本文關(guān)鍵詞： 次貸危機(jī) 傳導(dǎo)機(jī)制 資產(chǎn)證券化 國際貨幣體系　出處：《東北師范大學(xué)》2013年博士論文　論文類型：學(xué)位論文

【摘要】：20世紀(jì)中后期，隨著經(jīng)濟(jì)全球化和金融一體化的加深，世界各國及地區(qū)間的經(jīng)濟(jì)和政治交往日益密切，國際間合作也日益頻繁，整個(gè)世界經(jīng)濟(jì)發(fā)展相關(guān)度加大。一國或地區(qū)出現(xiàn)經(jīng)濟(jì)或金融體系的動(dòng)蕩所產(chǎn)生的負(fù)面影響會(huì)迅速擴(kuò)展、傳導(dǎo)至其他國家或地區(qū)。2007年，美國房地產(chǎn)市場泡沫的破滅釀成了一場全球性金融海嘯。危機(jī)爆發(fā)之后迅速給美國的信貸市場、資本市場和實(shí)體經(jīng)濟(jì)帶來巨大的沖擊。在資產(chǎn)證券化和經(jīng)濟(jì)全球化的背景下，這場金融危機(jī)迅速蔓延到全世界，歐洲經(jīng)濟(jì)發(fā)達(dá)國家、日本及新興市場經(jīng)濟(jì)國家等毫無例外均受到嚴(yán)重的影響。 本文以美國次貸危機(jī)為例，從經(jīng)濟(jì)泡沫化、資產(chǎn)證券化和國際貨幣體系三個(gè)視角來研究美國次貸危機(jī)的傳導(dǎo)機(jī)制，并結(jié)合各國為應(yīng)對次貸危機(jī)所采取的措施對各國防范金融危機(jī)提出了一定的政策建議，對各國和世界經(jīng)濟(jì)的穩(wěn)定發(fā)展具有重要的理論和現(xiàn)實(shí)意義。本文主要包括以下幾個(gè)部分： 首先，本文在借鑒前人對金融危機(jī)產(chǎn)生和傳導(dǎo)機(jī)制研究的基礎(chǔ)上，介紹了本文的研究背景與問題以及研究方法等。第二章對有關(guān)金融危機(jī)的理論進(jìn)行綜述，介紹金融危機(jī)爆發(fā)的潛在原因和直接原因。 然后，從經(jīng)濟(jì)泡沫化、資產(chǎn)證券化和國際貨幣體系三個(gè)視角分析了美國次貸危機(jī)從爆發(fā)到演變?yōu)槿蚪?jīng)濟(jì)危機(jī)的傳導(dǎo)機(jī)制。房地產(chǎn)市場是危機(jī)產(chǎn)生的發(fā)源地。其原因在于，房價(jià)的大跌導(dǎo)致次貸的違約率上升，造成信貸市場的貸款貶值，風(fēng)險(xiǎn)傳導(dǎo)到信貸市場；建立在貸款上的一系列證券化衍生品紛紛貶值，造成持有者凈值縮水，紛紛減記資產(chǎn)造成虧損，資本市場上股票債券大跌，貨幣市場上市場規(guī)模驟減；資產(chǎn)證券化導(dǎo)致風(fēng)險(xiǎn)從信貸市場傳導(dǎo)到資本貨幣市場；而金融機(jī)構(gòu)去杠桿化的過程導(dǎo)致了銀行信用創(chuàng)設(shè)能力下降，風(fēng)險(xiǎn)再次被傳導(dǎo)回信貸市場；最終由金融市場傳導(dǎo)到美國的實(shí)體經(jīng)濟(jì)，使得美國的投資、消費(fèi)和進(jìn)出口同時(shí)下滑，，導(dǎo)致美國經(jīng)濟(jì)陷入衰退。危機(jī)又通過美國進(jìn)口需求的減弱和對其他國家投資者的心理影響將風(fēng)險(xiǎn)傳導(dǎo)到全球市場。在經(jīng)濟(jì)自由化、金融一體化背景下，次貸危機(jī)借助于資產(chǎn)證券化等渠道由房地產(chǎn)市場傳導(dǎo)至信貸市場，又由信貸市場傳導(dǎo)至資本市場，而資本市場的巨額虧損使金融危機(jī)的影響反彈到信貸市場，虛擬經(jīng)濟(jì)的不穩(wěn)定加速了實(shí)體經(jīng)濟(jì)的衰退，同時(shí)在資本自由流動(dòng)、經(jīng)濟(jì)全球化、金融監(jiān)管缺失、市場信心不足等因素推動(dòng)下，危機(jī)迅速在全世界范圍內(nèi)蔓延。 最后，本文通過介紹和分析美國、歐洲國家、日本和中國在應(yīng)對此次次貸危機(jī)所采取的措施，借鑒其成功之處對各國今后防范和應(yīng)對金融危機(jī)提出了一些建議。通過對這次美國次貸危機(jī)傳導(dǎo)機(jī)制的研究，各國應(yīng)促進(jìn)實(shí)體經(jīng)濟(jì)與虛擬經(jīng)濟(jì)協(xié)調(diào)發(fā)展、防止經(jīng)濟(jì)泡沫。在資產(chǎn)證券化過程中加大金融創(chuàng)新的監(jiān)管、改善現(xiàn)有國際貨幣體系，建立適度靈活的匯率制度。同時(shí)，各國或地區(qū)在發(fā)展經(jīng)濟(jì)、強(qiáng)調(diào)本國經(jīng)濟(jì)利益的同時(shí)，應(yīng)該更加關(guān)注風(fēng)險(xiǎn)，完善風(fēng)險(xiǎn)預(yù)警機(jī)制，并在防范和應(yīng)對金融危機(jī)時(shí)正確發(fā)揮政府宏觀調(diào)控的職能。
[Abstract]:In late twentieth Century, with the economic globalization and financial integration deepening, the world and regional economic and political exchanges, international cooperation is increasingly frequent, the whole world economic development degree increase. A country or region economic or financial system the negative impact generated by the rapid expansion of swing, transfer to the in other countries or regions for.2007 years, the U.S. real estate market bubble burst into a global financial tsunami. After the outbreak of the crisis quickly give us credit markets, capital markets and the real economy brings huge impact. In the asset securitization and the background of economic globalization, the financial crisis quickly spread to the whole world. The economy of developed countries in Europe, Japan and emerging market economies, without exception, were severely affected.
In this paper, the subprime crisis in the United States as an example, from the economic bubble, the conduction mechanism from three aspects of asset securitization and the international monetary system to study the subprime crisis in the United States, and other countries adopt to cope with the subprime crisis measures put forward some policy recommendations for countries to prevent the financial crisis, has important theoretical and practical significance of stable development for national and world economy. This paper mainly includes the following parts:
First of all, based on the previous generation and transmission mechanism of financial crisis, this paper describes the research background and problems and research methods. The second chapter summarizes the relevant theories of financial crises, the financial crisis of the potential causes and direct causes.
Then, from the economic bubble, three from the perspective of asset securitization and the international monetary system to analyze the transmission mechanism of the subprime mortgage crisis from the outbreak to the global economic crisis. The real estate market is the birthplace of the crisis. The reason is that the house price crash led to the sub-prime mortgage default rates rise, resulting in credit market loans devaluation, the risk to the credit market; based on a series of loan securitization derivatives have caused the devaluation, holders of shrinking net writedowns, have caused losses, capital market stocks fell, the money market size of the market fell sharply; asset securitization risk from credit market to capital market and monetary transmission; financial institutions deleveraging process leads to a decline in bank credit creation ability, the risk was again transfer back to the credit market; finally by financial market conduction to the entity of the United States The United States economy, investment, consumption and import and export fell at the same time, lead the economy into recession. The crisis by lowering import demand in the United States and other countries of the investors of the psychological impact of the risk of transmission to the global market. In the background of economic liberalization and financial integration, the subprime crisis by asset securitization and other channels by real the real estate market conduction to the credit market, the credit market conduction to the capital market, capital market and huge losses to the financial crisis to the credit markets rebound, virtual economic instability has accelerated the real economy recession, while the free flow of capital, economic globalization, the lack of financial supervision, promote market confidence and other factors under the crisis spread rapidly around the world.
Finally, through the introduction and analysis of the United States, Europe, Japan and Chinese taken in response to the subprime crisis measures, draw lessons from its success and put forward some suggestions to all future financial crisis. Through the research on the transmission mechanism of the subprime crisis in the United States, countries should promote the coordinated development of the real economy and the virtual economy. To prevent the bubble economy. Strengthen the supervision of financial innovation in the process of asset securitization, improve the existing international monetary system, the establishment of appropriate and flexible exchange rate system. At the same time, various countries or regions in economic development, emphasizing the economic interests of the country at the same time, more attention should be paid to the risk, improve risk warning mechanism, and the right to play the government macro-control function in to prevent and deal with the financial crisis.

【學(xué)位授予單位】：東北師范大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2013
【分類號】：F831.59

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