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美国次贷危机的成因及其启示裴平李健旋金融工具过度创新信用评级机构利益扭曲货币政策监管放松是导致美国次贷危机的主要原因美国政府采取的大幅注资连续降息和直接干预等应对措施虽已取得一定的成效,但未从根本上解决问题由此给我们带来的启示是:金融调控政策必须顺应经济态势,符合周期性波动规律;应在加强金融监管健全风险防范机制的基础上推进金融产品及其体系创新;应抓住有利时机,鼓励海外资产并购,优化海外资产结构,分散海外资产风险次贷危机金融衍生评级监管注资救市,,,,,,,,2008,80001,,,,,,,,,GDP,,,,,1.:2007,(CollateralizedDebtObligations,CDO)CDO,112!∀#∀#∃(:04BJL027)CDO,,CDO%,CDO,,,CDOCDO,,(RMBS),(MBS)CDO,MBS,,CDO,,CDO&,,,,,,,,,CDOCDO,,,,(31%)(22%)(10%)(18%)(19%)(BIS),2001,CDO,70%CDO,,CDO,,CDORMBS,CDO,2001~2006,CDO,RMBSCDO,CDO,,CDOA~AAA,,2.:,,,,,,,,2070,,,,,,,,,,,,113,,∋,,,,,2006,,,20078,,,,,,,,,(?:,,,,,,,,,,CDO,,,,CDO,,,,,,,,;,,,,3.:,,,,,,,,,2001,!9)11∃,,,13,,,,,,2004620066,17,1%5.125%90%,,200621142009.1,,,RealtyTrac2007821:717196,200693%∗,,,,,,20074,(NCFC),,,,,,(TermAuctionFacility)(PrimarydealerGreditFacility)(TermSecuritiesLendingFacility)+,,,,,,,,7992008919108,,,,,,,,,,,!∃!∃!∃,,1.:2008104,7000,,,,2007,3832,−,,,,2.:,20079,1%,,,,,,,,3.:,158,,,,,!∃,,,,115,,?,1.,,200152003613,65%1%,308.1%5.8%,200170%200338%,,,,2004620068,17,1%525%,,,30,,,,2003920083,19,6%16.5%,,200222008,,5.31%747%,,,,,,,:,,,;,,,2.,,,,,,,,,,10,,,,,,,,,,,,,,,,,,,,,3.,,7000,,4,1162009.1,,,,,,,,,,,,,,,,,,,,,:./,./20085:./,./20081%:.CDO/,./20083&:.CDO:/,./20086∋−:./,./20086(:./,./20084∗:./,./200811+:./,./20084,:.:/,./200810作者简介:裴平,1957年生,南京大学商学院副院长教授博士生导师;李健旋,1985年生,南京大学商学院硕士研究生0:1117