steady progress in selection; To build up a pool by the market generally accepted and recognized credit rating agencies; Construction of an objective scientific system of credit rating; Separation of the operation of institutional investors and risk regulators; Reduce dependence on bank guarantee;Stock Exchange to strengthen efforts to cultivate the market, to promote asset securitization business;Steady advancement innovation of a variety of financial instruments job including asset securitization; Strengthen the asset securitization products, regulatory issues; In the asset securitization model, the trust While the simple, but a true sale should be more room for development; Guard against the sub-prime crisis may be hidden behind the financial conspiracy.2. The inspiration of United States sub-loan crisis on China's financial supervision.Paper put forward policy recommendations: the development of the financial groups are mixed is a strategic reality choice of China's financial industry; Set up China's financial industry mixed regulatory system; Mixed Group financial capital regulation and risk trade-off must be carried out innovative governance structure; Set up and improve laws and regulations of the development of Mixed financial industry group;Set up a financial regulatory system of dynamic regulatory and check and market constraints; Change the concepts, and to enhance external supervision; Dialectical View of financial innovation, improve the supervision of financial innovation; Take appropriate measures to consolidated supervision and to strengthen cross-border supervision.
引文
[1]钟伟:《美国次级按揭市场的现状及其深远影响》,《国际金融研究》2007年11月。
[2] John Kiff,Paul Mills:《美国次级按揭贷款危机的启示》,《新金融》2007年10月。
[3]余永定:《美国次贷危机:背景、原因与发展》,中国社会科学院世界经济与政治研究所国际金融研究中心工作论文(No. 0817),2008年10月。
[4]郑良芳:《美国次贷危机的影响、成因剖析和十点警示》,《经济研究参考》2007年6月。
[5]杨联军,康健:《美国次级按揭危机对我国防范房贷业务风险的启示》,《河北金融》2007年10月。
[6]郑良芳:《美国次贷危机的影响、成因剖析和十点警示》,《经济研究参考》2007年6月。
[7]张宇,刘洪玉:《美国住房金融体系及其经验借鉴—兼谈美国次货危机》,《国际金融研究》2008年4月。
[8]殷剑峰:《美国次贷危机可能在一、两年内好转》,《中国经济周刊》2008年5月。
[9]刘银.美国次级债券危机研究及对中国的启示[D].长春:吉林大学经济学院,2008.
[10]陈华、赵琳:《美国次贷危机对中国经济影响及应对措施》,《经济前沿》2008年9月。
[11]王立、李俊:《美国次贷危机对中国出口的影响及应对策略》,《中国对外贸易》2008年11月。
[12]王立、李俊:《美国次贷危机对中国出口的影响及应对策略》,《中国对外贸易》2008年11月。
[13]肖华东,乔雪:《次级抵押贷款危机引发的对资产证券化的再思考》,《全国商情》2008年3月。
[1]比特纳.贪婪、欺诈和无知:美国次贷危机真相[M].北京:中信出版社,2008.
[1] Financial Stability Forum Recommends:Actions to Enhance Market and Institutional Resilience,Financial Stability Forum,Press release, 7/2008E.
[1]刘银.美国次级债券危机研究及对中国的启示[D].长春:吉林大学经济学院,2008.
[2]高明.美国次级债务危机研究[D].上海:华东师范大学金融与同济学院,2008.
[1]钟伟.美国次级按揭市场的现状及其深远影响[J].国际金融研究, 2007(11): 28-33.
[2]伍旭川,孟辉.美国次级按揭贷款危机及对我国的启示[J].金融理论, 2007(6): 10-14.
[3] John Kiff,Paul Mills.美国次级按揭贷款危机的启示[J].新金融,2007(10): 43-47.
[4]杨联军,康健.美国次级按揭危机对我国防范房贷业务风险的启示[J].河北金融, 2007(10):63-66.
[5]郑良芳.美国次贷危机的影响、成因剖析和十点警示[J].经济研究参考, 2007(6):4-21.
[6]殷剑峰.美国次贷危机可能在一、两年内好转[J].中国经济周刊, 2008(5): 35-36.
[7]肖才林.美国次贷危机对我国金融业的警示[J].时代经贸, 2007(12):191-192.
[8]于国强.美次贷危机给我们敲响警钟[J].科学决策月刊, 2007(11):40-41.
[9]宋海蛟,杨国明.美国次贷危机对中国金融业的启示[J].经济导刊, 2007(12): 77-78.
[10]张宇,刘洪玉.美国住房金融体系及其经验借鉴—兼谈美国次货危机[J].国际金融研究, 2008(4):6-14.
