摘要
美国次贷危机引发的全球金融动荡造成的危害正日益加深,各国金融政策管理部门相继推出了强有力的措施,以恢复经济、金融市场秩序。资产担保债券(CoveredBonds)因其独特的风险收益特征成为监管机构开展金融救援的重要选项之一。2008年7月,在危机演化的关键时刻,美国颁布了推动资产担保债券市场发展的监管法律。我们预计,在未来一个时期里,该债券将代替其他信贷衍生品成为债券市场的主角。本文讨论了资产担保债券的基本特征,分析了它与资产支持证券(ABS)的本质差别,简要总结了发展资产担保债券对金融稳定的意义。
The Subprime Crisis has caused deepening global financial turbulence, and powerful steps have ensued in different countries so as to recover economy and financial market order. Owing to its unique risk-return feature, covered bonds have become one of the important options in the rescue. In July, 2008, the US has enacted laws that promote covered bond market development. We expect that the covered bond will play a dominating role in the bond market. This paper discusses the features of covered bond, analyzes the difference between covered bond and ABS, and concludes its role in financial market stability.
出处
《证券市场导报》
CSSCI
北大核心
2009年第4期12-16,共5页
Securities Market Herald
