我国商业银行个人住房抵押贷款风险分析——美国次贷危机对我国的启示

当中国的个人贷款发展如火如荼的时候,美国的次级债市场却危机四伏,并蔓延开来。观察美国次级贷款危机,对比一下中国的住房抵押贷款市场,有很多值得吸取的教训和值得借鉴的经验,加强对个人住房抵押贷款风险的防范十分必要。当前的主要任务是积累和完善数据资源,建立和提高个人住房抵押贷款风险管理的定量化分析技术水平,以便定量评估具有中国持征的个人住房抵押贷款的风险度。此外,还要强化对个人住房抵押贷款风险管理的政策支持,并将住房从完全市场化回归民生本质。     

Mortgage Default: A Demand Choice Unknown at Purchase

Past empirical research on mortgage default has typically used purchase data to model an action that occurs months later, and variables have been specified in ratio form. Each of these has its limitations. This work goes beyond previous research by using macro- and municipal-specific data to estimate variable values at the point of the default decision. In addition, both linear and ratio specifications are employed to study the factors affecting mortgage default, given mortgage delinquency.     

住房抵押贷款支持证券定价方法研究

对利率衍生品定价的统一框架进行研究,通过设定影响MBS价格的因素得到在不同假设条件下的定价方法,并对影响MBS价格的两大因素利率期限结构模型的和提前清偿模型进行了详细分析。     

消费信贷违约影响因素的实证研究

本文探讨了消费信贷违约的影响因素,包括性别、年龄、受教育程度、年收入和职业类型等借贷人的个人特征对违约率的影响,以及贷款期限、执行利率、贷款金额、贷款种类、还款方式和担保方式等对违约可能性的影响。初步研究发现:质量越高的客户,贷款期限越长;受教育程度越高,越容易申请到长期贷款;贷款期限越长,则贷款质量越高;信用贷款的违约率不比保证贷款的违约率高,这和道德风险模型相一致。汽车贷款借贷者主动违约可能性远远大于住房信贷借贷者,这和基于看跌期权的违约模型相一致。选择等本金还款方式的借贷者比选择等额还款方式的借贷者面临更大的还款压力,因而更容易导致违约(逾期)行为的发生。     

房地产消费抵押贷款证券化法律问题探讨

一、房地产消费抵押贷款证券化的概念及流程 金融机构在提供住房消费信贷时,其资金大多来源于居民储蓄存款,期限一般在6年以下;而个人住房贷款发放的时间较长,最长达20年,此种"短存长贷"的现象,使资金结构矛盾突出,给银行风险控制、经营管理等方面带来了很大的困难.除了资金结构矛盾,在我国,设定抵押权在实践中还遇到一些障碍:一是设定抵押手续繁杂,要负担高昂的手续费等各种评估费用;二是抵押权实现的手段相当繁琐,效率不高.因而在实际的分期付款交易中,设定抵押权的方法并没有被广泛采用,即使是不动产的分期付款销售也是如此.金融机构作为提供房地产抵押贷款的抵押权人,视抵押权实行为畏途.西方发达国家在上个世纪六七十年代也面临同样的问题,最后,创造了房地产抵押贷款证券化来解决这一难题.     

On Models of Default Risk

We first discuss some mathematical tools used to compute the intensity of a single jump process, in its canonical filtration. In the second part, we try to clarify the meaning of default and the links between the default time, the asset's filtration, and the intensity of the default time. We finally discuss some examples.     

Consumer Perceptions of the Consumer Credit Process

This research contrasts the perceptions of consumers with those of loan officers faced with similar credit application situations. Fundamental misperceptions of the credit granting process are encountered. Consumers clearly misperceive the credit standards of both banks and finance companies. Given large interest rate differentials between loan sources and the narrow shopping scope of most consumers for consumer credit, equitable allocation of credit dollars demands greater appreciation of the nature of the credit evaluation process by lender and borrower.     

住房抵押贷款证券化法律问题初探

实施住房抵押贷款证券化可以将住房金融市场与资本市场直接联系,扩大融资渠道,但住房抵押贷款证券化的实施有赖于相关法律制度的完善。其中债权转移,作为中间环节的特别目的公司设立及其地位,抵押证券交易的法律问题,尤为重要。     

The Higher Cost of Follow-Up Loans

This paper uses unique data and looks at the interest margin for follow-up finance vis-à-vis first round-finance. Applying data for asset values, we examine the substitution between collateral and interest margins. Consistent with the theories of Bester (1985), Besanko and Thakor (1987) and the empirical evidence of Cressy (1996b), we find that a trade-off between collateral and interest margins exists. Our main result indicates that follow-up finance is more expensive for loans but not for overdrafts. We suggest that a relatively fixed asset base (Land and Buildings), as seen in higher security to loan values, raises the price and risk of successive financial increments. This explains the higher relative cost of follow-up finance to borrowers.     

