美國次級房貸危機自 2007 年下半年爆發後，就對美國與許多其 他國家的金融市場秩序造成碩大的傷害，也因此妨礙了實體經濟的健 全運作，使經濟成長趨緩。因此本論文針對此次美國次級房貸危機的 整體事件企圖進行一項全面性的完整分析，希望對此事件做一有系統 的全面了解。本論文先針對美國次級房貸危機發生的近因與遠因進行 深入了解，接著了解次級房貸危機擴散到美國與全世界金融市場的管 道，尤其是那些包裝次級房貸的金融商品。對於事件傳遞管道了解之 後，論文進一步分析次級房貸危機對美國金融市場與經濟運作所產生 的影響，並分析美國聯邦準備理事會與銀行體系對次級房貸危機所採 取的一連串因應政策的適切性。本論文最重要的目的是企圖找出之所 以造成此次次級房貸危機在制度上與法規上的缺失，並對這些制度上 與法規上的缺失提出修正與改進的建議。 ;Since the second half of 2007, the outbreak of the subprime mortgage crisis in the U.S.A. has caused tremendous disorder in the financial market in the U.S. and other industrial countries. This financial crisis has seemed to gradually affect the real economy adversely over time. The aim of this thesis is to conduct a complete analysis of this subprime mortgage crisis, in order to have a systematic understanding of this event. First of all, the thesis will analyze the short term and long term causes of this crisis. Next, the thesis will find out the transmission channels of the crisis, through which its effects are spread out to around the world. Those new financial products incorporating the subprime mortgages are the focuses. Then the thesis will study the overall effects of this crisis on all aspects of the financial markets and the economy. The responses of the Federal Reserve System to this crisis will also be analyzed to examine the effectiveness of those policies adopted. In the end, the thesis is going to identify those organizational and regulatory flaws and weakness that might lead to the occurrence of this crisis, and propose corrective suggestions to prevent the similar events from happening in the future.
