美国次贷危机的再思考

本文以美国次贷危机为大背景，深入探讨其产生的原因及其后果，认为美元为主导的浮动汇率制是导致资产泡沫产生的土壤，以债权衍生品为主导的扩张是系统性风险的直接传递者，而相应监管的缺失导致危机蔓延，其结果必然导致美元危机。依据危机所带来的必然趋势，相应提出了我国应对危机转变增长方式的策略思考。

Rethink American Subprime Mortgage Crisis

This paper deep probes the cause and consequence of American subprime mortgage crisis. It deems that the floating exchange rate regime dominated by U.S. dollar is the soil which creates assets bubble. The expanding of debt derivatives is a direct transmission of systematical risk, and the lack of supervision leads to crisis overspreading, and the results must bring U.S. dollar on crisis too. Basing on the trend from the crisis, it puts forward suggestions concerning how facing with the crisis and the transforming of Chinese economic growth mode.