本文通过对美国次贷危机的爆发过程分析探讨了危机的形成机理,认为财务杠杆在金融产品的衍生过程中不断扩大是危机爆发的主要原因,突然转向的货币政策则是危机爆发的导火索;文章进一步探讨了美国次贷危机对我国金融市场发展和货币政策制定的若干启示。 This article explores the formation mechanism of the crisis by analyzing the process of the outbreak of the subprime mortgage crisis in the United States. It believes that the financial leverage is the main reason for the crisis in the process of derivative of financial products. The sudden turn of monetary policy is the trigger of the crisis ; The article further explores the United States subprime mortgage crisis on China’s financial market development and monetary policy making a number of enlightenment.