Unit11Securities..doc

Unit11 Securities Asset Securitization in the USA 现代意义上的证券化(或称资产证券化)业务起源于20世纪70年代初的美国，当时的主要目的是为了开发住宅抵押贷款的二级市场。后来，参与证券化的机构、证券化的结构类型迅速增长，正如本文指出的那样，目前由证券化创造的各种证券类型(抵押支持证券和资产支持证券等)已经成为美国继国库债券后第二大证券类型。在某种意义上，证券化的巨大发展既可看作是商业银行在金融中介领域的地位的下降，也可看作是商业银行向表外业务发展的成功表现。无论如何，证券化都是近20年来最富创新意义的新兴业务，特别是在美国已成为独具特色并具有强大生命力的金融工具。 本文回顾了证券化在美国发展的历程，特别是详细讲述了抵押支持证券和资产支持证券的发展以及证券化在处理不良资产中的应用情况；对证券化结构中的信用增强措施和信用评级机构的功能或作用作了具体论述；分析了证券化在美国获得巨大发展的特殊背景和其他刺激因素。因此，本文对于试图在本国开展证券化业务的其他国家有比较实际的借鉴意义。 Over the past two decades, securitization has emerged as a distinctive feature of the financial system in the United States. To some degree this reflects the fact that the United States has long had two channels for financial intermediation (the banking system and the capital market), with the competitive balance between the two channels often changing over time. In recent years in particular, the process of disintermediation by the banking system has progressed farther than in other OECD countries, and to some degree securitization is one manifestation of this broader process. There is some controversy as to whether the process of disintermediation represents a declining role for banks in financial intermediation, or merely a shift by banks to off-balance-sheet activity. In either case, the analysis presented here would not be affected. 证券化在美国的发展 Over the past two decades, securitization has emerged as a distinctive feature of the financial system in the United States.在过去的二十年间，证券化逐渐兴起并成为美国金融体系中独具特色的金融工具。To some degree this reflects the fact that the United States has long had two channels for financial intermediation (the banking system and the capital market), with the competitive balance between the two channels often changing over time.在某种程度上这反映了美国的现实，即美国长期以来存在两种金融中介渠道(银行系统与资本市场)，而且这两种渠道在不同时期表现出不同的、经常的竞争以及制衡。In recent years in particular, the process of disintermediation by the banking system has progressed farther than in other OECD countries,特别是近些年来，美国银行系统非中介化(脱媒)的进程走得更远，与其他经合组织国家相比，a