次按危机及我国金融市场的借鉴  

Sub-Prime Debt Crisis and What We can Learn from It

作　　者：张明海[1] 

机构地区：[1]上海市人民政府发展研究中心,上海200002

出　　处：《上海市经济管理干部学院学报》2008年第1期55-59,共5页Journal of Shanghai Economic Management College

摘　　要：美国金融市场目前正在发生次按危机,及时研究浮动利率按揭贷款比重增加和次级按揭贷款证券化程度加深两个重要的结构性变动趋势,以及在这两个趋势中,次级按揭债中的风险共振、风险的集中和放大过程,次按证券化过程参与方对风险的失察和忽视,以及这些产品市场交易缺乏产生的价值不透明等因素在引发和推动危机中的作用,具有现实的借鉴意义。Against the background of the current sub-prime debt crisis, we study the two structural trends in USA mortgage market, i.e. rising ARM ratio and enhancing securitization. We further discuss the effects of following factors in the crisis： risk from synchronization of debt schedule, risk augmentation and dissemination by the mortgage structure and securitization, languishing vigilance of the parties of securitization and lack of information from non-continuous market trading of sub-prime debts. Finally, we give some views of the lessons that we can learn from the crisis to promote China＇s financial market development.

关 键 词：次级按揭 金融市场 金融风险 

分 类 号：F830.9[经济管理—金融学]