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在2007年金融危机之前,结构性融资市场由于其重新包装风险、创造AAA级证券并实现信用风险转移的能力在较短的时间里经历了迅猛的发展。然而危机中,AAA这些级证券遭遇了大量、空前的评级下调,投资者在曾被认为是结构性融资市场“最安全的部分”遭受了重大损失,结构性融资产品的发行量大幅度下跌,公众对这一市场产生深深地忧虑,甚至有人将金融危机的爆发直接归咎于结构性融资。一、结构性融资的基本运作机制传统融资方式通常是对已有的金融工具进行评级;然而结构性融资却
Prior to the financial crisis in 2007, structured finance markets experienced rapid growth in a relatively short period of time due to their repackaging risk, their ability to create AAA-rated securities and credit risk transfer. However, during the crisis, AAA-rated securities suffered a large number of unprecedented rating downgrades, investors suffered significant losses in what they considered to be the “safest” part of the structured finance market, and the issuance of structured financing products was significantly Fell, the public deeply worried about this market, and even some people blamed the outbreak of the financial crisis directly on structural finance. First, the basic operating mechanism of structured finance The traditional way of financing is usually to have the rating of existing financial instruments; however, structured finance is