《货币银行学》课程教学资源（专题探讨）美国次贷风暴专题

专题探究：美国次贷危机美国次级房贷风暴来装什么是次贷危机？美国次贷危机，全称是美国房地产市场上的次级按揭贷款的危机，顾名思义，次级按揭贷款，是相对于给资信条件较好的按揭贷款而言的。按揭贷款人没有（或缺乏足够的）收入/还款能力证明，或者其他负债较重，所以他们的资信条件较“次”，这类房地产的按揭贷款就被称为次级按揭贷款。相对于给资信条件较好的按揭贷款人所能获得的比较优惠的利率和还款方式，次级按揭贷款人在利率和还款方式，通常要被迫支付更高的利率、并遵守更严格的还款方式。但是由于美国过去的6、7年以来信贷宽松、金融创新活跃、房地产和证券市场价格上涨的影响，美国有的金融机构容次贷的过度扩张及其关联的贷款打包和债券化规模，使得在一定条件下发生的次级按揭贷款违约事件规模的扩大，到了引发危机的程度。The subprime mortgage crisis is an ongoing financial crisis triggeredby a dramatic rise in mortgage delinquencies and foreclosures in theUnited States, with major adverse consequences for banks and financialmarkets around the globe. The crisis, which has its roots in the closingyears of the 20th century, became apparent in 2007 and has exposedpervasive weaknesses in financial industry regulation and the globalfinancial system.Many USA mortgages issued in recent years are subprime, meaning thatlittle or no downpayment was made, and that they were issued tohouseholds with low incomes and assets,and with troubled credithistories.When USA house prices began to decline in2006-07, mortgagedelinquencies soared, and securities backed with subprime mortgages,widely held by financial firms, lost most of their value. The resulthas been alargedecline in thecapital of manybanks andUSA governmentsponsored enterprises, tightening credit around the world.武汉理工大学经济学院《货币银行学》

武汉理工大学 经济学院 《货币银行学》 1 专题探究 ：美国次贷危机 什么是次贷危机？ 美国次贷危机，全称是美国房地产市场上的次级按揭贷款的危机，顾名思义，次级按揭 贷款，是相对于给资信条件较好的按揭贷款而言的。按揭贷款人没有(或缺乏足够的)收入/ 还款能力证明，或者其他负债较重，所以他们的资信条件较“次”，这类房地产的按揭贷款就 被称为次级按揭贷款。相对于给资信条件较好的按揭贷款人所能获得的比较优惠的利率和还 款方式，次级按揭贷款人在利率和还款方式，通常要被迫支付更高的利率、并遵守更严格的 还款方式。但是由于美国过去的 6、7 年以来信贷宽松、金融创新活跃、房地产和证券市场 价格上涨的影响，美国有的金融机构容次贷的过度扩张及其关联的贷款打包和债券化规模， 使得在一定条件下发生的次级按揭贷款违约事件规模的扩大，到了引发危机的程度。 The subprime mortgage crisis is an ongoing financial crisis triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States, with major adverse consequences for banks and financial markets around the globe. The crisis, which has its roots in the closing years of the 20th century, became apparent in 2007 and has exposed pervasive weaknesses in financial industry regulation and the global financial system. Many USA mortgages issued in recent years are subprime, meaning that little or no downpayment was made, and that they were issued to households with low incomes and assets, and with troubled credit histories. When USA house prices began to decline in 2006-07, mortgage delinquencies soared, and securities backed with subprime mortgages, widely held by financial firms, lost most of their value. The result has been a large decline in the capital of many banks and USA government sponsored enterprises, tightening credit around the world

