{"id":1187,"date":"2008-09-28T21:19:00","date_gmt":"2008-09-28T13:19:00","guid":{"rendered":"http:\/\/tokuhon.blog\/2008\/09\/28\/%e8%bd%89%e8%bc%89%e9%9b%b7%e6%9b%bc%e4%b9%8b%e6%ad%bb2008-09-28\/"},"modified":"2018-02-07T22:47:08","modified_gmt":"2018-02-07T14:47:08","slug":"%e8%bd%89%e8%bc%89%e9%9b%b7%e6%9b%bc%e4%b9%8b%e6%ad%bb2008-09-28","status":"publish","type":"post","link":"https:\/\/tokuhon.blog\/?p=1187","title":{"rendered":"[\u8f49\u8f09]\u96f7\u66fc\u4e4b\u6b7b(2008\/09\/28)"},"content":{"rendered":"<p><a href=\"http:\/\/city.udn.com\/3011\/3033597?tpno=2&amp;cate_no=0\"><font size=\"2\">http:\/\/city.udn.com\/3011\/3033597?tpno=2&amp;cate_no=0<\/font><\/a><\/p>\n<p><font color=\"#0000bf\" size=\"2\">\u4ec0\u9ebc\u662f\u6b21\u8cb8\uff1f<\/p>\n<p>\u8aaa\u5230\u6b21\u8cb8(subprime)\uff0c\u4e5f\u8a31\u5927\u5bb6\u90fd\u80fd\u8aaa\u51fa\u5b83\u7684\u4f86\u6e90&#8211;\u4e0d\u5c31\u662f\u628a\u9322\u501f\u7d66\u4e86\u7aae\u4eba\u561b\uff0c\u73fe\u5728\u4ed6\u5011\u9084\u4e0d\u8d77\u4e86\u5c31\u6210\u5012\u5e33\u4e86\uff0c\u6240\u4ee5\u5c31\u51fa\u554f\u984c\u4e86\u561b\u3002\u7684\u78ba\uff0c\u9019\u5c31\u662f\u6b21\u8cb8\u7684\u8868\u9762\u539f\u56e0\uff0c\u9867\u540d\u601d\u7fa9\uff1a\u6b21\u7d1a\u8cb8\u6b3e\uff0c\u7576\u7136\u662f\u6709\u98a8\u96aa\u7684\u3002\u4f46\u662f\u70ba\u4ec0\u9ebc\u660e\u660e\u5927\u5bb6\u90fd\u77e5\u9053\u662f\u6709\u98a8\u96aa\u7684\uff0c\u800c\u4e14\u662f\u5927\u98a8\u96aa\u7684\uff1b\u70ba\u4ec0\u9ebc\u5927\u5bb6\u9084\u662f\u6a02\u610f\u501f\u9322\u7d66\u7aae\u4eba\u5462\uff1f\u771f\u662f\u5929\u4e0a\u8abf\u9921\u9905\u4e86\u55ce\uff1f<\/p>\n<p>\u7576\u7136\u4e0d\u662f\uff0c\u4e16\u754c\u4e0a\u662f\u6c92\u6709\u514d\u8cbb\u5348\u9910\u7684!\u4e8b\u60c5\u7684\u771f\u76f8\u9060\u6bd4\u9019\u8907\u96dc\u5f97\u591a\u3002<\/p>\n<p>\u70ba\u4e86\u66f4\u597d\u7684\u770b\u6e05\u695a\u554f\u984c\u7684\u771f\u76f8\uff0c\u8b93\u6211\u5011\u5148\u4f86\u56de\u9867\u4e00\u4e0b\u6b21\u8cb8\u5371\u6a5f\u7684\u80cc\u666f\u3002\u8b93\u6211\u5011\u56de\u52301938\u5e74\u4ee5\u524d\u3002\u7576\u6642\u7684\u7f8e\u570b\u4f4f\u623f\u6309\u63ed\u8cb8\u6b3e\u3001\u6d88\u8cbb\u4fe1\u8cb8\u5e02\u5834\u8ddf\u4eca\u5929\u4e2d\u570b\u7684\u60c5\u6cc1\u5176\u5be6\u662f\u985e\u4f3c\u7684\u3002\u5546\u696d\u9280\u884c\uff0c\u5132\u84c4\u4fe1\u8cb8\u9280\u884c\u7b49\u91d1\u878d\u6a5f\u69cb\u57fa\u672c\u90fd\u662f\u81ea\u5df1\u5438\u6536\u5b58\u6b3e\u8cc7\u91d1\uff0c\u81ea\u5df1\u653e\u8cb8\u3001\u81ea\u5df1\u6536\u5e33\u7684\uff1b\u7576\u7136\u4e5f\u81ea\u5df1\u627f\u64d4\u58de\u5e33\u