[11]连婕.美国次贷危机对中国经济的影响与启示[J].武汉金融,2007(11): 65-66.
[12]汪利娜.次贷危机对中国的警示[J].中国金融,2007(19):61.
[13]孟辉,伍旭川.美国次贷危机与金融稳定[J].中国金融,2007年(18):37-39.
[14]饶熹.美国次贷危机对中国资产证券化的启示[J].湖北农村金融研究, 2007(11): 4-6.
[15]黄润中.美国次贷危机的市场影响、启示及对策[J].中国金融,2007(10):57-58.
[16]徐亚平.次贷危机产生原因简述[J].现代商业,2008(6):43-44.
[17]曹元芳,吴超,刘伯酉.美国次贷危机:原因、机制及教训[J].华北金融, 2008(5): 43-46.
[18]李明伟.金融创新工具缺陷与风险控制缺失———美国次贷危机成因再透视[J].北方经济,2008(8):8-9.
[19]何景伟.美国次贷危机对我国住房按揭贷款的警示[J].当代经济,2008 (2):6-8.
[20]谌争勇.美国次贷危机对中国房地产金融的借鉴与启示[J].河北金融, 2008(3): 38-41.
[21]曹小武.美国次债危机对我国资产证券化创新的启示与对策研究[J].湖北经济学院学报,2008(5):62-66.
[22]武魏巍.基于次贷危机启示的我国资产证券化稳健发展的理性思考[J].中国物价, 2008(8):39-42.
[23]侯科峰.从次贷危机看中国资产证券化发展[J].江西金融职工大学学报,2008(8):11-12.
[24]肖华东,乔雪.次级抵押贷款危机引发的对资产证券化的再思考[J].全国商情,2008(3):71-77.
[25]汤敏.美国次级债危机对中国经济有多大影响[J].现代商业银行, 2007(10): 19-20.
[26]摩根士丹利.次贷危机的“非线性”影响与中美经济脱钩[J].海外经济评论, 2007 (37):9-11.
[27]汪利娜.美国次级抵押贷款危机的警示[J].财经科学,2007(10):1-8.
[28]李进,张凯.美国次级住房抵押贷款危机原因及其影响研究[J].世界经济, 2007(10): 49-52.
[29]孙立坚,彭述涛.从“次债风波”看现代金融风险的本质[J].世界经济研究, 2007(10):26-33.
[30]刘夏.美国次贷危机对我国金融监管的几点启示[J].网络财富, 2008(5): 103-104.
[31]朱志强,杨红员,尹恕好.次贷危机引发的金融监管改革与启示[J].华北金融, 2008(8):40-41.
[32]廖岷.从美国次贷危机反思现代金融监管[J].国际经济评论,2008(7):40-41.
[33]徐凡.美国次优抵押贷款危机的回顾与展望[J].国际金融研究,2007(9):34-41.
[34]杜厚文,初春莉.美国次级贷款危机:根源、走势、影响[J].中国人民大学学报, 2008(1): 49-57.
[35]孙立坚.收益和风险的“背离”——来自美国次级债风波的启示[J].世界经济文汇, 2007(5):70-81.
[36]边卫红.美国次级抵押贷款危机影响有限,各方重拳出击重塑信心[J].国际金融研究,2007(11):19-27.
[37]曹远征.美国住房抵押贷款次级债风波的分析与启示[J].国际金融研究, 2007(11):4-11.
[38]蒋先玲.美国次级债危机剖析及其对中国的启示[J].金融理论与实践,2007(11):80-82.
[39]程林,胡雨青.美国次级房贷危机给我们的启示[J].湖北农村金融研究, 2007(10):21-23.
[40]肖毅,冯学敏,占云生.美国次级债危机的本质及对中国的启示[J].广西金融研究, 2008(1):54-57.
[41]张明海.次按危机及我国金融市场的借鉴[J].上海市经济管理干部学院学报,2008(1):55-59.
[42]李进,张凯.美国次级住房抵押贷款危机的原因及影响[J].广东金融学院学报, 2007(6):55-58.
[43]周楚书,吴磊.美国次级住房抵押贷款危机对中国的警示[J].科技信息, 2008(1):250.
[44]吴琳.美国次级债危机对中国金融市场的警示[J].理论视野,2007(11): 57-59.
[45]李兆谊.美国次贷危机对我国经济发展的影响和启示[J].思想政治课教学, 2008(3):4-6.
[46]何红连,左相国.美国次级抵押贷款危机的影响及启示[J].科技创业月刊,2008(1):19-20.
[47]季小雪.美国次级抵押贷款问题探讨[J].国际贸易,2007(11):113-114.
