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美国次债危机对中国MBS实践的启示

摘要: 2001年以来美国次级抵押贷款市场进入了蓬勃发展的时期,利率降低和金融创新产品的使用降低了次级抵押贷款市场的门槛,许多贷款机构为了抢占市场份额进行违规操作。同时,为了解决银行融资结构以及资金流动性问题,次级抵押押款支持债券,简称“次债”,应运而生。次债将本应该由银行承担的信用风险分散于保险机构,担保机构,投资人,但是也将风险扩大到各个行业。随着美国房地产市场的降温,贷款机构的违规行为将抵押贷款的借款人、放贷者、保险机构,以及次债的投资人都暴露在2006年以来房地产价格下跌、违约率上升的系统风险之中。前不久美国级债危机终于爆发,给全球的金融市场敲响了风险的警钟。
随着中国经济的高速增长和住房金融体制改革的不断深化,刺激了中国住房抵押贷款的快速增长,带动了房地产市场的繁荣。但是由于中国资本市场发展的相对滞后和相关法规的不完善,住房抵押贷款支持证券(Mortgage-backed Securities,简称MBS),没有得到推广。这不仅制约了中国住房金融体系的完善,也造成了银行资产流动性不足和信用风险集中的问题。在中国住房金融体制改革不断深化的条件下,中国MBS的实践显得尤为重要。美国的次债危机对中国MBS实践过程中风险防范有巨大的借鉴作用。本题试图从宏观经济、政策导向、政府 监管、金融机构社会责任,以及借款人风险防范的角度分析美国次债危机的爆发原因,探讨中国MBS实践中存在的潜在风险,并提出应该注意的若干问题。
关键词: 次债券 风险 MBS

American inferior debt crisis to Chinese MBS practice enlightenment
since 2001 the American overlying mortgage loan market has entered the vigorous development time, the interest rate reduced with the financial innovation product use reduced the overlying mortgage loan market threshold, many lending institutes to seize the market share to carry on the contrary operation. At the same time, to solve the bank financing structure as well as the fund fluid question, the overlying mortgage mortgage support bond, the abbreviation “the inferior debt”, arises at the historic moment. The inferior debt will be originally supposed the credit risks which undertakes by the bank to disperse in the Arming device, the guarantee organization, the investor, but also expands the risk to each profession. Since along with the US real estate market's temperature decrease, lending institute's illegal activities mortgage loan's borrower, the moneylender, the Arming device, as well as the inferior debt's investors will have exposed in 2006 real estate recession in price, in the violation rate rise system risk. Little while ago the American level debt crisis finally erupted, has sounded the risk alarm for the global money market.
Along with the Chinese economy's fast growth and the housing reform of monetary system's unceasing deepening, has stimulated the China home mortgage loan swift growth, has led real estate market prosperous. But is imperfect as a result of the China capital market development's relative lag and the related laws and regulations, the home MBS , has not obtained the promotion. Not only this has restricted the Chinese housing financial system's consummation, also has created the bank asset fluid insufficiency and the credit risks centralized question. Deepens unceasingly in the Chinese housing reform of monetary system under the condition, the Chinese MBS practice appears especially important. US's inferior debt crisis the risk guard has greatly to the Chinese MBS practice process in profits from the function. The main subject attempts from the macro economic, the policy guidance, the government supervision, the financial organ community responsibility, as well as the borrower risk guard's angle analyzes the American inferior debt crisis's eruption reason, discusses potential risk which in the Chinese MBS practice exists, and proposed should pay attention certain questions.
次债券 Inferior bond
风险 risk
MBS MBS
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第1个回答  2008-05-13
我建议你去下在个翻译软件,在百度那搜中英文翻译软件,就有很多拉,然后把你的这些内容复制进去,点击翻译就OK了,还有一点就是,它们翻译出来后,你得对他们的顺序重新调整一下,以为翻译软件只是把它的大概意思说出来而已,希望这对你有帮助!
