金融全球化中的暗物质

最近全球金融市场的动荡以及随之引发的流动性和信贷的紧缩向我们提出了两个问题:美国加利福尼亚、内华达、亚利桑那和佛罗里达州次级抵押贷款拖欠现象是怎样引发全球性的危机的?以及为什么最近几年系统性的风险是增加了而不是减少了?

问题应该是出在“证券化”现象上。过去,银行把贷款和抵押都记在它们的账上,把信用风险保留在自己内部。比如,在美国发生于二十世纪八十年代后期的房地产泡沫破裂中,许多发放抵押贷款的银行(储蓄和住宅贷款金融机构)彻底破产,从而引发了1990和1991年间的银行危机、信贷紧缩和经济衰退。

这种系统性的风险会引发严重经济传染的金融冲击,被认为可以通过证券化来减少。金融全球化意味着银行在它们的账簿上不再持有像抵押贷款这样的资产,而是把它们打包成资产支持证券后出售给全世界资本市场的投资者,从而把风险扩散到更大的范围。

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