金融创新与金融稳定:欧美资产证券化模式的比较分析  

Financial Innovation and Financial Stability:A Comparative Analysis Of Mortgage Loan Securitization in the U.S. and Europe

作　　者：宣昌能[1] 王信[1] 

机构地区：[1]中国人民银行金融研究所,北京100800

出　　处：《金融研究》2009年第5期35-46,共12页Journal of Financial Research

摘　　要：美国"发起-配售"模式的房贷证券化过程过于复杂、透明度不高,缺乏必要监管,导致金融机构风险收益严重不对称,是次贷危机爆发的重要原因之一。欧洲通过发行表内双担保债券为房贷融资,安全性高得多。本文分析美国房贷证券化等金融创新对金融危机的影响,比较欧美资产证券化模式的差异,概述金融危机以后欧美资产证券化市场的变化,最后得出简要结论和启示。The originate - to - distribute model of the U.S. mortgage loan securitization was too complex and lack of appropriate regulation, leading to a severe mismatch between risk assumed and return enjoyed by lending institutions. This is one of the key reasons for the outbreak of sub - prime crisis. In sharp contrast, the issuance of covered bonds, a major instrument for mortgage financing in European countries, is much more positive to financial stability. This paper analyzes the linkage between excess mortgage securitization and financial crisis in the U. S. , compares the different models of securitization in the U.S. and Europe, documents new developments in both markets after the crisis, and finally, provides brief conclusions and reflections.

关 键 词：美国资产证券化 欧洲表内双担保债券 次贷危机 

分 类 号：F831.51[经济管理—金融学]