[48]潘文波.美国次级房贷危机的原因分析及启示[J].新金融,2007(10):48-52.
[49]林静.美国按次危机对中国经济及进出口的影响与对策[J].时代经贸, 2007(12):87-88.
[50]杨丽花.美国次级房贷危机及其经济影响[J].云南财经大学学报, 2007(12): 34-38.
[51]董金玲,刘传哲.美国次级债市场的运作机制及其危机启示[J].中国管理信息, 2008(1):102-105.
[52] Tim Backshall. The Barra Credit Series:Improving Performance with CreditDefault Swaps[J].Journal osf Money Credit and Banking, Vol.30, No.4, November3 2004.
[53] Yongheng Deng,John M. Quigley, Robert Van Order. Mortgage default and low downpayment loans: The Costs of public subsidy [J]. Regional Science & Urban Economics, 1996(2):12-19.
[54] Darrell Duffie and Nicolae Grleanu.Risk and valuation of collateralization debt obligations [J]. Financial Analysts Journal, 2001 (11): 55-61.
[55] Andrew Lipton, Shiv Rao.Valuing lender-paid mortgage insurance in mortgage- backed security transactions [J]. Briefings in Real Estate Finance, 2006 (1):31-32.
[56] Mark Odenbach.Mortgage securitization: what are drivers and constrains from an originantor's perspective (Basel I/Basel II) [J]. Housing Finance International, 2002(9):112-116.
[1]王敏.关注美次债危机对中国经济五大影响[N].上海证券报,2007-11-8(4).
[2]温希强.我国资产证券化的发展方向及应注意的三个问题[N].中国信息报,2007-10-16(2).
[1] Paulson Financial Regulation Reform Plan Already Faces Discounting ,Thomson Financial News,4 April 2008,http:// yaleglobal. yale.edu./ display. artical?id=10608.
[2] Paulson To Propose Broad Overhaul Of U.S. Financial Regulation March 28,2008,http://yaleglobal. yale.edu/ display.article?id=10608
[3] Full Text:Paulsons Speech On RegulatoryReform, March 31, 2008, Remarks by Treasury Secretary Henry Paulson on a“Blueprint for Regulatory Reform.”http://search. forbes.com/ search/find? Start=6 &pubOther=ap,afx, heath, reuters &max=15&searchResults =forbes&MT= Secretary% 20 Paulson’s %20 proposal.
[4]刘洪:《美国两大房贷机构困境引发次贷危机第四波冲击》http:// ne ws.xinhuanet.com/fortune/2008-07/15/content_8550360.html, 2008-07-15.
[5]张斌:《重点突破:出口困境下的中国经济选择》,中国社会科学院国际经济与政治研究所国际金融研究中心工作论文,No. 09018,http:// www.rcif.org.cn, 2009-03-14.
[6]张明:《全球金融危机下的外汇储备管理策略》,中国社会科学院国际经济与政治研究所国际金融研究中心工作论文, No. 09008, http:// www.rcif.org.cn, 2008-02-12.
[2] John Kiff,Paul Mills:《美国次级按揭贷款危机的启示》,《新金融》2007年10月。
[3]余永定:《美国次贷危机:背景、原因与发展》,中国社会科学院世界经济与政治研究所国际金融研究中心工作论文(No. 0817),2008年10月。
[4]郑良芳:《美国次贷危机的影响、成因剖析和十点警示》,《经济研究参考》2007年6月。
[5]杨联军,康健:《美国次级按揭危机对我国防范房贷业务风险的启示》,《河北金融》2007年10月。
[6]郑良芳:《美国次贷危机的影响、成因剖析和十点警示》,《经济研究参考》2007年6月。
[7]张宇,刘洪玉:《美国住房金融体系及其经验借鉴—兼谈美国次货危机》,《国际金融研究》2008年4月。
[8]殷剑峰:《美国次贷危机可能在一、两年内好转》,《中国经济周刊》2008年5月。
[9]刘银.美国次级债券危机研究及对中国的启示[D].长春:吉林大学经济学院,2008.
[10]陈华、赵琳:《美国次贷危机对中国经济影响及应对措施》,《经济前沿》2008年9月。
[11]王立、李俊:《美国次贷危机对中国出口的影响及应对策略》,《中国对外贸易》2008年11月。
[12]王立、李俊:《美国次贷危机对中国出口的影响及应对策略》,《中国对外贸易》2008年11月。
[13]肖华东,乔雪:《次级抵押贷款危机引发的对资产证券化的再思考》,《全国商情》2008年3月。
[1]比特纳.贪婪、欺诈和无知:美国次贷危机真相[M].北京:中信出版社,2008.
