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本轮金融危机与次贷产品链条及其机理缺陷直接相关。本文对资产证券化中的两种保险机制在金融危机中扮演的角色做了探讨。研究发现:按揭保险业发挥了逆周期的稳定器功能,减缓了系统性风险对住房金融体系冲击。债券保险业较深介入次贷债券及其衍生品的供需链条之中,是导致本轮金融危机中系统性风险爆发的一环。在对二者不同的风险特征做了比较分析之后,结合中国实际,提出完善中国保险业业务结构的若干建议。
This round of financial crisis and the sub-loan product chain and its mechanism is directly related to defects. This article discusses the role of the two insurance mechanisms in asset securitization in the financial crisis. The study found that the mortgage insurance industry played a counter-cyclical stabilizer function, and mitigated the impact of systemic risk on the housing finance system. Deep involvement of the bond insurance industry in the supply and demand chain of subprime loans and their derivatives is part of the systemic risk outbreak in this round of financial crisis. After a comparative analysis of the different risk characteristics of the two, combined with China’s reality, put forward some suggestions to improve the business structure of China’s insurance industry.