98a8\u96aa\u3002\u4e5f\u5c31\u662f\u8aaa\u653e\u8cb8\u8005\u548c\u98a8\u96aa\u627f\u64d4\u8005\u662f\u540c\u4e00\u500b\u7d93\u6fdf\u4eba\u3002\u90a3\u9ebc\u9280\u884c\u5c0d\u653e\u8cb8\u884c\u70ba\u81ea\u7136\u4e0d\u6703\u96a8\u610f\u800c\u662f\u6703\u5c0d\u501f\u8cb8\u65b9\u7684\u9084\u8cb8\u80fd\u529b\u6709\u56b4\u683c\u7684\u5be9\u67e5\uff0c\u53ea\u8981\u9280\u884c\u662f\u771f\u6b63\u81ea\u8ca0\u76c8\u8667\u800c\u5176\u5167\u90e8\u6fc0\u52f5\u6a5f\u5236\u5408\u7406\u5247\u58de\u5e33\u6982\u7387\u4e00\u822c\u6703\u662f\u5f88\u4f4e\u7684\u3002\u53ef\u662f\u9019\u6a23\u7684\u4e0d\u8db3\u5c31\u662f\u9280\u884c\u9858\u610f\u63d0\u4f9b\u7684\u6309\u63ed\u8cb8\u6b3e\u8cc7\u91d1\u6703\u5f88\u6709\u9650\u3002\u56e0\u70ba\u5982\u679c\u63d0\u4f9b\u7684\u6309\u63ed\u8cb8\u6b3e\u671f\u9650\u662f15\u5e74\u300130\u5e74\uff0c\u90a3\u9ebc\u8cb8\u51fa\u53bb\u7684\u8cc7\u91d1\u898115\u300130\u5e74\u5f8c\u624d\u80fd\u56de\u7c60\uff0c\u9019\u7a2e\u8cb8\u6b3e\u5c0d\u9280\u884c\u4f86\u8b1b\u6d41\u52d5\u6027\u592a\u5dee\u4e86\uff0c\u842c\u4e00\u9280\u884c\u6025\u9700\u8cc7\u91d1\uff0c\u9019\u4e9b\u8cb8\u6b3e\u662f\u5f88\u53ef\u80fd\u96e3\u4ee5\u53ca\u6642\u53ec\u56de\u7684\uff0c\u9019\u5373\u70ba\u9280\u884c\u7684\u6d41\u52d5\u6027\u98a8\u96aa\u3002\u9762\u5c0d\u9019\u7a2e\u6d41\u52d5\u6027\u98a8\u96aa\uff0c\u91d1\u878d\u6a5f\u69cb\u7684\u8cb8\u6b3e\u4f9b\u61c9\u91cf\u5c31\u6703\u5f88\u6709\u9650\uff0c\u9019\u7576\u7136\u5c0d\u7f8e\u570b\u8cc7\u672c\u793e\u6703\u975e\u5e38\u4e0d\u5229\uff0c\u56e0\u70ba\u9019\u610f\u5473\u8457\u8a31\u591a\u4eba\u8cb7\u4e0d\u8d77\u623f\u5b50\u3002\u800c\u70ba\u4e86\u8b93\u66f4\u591a\u7684\u4eba\u80fd\u8cb7\u5230\u623f\u5b50\uff0c\u9019\u4e9b\u6309\u63ed\u8cb8\u6b3e\u7684\u6d41\u52d5\u6027\u554f\u984c\u5c31\u5fc5\u9808\u89e3\u6c7a\u3002<\/p>\n<p>\u65bc\u662f\uff0c\u9019\u5c31\u6709\u4e861938\u5e74\u63a8\u51fa\u7684\u534a\u653f\u5e9c\u6a5f\u69cb&#8211;\u806f\u90a6\u4f4f\u623f\u6309\u63ed\u8cb8\u6b3e\u5354\u6703(Federal National Mortgage Association, \u7c21\u7a31Fannie Mae),\u5b83\u7684\u4f5c\u7528\u662f\u5c08\u9580\u8cb7\u90a3\u4e9b\u9280\u884c\u60f3\u8f49\u624b\u7684\u6309\u63ed\u8cb8\u6b3e\uff0c\u4e5f\u5c31\u662f\u4efb\u4f55\u6642\u5019\u4efb\u4f55\u9280\u884c\u9700\u8981\u8cc7\u91d1\u6642\u4ed6\u5011\u5c31\u53ef\u4ee5\u628a\u5df2\u653e\u51fa\u53bb\u7684\u6309\u63ed\u8cb8\u6b3e\u5408\u540c\u8ce3\u7d66Fannie