Housing crisis denver Chris Hondros/Getty Images

卷土重来的住房泡沫

发自剑桥——2008~09年金融危机暴露了全球金融体系结构中的严重缺陷:存在一个无法应对房地产泡沫爆破状况的,靠抵押贷款支撑的证券隔夜市场。然而时隔九年后,这一弱点却仍未得到充分解决。

在危机爆发的那个时期,美国的企业和投资者都是以隔夜的方式向银行和其他金融企业借出自己额外的现金,然后在第二天早晨收回本金和利息。由于银行存款保险只保障10万美元的额度,令那些手握数百万存款的人更倾向于选择隔夜市场,因为该市场使用安全度极高的美国长期国债作抵押。

但有些隔夜贷款人可以获取更高的利率——只要他们肯接受安全系数较低的抵押贷款资金池作为抵押品,很多人也都采纳了这一选项。很快,如火如荼的美国的住宅市场就被运作成了一个价值数万亿美元的货币市场。

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