消费者增权理论与我国消费者权益保护法的完善

消费者增权理论是近年来西方社会科学领域关注的热点问题之一,在消费者增权理论中,信息供给型增权和制度供给型增权是两种主要模式。我国现阶段的消费模式和消费者权益保护实践表明,制度供给型消费者增权可以更好地保护消费者利益。所以,从消费者增权理论出发,完善消费者权益保护法律体系,是增进消费者利益保护和实现消费和谐的重要举措。     

我国住房抵押贷款证券化探析

本文分析了我国住房贷款快速增长的主要原因,在此基础上,剖析了住房贷款的持续快速增长将导致商业银行积聚的几类金融风险,笔者认为,化解这些风险的有效途径是进行住房抵押贷款证券化,并且针对目前我国影响住房抵押贷款证券化开展的障碍提出了若干建议.     

Economics of Consumer Protection: Contributions and Challenges in Estimating Consumer Injury and Evaluating Consumer Protection Policy

Journal of Consumer Policy - The author examines the role of economics in consumer protection, drawing from her experience at the U. S. Federal Trade Commission (FTC), which has a dual mandate to...     

An Assessment of Consumer Protection and Consumer Empowerment in Costa Rica

The present exploratory study aims to describe and assess Costa Rica’s regime for protecting and empowering consumers. As the general framework, this study used research conducted in the USA, in Europe—specifically studies conducted by the Organization for Economic Co-operation and Development (OECD) partners—and studies sponsored by the European Union (EU) in Central America. This paper, however, is not intended to provide an exhaustive analysis or to answer all questions and issues related to consumer protection in Costa Rica; rather, it is to identify the main components of the consumer protection framework, its strategies, consumer redress mechanisms, remedies, and consumer protection challenges faced by the country. The last section outlines a conclusion and presents recommendations for improvement.     

房贷新政触动了谁的神经

<正>☆调查显示:房贷新政实施后,对已有一套住房的市民影响最大,暂缓购房成首选调查背景今年9月下旬,银监会和人民银行联合发出《关于加     

关于抵押物风险缓释效用的思考

抵押是信用风险缓释的主要工具之一。受评估机构评估信息不充分,以及从抵押物评估、抵押到处置不同阶段市场的变化等因素影响。银行在操作抵押贷款过程中很容易发生抵押物在抵押时足值,而到处置时不足值的价值缩水现象。从抵押物风险缓释效用的角度出发,银行部门应完善抵押管理制度体系,设立抵押物管理岗,加强异地抵押物属地管理和评估机构管理,充分利用银行的渠道资源,提高抵押物处置率和处置额,以化解抵押不足值的风险。     

个人住房抵押贷款的风险管理

个人住房抵押贷款作为一个新生事物 ,在我国开展的时间不长 ,全面推广此项业务的进展不平衡 ,在制度建设方面也还有许多不完善的地方 ,因此迫切需要进行个人住房抵押贷款风险管理的探讨。在全面分析个人住房抵押贷款风险的基础上 ,提出个人住房抵押贷款风险管理的相应对策。     

The Continuing Continuum Problem of Deposits and Loans

Barnett and Block (J Bus Ethics 18(2):179–194, 2011) argue that one cannot distinguish between deposits and loans due to the continuum problem of maturities and because future goods do not exist—both essential characteristics that distinguish deposit from loan contracts. In a similar way but leading to opposite conclusions (Cachanosky, forthcoming) maintains that both maturity mismatching and fractional reserve banking are ethically justified as these contracts are equivalent. We argue herein that the economic and legal differences between genuine deposit and loan contracts are clear. This implies different legal obligations for these contracts, a necessary step in assessing the ethics of both fractional reserve banking and maturity mismatching. While the former is economically, legally, and perhaps most importantly ethically problematic, there are no such troubles with the latter.     

谈谈消费经济学的走向--为纪念《消费经济》创刊20周年而作

二十年来，在《消费经济》的倡导和支持下，消费经济从无到有，而今已茁壮成长，成为经济学的一个重要分支，令众多学子敬仰。     

Manufacturer Responsiveness to Consumer Correspondence: An Empirical Investigation of Consumer Perceptions

Although there is general agreement on the importance of the consumer correspondence handling function, specific steps businesses can take to satisfy consumers are relatively unexplored empirically. This study examines 300 consumers’ responses to actual manufacturers' letters addressing complaints and compliments. The discussion focuses on understanding the components of consumer satisfaction to manufacturers'responses and provides suggestions to businesses to increase that satisfaction level.