美国金融倾斜“迷失陷阱”与金融监管改革评析  

The Lost Traps of the American Financial Tilt and the Analysis of Its Financial Supervision Reform

作　　者：白钦先[1,2] 张磊[1] 

机构地区：[1]辽宁大学经济学院,沈阳110136 [2]辽宁大学国际金融研究所,沈阳110136

出　　处：《哈尔滨工业大学学报（社会科学版）》2013年第3期52-59,4,共8页Journal of Harbin Institute of Technology(Social Sciences Edition)

基　　金：教育部哲学社会科学研究专项委托项目(09JF001)

摘　　要：以金融倾斜"迷失陷阱"和金融虚拟化理论作为支点,从美国金融市场的资产证券化,尤其是住房抵押贷款证券化的相关风险、衍生过程等角度可以揭示其过度虚拟和滥用风险的本质。从微观层面上能够探析证券化的运作机制以及导致金融危机的真正原因。此外,对于所谓自"大萧条"以来最为严厉的金融监管法案《多德-弗兰克法案》的相关改革措施,尤其是关于证券化监管改革部分的内容进行探讨,可以探究美国证券化市场实施金融监管改革的得与失。真正促进经济金融之间的和谐发展关系,在于坚守"实体经济更实,虚拟经济不虚"之铁律。Using the theory of ＂the Lost Traps＂ of Financial Tilt and financial virtualization as the pivot, this article reveals the nature of its excessive virtualization and risk abuse from the view point of the related risk of residential mortgage securitization and the process of derivation in the U. S. financial market. We mainly analyze the operation mechanism of securitization and the real reason of financial crisis at the micro level. Moreover, this article analyzes and remarks on the so -called the most rigorous financial act since the great depression ＂Dodd -Frank Act＂, especially about its content of securitization reform. We explore the pros and cons of its financial reform and conclude that to promote harmonious development of economy and finance, we should obey the rule of ＂more real the real economy, no virtual the virtual economy＂.

关 键 词：金融倾斜“迷失陷阱” 金融虚拟化 资产证券化 《多德-弗兰克法案》 

分 类 号：F831.59[经济管理—金融学]