摘要
20世纪70年代以来,美国金融部门的债务增长大大高于政府、非金融部门和对外部门,住房部门债务增长也大大高于居民消费、公司和政府部门,但金融体系的系统风险却未得到应有的关注。近十年来,抵押和资产方面的证券化工具扩张得最快;非银行金融部门的资产规模大幅度扩张,特别是货币和基金市场发展迅速,对美国金融系统风险的影响越来越大。由于证券化过程缺乏透明性和信用评级机构的虚假评级,造成信用风险伴随证券化规模的扩张而增大。信用风险引发流动性风险,再由流动性风险引发资产风险,最后形成金融体系的系统风险。
Since the 1970s,the growth of the debt in American financial sectors has greatly exceeded the debt in the government,non-financial sectors,and external sectors.The growth of debt in the real estate sector has also been much higher than that in residential consumption,companies and government agencies.However,little attention was given to the risk of the financial system.In the past ten years,the expansion of securitization tools in mortgage and asset has been the fastest.The rapid expansion of the asset scale of non-banking,non-financial units,the money market and the fund market in particular,has exerted great influence on the risk in American financial system.Due to the lack of transparency in the process of securitization and the fake rating of credit rating agencies,credit risk has led to liquidity risk,then to asset risk,finally to the systemic risk of the financial system.
出处
《美国研究》
CSSCI
北大核心
2009年第2期47-56,共10页
The Chinese Journal of American Studies
