全球金融海嘯：肇因與因應對策

Abstract

2007 年美國發生房市泡沫與次級房貸危機，風暴快速蔓延，形成全球金融海嘯，重創各國金融體系與實質經濟。本文從總體經濟面向切入，探討全球結構失衡與金融海嘯的關係，各國因應之道，及其對臺灣經濟的影響與啟示。本文並從監理面向切入，分析在資訊不對稱之下房貸證券化\\r 如何使次級房貸危機擴大，及誘因機制如何鼓勵金融機構過度風險承擔。

In 2007, a housing bubble and subprime mortgage crisis appeared in the United States and soon developed into a global financial crisis, severely damaging the world’s financial system and real economy. This paper discusses from a macroeconomic perspective the relationship between global structural imbalances and the global financial crisis, government responses to the crisis, and the impact of the crisis on the Taiwanese economy and the lessons Taiwan can learn from it. The paper also analyzes from a financial supervisory perspective how under information asymmetry securitization exacerbates the subprime mortgage crisis and how the incentive system in financial institutions encourages excessive risk-taking.