第2个回答  2008-05-13
American inferior debt crisis to Chinese MBS practice enlightenment abstract: since 2001 the American overlying mortgage loan market has entered the vigorous development time, the interest rate reduced with the financial innovation product use reduced the overlying mortgage loan market threshold, many lending institutes to seize the market share to carry on the contrary operation. At the same time, to solve the bank financing structure as well as the fund fluid question, the overlying mortgage mortgage support bond, the abbreviation “the inferior debt”, arises at the historic moment. The inferior debt will be originally supposed the credit risks which undertakes by the bank to disperse in the Arming device, the guarantee organization, the investor, but also expands the risk to each profession. Since along with the US real estate market's temperature decrease, lending institute's illegal activities mortgage loan's borrower, the moneylender, the Arming device, as well as the inferior debt's investors will have exposed in 2006 real estate recession in price, in the violation rate rise system risk. Little while ago the American level debt crisis finally erupted, has sounded the risk alarm for the global money market. along with the Chinese economy's fast growth and the housing reform of monetary system's unceasing deepening, has stimulated the China home mortgage loan swift growth, has led real estate market prosperous. But is imperfect as a result of the China capital market development's relative lag and the related laws and regulations, the home mortgage loan support negotiable securities (Mortgage-backed Securities, is called MBS), has not obtained the promotion. Not only this has restricted the Chinese housing financial system's consummation, also has created the bank asset fluid insufficiency and the credit risks centralized question. Deepens unceasingly in the Chinese housing reform of monetary system under the condition, the Chinese MBS practice appears especially important. US's inferior debt crisis the risk guard has greatly to the Chinese MBS practice process in profits from the function. The main subject attempts from the macro economic, the policy guidance, the government supervision, the financial organ community responsibility, as well as the borrower risk guard's angle analyzes the American inferior debt crisis's eruption reason, discusses potential risk which in the Chinese MBS practice exists, and proposed should pay attention certain questions.
第3个回答  2008-05-13
The United States time right Chinese what MBS practice of 债 crisis enlighten

Summary: Since 2001 the United States time class collateral loan the market entered the usage that booming development that period, interest rate lower is with the threshold that the financial and creative product lowered the time class collateral loan the marketed, many loan organization for robbing to occupy a sum to proceed to violate the rules to operate.At the same time, mortgage to mortgage to support the bond, brief name the “ time the 债 for the sake of the mobility problem, time class of construction and funds of solution bank margin", emerge with the tide of the times.Time the credit risk for 债 this should bing undertaken by bank scatter about in the insurance organization, guarantee organization, investor, but also extend the each profession the risk.Along with the United States real estate violate the rulesing of organization in reduce the heat, lend moneying of market behavior borrow fundsing of collateral loan person, put the 贷 , insurance organization, and time system risk for investor for 债 all exposing in 2006 since then real estate price slump, break contracting the rate ascension in.Financial market that front is soon the United States class 债 the crisis finally break out, give the worlded to knock to ring the risk's 警钟ed.
Increase along with the high speed of economy China to reform continuously with the financial system of housing the deep 化 , and stimulated the Chinese housing collateral loan of quickly increase, aroused the flourish of the real estate market.But because of the opposite 滞 empress that develop of Chinese capital market with the related laws of not perfect, housing collateral loan support stock certificate( Mortgage- backed Securities, brief name MBS), did not get the expansion.This not only the system invited the financial system of chinese housing perfect, but also result ined the mobility lack of bank propertied with the problem that the credit risk concentrate.Under the financial system of Chinese housing reform continuously the term of the deep 化 , the fulfillment of the Chinese MBS seem to be particularly for the importance.The United States's time the right Chinese MBS of 债 crisis practice the process inside the risk against to have bigness of draw lessons from the function.The subject tries from the macro view the economy, policy lead to, the government take charge of, social duty of financing institution, and borrow funds the person's risk the angle that against the analysis the United States time the some problem for latent risk for break outing of 债 crisis reason, studying the Chinese MBS the fulfillment the inside exsitting, and bring upping should noticing.
