次級房貸風暴對全球經濟之影響

The Causes and Impact of the U.S. Subprime Mortgage Crisis

美國房市自2006年中急速降溫，加上FED連續升息，次級房貸放款浮濫的後遺症陸續浮現。次級房貸市場違約率劇增，進而影響相關連結之金融商品之價值，引發股市大幅下跌，導致全球信用緊縮危機，造成「美國次級房貸釀災，全球埋單」的結果。美國次級房貸風暴的起因，除了美國低利率政策導致房地產市場泡沫化外，更深層的原因，在於次級房貸透過證券化，被包裝併入擔保債權憑證，銷售全球。次級房貸風暴對全球經濟之影響已從金融面擴散至實質面，迄今仍餘波盪漾、未見平息，其後續效應值得關注。

The U.S. real estate market melt down rapidly since mid 2006, after the FED raised interest rate to exacerbate the problems of the subprime mortgage outbreaks. Rising delinquency rate for subprime loans has caused a sharply downfall in the value of related mortgage-based securities, consequent global stock markets correction, and the tighter financial conditions. The turbulence in U.S. subprime mortgaged market has spread into a global liquidity crisis. In addition to low interest rates in the past several years, the securitization of mortgage into the so-called collateralized-debt obligations is another reason of the subprime crisis deepening. The impact of subprime crisis has spread from financial sector to real sector. Furthermore, the crisis is not over yet and its impact on economic outlook is still on the way.