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中美住宅市场都经历了价格的先扬后抑,住宅金融市场风险集聚,但美国的住宅金融创新过度与国内的创新不足形成了鲜明的对比。首先阐述了美国住宅金融创新过度的根本原因,即创新产品链条对房价的高度敏感性,以及繁复创新过程中的信息丢失对创新过度的强化。以美国的创新过度为参照,讨论了国内银行的住房抵押贷款的集中程度、风险管理的状况,以及创新不足对金融系统的影响。最后是国内住宅金融创新发展的建议。
The housing market in both China and the United States experienced the ups and downs of prices and the concentration of risk in residential financial markets. However, the over-investment in residential finance in the United States is in striking contrast with the lack of domestic innovation. First of all, it explains the fundamental reason of over-innovation in residential finance in the United States, that is, the high sensitivity of innovative product chain to house prices and the over-strengthening of innovation caused by the loss of information in the process of complicated innovation. Based on the over-innovation in the United States, this paper discusses the concentration of domestic mortgage loans, the status of risk management and the impact of lack of innovation on the financial system. Finally, the domestic residential financial innovation and development proposals.