有点不太细哦,建议别抄。
第4个回答  2008-05-13
American inferior debt crisis to Chinese MBS practice enlightenment
since 2001 the American overlying mortgage loan market has entered the vigorous development time, the interest rate reduced with the financial innovation product use reduced the overlying mortgage loan market threshold, many lending institutes to seize the market share to carry on the contrary operation. At the same time, to solve the bank financing structure as well as the fund fluid question, the overlying mortgage mortgage support bond, the abbreviation “the inferior debt”, arises at the historic moment. The inferior debt will be originally supposed the credit risks which undertakes by the bank to disperse in the Arming device, the guarantee organization, the investor, but also expands the risk to each profession. Since along with the US real estate market's temperature decrease, lending institute's illegal activities mortgage loan's borrower, the moneylender, the Arming device, as well as the inferior debt's investors will have exposed in 2006 real estate recession in price, in the violation rate rise system risk. Little while ago the American level debt crisis finally erupted, has sounded the risk alarm for the global money market.
Along with the Chinese economy's fast growth and the housing reform of monetary system's unceasing deepening, has stimulated the China home mortgage loan swift growth, has led real estate market prosperous. But is imperfect as a result of the China capital market development's relative lag and the related laws and regulations, the home MBS , has not obtained the promotion. Not only this has restricted the Chinese housing financial system's consummation, also has created the bank asset fluid insufficiency and the credit risks centralized question. Deepens unceasingly in the Chinese housing reform of monetary system under the condition, the Chinese MBS practice appears especially important. US's inferior debt crisis the risk guard has greatly to the Chinese MBS practice process in profits from the function. The main subject attempts from the macro economic, the policy guidance, the government supervision, the financial organ community responsibility, as well as the borrower risk guard's angle analyzes the American inferior debt crisis's eruption reason, discusses potential risk which in the Chinese MBS practice exists, and proposed should pay attention certain questions.
第5个回答  2008-05-13
U.S. debt crisis, the Chinese practice of the Enlightenment MBS

Abstract: In 2001 the United States since the secondary mortgage loan market has entered a booming period of lower interest rates and financial innovations to reduce the use of a secondary mortgage loan market in the threshold, many lending institutions in order to seize market share for illegal operations. Meanwhile, in order to solve the structure of bank financing and liquidity problems, Yakuan support the secondary mortgage bonds, referred to as "the debt", came into being. The debt will be from the credit risk for banks scattered in the insurance agencies, security agencies, investors, but will also expand the risk to all sectors. As the U.S. real estate market cooled down, lending institutions, violations of regulations will be mortgage borrowers, lenders, insurance agencies, as well as the debt investors are exposed in 2006 since the real estate prices fell, Wei Yuelv increased risk of system Way. Not long ago the United States-debt crisis finally broke out, to the global financial market risks sounded the alarm.
With China's rapid economic growth and housing reform of the financial system continued to deepen and boost China's housing mortgage loans grew rapidly, driven by the real estate market's prosperity. However, due to China's capital market has lagged behind the development of relevant laws and regulations and the imperfect, mortgage-backed securities (Mortgage-backed Securities, called MBS), did not receive the promotion. This is not only restricted the Chinese improve the housing finance system, also caused a lack of liquidity of banking assets and the credit risk on the issue. China's housing reform of the financial system continued to deepen under the conditions of China's MBS practice it is particularly important. U.S. debt crisis, the Chinese practice of MBS in the course of risk prevention has a huge reference. The title attempts to macro-economic, policy guidance, government regulation, financial institutions, social responsibility and risk of the borrower's point of view of the United States to prevent the outbreak of the reasons for the debt crisis, the practice of China's MBS in the potential risks and should pay attention to a number of issues .
Key words: the risk of MBS bonds
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