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20091181NortheastAsiaForumJan12009Vol118No11(,200433)[],,,,,,[];;;;;;[]F113[]A[]1003-7411(2009)01-0003-(09)[]2008-11-21[](07FCZD028)[](1962-),,,,,,,20074,,,,,,,,[1],,,,,20012006,,,,,,,200032002,,,2001120036,13,6.5%1%,,,,,,,,,,2006,1.5,(CDO),,,[2],,,(),,2004620066,17,1%5.25%,,,,,,,2006,,,,,:,()(),(MortgageBackedSecurities,MBS),,,,,,,,,[3],,,,,;,,,,,,30[4],:,CEO,,;,,;,,;,CDS()MBS(),;,420091,3A;,()()()[5],,,[6](134),,,,,,,,,2,,,,,,,,[7],,:,[8],2007412,,,,8931,5446,3434,1472,,200817,,,,,,125,,290,,,,9000,[9]200879,,9110,,5.3,(12),,,713,:,,[10],,(20%),20071020087,3050021.6%21.7%20.8%20089,,95:15,7,915,,200191116,85018,19,,2,79920,700021,,,,107000,,11,2500,,,,,19391944,1.2,1948,56.4%,5[11](601),,,,,2070,,,,,,:,200571000,197;103;2551971515,100027.9%,26.3%,100019.86%7,,,,(),,,,2001,,,,2001,37%,,,,,620091,2008630,2008,4.3,63%,200764%200765%26.8%,200726.4%200725.3%(1)1(%):2008:IMFStatisticsDepartmentCOFERdatabaseandInternationalFinancialStatistics.,,,,,,,,,,,44%,,,,,,[12]:,,,,,[13](JeffreyFrankel),,2022,,,,,,[14],,,7::,2080,,,,,,40%5%,1/3,40%,30%,,,,,[15],,,,,,,[16],,IMF:,;,,[17],,,,,,,[18](343),,,,,,,,[19],2002,25,10,1102007,25,14,410[20]2005,,,2020;,2022,[21],,20082015[22],26700,1.860%,20081.06,,1997,19971998,,820091,2009800,,1997,,,,,,,,,,,,,,,,,,,,,,,,,2008418,9450[23],,,,,,,,,,,,,,,200712,,,[20],2007,2007200660%,780,2007200648%,685.6,50%100%[24],,,,,60%,5000,920,,,,,,,9:,,,,20071022,,10,;20071219,,50,,,:,;;,,,,,,20(G20),,:,,,20,(G7),,2009,,,[25],,,,2005721,,:,;,,,,,,,,,,,,(),,,,0120091,,;;;,,,,,:[1]EmilyKaiser.U.S.SubprimeLendingCrisisCouldPoliticalPunch[EB/OL].March17,2007=104861&GRP=i.[2]IMF.GlobalFinancialStabilityReport[R/OL].October2007,pp23-24.[3].[EB/OL].ht2tp://news.xinhuanet.com/theory/2008-09/16/content_10026011.htm.[4][N].,2008-09-22.[5][N].,2008-10-14.[6].[M].:,2001.[7]:[J].,2007,(9):20.[8].[J].,2008,(16):45.[9]IMF:WorldEconomicOutlook[Z].April2008.[10][N/OL].,2008-07-14.=article.[11].()[M]..:,1989.[12]Newsweek,2008-05-12,p21.[13]WashingtonPost,2008-05-18.[14],2008-01-03.[15]U.S.CouncilonCompetitiveness.TheCompetitivenessIndex:WhereAmericaStands.2006-11-14.[16]Newsweek,2008-05-12,p21.[17],2007-12-10.[18].[M]..:,1989.[19]WolfgangMnchau.Thiscrisiscouldbringtheeurocentre-stage[Z/OL].=detail_news&news_id=29363.[20].[N/OL].[21]MenzieChinnandJeffreyFrankel.WilltheEuroEventuallySurpasstheDollarasLeadingInternationalReserveCurrency?[Z/OL].presentedatNBERconference,Newport,RI,June1-2,2005,availableat[22]JeffreyFrankel.TheEuroCouldSurpasstheDollarwithinTenYears[Z/OL].18March,2008=node/989.[23][24].[N].,2008-02-05.[25](CenterforAmericanStudies,FudanUniversity,Shanghai200433,China)Abstract:TheUSsubprimemortgagecrisisoriginatedfromburstofrealestatefoam.Themultipleinterestchainresultingfromfinancialinitiationdeepensthesubprimemortgagecrisis.Financialglobalizationconsistsofthebackgroundofthecrisis’sinternationalconduction.TheglobalfinancialturbulencearisingfromthecrisishasoverthrownUSfinancialhegemony,andbalanceofinternationalfinancialpowerhasbeenchanged,sotheglobalfinancialmapwillberedrawn.ButsubprimemortgagecrisiscreateshistoricalopportunityforChinatoembedininternationalfinancialsystem.KeyWords:Subprimemortgage;Subprimemortgagecrisis;Realestatebubble;Dollarhegemony;Internationalfinancialorder;Financialstorm;Globalization11: