【作者】 邸振龙；

【导师】 刘力臻；

【作者基本信息】 东北师范大学 ， 世界经济， 2013， 博士

【摘要】 20世纪中后期，随着经济全球化和金融一体化的加深，世界各国及地区间的经济和政治交往日益密切，国际间合作也日益频繁，整个世界经济发展相关度加大。一国或地区出现经济或金融体系的动荡所产生的负面影响会迅速扩展、传导至其他国家或地区。2007年，美国房地产市场泡沫的破灭酿成了一场全球性金融海啸。危机爆发之后迅速给美国的信贷市场、资本市场和实体经济带来巨大的冲击。在资产证券化和经济全球化的背景下，这场金融危机迅速蔓延到全世界，欧洲经济发达国家、日本及新兴市场经济国家等毫无例外均受到严重的影响。本文以美国次贷危机为例，从经济泡沫化、资产证券化和国际货币体系三个视角来研究美国次贷危机的传导机制，并结合各国为应对次贷危机所采取的措施对各国防范金融危机提出了一定的政策建议，对各国和世界经济的稳定发展具有重要的理论和现实意义。本文主要包括以下几个部分：首先，本文在借鉴前人对金融危机产生和传导机制研究的基础上，介绍了本文的研究背景与问题以及研究方法等。第二章对有关金融危机的理论进行综述，介绍金融危机爆发的潜在原因和直接原因。然后，从经济泡沫化、资产证券化和国际货币体系三个视角分析了美国次贷危机从爆发到演变为全球经济危机的传导机制。房地产市场是危机产生的发源地。其原因在于，房价的大跌导致次贷的违约率上升，造成信贷市场的贷款贬值，风险传导到信贷市场；建立在贷款上的一系列证券化衍生品纷纷贬值，造成持有者净值缩水，纷纷减记资产造成亏损，资本市场上股票债券大跌，货币市场上市场规模骤减；资产证券化导致风险从信贷市场传导到资本货币市场；而金融机构去杠杆化的过程导致了银行信用创设能力下降，风险再次被传导回信贷市场；最终由金融市场传导到美国的实体经济，使得美国的投资、消费和进出口同时下滑，导致美国经济陷入衰退。危机又通过美国进口需求的减弱和对其他国家投资者的心理影响将风险传导到全球市场。在经济自由化、金融一体化背景下，次贷危机借助于资产证券化等渠道由房地产市场传导至信贷市场，又由信贷市场传导至资本市场，而资本市场的巨额亏损使金融危机的影响反弹到信贷市场，虚拟经济的不稳定加速了实体经济的衰退，同时在资本自由流动、经济全球化、金融监管缺失、市场信心不足等因素推动下，危机迅速在全世界范围内蔓延。最后，本文通过介绍和分析美国、欧洲国家、日本和中国在应对此次次贷危机所采取的措施，借鉴其成功之处对各国今后防范和应对金融危机提出了一些建议。通过对这次美国次贷危机传导机制的研究，各国应促进实体经济与虚拟经济协调发展、防止经济泡沫。在资产证券化过程中加大金融创新的监管、改善现有国际货币体系，建立适度灵活的汇率制度。同时，各国或地区在发展经济、强调本国经济利益的同时，应该更加关注风险，完善风险预警机制，并在防范和应对金融危机时正确发挥政府宏观调控的职能。更多还原

【Abstract】 In late twentieth Century, with the economic globalization and financialintegration deepening, countries in the world and regional economic and politicalrelations have become increasingly close, international cooperation is becoming moreand more frequent, the whole world economic development degree increase. Acountry or area is negative economic or financial turbulence generated by rapidexpansion, will transfer to other countries or regions. In2007, the United States realestate market bubble led to a global financial tsunami. After the outbreak of the crisisquickly bring strong impact on the United States credit market, capital market and realeconomy. In the asset securitization and the background of economic globalization,the financial crisis quickly spread to the whole world, the European developedcountries, Japan and emerging market economy countries, without exception areaffected.In this paper, the United States subprime mortgage crisis as an example, theconduction mechanism of sub loan crisis in the United States from three perspectivesof economic bubbles, the asset securitization and the international monetary system,and combine with other countries adopted for coping with the crisis measures putforward some policy advice to all countries to prevent financial crisis, has importanttheoretical and practical significance to the stable development on the countries andthe world economy. This paper mainly includes the following parts:First of all, on the basis of previous generation and transmission mechanism offinancial crisis, introduces the research background and research methods etc. Thesecond chapter reviews the relevant theory of financial crisis, the potential causes anddirect causes of the financial crisis.Then, from three views of economic bubbles, the asset securitization and theinternational monetary system and transmission mechanism of the United Statessubprime mortgage crisis evolved from the outbreak to the global economic crisis.The outbreak of the crisis in the real estate market, because the house price crash ledto the sub-prime mortgage default rates rise, caused by the credit loan marketdepreciation, the risk to the credit market; based on the loan on a series ofsecuritization derivatives have fallen, resulting in holders shrinking net write downs,have caused losses, capital market, stock and bond market, the money the market size of the market fell sharply; asset securitization risk from credit market conduction tothe capital market; financial institutions deleveraging leads to decrease in bank creditcreation ability, risk again being conducted to credit market; by the end of thefinancial market conduction to the American economy, making the United Statesinvestment, consumption and import and exports fell at the same time, resulting in theUnited States of America into recession. The crisis by lowering import demand inAmerica and other countries of the psychological effects of investors to the risk to theglobal market. Under the background of financial globalization, economicliberalization, the subprime crisis with the help of asset securitization and otherchannels by the real estate market conduction to the credit market, the credit markettransfer to the capital market, capital market and huge losses to the impact of thefinancial crisis to rebound to the credit markets, the virtual economic instabilityaccelerated by the recession in the real economy at the same time, the free flow ofcapital, the globalization of economy, the lack of financial supervision, marketconfidence and other factors to promote, the crisis spread rapidly in worldwide.Finally, through the introduction and analysis of the United States of America,European countries, Japan and China in response to the crisis measures, learn from itssuccess and put forward some suggestions on the prevention of and response to thefinancial crisis. Through the research of the the American loan crisis conductionmechanism should promote the coordinated development of real economy and virtualeconomy, to prevent the bubble economy, in the process of asset securitizationincrease financial innovation, improve the existing international monetary system,building a moderately flexible exchange rate system. At the same time, countries orregions in economic development, emphasizing their economic interests at the sametime, more attention should be paid to the risk, improve risk warning mechanism andin the prevention of and response to the financial crisis should be the correct role ofgovernment macro-control functions.更多还原