2007年美國次級房貸風暴,透過金融資產證券化之架構及傳導機制,最終衍生為一場席捲全球的金融危機,其波及範圍之廣、影響程度之深、衝擊強度之大,為1929年至1933年世界經濟大蕭條以來最嚴重的一次經濟危機,因此亦被喻為「金融海嘯」(finacial tsunami)。 為因應金融海嘯對實體經濟所造成的影響,世界各國紛紛推出刺激景氣計畫,以期緩和經濟衰退的趨勢。在積極因應危機及善後的同時,思考金融海嘯的成因、傳導機制和後果,並尋求有效辦法期避免類似危機再次發生,歐美主要國家亦提出了相關金融改革措施。 本文試圖從相關文獻綜合歸納金融海嘯發生的原因,及其對全球經濟及金融市場所造成的影響,並擬從美、英兩國所提出之因應措施與改革方案,以及由金融危機所啟發之相關監理議題,提出對我國相關金融監理制度之改革建議。
Through the structural mechanism of financial asset securitization, the U.S. subprime mortgage crisis erupted in 2007 eventually evolved into a financial crisis sweeping the globe. From the perspective of scope, impact and depth, it’s the most serious economic crisis since the Great Depression lasted from 1929 to 1933, therefore, it was also known as the "financial tsunami". To cope with the economic downturn that followed the financial crisis, the governments worldwide have adopted a series of stimulus programs progressively in order to relieve the economic recession, meanwhile, investigating the causes, transmission mechanism and consequences of the financial tsunami, and trying to find out effective means to prevent similar crises from happening again. The major countries in Europe and America also launched the related financial reform measures. This paper attempts to synthesize the causes for the financial tsunami, its impact on the global economy and the financial markets, and refer to the reform programs launched by major countries, as well as related supervision issues triggered by the financial crisis, finally raise the proposals for financial reform to the financial regulators.