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澳洲經濟assignment代寫:次貸證券化的風險轉移機制

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  • 澳洲經濟assignment代寫:次貸證券化的風險轉移機制

    在次貸危機期間,抵押貸款轉移了大量的風險。統計顯示,2006, 30的美國人沒有及時償還貸款,大約有220萬人失去了住房。次級抵押貸款證券化作為美國市場上重要的金融工具之一,對美國的市場和經濟產生了巨大的影響。在美國,80%的抵押貸款是通過證券化方式出售的,而投資銀行又以MBS為基礎創造了抵押貸款證券。在資產證券化的過程中,由單一銀行和單一貸款所承擔的風險被轉移到其他機構和投資者身上,并且在金融杠桿作用下,風險從基本資產中放大和分離,從而造成資產泡沫。
    證券化過程中,創新風險如何轉移,單一違約風險如何轉移到市場的每一個角落?本文對這些主題進行了研究。
     
    本文分析了美國次級抵押貸款證券化的風險轉移機制。一些結論概括如下:
    (1)次貸危機的直接原因是次級抵押貸款的風險。抵押貸款機構沒有對貸款申請人進行調查。他們認為,通過抵押品價值的增長可以收回違約金。這種做法誘發了房地產市場的泡沫。風險不斷向經濟體釋放。最后,當房價下跌,利率上升,風險暴露。資產證券化放大了風險。
    (2)證券化過程中轉移風險具有放大效應。在理論部分,本文分析了基于投資銀行、信用評級機構和投資者羊群行為的放大效應。
    (3)風險將轉移槽的通道從產品創新、證券化機構和市場。創新產品以后備資產為基礎,造成風險轉移。金融機構通過買賣風險轉移風險,積累風險。最后,市場風險轉移。

    澳洲經濟assignment代寫:次貸證券化的風險轉移機制

    During the subprime mortgage crisis, the mortgage loans have transferred a large quantity of risks. Statistics showed that in 2006, 30% American could not pay their loans timely, and there are about 2.2 million people lost their houses. As one of the important financial tools in US market, the subprime mortgage loan securitization has exerted great influence on the market and US economy. In US, 80% of the mortgage loans are sold by securitization, and the investment banks again created CDO based on MBS. With the process of securitization, the risks taken by singular banks and single loans were transferred to other institutions and investors, and with the effect of financial leverage, the risks are amplified and separated from the basic assets, which caused the asset bubble.   
    During the process of securitization, how does risk on the innovations transferred, and how does the single default risk transferred to every corner of the market? These topics are studied in the article.   
     
    The article analyzed the risk transfer mechanism on US subprime mortgage loans securitization. Some conclusions are made generalized as follow:
    (1) The direct reason for the crisis is the risks on subprime mortgage loans. The mortgage loans institutions have not done their duties of investigations on loans applicants. They believed that the default of payment could be retrieved by the growth of value on collateral. The practice has induced the bubble in the real estate market. The risks have continuously released to the economy. At last, when the housing prices fell down and the interest rates climbed up, the risks exposed. And the securitization has amplified the risks. 
    (2) There is amplification effect when the risks transferred during the securitization process. In the theoretical part, the article analyzed the amplification based on the investment banks; credit rating institutions and investors herd behaviors. 
    (3) The risks would transfer trough the channel from innovation of products, securitizing institutions and the market. The innovation products are based on the back-up assets, which caused the transfer of risks. The financial institutions transferred the risks through selling and buying and accumulated the risks. At last, risks transferred in the market.      

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