2007-2009全球金融危機之研究

本論文主要探討2007年至2009年抨擊資本市場之次級房貸風暴與信用危機的原因，並將許多論點與定性分析結合，以探究全球金融危機的真相與背後隱含最重要的因素。本論文指出住宅抵押貸款證券化之過程為造成資本市場危機與金融機構嚴重損失之主要原因。此外，藉由比較優質房貸與次級房貸可得知，全球金融風暴的核心問題似乎並非導因於住宅抵押貸款證券化之創新，而是整體市場衰退加上缺乏風險控管能力。特別是，這些風險被上述的問題傳遞並且擴大，最終造成次級房貸市場的傷害。因此，強烈需要制定法規與政策以規範金融與經濟環境。

關鍵字

次級房貸危機；美國房貸市場；擔保債權憑證

並列摘要

This dissertation discusses the factors behind the subprime turmoil and the credit crunch that hit capital markets in 2007-2009. This study combines current arguments on the crisis with qualitative analysis in order to investigate the ins and outs of the crisis and most significant factors behind it. This dissertation concludes that mortgage securitization processes have been the key to explain the development of the crisis over capital markets and are directly responsible for losses experienced by financial institutions as a result of the turmoil. By comparing prime mortgage with subprime mortgage lending, the problems seem not come from the pure innovation of the mortgage securitization; rather the problems arise from the general market failure and the absence of risk control capabilities. Especially, the consequences of the risks are extended and magnified by these problems which led to the carnage of the subprime mortgage market. As a result, there is a strong need to draw regulation and policy implications to practitioners within the financial and economic environment.

並列關鍵字

Subprime crisis ； U.S. mortgage market ； CDO ； securitization

參考文獻

a. References to periodicals

1.Journal article, one author

Del Negro, M & C.Otrock, 2009. Monetary Policy and the House Price Boom across US States. Monetary Economics. Vol. 54. 35-38

Green, Richard K. and Wachter, Susan M., 2005. ‘The American Mortgage in Historical and International Context’, Journal of Economic Perspectives, Vol.19, NO.4, p.93-114

Green, Richard K. and Wachter, Susan M., 2007, ‘The American Mortgage in Historical and International Context., Economic Perspectives, Vol.19, NO.4, p.93-114

國際替代計量

2007-2009全球金融危機之研究

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