Mae\uff0c\u5f8c\u8005\u4ed8\u7d66\u524d\u8005\u73fe\u91d1\u3002\u65bc\u662f\u9019\u4e9b15\u5e74\u300130\u5e74\u671f\u9650\u7684\u6309\u63ed\u8cb8\u6b3e\u5c31\u8b8a\u6210\u4e86\u201c\u6d3b\u9322\u201d\u4e86\uff0c\u5177\u6709\u4e86\u5145\u5206\u7684\u6d41\u52d5\u6027\uff0c\u5927\u5927\u5730\u6e1b\u8f15\u4e86\u9280\u884c\u70ba\u653e\u8cb8\u6240\u8981\u627f\u64d4\u7684\u6d41\u52d5\u6027\u98a8\u96aa\u3002\u9019\u7576\u7136\u5c31\u589e\u52a0\u4e86\u9280\u884c\u653e\u8cb8\u7684\u50be\u5411\u4e86\u3002\u800c\u7e3d\u9ad4\u6548\u679c\u662f\uff1a\u9280\u884c\u98a8\u96aa\u5c0f\u4e86\uff0c\u793e\u6703\u80fd\u5920\u5f97\u5230\u7684\u4f4f\u623f\u6309\u63ed\u8cb8\u6b3e\u8cc7\u91d1\u591a\u4e86\uff0c\u6240\u8981\u652f\u4ed8\u7684\u8cb8\u6b3e\u5229\u606f\u4e5f\u4f4e\u4e86\uff0c\u771f\u662f\u7686\u5927\u6b61\u559c\uff0c\u4f55\u6a02\u800c\u4e0d\u70ba\u5462\uff1f<\/p>\n<p>\u4e16\u754c\u662f\u672c\u4f86\u8a31\u591a\u4e8b\u60c5\u662f\u597d\u4e8b\u7684\uff0c\u4f46\u662f\u6162\u6162\u537b\u8b8a\u6210\u4e86\u798d\u4e8b\uff1b\u800c\u798d\u6839\u5c31\u662f\u5f9e\u9019\u88cf\u7a2e\u4e0b\u7684\u4e86\u3002\u8a31\u591a\u8070\u660e\u7684\u770b\u5b98\u4f30\u8a08\u5df2\u7d93\u60f3\u5230\u4e86&#8211;\u5c0d\u4e86\uff0c\u5373\u4fbf\u662f\u534a\u653f\u5e9c\u7684Fannie Mae\u7684\u8cc7\u91d1\u4f9b\u61c9\u4e5f\u4e0d\u662f\u7121\u9650\u7684\uff0c\u5b83\u4e0d\u53ef\u80fd\u7121\u6b62\u5883\u5730\u5f9e\u9280\u884c\u624b\u4e2d\u8cb7\u4e0b\u6309\u63ed\u8cb8\u6b3e\u3002\u70ba\u4e86\u9032\u4e00\u6b65\u589e\u52a0\u6309\u63ed\u8cb8\u6b3e\u8cc7\u91d1\u7684\u4f9b\u61c9\u91cf\uff0c\u4e5f\u70ba\u4e86\u5206\u6524Fannie Mae\u7684\u8cb8\u6b3e\u98a8\u96aa\uff0c1970\u5e74\u6210\u4e86\u53e6\u4e00\u500b\u53ebGinnie Mae(Government National Mortgage Association)\u7684\u534a\u653f\u5e9c\u6a5f\u69cb\uff0c\u5c08\u9580\u5c07\u5f9e\u7f8e\u570b\u5404\u5730\u8cb7\u904e\u4f86\u7684\u5404\u7a2e\u4f4f\u623f\u6309\u63ed\u8cb8\u6b3e\u6253\u6210\u5305\uff0c\u7136\u5f8c\u5c07\u8cb8\u6b3e\u5305\u5206\u6210\u80a1\u4efd\u4ee5\u53ef\u4ea4\u6613\u8b49\u5238\u7684\u5f62\u5f0f\u5411\u8cc7\u672c\u5e02\u5834\u6295\u8cc7\u8005\u51fa\u552e\u3002\u9019\u7a2e\u6309\u63ed\u8cb8\u6b3e\u8b49\u5238(mortgage backed securities)\u7684\u597d\u8655\u5f88\u591a\uff0c\u5305\u62ec\u9032\u4e00\u6b65\u589e\u52a0\u4e86\u4f4f\u623f\u6309\u63ed\u8cb8\u6b3e\u7684\u6d41\u52d5\u6027\u3001\u4f7f\u5f97\u6309\u63ed\u8cb8\u6b3e\u8cc7\u91d1\u7684\u4f9b\u61c9\u91cf\u5e7e\u4e4e\u662f\u7121\u9650\u7684\uff1b\u66f4\u91cd\u8981\u7684\u662f\u6309\u63ed\u8cb8\u6b3e\u98a8\u96aa\u4e0d\u518d\u53ea\u662f\u7531\u9280\u884c\u548cFannie