澳洲经济assignment代写:次贷证券化的风险转移机制

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    • 澳洲经济assignment代写:次贷证券化的风险转移机制

    在次贷危机期间，抵押贷款转移了大量的风险。统计显示，2006, 30的美国人没有及时偿还贷款，大约有220万人失去了住房。次级抵押贷款证券化作为美国市场上重要的金融工具之一，对美国的市场和经济产生了巨大的影响。在美国，80%的抵押贷款是通过证券化方式出售的，而投资银行又以MBS为基础创造了抵押贷款证券。在资产证券化的过程中，由单一银行和单一贷款所承担的风险被转移到其他机构和投资者身上，并且在金融杠杆作用下，风险从基本资产中放大和分离，从而造成资产泡沫。
    证券化过程中，创新风险如何转移，单一违约风险如何转移到市场的每一个角落？本文对这些主题进行了研究。
     
    本文分析了美国次级抵押贷款证券化的风险转移机制。一些结论概括如下：
    （1）次贷危机的直接原因是次级抵押贷款的风险。抵押贷款机构没有对贷款申请人进行调查。他们认为，通过抵押品价值的增长可以收回违约金。这种做法诱发了房地产市场的泡沫。风险不断向经济体释放。最后，当房价下跌，利率上升，风险暴露。资产证券化放大了风险。
    （2）证券化过程中转移风险具有放大效应。在理论部分，本文分析了基于投资银行、信用评级机构和投资者羊群行为的放大效应。
    （3）风险将转移槽的通道从产品创新、证券化机构和市场。创新产品以后备资产为基础，造成风险转移。金融机构通过买卖风险转移风险，积累风险。最后，市场风险转移。

    澳洲经济assignment代写:次贷证券化的风险转移机制

    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.