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金融体系只能分散横向风险,但不能消除风险。银行本身所面临的非系统性风险可以利用贷款多样化和分散化来规避,但是对银行业的经营能力却要求很高。本文回顾了美国储蓄协会(S&L)与次贷危机发生的脉络。美国住房抵押按揭金融市场的两次危机提示出:一是绝不能将信贷规模凌驾于风险管理之上;二是风险控制必须政府监管和市场手段双管齐下;三是我国住房信贷金融二级市场必不可少。
The financial system can only decentralize the horizontal risk, but it can not eliminate the risk. The non-systemic risks faced by the banks themselves can be circumvented by the diversification and diversification of loans. However, the banks’ operational capabilities are demanding. This article reviews the context in which the American Savings Association (S & L) and the subprime mortgage crisis took place. The two crises in the mortgage financing market in the United States suggest that: First, the scale of credit must not be above risk management; second, risk control must be regulated both by the government and by market instruments; and thirdly, the secondary market for housing finance in our country must not be less.