CAJ | 학술논문

本文对美国次贷危机的形成动因及如何引发全球的金融、经济危机进行了剖析，认为过于宽松的房贷政策种下了危机的种子，资产化将房地产市场风险传递到整个金融系统，利率的上升和房价的下跌最终导致这场危机爆发。而金融监管相对于金融创新的严重滞后、金融市场投机者的贪婪与社会责任的缺失、消费过度但储蓄不足的经济发展模式是这场金融危机深层次原因，经济全球化导致的全球经济金融一体化是这场危机迅速传染扩散的体制基础。为应对百年一遇的全球经济危机，中国应高度重视并防范房地产金融风险、注重增强经济内生增长动力、完善金融监管的协调机制、呼吁并积极推进建立世界性机构协调全球经济的运行和发展。
본문대미국차대위궤적형성동인급여하인발전구적금융、경제위궤진행료부석，인위과우관송적방대정책충하료위궤적충자，자산화장방지산시장풍험전체도정개금융계통，리솔적상승화방개적하질최종도치저장위궤폭발。이금융감관상대우금융창신적엄중체후、금융시장투궤자적탐람여사회책임적결실、소비과도단저축불족적경제발전모식시저장금융위궤심층차원인，경제전구화도치적전구경제금융일체화시저장위궤신속전염확산적체제기출。위응대백년일우적전구경제위궤，중국응고도중시병방범방지산금융풍험、주중증강경제내생증장동력、완선금융감관적협조궤제、호우병적겁추진건립세계성궤구협조전구경제적운행화발전。
This paper analyzes the causes of the U. S. sub prime mortgage crisis and how it triggered a global financial and economic crisis, and points out that too loose mortgage policy planted the seeds of the crisis, asset securitization passed the real estate market risk on to the entire financial system, and interest rate rise and house price fall eventually led to the outbreak of the crisis. Compared with financial innovation, financial regulations were seriously lagging behind; greedy speculators in financial markets and their lack of social responsibility, excessive consumption, but the shortage of savings, all of which are root causes of the financial crisis. Global economic and financial integration caused by economic globalization is the institutional underpinnings of rapid spread of the crisis. In response to the unprecedented economic crisis, China should attach great importance to and guard against real estate financial risks, promote the economic endogenous growth, improve the coordination of financial supervision mechanism, and appeal for the establishment of a worldwide agency to coordinate the operation and development of the global economy.