欧洲的金融魔术

芝加哥——债务抵押债券(CDOs)是将低评级债务转化为高评级债务的臭名昭著的专用工具,人们普遍认为,债务抵押债券是诱发2007-2008年金融危机的重要因素。 这项业务在华尔街失宠的同时,却在大西洋彼岸迅速普及。

归根结底,欧元区国家去年五月成立的欧洲金融市场稳定基金(EFSF)是有史以来规模最大的债务抵押债券组织。 和债务抵押债券一样,欧洲金融市场稳定基金也被作为一种能降低风险的机制。 不幸的是结果可能重蹈覆辙: 整个银行系统可能因此陷入一片狼藉。

债务抵押债券是一种金融魔术: 这种专用融资工具购入铅的等价物(即低评级的抵押担保债券),包装成黄金等价物(备受追捧的AAA级债券)之后再转售出去。 上述转变所遵循的原则有一项合理,另外两项不合理。

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