金融创新与金融稳定:欧美资产证券化模式的比较分析

被引:47
作者
宣昌能
王信
机构
[1] 中国人民银行金融研究所
关键词
美国资产证券化; 欧洲表内双担保债券; 次贷危机;
D O I
暂无
中图分类号
F831.51 [];
学科分类号
摘要
美国"发起-配售"模式的房贷证券化过程过于复杂、透明度不高,缺乏必要监管,导致金融机构风险收益严重不对称,是次贷危机爆发的重要原因之一。欧洲通过发行表内双担保债券为房贷融资,安全性高得多。本文分析美国房贷证券化等金融创新对金融危机的影响,比较欧美资产证券化模式的差异,概述金融危机以后欧美资产证券化市场的变化,最后得出简要结论和启示。
引用
收藏
页码:35 / 46
页数:12
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