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自今年4月2日美国第二大次级抵押贷款公司破产以来,美国按次危机在全球市场不断扩散,并使得近期全球资本市场连续大幅下跌。究其根源在于美国金融机构向信贷记录不佳的购房人提供按揭贷款,然后将这些贷款证券化,以较高的回报率卖给机构投资者或个人,这些按揭抵押债券被称为次级抵押贷款。截至2006年6月的两年间,美联储连续17次提息,利率大幅攀升加重了购房者的还贷负担,加之同期美国住房市场开始大幅降温,很多贷款人无法按期偿还,由于全球众多机构投资者参与其中,于是次债危机在全球蔓延。笔者试图先从美国按次危机将影响中国经济着手谈起,进而阐述美国按次危机对中国进出口的冲击,最后再浅谈相应的对策。
Since the bankruptcy of the second subprime mortgage lender in the United States on April 2 this year, the U.S. crisis has been spreading continuously in the global market and has led to a continuous sharp drop in the global capital markets in recent years. The root cause is that U.S. financial institutions provide mortgage loans to buyers with poor credit records and then securitize those loans to institutional investors or individuals at a higher rate of return. These mortgage-backed bonds are called subprime mortgages loan. As of June 2006 two years, the Federal Reserve raised interest rates 17 times in a row, a sharp rise in interest rates increased the mortgage repayment burden on home buyers, combined with the United States housing market began to cool over the same period, many lenders can not be repaid on schedule, as many institutional investors worldwide Participate in them, so the subprime crisis spreads in the whole world. The author attempts to start with the United States by the subprime crisis will affect China’s economy began to talk about, and then explain the impact of the US subprime crisis on China’s imports and exports, and finally talk about the corresponding countermeasures.