Mae\u627f\u64d4\uff0c\u800c\u662f\u901a\u904e\u8b49\u5238\u5316\uff0c\u7d30\u5316\u3001\u5206\u6524\u5230\u6210\u5343\u4e0a\u842c\u500b\u8cc7\u672c\u5e02\u5834\u6295\u8cc7\u8005\u7684\u624b\u4e2d\uff0c\u5206\u6524\u5230\u5168\u7403\u5404\u5730\u7684\u6295\u8cc7\u8005\u624b\u4e2d\u3002\u9019\u5c31\u9020\u6210\u4e86\u4e00\u500b\u524d\u6240\u672a\u6709\u7684\u5168\u7403\u8b49\u5238\u91d1\u878d\u5e02\u5834\u9ad4\u7cfb\u3002<font 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goes around comes around\u3002<font style=\"background-color:rgb(255,255,64);\">\u73fe\u5728\u6b21\u8cb8\u554f\u984c\u7206\u767c\uff0c\u539f\u4f86\u90a3\u4e9b\u53ea\u8cfa\u4e0d\u8ce0\u7684CDS\u7a81\u7136\u9593\u5168\u8b8a\u6210\u4e86\u71d9\u624b\u7684\u5c71\u828b\u3002\u56e0\u70ba\u5927\u9762\u7a4d\u7684\u4fe1\u7528\u6389\u671f\u73fe\u5728\u767c\u51faCDS\u7684\u5238\u5546\u5011\u5fc5\u9808\u5c65\u884c\u4ed6\u5011\u7684\u627f\u8afe\u4e86\uff0c\u652f\u4ed8\u7531\u4ed6\u5011\u6240\u627f\u4fdd\u7684\u6295\u8cc7&#8211;\u800c\u4e14\u662f\u4ee5\u7576\u6642\u623f\u50f9\u9ad8\u5cf0\u671f\u7684\u6295\u8cc7\u56de\u5831\u7387\u7684\u6295\u8cc7!\u54c8\u54c8\uff0c\u9019\u6b21\u4ed6\u5011\u8981\u8ce0\u6158\u4e86\u3002\u800c\u9019\u4e5f\u6b63\u6b63\u662f\u7f8e\u570b\u653f\u5e9c\u4e0d\u9858\u610f\u633d\u6551Lehman brother\u7684\u539f\u56e0&#8211;\u4ed6\u5011\u662f\u5728\u5272\u8089\u653e\u8840\u4f86\u4fdd\u8b49\u6295\u8cc7\u8005\u7684\u9ad8\u56de\u5831\u6295\u8cc7\u3002\u563f\u563f\uff0c\u771f\u662f\u5927\u5584\u4eba\u554a!(<\/font>AIG\u7684\u60c5\u6cc1\u8207Lehman brother\u76f8\u4f3c\uff0c\u4e5f\u662f\u627f\u4fdd\u4e86\u592a\u591a\u7684CDS\u3002\u4f46\u662f\u7531\u65bcAIG\u672c\u8eab\u5c31\u662f\u4e00\u500b\u4fdd\u96aa\u96c6\u5718\uff0c\u5176\u65d7\u4e0b\u7684\u4fdd\u96aa\u516c\u53f8\u9084\u627f\u4fdd\u793e\u6703\u5404\u500b\u9818\u57df\u7684\u98a8\u96aa\u6295\u8cc7\uff0c\u6240\u4ee5\u7f8e\u570b\u653f\u5e9c\u5fc5\u9808\u8981\u6551)<\/p>\n<p>\u8aaa\u5230\u9019\u88cf\uff0c\u5927\u5bb6\u53ef\u80fd\u5c31\u6709\u9ede\u660e\u767d\u4e86\u3002\u5176\u5be6\u5728\u7f8e\u570b\u653f\u5e9c\u63a5\u7ba1\u4e8c\u623f\u4ee5\u5f8c\uff0c\u7531\u4e8c\u623f\u6240\u767c\u51fa\u7684\u50b5\u5238\u5176\u5be6\u5df2\u7d93\u662f\u5b89\u5168\u7684\u4e86\uff0c\u57fa\u672c\u5c31\u76f8\u7576\u65bc\u7f8e\u570b\u7684\u570b\u50b5\u3002\u662f\u9019\u500b\u661f\u7403\u4e0a\u98a8\u96aa\u6700\u4f4e\u7684\u50b5\u5238\u4e86\uff0c\u5728\u91d1\u878d\u52d5\u76ea\u7684\u4eca\u5929\u5c6c\u65bc\u512a\u8cea\u8cc7\u7522(\u65e2\u4fdd\u96aa\uff0c\u56de\u5831\u7387\u53c8\u9ad8&#8211;\u9060\u9ad8\u65bc\u73fe\u5728\u7684\u7f8e\u570b\u570b\u50b5)\uff0c\u6240\u4ee5\u4fdd\u723e\u68ee\u8aaa\u4ed6\u5728\u505a\u51fa\u5168\u9762\u63a5\u7ba1\u4e8c\u623f\u7684\u90a3\u5929\u665a\u4e0a\u662f\u8f3e\u8f49\u96e3\u7720\uff0c\u9019\u6211\u662f\u6df1\u6df1\u76f8\u4fe1\u7684\u3002\u5fc3\u75bc\u554a!