美国住房金融机构与市场及次贷危机的传导

通过对美国住房金融体系建立与运营过程的历史考察,从住房金融机构体系构成、住房金融产品的两级市场及后二级市场的结构化、工程化过程,展示了一级市场住房抵押贷款的信用风险是如何通过资产抵押支持证券(MBS)、信用债务担保证券(CDO)以及信用违约掉期(CDS)这些金融衍生品,先把住房贷款机构的局部风险放大传递到美国整个金融系统形成系统风险,再传递到全球金融系统形成了世界金融危机。这说明美国经济制度的主体已经从制造业资本主义经济制度转化为投机金融资本主义经济制度。

The U.S. Housing Financial Institutions and the Market and the Transmission of the Subprime Crisis

Through the historical research on the setting-up of American housing finance system and the operation process,from the structure of housing financial institutions system,the two-level market of housing financial products and structuring and engineering process of the post-secondary market structure show how the level of housing mortgage-backed market credit risk enlarge and transfer local risk of the housing loan institutions to the whole financial system and form the system risk through the assets mortgage-backed securities(MBS),credit debt obligations(CDO) and credit default swaps(CDS) these financial derivatives,and Then transfer to the global financial system and form the world financial crisis.It shows that the main body of American economy system has translated from a manufacturing capitalist economy system into speculative financial capitalist economic system.