对金融衍生产品过度创新引致次贷危机的思考

次级抵押贷款是房地产抵押贷款市场的一种金融产品创新,为美国房地产的繁荣起到了巨大的推动作用。美国高风险次级抵押贷款的过度发放、以次级抵押贷款为基础资产的证券化产品和信用衍生品在全球金融市场泛滥,通过杠杆效应放大了实体经济中次级抵押贷款的风险,引致金融海啸。次级抵押贷款所带来的负面影响不容忽视,而金融产品创新要适度并要制定与完善监管体系。

Research on the Subprime Mortgage Crisis Caused by over-innovation of Financial Derivative Products

Subprime mortgage is a financial product innovation in real estate mortgage market, which has played an enormous role in promoting the prosperity of the United States real estate. The Over- payment of American high-risk subprime mortgage and the flooding of securitization products and credit derivatives based on subprime mortgage-based assets that is in global financial markets, magnified risk of the real economy in the subprime mortgage through the leverage, resulting in financial tsunami. The negative effects of subprime mortgage can not be ignored. Financial product innovation should be moderate and regulatory system should be developed and improved.