美国次贷危机示意图次贷危机之五次冲击波第一波第三波第五波2007年8-9月2008年3月2008年9月不少与次贷相关的关第五大投资银行雷爱兄弟直布申请金胜机构破产，美贝尔斯登资产管理破产保护美林被联情和欧洲央行联公雷破产，美联储追售子美国银行第二波第四波手教市井降息：美为JP摩根通银行接美国国际集团韵诗07末-2008年初2008年7月国抵押贷款风验浮管提供融资微机主要金融机构出现产房利美和房地美两出水面重亏损，美联储注入大房贷公司因严室核金井加大降息力度：亏损陷入压项，泊使美联信和财政部五大央行联手数市美联储注入2000亿美元再次“救市美国次级按揭危机示意图债券的评估价格下跌保险公司等提供资金金融机构出售资产抵押债券ABS按期交房贷款普通居民次级抵押担保债务凭证（CDO）投资银行（高级别流动性强，风险低收益低）贷款公司需要还贷担保债务凭证（CDO）但信用低低级别流动性弱风险高收益高提供住房贷款提供贷款现金提供资金房市不景气，不能按时交房贷对冲基金抵押资金价值缩水，产生危机2武汉理工大学经济学院《货币银行学》

武汉理工大学 经济学院 《货币银行学》 2 美国次贷危机示意图

次贷危机专题阅读材料：English reading material: Subprime mortgage crisisFromWikipedi:http://en.wikipedia.org/wiki/Subprime_mortgage_crisis:Contents背景1Background.l The mortgage marketo!1.2 Credit risk。2Causes 原因21 Boom and bust in the housing market2.2Speculatione2.3 High-risk mortgage loans and lending/borrowing practices2.4Securitization practiceso2.5 Inaccurate credit ratingsC2.6 Government policies2.7 Policies of central bankso2.8 Financial institution debt levels and incentivesOo2.9 Credit default swaps3Impact影响31 Financial sector downturno3.2 Market weaknesses. 2007o3.3 Market downturns and impacts. 200803.4Indirecteconomiceffectso4Responses反应4.1 Legislative and regulatory responsesO4.2Failures and government bailouts of financial firmsO4.3 Lending industry action04.3.1Hope Now Alliance 措施4.4Bankcapital replenishmentfromprivate sources4.5Litigation04.6Law enforcementO4.7Ethics investigationO5 Effect on the financial condition of USA governmental units6Expectations andforecasts预期与展望9Furtherreading拓展性阅读资料中文阅读资料：金融时报高端访谈http://www.financialnews.com.cn/jryw/node_85.htm3《货币银行学》武汉理工大学经济学院

武汉理工大学 经济学院 《货币银行学》 3 次贷危机专题阅读材料： English reading material: Subprime mortgage crisis From Wikipedi：http://en.wikipedia.org/wiki/Subprime_mortgage_crisis： Contents • 1 Background 背景 o 1.1 The mortgage market o 1.2 Credit risk • 2 Causes 原因 o 2.1 Boom and bust in the housing market o 2.2 Speculation o 2.3 High-risk mortgage loans and lending/borrowing practices o 2.4 Securitization practices o 2.5 Inaccurate credit ratings o 2.6 Government policies o 2.7 Policies of central banks o 2.8 Financial institution debt levels and incentives o 2.9 Credit default swaps • 3 Impact 影响 o 3.1 Financial sector downturn o 3.2 Market weaknesses, 2007 o 3.3 Market downturns and impacts, 2008 o 3.4 Indirect economic effects • 4 Responses 反应 o 4.1 Legislative and regulatory responses o 4.2 Failures and government bailouts of financial firms o 4.3 Lending industry action ▪ 4.3.1 Hope Now Alliance 措施 o 4.4 Bank capital replenishment from private sources o 4.5 Litigation o 4.6 Law enforcement o 4.7 Ethics investigation • 5 Effect on the financial condition of USA governmental units • 6 Expectations and forecasts 预期与展望 • 9 Further reading 拓展性阅读资料 中文阅读资料： 金融时报高端访谈 http://www.financialnews.com.cn/jryw/node_85.htm