[1] Financial Stability Forum Recommends:Actions to Enhance Market and Institutional Resilience,Financial Stability Forum,Press release, 7/2008E.
[1]刘银.美国次级债券危机研究及对中国的启示[D].长春:吉林大学经济学院,2008.
[2]高明.美国次级债务危机研究[D].上海:华东师范大学金融与同济学院,2008.
[1]钟伟.美国次级按揭市场的现状及其深远影响[J].国际金融研究, 2007(11): 28-33.
[2]伍旭川,孟辉.美国次级按揭贷款危机及对我国的启示[J].金融理论, 2007(6): 10-14.
[3] John Kiff,Paul Mills.美国次级按揭贷款危机的启示[J].新金融,2007(10): 43-47.
[4]杨联军,康健.美国次级按揭危机对我国防范房贷业务风险的启示[J].河北金融, 2007(10):63-66.
[5]郑良芳.美国次贷危机的影响、成因剖析和十点警示[J].经济研究参考, 2007(6):4-21.
[6]殷剑峰.美国次贷危机可能在一、两年内好转[J].中国经济周刊, 2008(5): 35-36.
[7]肖才林.美国次贷危机对我国金融业的警示[J].时代经贸, 2007(12):191-192.
[8]于国强.美次贷危机给我们敲响警钟[J].科学决策月刊, 2007(11):40-41.
[9]宋海蛟,杨国明.美国次贷危机对中国金融业的启示[J].经济导刊, 2007(12): 77-78.
[10]张宇,刘洪玉.美国住房金融体系及其经验借鉴—兼谈美国次货危机[J].国际金融研究, 2008(4):6-14.
[11]连婕.美国次贷危机对中国经济的影响与启示[J].武汉金融,2007(11): 65-66.
[12]汪利娜.次贷危机对中国的警示[J].中国金融,2007(19):61.
[13]孟辉,伍旭川.美国次贷危机与金融稳定[J].中国金融,2007年(18):37-39.
[14]饶熹.美国次贷危机对中国资产证券化的启示[J].湖北农村金融研究, 2007(11): 4-6.
[15]黄润中.美国次贷危机的市场影响、启示及对策[J].中国金融,2007(10):57-58.
[16]徐亚平.次贷危机产生原因简述[J].现代商业,2008(6):43-44.
[17]曹元芳,吴超,刘伯酉.美国次贷危机:原因、机制及教训[J].华北金融, 2008(5): 43-46.
[18]李明伟.金融创新工具缺陷与风险控制缺失———美国次贷危机成因再透视[J].北方经济,2008(8):8-9.
[19]何景伟.美国次贷危机对我国住房按揭贷款的警示[J].当代经济,2008 (2):6-8.
[20]谌争勇.美国次贷危机对中国房地产金融的借鉴与启示[J].河北金融, 2008(3): 38-41.
[21]曹小武.美国次债危机对我国资产证券化创新的启示与对策研究[J].湖北经济学院学报,2008(5):62-66.
[22]武魏巍.基于次贷危机启示的我国资产证券化稳健发展的理性思考[J].中国物价, 2008(8):39-42.
[23]侯科峰.从次贷危机看中国资产证券化发展[J].江西金融职工大学学报,2008(8):11-12.
[24]肖华东,乔雪.次级抵押贷款危机引发的对资产证券化的再思考[J].全国商情,2008(3):71-77.
[25]汤敏.美国次级债危机对中国经济有多大影响[J].现代商业银行, 2007(10): 19-20.
[26]摩根士丹利.次贷危机的“非线性”影响与中美经济脱钩[J].海外经济评论, 2007 (37):9-11.
[27]汪利娜.美国次级抵押贷款危机的警示[J].财经科学,2007(10):1-8.
[28]李进,张凯.美国次级住房抵押贷款危机原因及其影响研究[J].世界经济, 2007(10): 49-52.
[29]孙立坚,彭述涛.从“次债风波”看现代金融风险的本质[J].世界经济研究, 2007(10):26-33.
[30]刘夏.美国次贷危机对我国金融监管的几点启示[J].网络财富, 2008(5): 103-104.
[31]朱志强,杨红员,尹恕好.次贷危机引发的金融监管改革与启示[J].华北金融, 2008(8):40-41.
[32]廖岷.从美国次贷危机反思现代金融监管[J].国际经济评论,2008(7):40-41.
[33]徐凡.美国次优抵押贷款危机的回顾与展望[J].国际金融研究,2007(9):34-41.
[34]杜厚文,初春莉.美国次级贷款危机:根源、走势、影响[J].中国人民大学学报, 2008(1): 49-57.
