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在次贷危机的酝酿和爆发过程中,存在着如下的产品创新和市场风险转移链条:低信用者→房贷公司和商业银行,其间产生了次级住房贷款 subprime;房贷公司和商业银行一投资银行,其间产生了住房按揭抵押债券 MBS;投资银行一对冲基金和保险公司,其间产生了担保债务凭证 CDOs;投资银行→市场投资者,其间产生了 CDS、ABX 等衍生品。这一创新链条中蕴含着次贷危机的几个显著特点:一是次贷产品创新的高杠杆化。二是次贷衍生产品的利益链条出现了闭合。三是监管机构无法对其进行有效监管。上述几个特点使次贷危机的风险具有广泛的扩散性,即:原本属于银行的信用违约风险通过产品创新和杠杆化不断演化为资本市场等其他金融市场的风险;原本属于美元市场的信用风险通过持有者的全球分布演化成欧元等其他币种市场的风险,并迅速扩大为全球金融市场的风险。实际上,次贷危机的真正实质其实是资本信用危机,或者可以称之为资本主义制度的信用危机。美国政府对“两房”和 AIG 的接管,以及动用政府信用直接干预市场走势甚至直接投资救市,就是最好的证明。美国政府这是在挽救资本信用危机对整个资本主义制度的伤害。
In the process of deliberation and outbreak of the subprime mortgage crisis, there are the following chain of product innovation and market risk transfer: low credit users → mortgage companies and commercial banks with subprime subprime; mortgage companies and commercial banks-investment banks , During which a mortgage-backed bond MBS; a hedge fund and insurance company of investment banks, CDOs of secured debt certificates; investment banks → market investors, during which CDS, ABX and other derivatives were produced. This innovation chain contains several notable features of the sub-prime crisis: First, the high leverage of sub-prime product innovation. Second, the interests of subprime derivative products chain appeared closed. Third, regulators can not effectively regulate them. The above characteristics make the risk of the subprime mortgage crisis widely diffused, that is, the credit default risk that originally belonged to banks evolves into the risk of other financial markets such as capital market through product innovation and leverage; the credit risk that originally belonged to the U.S. dollar market The risk of developing markets such as the euro to other currencies is evolving through the global distribution of stakeholders and rapidly expanding into the global financial markets. In fact, the real essence of the subprime mortgage crisis is actually the crisis of capital credit, or it can be called the credit crisis of the capitalist system. The best evidence is that the U.S. government took over the “two-room” and AIG’s takeover and used direct government credit to directly intervene in the market or even directly invest in the rescue. This is the U.S. government’s injury to the entire capitalist system in rescuing the capital credit crisis.