从积极的资产负债表管理机制看次贷危机的去杠杆化

在积极资产负债表管理机制中,杠杆率的变化和资产负债表规模之间是正相关的。美国次级贷款演变为全面危机的根源在于,当金融中介机构的资产负债表普遍很强大时,为了利用剩余资产,放大的杠杆率,有限的次级贷款风险被积极的资产负债表管理机制放大了。正确认识资产负债表管理机制与杠杆率的关系,有助于说明次贷危机去杠杆化的原因、过程和去杠杆化的国际传导。

An Analysis on Deleveraging in the Subprime Loan Crisis from the View of the Active Managerial Mechanism of Balance Sheet

Financial intermediaries adjust their balance sheets actively and do the same in such a way when leverage is high during booms and low during busts. When the financial intermediary's balance sheet is generally strong, in order to make use of surplus assets, the financial intermediaries will enlarge the leverage ratio.So the limited financial risk was magnified by the active managerial mechanism of the balance sheet. To understand the relationship between the managerial mechanism of balance sheet and leverag...