从证券化视角看,金融资本持续的流动性过剩,美联储的货币政策调整,衍生品市场链条过长,以及次级债的风险管理缺失等,共同造就了次级债危机。这对推进我们抵押贷款证券化发展,在金融机构、资本管理、政府监管等多方面提供了教训和启示。
From the perspective of securitization,subprime mortgage crisis were caused by the durative excess liquidity of financial capital,the adjustment of monetary policies by U.S.Federal Reserve,the overlong chain of derivatives market,and the lack of risk management to subprime mortgage.The lessons and inspirations are thus provided for the promotion of China's mortgage-backed securitization in the aspects of the financial institutions,the capital management and the government supervision.