美国次贷危机成因及对我国经济发展的启示.pdfVIP

摘要 受 2007 年爆发的美国次贷危机影响，美国乃至全球经济出现了衰退迹象。 2008 年下半年美国、欧洲、日本三大主要经济体均出现 GDP 负增长，金融危机 对实体经济的深远影响开始显现，因此次贷危机引起全球范围内的广泛关注，成 为2007年-2009年国际经融市场的热点问题之一。 早在危机爆发时，国际经济学界就展开了对其成因的探讨。次贷危机爆发前， 美国房地产抵押市场，尤其是次贷市场一度呈现出欣欣向荣的景象，并推动了房 地产金融二级市场、三级市场的迅速膨胀。然而一夜之间，房价暴跌，股市崩溃， 大量次级抵押贷款机构、投资银行、对冲基金如多米诺骨牌办一个接一个的倒下， 此后危机如同瘟疫般迅速传遍美国金融市场，并进而影响实体经济，到底是什么 原因导致美国次贷市场从繁荣走向危机呢？ 本文对次贷危机进行定性分析，首先从美国房地产金融市场发展状况入手， 介绍次贷危机的演变过程以及对世界经济的影响，接着通过理论联系实际的方法 对次贷危机的成因进行探究：从微观层面论述次贷危机是房地产金融市场过热的 结果，而后从宏观角度解释次贷危机是美国经济结构性失衡的必然产物，最后提 出必须促进金融市场健康有序发展、改进政府经济管理和转变经济增长模式等建 议。 关键词： 次贷危机 资本证券化 结构性失衡 1 Abstract By the impact of U.S. sub-loan crisis which outbreak in 2007, the United States as well as the global economy emerged in signs of recession. During the second half of 2008, the largest three economies, the United States, Europe and Japan had experienced a negative growth of GDP. For it has shown strong negative effects on the real economy, sub-loan crisis toke up global concern, as a International financial markets as one of hot issues during the year 2007 -2009. As early as the crisis broke out, the international economic circles began focus on its causes. Before the outbreak of the sub-prime crisis, the U.S. real estate mortgage market, espicially the credit markets had shown a thriving scene, that promote a rapid expansion of its secondary market and three-tier market. However Overnight, prices plummeted, the stock market collapse, and a large number of subprime mortgage lenders, investment banks, hedge funds fall one after another, such