\u9019\u9ebc\u5927\u7684\u4fbf\u5b9c\u5c45\u7136\u88ab\u4e16\u754c\u4eba\u6c11\u5360\u53bb\u4e86\uff0c\u771f\u662f\u5f37\u76dc\u53cd\u88ab\u6436\u4e86\u3002<font style=\"background-color:rgb(255,255,64);\">\u89c0\u6e2c\u5230\u73fe\u5728\uff0c\u7531\u65bcLehman brother\u4e4b\u524d\u7684\u5410\u8840\u8ce0\u4ed8\u518d\u52a0\u4e0a\u5176\u8cc7\u7522\u73fe\u5728\u6b63\u88ab\u6709\u5e8f\u7684\u6536\u8cfc\uff0c\u5176\u6240\u64d4\u4fdd\u7684\u50b5\u5238\u57fa\u672c\u4e0a\u9084\u662f\u80fd\u5920\u5c0d\u4ed8\u7684\u3002\u53ea\u662f\u53ef\u6190\u4e86\u90a3\u4e9b\u8cb7\u4e86Lehman brother\u80a1\u7968\u7684\u6295\u8cc7\u8005\uff0c\u4ee5\u53ca\u6295\u8cc7\u4e86\u623f\u7522\u5be6\u7269\u7684\u7f8e\u570b\u4eba\u6c11\u4e86\uff0c\u57fa\u672c\u4e0a\u662f\u8840\u672c\u7121\u6b78\u3002<\/font>\u81f3\u65bc\u8aaa\u4e2d\u6295\u548c\u4e2d\u8cc7\u9280\u884c\u5728\u9019\u6b21\u6b21\u8cb8\u5de8\u8667\u591a\u5c11\u591a\u5c11\uff0c\u6211\u89ba\u5f97\u53ef\u80fd\u6027\u4e0d\u5927(\u7576\u7136\u5c0f\u5e02\u6c11\u53ea\u662f\u4e00\u4ecb\u8349\u6c11\uff0c\u65e2\u7121\u7de3\u770b\u4e2d\u8cc7\u9280\u884c\u7684\u6295\u8cc7\u5831\u8868\u4e5f\u7121\u901a\u5929\u795e\u7b97\u7684\u672c\u4e8b\uff1b\u4e5f\u53ea\u80fd\u662f\u7d14\u7cb9\u5206\u6790\u52a0\u4e0a\u5408\u7406\u63a8\u7406\u800c\u5df2)\u3002\u6240\u4ee5\u5c0f\u5e02\u6c11\u60f3\u8981\u5949\u52f8\u5927\u5bb6\u4e00\u53e5\uff0c\u5728\u4e0d\u6e05\u695a\u554f\u984c\u7684\u771f\u76f8\u4ee5\u524d\u8acb\u4e0d\u8981\u80e1\u4e82\u6307\u8cac\uff0c\u4eba\u4e91\u4ea6\u4e91\u3002<\/font><\/p>\n<p><font color=\"#0000bf\" size=\"2\">\uff0d\uff0d\uff0d\uff0d\uff0d<\/font><\/p>\n<p><font color=\"#0000bf\" size=\"2\">\u8981\u8aaa\u91d1\u878d\u5c08\u696d\u4f86\u770b\u7684\u8a71\u6709\u5e7e\u500b\u975e\u5e38\u56b4\u91cd\u932f\u8aa4\u8981\u6307\u51fa\u3002<\/p>\n<p>\u7b2c\u4e00\u500b\u554f\u984c\u50b5\u5238\u7684\u6253\u5305\uff08securities\uff09<br \/>\u50b5\u6372\u6253\u5305\u7684\u904e\u7a0b\u662f\uff1a<\/font><\/p>\n<p><font color=\"#0000bf\" size=\"2\">1\u6311\u9078\u540c\u7a2e\u50b5\u6372<\/font><\/p>\n<p><font color=\"#0000bf\" size=\"2\">2\u9032\u884c\u98a8\u96aa\u5206\u985e\uff08\u6bd4\u5982\u623f\u5c4b\u8cb8\u6b3e\u5c31\u8981\u8003\u616e\u5340\u57df\u98a8\u96aa\u6216\u8005\u9996\u4ed8\u6bd4\u4f8b\u4e00\u985e\u7684\u3002\u8003\u616e\u98a8\u96aa\u985e\u578b\u662f\u56e0\u70ba\u9810\u9632\u985e\u4f3c\u65bc\u707d\u5bb3\u4e00\u985e\u5c0d\u65bc\u50b5\u6372\u6709\u7a81\u767c\u6027\u5f71\u97ff\u7684\u4e8b\u4ef6\uff0c\u6253\u500b\u6bd4\u65b9\u5982\u679c\u7d10\u7d04\u5730\u9707\uff0c\u90a3\u9ebc\u7d10\u7d04\u7684\u623f\u8cb8\u96d6\u7136\u6536\u4e0d\u56de\u4f86\u4e86\u4f46\u662f\u590f\u5a01\u5937\u7684\u623f\u8cb8\u9084\u53ef\u4ee5\u6536\u56de\u3002\uff09<\/font><\/p>\n<p><font