美国次贷危机的形成及传导机制研究

发布时间：2018-02-16 06:45

本文关键词： 次贷危机传导机制资产证券化国际货币体系　出处：《东北师范大学》2013年博士论文　论文类型：学位论文

【摘要】：20世纪中后期，随着经济全球化和金融一体化的加深，世界各国及地区间的经济和政治交往日益密切，国际间合作也日益频繁，整个世界经济发展相关度加大。一国或地区出现经济或金融体系的动荡所产生的负面影响会迅速扩展、传导至其他国家或地区。2007年，美国房地产市场泡沫的破灭酿成了一场全球性金融海啸。危机爆发之后迅速给美国的信贷市场、资本市场和实体经济带来巨大的冲击。在资产证券化和经济全球化的背景下，这场金融危机迅速蔓延到全世界，欧洲经济发达国家、日本及新兴市场经济国家等毫无例外均受到严重的影响。本文以美国次贷危机为例，从经济泡沫化、资产证券化和国际货币体系三个视角来研究美国次贷危机的传导机制，并结合各国为应对次贷危机所采取的措施对各国防范金融危机提出了一定的政策建议，对各国和世界经济的稳定发展具有重要的理论和现实意义。本文主要包括以下几个部分：首先，本文在借鉴前人对金融危机产生和传导机制研究的基础上，介绍了本文的研究背景与问题以及研究方法等。第二章对有关金融危机的理论进行综述，介绍金融危机爆发的潜在原因和直接原因。然后，从经济泡沫化、资产证券化和国际货币体系三个视角分析了美国次贷危机从爆发到演变为全球经济危机的传导机制。房地产市场是危机产生的发源地。其原因在于，房价的大跌导致次贷的违约率上升，造成信贷市场的贷款贬值，风险传导到信贷市场；建立在贷款上的一系列证券化衍生品纷纷贬值，造成持有者净值缩水，纷纷减记资产造成亏损，资本市场上股票债券大跌，货币市场上市场规模骤减；资产证券化导致风险从信贷市场传导到资本货币市场；而金融机构去杠杆化的过程导致了银行信用创设能力下降，风险再次被传导回信贷市场；最终由金融市场传导到美国的实体经济，使得美国的投资、消费和进出口同时下滑，，导致美国经济陷入衰退。危机又通过美国进口需求的减弱和对其他国家投资者的心理影响将风险传导到全球市场。在经济自由化、金融一体化背景下，次贷危机借助于资产证券化等渠道由房地产市场传导至信贷市场，又由信贷市场传导至资本市场，而资本市场的巨额亏损使金融危机的影响反弹到信贷市场，虚拟经济的不稳定加速了实体经济的衰退，同时在资本自由流动、经济全球化、金融监管缺失、市场信心不足等因素推动下，危机迅速在全世界范围内蔓延。最后，本文通过介绍和分析美国、欧洲国家、日本和中国在应对此次次贷危机所采取的措施，借鉴其成功之处对各国今后防范和应对金融危机提出了一些建议。通过对这次美国次贷危机传导机制的研究，各国应促进实体经济与虚拟经济协调发展、防止经济泡沫。在资产证券化过程中加大金融创新的监管、改善现有国际货币体系，建立适度灵活的汇率制度。同时，各国或地区在发展经济、强调本国经济利益的同时，应该更加关注风险，完善风险预警机制，并在防范和应对金融危机时正确发挥政府宏观调控的职能。
[Abstract]:In late twentieth Century, with the economic globalization and financial integration deepening, the world and regional economic and political exchanges, international cooperation is increasingly frequent, the whole world economic development degree increase. A country or region economic or financial system the negative impact generated by the rapid expansion of swing, transfer to the in other countries or regions for.2007 years, the U.S. real estate market bubble burst into a global financial tsunami. After the outbreak of the crisis quickly give us credit markets, capital markets and the real economy brings huge impact. In the asset securitization and the background of economic globalization, the financial crisis quickly spread to the whole world. The economy of developed countries in Europe, Japan and emerging market economies, without exception, were severely affected.
In this paper, the subprime crisis in the United States as an example, from the economic bubble, the conduction mechanism from three aspects of asset securitization and the international monetary system to study the subprime crisis in the United States, and other countries adopt to cope with the subprime crisis measures put forward some policy recommendations for countries to prevent the financial crisis, has important theoretical and practical significance of stable development for national and world economy. This paper mainly includes the following parts:
First of all, based on the previous generation and transmission mechanism of financial crisis, this paper describes the research background and problems and research methods. The second chapter summarizes the relevant theories of financial crises, the financial crisis of the potential causes and direct causes.
Then, from the economic bubble, three from the perspective of asset securitization and the international monetary system to analyze the transmission mechanism of the subprime mortgage crisis from the outbreak to the global economic crisis. The real estate market is the birthplace of the crisis. The reason is that the house price crash led to the sub-prime mortgage default rates rise, resulting in credit market loans devaluation, the risk to the credit market; based on a series of loan securitization derivatives have caused the devaluation, holders of shrinking net writedowns, have caused losses, capital market stocks fell, the money market size of the market fell sharply; asset securitization risk from credit market to capital market and monetary transmission; financial institutions deleveraging process leads to a decline in bank credit creation ability, the risk was again transfer back to the credit market; finally by financial market conduction to the entity of the United States The United States economy, investment, consumption and import and export fell at the same time, lead the economy into recession. The crisis by lowering import demand in the United States and other countries of the investors of the psychological impact of the risk of transmission to the global market. In the background of economic liberalization and financial integration, the subprime crisis by asset securitization and other channels by real the real estate market conduction to the credit market, the credit market conduction to the capital market, capital market and huge losses to the financial crisis to the credit markets rebound, virtual economic instability has accelerated the real economy recession, while the free flow of capital, economic globalization, the lack of financial supervision, promote market confidence and other factors under the crisis spread rapidly around the world.
Finally, through the introduction and analysis of the United States, Europe, Japan and Chinese taken in response to the subprime crisis measures, draw lessons from its success and put forward some suggestions to all future financial crisis. Through the research on the transmission mechanism of the subprime crisis in the United States, countries should promote the coordinated development of the real economy and the virtual economy. To prevent the bubble economy. Strengthen the supervision of financial innovation in the process of asset securitization, improve the existing international monetary system, the establishment of appropriate and flexible exchange rate system. At the same time, various countries or regions in economic development, emphasizing the economic interests of the country at the same time, more attention should be paid to the risk, improve risk warning mechanism, and the right to play the government macro-control function in to prevent and deal with the financial crisis.

【学位授予单位】：东北师范大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F831.59

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