[35]孙立坚.收益和风险的“背离”——来自美国次级债风波的启示[J].世界经济文汇, 2007(5):70-81.
[36]边卫红.美国次级抵押贷款危机影响有限,各方重拳出击重塑信心[J].国际金融研究,2007(11):19-27.
[37]曹远征.美国住房抵押贷款次级债风波的分析与启示[J].国际金融研究, 2007(11):4-11.
[38]蒋先玲.美国次级债危机剖析及其对中国的启示[J].金融理论与实践,2007(11):80-82.
[39]程林,胡雨青.美国次级房贷危机给我们的启示[J].湖北农村金融研究, 2007(10):21-23.
[40]肖毅,冯学敏,占云生.美国次级债危机的本质及对中国的启示[J].广西金融研究, 2008(1):54-57.
[41]张明海.次按危机及我国金融市场的借鉴[J].上海市经济管理干部学院学报,2008(1):55-59.
[42]李进,张凯.美国次级住房抵押贷款危机的原因及影响[J].广东金融学院学报, 2007(6):55-58.
[43]周楚书,吴磊.美国次级住房抵押贷款危机对中国的警示[J].科技信息, 2008(1):250.
[44]吴琳.美国次级债危机对中国金融市场的警示[J].理论视野,2007(11): 57-59.
[45]李兆谊.美国次贷危机对我国经济发展的影响和启示[J].思想政治课教学, 2008(3):4-6.
[46]何红连,左相国.美国次级抵押贷款危机的影响及启示[J].科技创业月刊,2008(1):19-20.
[47]季小雪.美国次级抵押贷款问题探讨[J].国际贸易,2007(11):113-114.
[48]潘文波.美国次级房贷危机的原因分析及启示[J].新金融,2007(10):48-52.
[49]林静.美国按次危机对中国经济及进出口的影响与对策[J].时代经贸, 2007(12):87-88.
[50]杨丽花.美国次级房贷危机及其经济影响[J].云南财经大学学报, 2007(12): 34-38.
[51]董金玲,刘传哲.美国次级债市场的运作机制及其危机启示[J].中国管理信息, 2008(1):102-105.
[52] Tim Backshall. The Barra Credit Series:Improving Performance with CreditDefault Swaps[J].Journal osf Money Credit and Banking, Vol.30, No.4, November3 2004.
[53] Yongheng Deng,John M. Quigley, Robert Van Order. Mortgage default and low downpayment loans: The Costs of public subsidy [J]. Regional Science & Urban Economics, 1996(2):12-19.
[54] Darrell Duffie and Nicolae Grleanu.Risk and valuation of collateralization debt obligations [J]. Financial Analysts Journal, 2001 (11): 55-61.
[55] Andrew Lipton, Shiv Rao.Valuing lender-paid mortgage insurance in mortgage- backed security transactions [J]. Briefings in Real Estate Finance, 2006 (1):31-32.
[56] Mark Odenbach.Mortgage securitization: what are drivers and constrains from an originantor's perspective (Basel I/Basel II) [J]. Housing Finance International, 2002(9):112-116.
[1]王敏.关注美次债危机对中国经济五大影响[N].上海证券报,2007-11-8(4).
[2]温希强.我国资产证券化的发展方向及应注意的三个问题[N].中国信息报,2007-10-16(2).
[1] Paulson Financial Regulation Reform Plan Already Faces Discounting ,Thomson Financial News,4 April 2008,http:// yaleglobal. yale.edu./ display. artical?id=10608.
[2] Paulson To Propose Broad Overhaul Of U.S. Financial Regulation March 28,2008,http://yaleglobal. yale.edu/ display.article?id=10608
[3] Full Text:Paulsons Speech On RegulatoryReform, March 31, 2008, Remarks by Treasury Secretary Henry Paulson on a“Blueprint for Regulatory Reform.”http://search. forbes.com/ search/find? Start=6 &pubOther=ap,afx, heath, reuters &max=15&searchResults =forbes&MT= Secretary% 20 Paulson’s %20 proposal.
[4]刘洪:《美国两大房贷机构困境引发次贷危机第四波冲击》http:// ne ws.xinhuanet.com/fortune/2008-07/15/content_8550360.html, 2008-07-15.
[5]张斌:《重点突破:出口困境下的中国经济选择》,中国社会科学院国际经济与政治研究所国际金融研究中心工作论文,No. 09018,http:// www.rcif.org.cn, 2009-03-14.
[6]张明:《全球金融危机下的外汇储备管理策略》,中国社会科学院国际经济与政治研究所国际金融研究中心工作论文, No. 09008, http:// www.rcif.org.cn, 2008-02-12.