color=\"#0000bf\" size=\"2\">3\u628a\u4e0d\u540c\u98a8\u96aa\u985e\u578b\u7684\u50b5\u6372\u653e\u5728\u4e00\u500bpool\u88cf\u9762\u4ee5\u898f\u907f\u98a8\u96aa\uff0c\u63db\u53e5\u8a71\u8aaa\u5c31\u662f\u5e7e\u767e\u500b\u5e7e\u5343\u500b\u4e0d\u540c\u98a8\u96aa\u985e\u578b\u7684\u8cb8\u6b3e\u7d44\u6210\u4e00\u500b\u5de8\u984d\u50b5\u6372\u3002<\/font><\/p>\n<p><font color=\"#0000bf\" size=\"2\">4\u628a\u5de8\u984d\u50b5\u6372\u5206\u62c6\u8ca9\u8ce3\uff0c\u540c\u6642\u7d66\u65bc\u4e0d\u540c\u7684\u7b49\u7d1a\u914d\u5408\u4e0d\u540c\u7684\u5229\u7387\u3002\u5176\u4e2d\u4fe1\u7528\u8d8a\u9ad8\u7684\u50b5\u5238\u64c1\u6709\u8d8a\u4f4e\u7684\u5229\u7387\uff0c\u540c\u6642\u64c1\u6709\u8d8a\u9ad8\u7684\u512a\u5148\u6b0a\u3002\u512a\u9078\u6b0a\u5c31\u662f\u7576\u767c\u751f\u9055\u7d04\u7684\u6642\u5019\u9ad8\u7b49\u7d1a\u50b5\u6372\u512a\u5148\u62ff\u5230\u5229\u606f\u548c\u672c\u91d1\u3002<\/font><\/p>\n<p><font color=\"#0000bf\" size=\"2\">\u4ee5\u4e0a\u5c31\u662f\u57fa\u672c\u7684\u6253\u5305\u904e\u7a0b\u3002<\/font><\/p>\n<p><font color=\"#0000bf\" size=\"2\">\u56e0\u70ba\u50b5\u6372\u5305\u542b\u4e86\u5e7e\u767e\u4e0a\u5343\u500b\u4e0d\u540c\u985e\u578b\u7684\u623f\u8cb8\uff0c\u6240\u4ee5\u500b\u5225\u7684\u65b7\u4f9b\u5c0d\u65bcAA\u7d1a\u50b5\u6372\uff08\u901a\u5e38\u6700\u9ad8\u7b49\u7d1a\u7684\u6b21\u8cb8\u50b5\u6372\u662fAA\u7d1a\uff09\u6839\u672c\u6c92\u6709\u5f71\u97ff\uff0c\u640d\u5931\u5168\u90e8\u7531Junk bond\u7684\u8cfc\u8cb7\u8005\u627f\u64d4\u3002\uff08\u7576\u7136 Junk Bond\u7684\u5229\u7387\u662f\u975e\u5e38\u9ad8\u7684\uff09\u6240\u4ee5\u6a13\u4e3b\u5047\u8a2d\u7684\u60c5\u6cc1\u662f\u4e0d\u73fe\u5be6\u7684\u3002\u990a\u8001\u4fdd\u96aa\u4e00\u985e\u7684\u6295\u8cc7\u516c\u53f8\u57fa\u672c\u4e0a\u662f\u53ea\u8cfc\u8cb7AA\u7d1a\u50b5\u6372\uff0c\u81f3\u65bcJunk Bond\u5247\u4e00\u822c\u662fHedge Fund\u7684\u9078\u64c7\u3002<\/font><\/p>\n<p><font color=\"#0000bf\" size=\"2\">\u53e6\u5916\u52a0\u5e7e\u53e5\u984c\u5916\u8a71<\/font><\/p>\n<p><font