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美国是靠抵押证券化来降低短存长贷的流动性风险的,但也产生了房贷风险向债市风险的转移美国房贷是住房、信贷和债券3大市场的结合体。次级房贷(以下简称次贷)风险不仅直接影响房贷和房市,还会影响美国金融市场和宏观经济走势。本文从实证的角度就美国次贷的发展和风险进行分析评估,供我国宏观经济和金融研究者参考。
The United States is to rely on mortgage securitization to reduce liquidity risk of short and long loans, but also led to the transfer of mortgage risk to bond market risk. U.S. mortgage is a combination of housing, credit and bond markets. Subprime mortgage (hereinafter referred to as subprime mortgage) risk not only directly affect the mortgage and housing market, but also affect the US financial markets and macroeconomic trends. This paper analyzes and evaluates the development and risk of subprime mortgage in the United States from an empirical point of view for the reference of macroeconomic and financial researchers in our country.