美国次贷危机的成因及其启示.docxVIP

美国次贷危机的成因及其启示 摘要 2006年第一季度, 美国次贷危机开始逐步显现，2007年8月因蝴蝶效应席卷全球。在很多年前，拥有大量资金的投资者们习惯通过购买美联储发行的短期国债赚钱，因为这很保险，且利率还可以。但没过多久，由于互联网泡沫和911事件的压力，美前财长格林斯潘选择了以降低利率的方式来维持经济的增长，于是利率被将为接近1%，这当然对国债投资者来说是一个不好的消息，于是国债投资者纷纷冷落国债而转战其它汇报率更高的投资，但正因低利率，大量的外国资金涌入没过，美国人从银行借钱也就更容易了，于是投资银行家就从银行贷来大量资金，利用杠杆原理创造了本次次贷危机的祸根---次级抵押贷款证券化，不管你有没有能力买房，你都有权利买房，这些贷款每个月都会产生大量现金流，投资银行家再对它们分级并售出，但当次级房贷发放出去之后弱势群体无法偿还贷款时，定时炸弹就爆炸了。 关键词：次贷危机，银行，抵押贷款，投资者，债务抵押债券。 The Factors and inspirations of the US Subprime mortgage crisis Abstract Years ago the investors were sitting in their pile of money, looking for a good investment to turn into more money. Traditionally they go to the US Federal Reserve where they buy treasury bills, believed to be the safest investment. But, in the wake of the bust and September 11th, Federal reserve chairman Alan Greenspan lowers interests rates to only 1% to keep the economy strong one percent is a very low return on investment, so the investors say no. On the flip side this means banks on Wall Street can borrow from the Fed for only 1%. Plus there is an abundance of cheap credit, this makes borrowing money easy for banks and causes them to go crazy with what we call leverage which is the principle of Collateralized Debt Obligation (CDO) and Sub-Prime Mortgages. Whether you have the ability to buy a house or not, you have the right to buy a house. This means that every month they get the payments from the home owners of all the mortgages in their hand. The investment bankers graded CDO and sold them. But as soon as the vulnerable groups unable to pay loans, the time bomb exploded. Keywords: Subprime mortgage crisis, Bank, Mortgage loans, Investors, Collateralized Debt Obligation (CDO) I 目 录 一 前言 1 二 金融危机简介 2 （一）金融危机内涵 2 （二）金融危机分类 2 （三）金融危机简史 2 三 美国次贷危机的形成过程及原因 3 （一）美国次贷危机的形成过程及背景 3 （二）美国次贷危机的形成原因 6 四 美国次贷危机给中国的启示 9 （一）美国次贷危机对中国的影响 9 （二）美国次贷危机对中国的抵押贷款业的启示 10 五 结论 12 致谢 13 参考文献 13 II 一 前言 继2008年3月美国第五大投资银行贝尔斯登(Bear Stearns Companies Inc. , BSC)因濒临破产被摩根大通(JP Morgan ChaseCo.，JPM)收购近半年之后，美国第三