color=\"#0000bf\" size=\"2\">\u4e2d\u570b\u7684\u91d1\u878d\u7cfb\u7d71\u82071970\u5e74\u7684\u7f8e\u570b\uff08\u6216\u8005\u8aaa1938\u5e74\u7684\u7f8e\u570b\uff09\u6709\u8457\u6975\u5927\u7684\u4e0d\u540c\uff0c\u8aaa\u5177\u9ad4\u4e00\u9ede\u5c31\u662f\u7f8e\u570b\u7684\u7acb\u6cd5\u56b4\u91cd\u5f71\u97ff\u7f8e\u570b\u9280\u884c\u7684\u8de8\u6d32\u767c\u5c55\u3002\uff08\u5177\u9ad4\u8acb\u53c3\u898b30\u5e74\u4ee5\u524d\u6216\u66f4\u65e9\u7684Fed\u95dc\u65bc\u8de8\u6d32\u9280\u884c\u7684\u6cd5\u898f\uff09\u9019\u4e5f\u662f\u70ba\u4ec0\u9ebc\u7f8e\u570b\u653f\u5e9c\u8981\u8a2d\u7acbFannie Mae\u7684\u539f\u56e0\uff0c\u53ea\u6709\u53ef\u4ee5\u5728\u6574\u500b\u7f8e\u570b\u958b\u8fa6\u696d\u52d9\u7684\u9280\u884c\uff08\u6216\u8005\u662f\u985e\u4f3c\u65bc\u9280\u884c\u7684\u6a5f\u69cb\uff09\u624d\u80fd\u5b8c\u6210\u50b5\u6372\u7684\u7cfb\u7d71\u6027\u98a8\u96aa\u898f\u907f\uff0c\u53e6\u5916\u5b8c\u6210\u623f\u8cb8\u50b5\u6372\u5316\u3002\uff08\u53ef\u80fd\u8a5e\u7528\u7684\u4e0d\u6e96\u78ba\uff0c\u5b78\u7fd2\u6642\u90fd\u7528\u7684\u82f1\u6587\u3002\u898b\u8ad2\u4e86\uff09\u800c\u4e14\u9019\u500b\u6a5f\u69cb\u9084\u8981\u53ef\u4ee5\u898f\u907fFed\u5c0d\u65bcDTA\uff08deposit taking authority\u5373\u63a5\u53d7\u5b58\u6b3e\u6a5f\u69cb\uff09\u7684\u6cd5\u5f8b\u7ba1\u7406\u3002\u800c\u4e2d\u570b\u904d\u4f48\u5168\u570b\u7684\u9280\u884c\u81ea\u5efa\u570b\u521d\u5c31\u6709\uff0c\u800c\u6cd5\u898f\u4e2d\u7684\u5c0f\u5dee\u5225\u5c31\u66f4\u591a\u4e86\u3002<\/font><\/p>\n<p><font color=\"#0000bf\" size=\"2\">2 CDS<\/font><\/p>\n<p><font color=\"#0000bf\" size=\"2\">CDS\u672c\u8eab\u4e26\u4e0d\u6d89\u53ca\u50b5\u5238\u7684\u8cb7\u8ce3\uff0c\u53ea\u4e0d\u904e\u662f\u4e00\u7a2e\u4fdd\u96aa\u5de5\u5177\u3002\u53e6\u5916\u4fdd\u984d\u53d6\u6c7a\u65bc2\u500b\u56e0\u7d20\u516c\u53f8\u672c\u8eab\u4fe1\u7528\u7b49\u7d1a\uff0c\u50b5\u6372\u4fe1\u7528\u7b49\u7d1a\u4ee5\u53ca\u5e02\u5834\u4f9b\u6c42\u3002\u63d0\u4f9bCDS\u7684\u516c\u53f8\u57fa\u672c\u90fd\u662fAA\u7d1a\u4fe1\u8b7d\uff0c\u6240\u4ee5\u50f9\u683c\u6ce2\u52d5\u61c9\u8a72\u89e3\u91cb\u6210\u5176\u4ed6\u7406\u7531\u800c\u4e0d\u662f\u516c\u53f8\u672c\u8eab\u4fe1\u7528\u7b49\u7d1a\u7684\u8b8a\u5316\u3002\u4ee5\u4e0b\u662f\u8a5e\u5178\u95dc\u65bcCDS\u7684\u5b9a\u7fa9\u3002<\/font><\/p>\n<p><font color=\"#0000bf\" size=\"2\">Credit default swap<br \/>From \u8def\u900f\u91d1\u878d\u8a5e\u5178<\/font><\/p>\n<p><font color=\"#0000bf\" size=\"2\">A credit default swap is the simplest type of credit derivative. Basic CDS contracts are similar to insurance. They allow one party to buy protection against a company or country defaulting or restructuring debt over a certain period of time. The buyer of default protection pays an annual fee in basis points based on