次貸危機與美國金融監理制度

Subprime Mortgage Crisis and America Financial Regulatory System

李姍諾(Shan-Nuo Li)

指導教授 ： 官德星

國立臺北大學/社會科學學院/經濟學系/碩士(2009年)

摘要

次貸危機始於美國房市泡沫和高違約率的次級房貸。貸款激勵機制、長期持續上升的房屋價格，加上有利的再融資信念，使得借款人樂意承擔房屋抵押貸款。然而2006年期中開始，美國許多地方的房屋價格逐漸出現下降的跡象，再融資開始變得更加困難，加上可調整利率進一步往上提高，使得次級貸款的拖欠率和違約率急劇上升。當借款人無法或不願償付抵押貸款時，抵押貸款發放機構首先受到影響，2007年3月，美國新世紀金融公司(New Century Financial)宣布破產，次貸風險浮出水面。接下來，許多和次級抵押貸款相關的金融衍生性商品也受到波及。當這些金融衍生性商品的價值下跌時，投資者如投資銀行、退休基金、對沖基金等遭受到巨大損失，許多國家股市也受到牽連，信用危機蔓延全世界。最後，金融風暴演變成經濟危機，發達國家陷入經濟衰退，新興國家和其他發展中國家的經濟成長也迅速下滑，包括過去幾年經濟成長強勁的一些國家。為了刺激衰退的經濟和鼓舞金融市場信心，各國政府積極推出一系列刺激經濟的方案。然而，根據聯合國的預測，世界生產總值的增長預計將從2008 年百分之2.5急劇減速到2009 年的百分之1.0，這顯示金融風暴的影響還在持續發酵中。
本文透過了解次貸危機發生的背景以及原因，試圖找出美國金融制度脆弱的部份，預防金融危機再度發生。

關鍵字

次貸危機 ； 金融監理制度

並列摘要

Subprime mortgage crisis started from housing bubble in the US and high default ratio on subprime mortgages. The incentives of housing mortgages、a sustained rise in housing price and favorable refinancing condition encouraged housing mortgages borrowers to make a loan. However since mid 2006, housing price in American has started to fall, that made borrowers refinance hardly, moreover, a further increase in adjustable interest rate made default rate and delinquency rate on subprime mortgages rise sharply. First, when borrowers could not repay their debts or they were not willing to repay their debts, mortgage institution could not get their money back so that they confronted the risk of bankruptcy, for instance, New Century Financial declared bankruptcy in March 2007. Then, a lot of financial goods related to subprime mortgage were also afflicted with that. When the value of financial goods decreased, investors such as investment bank、pension fund and so on suffered a great loss, that afflicted stock markets in many countries and credit crunch had spilled into the whole world. Finally, financial storm transformed into economic crisis, that made the economy in many countries such as developed countries and developing countries decline. To stimulate the decline of economy and encourage the faith of the financial market, each government took a series of stimulus packages. But a drop in GDP in the world showed that the stimulus packages did not work effectively and the economy was still affected by subprime mortgage crisis.
This paper researches the background of subprime mortgage crisis and try to find the part of the frangible financial system to prevent the financial crisis from happening again.

並列關鍵字

subprime mortgage crisis ； financial regulatory system

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