CCER学刊第33期
次贷危机产生原因的综述
王 健
（北京大学国家发展研究院中国经济研究中心，北京 100871）
摘 要：2007年2月13日，汇丰控股为在美国发放的次级贷款增加18亿美元的坏账拨备。4月14日，新世纪金融公司宣布破产。随后，危机扩大到以次级贷款为基础资产的信用衍生品市场，持有这些产品的机构投资者纷纷遭受损失，有的不得不宣布破产。与此同时，股票市场、债券市场、票据市场、外汇市场、商品期货市场等产生连锁反应，造成全球性的金融市场剧烈震荡。本文将对此次次贷危机发生的原因进行剖析，并提出其对中国的几点启示。
关键词：次贷 资产泡沫 结构失衡
The Review of the Sub-prime Crisis’ Reason
Jian Wang
(CCER National School of Development Peking University, BeiJing 100871)
Abstract: In Feb.13th of 2007, HSBC Holdings increased $1.8 billion bad debt provision for the mortgage loans he issued. In April 14th, New Century Financial Corporation went bankruptcy. Then, the crisis dispersed to the derivative market whose basic assets were subprime loans. Institutions holding those products witnessed great losses, and some of them were in settlement procedures. In the meantime, stock market, bond market, note market, foreign exchange market, commodity future market and so on reacted to the information fiercely, resulted in an earthquake in global financial market. This paper will analyze the reason for the crisis and propose some advice for China.
Keywords: Subprime Loan, Asset Bubble, Structural Imbalance
次贷危机产生原因的综述（最终稿）.pdf
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