美国金融危机我们如何应对？次贷危机为何冲击过头？美国金融危机的九个警示郭树清评析全球金融危机中的中资银行本专题涉及的概念：Conceptsinvolved住房抵押贷款金融杠杆金融危机次级按揭贷款贷款证券化中央银行职能不良贷款最后贷款人金融创新信贷风险-投资银行Financial markets, instruments, and institutions (Chapter2)Financial crises (Chapter8)Bankmanagement,bankbalancesheets,andbankcapital (Chapter9)Financial innovation, securitization, and the decline oftraditional banking (Chapter 10)TheFed'slenderof last resortrole(Chapter15)[Chapter18]思考讨论：次级按揭贷款和传统住房按揭贷款的区别贷款证券化对商业银行的作用？投资银行和商业银行的区别？什么是金融机构的“大则不倒”现象（TOOBIGTOFAIL）？金融机构业务发展中的道德风险？如何看待贷款证券化的作用？次按风暴对我国金融体系和实体经济的影响？《货币银行学》武汉理工大学经济学院

武汉理工大学 经济学院 《货币银行学》 4 • 美国金融危机 我们如何应对？ • 次贷危机为何冲击过头？ • 美国金融危机的九个警示 • 郭树清评析全球金融危机中的中资银行 本专题涉及的概念：Concepts involved ⬧ 住房抵押贷款 ⬧ 次级按揭贷款 ⬧ 贷款证券化 ⬧ 不良贷款 ⬧ 金融创新 ⬧ 投资银行 ⬧ 金融杠杆 ⬧ 金融危机 ⬧ 中央银行职能 ⬧ 最后贷款人 ⬧ 信贷风险 ⬧ Financial markets, instruments, and institutions (Chapter 2) ⬧ Financial crises (Chapter 8) ⬧ Bank management, bank balance sheets, and bank capital (Chapter 9) ⬧ Financial innovation, securitization, and the decline of traditional banking (Chapter 10) ⬧ The Fed's lender of last resort role (Chapter 15) [Chapter 18] 思考讨论： ⬧ 次级按揭贷款和传统住房按揭贷款的区别 ⬧ 贷款证券化对商业银行的作用？ ⬧ 投资银行和商业银行的区别？ ⬧ 什么是金融机构的“大则不倒”现象（TOO BIG TO FAIL）？ ⬧ 金融机构业务发展中的道德风险？ ⬧ 如何看待贷款证券化的作用？ ⬧ 次按风暴对我国金融体系和实体经济的影响？

QuestionsforDiscussionDefinethefollowing terms and phrases used in or related to this articleDepositoryinstitutionsBank runSolvent bankSubprimemortgagesInvestment bankLeverageCollateralHowdoes securitizationwork?What role has securitization played in this decline?Why are subprime mortgages creating a problem for financial institutions and markets?If financial institutions are forced to write off the book values of the subprimemortgages or mortgage-backed securities they hold, what effect will this have on theirbalance sheets?Do they have the ability to withstand this impact?What actions can the Fed taketo deal with a traditional bank run?Howdoes the current crisis differfrom a traditional bank run?What does this imply about the effectiveness of the Fed's usual policy tools?Why was it important to prevent the failure of Bear Stearns?武汉理工大学经济学院《货币银行学》

武汉理工大学 经济学院 《货币银行学》 5 Questions for Discussion ⬧ Define the following terms and phrases used in or related to this article: Depository institutions Bank run Solvent bank Subprime mortgages Investment bank Leverage Collateral ⬧ How does securitization work? ⬧ What role has securitization played in this decline? ⬧ Why are subprime mortgages creating a problem for financial institutions and markets? ⬧ If financial institutions are forced to write off the book values of the subprime mortgages or mortgage-backed securities they hold, what effect will this have on their balance sheets? Do they have the ability to withstand this impact? ⬧ What actions can the Fed take to deal with a traditional bank run? ⬧ How does the current crisis differ from a traditional bank run? ⬧ What does this imply about the effectiveness of the Fed's usual policy tools? ⬧ Why was it important to prevent the failure of Bear Stearns?