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    美国次贷危机中的金融衍生品及风险传递

    美国次贷危机中的金融衍生品及风险传递

    www.wenwendata.com 内容摘要 中国改革开放三十多年来,经济高速成长,资本市场不断完善, 金融衍生品市场也逐步发展起来。金融衍生品是金融界历史最短,但 发展速度最快的金融工具。根据国?#26159;?#31639;银行的数据,截至 2008 年 第一季度, 全球金融衍生品交易金额为 692 万亿美元, 创下历史新高。 但是金融衍生品交易的复杂性也给金融监管部门提出了严峻的挑战, 加强金融衍生品市场的监管成为当前各国最急迫的任务之一。因此, 适时地借鉴国际经验,研究中国金融衍生产品市场监管是十分必要 的。 本文在回顾美国次贷业务发展的基础上, 分析了次贷危机起因及 传导机制,探?#33267;?#27425;贷危机对全球经济金融的影响及应汲取的教训, 提出了我国发展金融衍生产品的对策。 关键词:金融衍生品;金融监管;次贷危机 1 www.wenwendata.com Abstract In the three decades of China's reform and opening up, along with rapid economic growth and constantly improvement in finance, the derivative markets have gradually been developed. Financial derivatives are the shortest in history, but the fastest developing financial instruments. According to the reports from Bank for International Settlements, total value of global financial derivatives deals reached 692 trillion U.S. dollars in the first quarter of 2008, making the highest record in financial history. And the complexity of financial derivatives makes a big challenge to the financial regulation institutions. It becomes one of the urgent tasks how to regulate financial derivatives to governments all around the world. So it's necessary to prompt the research on the regulation of China's financial derivatives market by using the international experiences for reference. Based on reviewing the development of U.S. subprime mortgage business, and the causes of the subprime crisis and transmission mechanism. This paper discusses the impacts of subprime crisis on global economic and financial and draw lessons, puts forward some countermeasures to the development of our country's financial derivatives. 2 www.wenwendata.com Keywords: financial derivatives; financial regulation; subprime crisis. 目录 一﹑次贷危机中的金融衍生品解析 ........................... 1 (一)次级按揭贷款 .................................... 1 (二) 按揭贷款抵押支持债券 ........................... 2 (三)资产支持债券型抵押债务权益 ...................... 4 (四)信用违约互换 .................................... 4 (五)其它与次贷相关的信用衍生品 ...................... 5 二、次贷危机中金融衍生品的风险传递 ....................... 6 (一)金融衍生品的风险特征 ............................ 6 (二) 次贷危机中金融衍生品风险传递机制 ............... 7 三、我国金融衍生品市场发展现状 ........................... 9 (一)我国金融衍生品市场发展的历史沿革 ................ 9 (二)我国金融衍生品市场发展利弊 ..................... 10 四﹑次贷危机对我国金融衍生品风险管理的启示 .............. 12 (一)健全市场监管体系 ............................... 12 (二) 完善基础金融市场 .............................. 12 (三)完善我国金融衍生品多层次监管体制的法律建议 ..... 13 (四)注重金融监管的国际合作 ......................... 14 3 www.wenwendata.com 4 www.wenwendata.com 美国次贷危机中的

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