本文首先探討美國次級房貸危機其發生的初始環境，了解其背景之後，將從多方觀點與角度去更深入研究此危機的每一步擴散過程與演進。可從不同產業或不同機構的角度來探討。如從產業面，包含房地產、信用市場以及長短期貨幣市場等等。另一方面從不同機構角度，有放款銀行、投資銀行、結構型投資工具以及貨幣市場基金等等。探討各種不同金融機構其扮演的角色與如何從中受波及以及全球主要幾個經濟體的國家政府如何採取因應措施整頓其受創慘重的金融體系，都是本文主要的研究重心。 研究結果發現，一個所謂”發行然後分配”的商業模式雖在房貸證券化市場中運作已久，其每一個發行步驟都有一固定的關鍵角色，但其中有相當多的道德風險與利益衝突等等問題存在，且多年下來，遲遲未被解決，法律規範也疏於完善，其可為種下此金融巨災的因子之一。最後本文也提供一些建議與改善的方針以利未來金融體系的良好運作。 The purpose of this thesis is to construct a complete road map of the U.S. subprime mortgage financial crisis. First we will describe the macroeconomic environment surrounding the initial stage of this event. Then, we want to unravel the propagation mechanism of this crisis step by step from several aspects. We will discuss the roles played by different institutions in many markets. The markets involved are housing market, credit market and short term & long term money market…etc. For institutions, we will focus on the lender, the mortgage broker, the investment bank, and the structured investment vehicle, etc. By sourcing logbooks of these events and rearranging them chronologically, we can better tell the causal relations among these related events. Furthermore, we are going to discuss how different financial institutions were affected and the various measures that the governments around the world have implemented to response to the disorder markets. From the study of this thesis, we are able to identify some problems which make the market operate disfunctionally. Especially in the “originate and distribute” business model, some moral hazard or interest of conflict problems have existed behind those market players. We are going to analyze them one by one in the thesis. In conclusions, we will present some recommendations to help improve the operation of the financial system in the future.
