抵押贷款证券化:道德风险与次级债危机  

Mortgage Securitization: Moral Hazard and Sub-prime Mortgage Crisis

作　　者：张桥云[1] 韩煦[1] 

机构地区：[1]西南财经大学金融学院,四川成都610074

出　　处：《河南金融管理干部学院学报》2009年第1期70-73,共4页Journal of Henan College of Financial Management Cadres

基　　金：2007年国家社科基金重大项目(07&ZD014);2008年国家社科基金项目(08BJY051)

摘　　要：不可否认,美国抵押贷款证券化运作机制具有一定的优越性,对美国经济发展也有过极大的促进作用。然而,证券化存在的风险和对金融稳定性的影响是一个备受关注的课题,尤其是次级债危机的爆发,使证券化运作中存在的问题逐渐暴露出来。对抵押贷款证券化过程中有关参与主体的行为进行分析,探究整个住房金融市场信用风险被放大的根源,认为美国次级债危机的形成应归因于证券化后放款机构和信用评级机构的道德风险,而利率的上涨只是此次危机的一个诱因。It is undeniable that the U.S. mortgage securitization operation mechanism has some advantages, and it has also played a great role in promoting the U.S. economy. However, the risk in the course of securitization and its impact on financial stability is an issue of concern. Takeout of sub - prime mortgage crisis has made all the problems in the operation of the securitization gradually exposed. An analysis is made on the behavior of related participating entities in the course of mortage loan securitization, exploring the root causes for the enlarged credit risk in the entire housing finance market, it＇ s held that formation of sub - prime mortgage crisis in the United States risk should be attributed to the moral hazard from the lending institutions and credit rating agencies, and that interest rates rising is only an incentive to the crisis.

关 键 词：抵押贷款证券化 风险转移 道德风险 次级债危机 

分 类 号：F830.572[经济管理—金融学] F830.91