美国政府在次贷危机中扮演的角色及其启示  

The Role of the USA Government in Sub-prime Mortgage Loan Crisis and Enlightenment for China

作　　者：马宇[1] 徐绍文[2] 

机构地区：[1]山东工商学院经济学院,山东烟台264005 [2]中国人民银行亳州市中心支行,安徽亳州236800

出　　处：《河南金融管理干部学院学报》2008年第5期13-16,共4页Journal of Henan College of Financial Management Cadres

基　　金：国家社会科学基金项目(07CJL012)

摘　　要：美国政府在整个次级贷款危机的形成、发展、爆发和处理等环节都扮演了重要角色。宽松的货币政策导致房地产泡沫,而随后利率提高又刺破泡沫,这构成次贷危机滋生的土壤;对住房抵押贷款证券化监管不严,导致次级贷款风险积累;美国鼓励低收入者购买住房的政策促进次级贷款市场迅速膨胀;危机爆发后,美联储及时出手救助,很大程度上遏制了危机蔓延。这启示我们:宏观调控政策的出台和实施要考虑微观经济主体风险承担能力;发展金融市场和资产证券化的过程中必须加强监管;在金融市场出现不稳定苗头时,中央银行必须采取果断措施,将危机消灭在萌芽之中。The USA government has played an important role in forming, development, happening and treatment of Sub - prime Mortgage Loan Crisis. Loose monetary policy has made real estate roam, and subsequently raised interest rate wiped out the roam. This makes up the soil for sub - prime mortgage loan crisis; Deregulation of Housing mortgage loan securitization has brought about accumulation of sub - prime mortgage loan risks ; the policy for sup- porting low - incomers to purchase houses has accelerated rapid expansion of sub - prime mortgage loan crisis; after the outbreak of the crisis, the Fed made timely salvation measures and to a large extent the expanation of the crisis is controlled. Here is the enlightenment： consideration should be made for micro entities＇ risk bearing capability when carrying out and implementing macro -regulation policies; regulation must be reinforced during the development of financial market and assets securitization; it＇ s the obligation for the central bank to take resolute actions for remove the crisis in its infancy when occurring some clues of instability in the financial market.

关 键 词：次级贷款危机 货币政策 资产证券化 流动性 

分 类 号：F831.59[经济管理—金融学]