透過您的圖書館登入
IP:44.199.212.254
  • 學位論文

美國次貸風暴與泡沫經濟- 美國聯準會政策的反思

US Subprime Mortgage Crisis and Excessive Credit Creation : the Policies of Federal Reserve Bureau(FED)

指導教授 : 詹滿容

摘要


2007 年初,美國次級抵押貸款危機浮出水面,並以驚人的速度向全球金融 市場蔓延,最終演變成爲1930年代 “大蕭條”以來世界上最嚴重的金融危 機。直至今天,仍沒有人敢斷言次貸危機已然結束,而其對全球經濟的後續影響仍不可小覰。本次危機發端於美國次級抵押貸款市場,一種住房貸款産品何以引發如此巨大的危機? 次貸危機的根源又在何處? 鑒於次貸危機發生的突然性、傳播的迅速性、廣泛性和造成影響的嚴重性,故探究導致危機的根本原因成爲了當前全球的重點目標。而筆者此次論文希望能在複雜的諸多原因當中,以美國聯準會為首要研究標的來探尋其與次貸風暴的連動關係,本論文在以往研究著作和觀點的基礎上,通過綜合考察美國聯準會的政策和本身金融穩定功能間的關係,釐清了其在次貸危機形成過程中的具體責任。 本論文亦回顧次貸危機的發展進程,從次貸發生前的經濟環境,進而說明到次貸發生時的相關事件和時間點,以及之後美國政府政策的應對;當中並圍繞著四大主軸,即金融市場的投機、美國聯準會的政策、不完善的金融法規以及不準確的信貸評級系統作說明,希望除了能了解美國聯準會的功能及責任之外,亦能對次貸風暴有更通盤的了解。 筆者在本論文中,依研究架構歸納出次貸風暴的六點成因,並且期望透過了解次貸危機,更能預防未來金融性衍生商品的過度氾濫,以求避免金融危機的再度發生;研究結論認為美國的整體監管框架和美國聯準會的金融穩定功能都亟待改革,可行的方法是賦予美國聯準會更充分的監管權力和更有效的金融穩定手段,以預防金融危機的發生,並且能爲經濟增長提供有力的宏觀支援。

關鍵字

次貸 泡沫經濟 聯準會

並列摘要


At the beginning of 2007, the Subprime Mortgage Crisis broke out in the U.S. and spread across the global financial market at an amazing speed, and we know it still has the great influence on the world's economy nowadays. The crisis stemmed from the subprime loan market. This paper aims to figure out that why the financial products triggered such a severe crisis. What is the fundamental reason for the crisis? What is the linkage between the Federal Reserve and the crisis. Firstly, this author reviewed the course of the Subprime Mortgage Crisis and analyzed it from the financial environment before it occurred, and explained some related incidents and timeframes. Finally author discussed the U.S. government's policies. There are four major points in this paper:financial monetary speculation, mistaken Fed's policies, incomplete financial regulations and inaccurate credit rating agencies and system. In conclusion, the author defined the reasons of the crisis based on the research framework and also hoped to prevent the financial crisis from happening again. The author recommends that the financial regulatory structure and the monetary authority in the U.S. be reformed. The author concluded that the optimal choice would be to grant more regulatory power and policy tools to the Fed, and thereby create sound financial environment. Furthermore, Fed’s ultimate mandate is to prevent financial crisis and to provide the macro-management support for the U.S. economy.

參考文獻


◎ William W. Beach,2008. “How to successfully stimulate the economy,” Heritage Foundation
◎ Demyanyk, Yuliya; Van Hemert, Otto, 2008. "Understanding the Subprime Mortgage Crisis". Working Paper Series. Social Science Electronic Publishing.
◎ Akerlof, G. ,1970. “The Market for Lemons: Quality Uncertainty and the market Mechanism,” Quarterly Journal of Economics, Vol.84, No.3, pp.488-500.
◎ Steagall Act's Separation of Commercial and Investment Banking,” Journal ofFinancial Services Research, Vol.2, pp.287-306.
◎ Gabriel, A., F. P. Christopher, and Y. Yuan ,2008. “Economies of Scope in Financial Services : A Semi-Parametric Approach,” Working Paper, No. 2008-6, Virginia Polytechnic Institute and State University.

延伸閱讀