a notional amount to the contract seller. If a default occurs, the protection buyer can hand over the defaulted bonds to the contract seller and receive their par value. The contracts can also be cash settled with no transfer of bonds. CDS spreads are similar to regular corporate bond spreads in reflecting the market&#039;s view of default risk. The most commonly traded contract is a five-year, but maturities range from one year to 10 years.<\/font><\/p>\n<p><font style=\"background-color:rgb(255,255,64);\" color=\"#0000bf\" size=\"2\">3\u95dc\u65bcLehman brother\uff0cAIG\u548c\u4fdd\u723e\u68ee<\/font><\/p>\n<p><font style=\"background-color:rgb(255,255,64);\" color=\"#0000bf\" size=\"2\">Lehman brother\u7834\u7522\u6848\u662f\u7f8e\u570b\u6b77\u53f2\u4e0a\u6700\u5927\u7684\u7834\u7522\u6848\u3002\u5176\u5be6\u4fdd\u723e\u68ee\u4e00\u958b\u7aef\u4e26\u4e0d\u662f\u4e0d\u60f3\u7ba1Lehman brother\uff0c\u53ea\u4e0d\u904e\u96f7\u66fc\u51fa\u4e8b\u7684\u540c\u6642\u7f8e\u6797\u4e5f\u8981\u5012\u800c\u4e14\u7f8e\u6797\u7684\u898f\u6a21\u5927\u904e\u96f7\u66fc\u3002\uff08\u7f8e\u6797\u7684\u8cc7\u7522\u72c0\u6cc1\u4e5f\u6bd4\u96f7\u66fc\u5f37\u4e00\u9ede\uff0c\u96f7\u66fc\u7684\u8cc7\u4e0d\u62b5\u50b5\u6d41\u8a00\u5f9e\u5e74\u521d\u5c31\u6709\u4e86\uff09\u3002Fed\u5168\u529b\u4ee5\u8d74\u7684\u53bb\u7d66BOA\u5408\u4e26\u7f8e\u6797\u4f5c\u64d4\u4fdd\u4e86\u3002\uff08\u5176\u5be6\u5c31\u662f\u6536\u8cfc\uff09\u9664\u4e86\u90192\u500b\u4e00\u8d77\u51fa\u4e8b\u7684\u6295\u884c\u5916\uff0cFed\u57fa\u672c\u628a\u5176\u4ed6\u7684\u5927\u578b\u6a5f\u69cb\u90fd\u4fdd\u4e86\u4e0b\u4f86\uff08\u5f9e\u718a\u65af\u901a\uff0c2\u623f\uff0c\u7f8e\u6797\uff0cAIG\u7684\u7d50\u679c\u4f86\u770b\uff09\u9019\u6b21\u96f7\u66fc\u771f\u7684\u662f\u592a\u80cc\u4e86\u3002\u53e6\u5916\u96f7\u66fc\u50b5\u6372\u7684\u6295\u8cc7\u8005\u56e0\u8a72\u4e5f\u6709\u6240\u640d\u5931\uff0c\u96f7\u66fc\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u4e0a\u8cc7\u7522\u8ca0\u50b5\u90fd\u662f6000\u591a\u5104\u7f8e\u5143\u3002\u4ed6\u7684\u8cc7\u7522\u96a8\u4fbf\u8cb6\u503c\u500b5%\u5c31\u5c6c\u65bc\u6cd5\u5f8b\u4e0a\u7684\u7834\u7522\uff0c\u4ee5\u73fe\u5728\u7684\u7f8e\u80a1\/\u671f\u8ca8\u6cb9\u50f9\u4f86\u770b\u5f88\u96e3\u88dc\u9f4a\u7f3a\u53e3\u3002\u5373\u4fbf\u73fe\u5728\u7d93\u6fdf\u5f62\u52e2\u6c92\u90a3\u9ebc\u5dee\u9762\u5c0d6000\u5104\u7f8e\u5143\u8cc7\u7522\u6e05\u76e4\u7684\u60c5\u6cc1\u4e5f\u6703\u51fa\u73fe\u4e0b\u8dcc\u7684\u8da8\u52e2\u3002<\/font><\/p>\n<p><font 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