{"id":41850,"date":"2022-10-16T16:01:04","date_gmt":"2022-10-16T08:01:04","guid":{"rendered":"https:\/\/\/?p=41850"},"modified":"2022-10-25T16:11:17","modified_gmt":"2022-10-25T08:11:17","slug":"2008-financial-crisis","status":"publish","type":"post","link":"https:\/\/\/2008-financial-crisis\/","title":{"rendered":"2008\u91d1\u878d\u6d77\u562f\u61f6\u4eba\u5305\uff1a\u767c\u751f\u539f\u56e0\u53ca\u904e\u7a0b\u548c\u5f71\u97ff\u4e00\u6587\u770b\u61c2"},"content":{"rendered":"<!-- \/367108978\/Rich01_PC_up_728x90 -->\n\t<div class='div-gpt-ad-css' id='div-gpt-ad-1564472272479-0' style='width: 728px; height: 90px;'>\n\t  <script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1564472272479-0'); });\n\t  <\/script>\n\t<\/div><p><img decoding=\"async\" class=\"alignnone size-full wp-image-41856\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220912162512_89.jpg\" alt=\"\u91d1\u878d\u6d77\u562f-\u6210\u56e0-\u904e\u7a0b-\u5f71\u97ff\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20220912162512_89.jpg 1557w, https:\/\/\/wp-content\/uploads\/20220912162512_89-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<p>\u672c\u6587\u5e02\u5834\u5148\u751f\u7528\u7c21\u55ae\u6613\u61c2\u7684\u65b9\u5f0f\uff0c<br \/>\n\u5e36\u4f60\u56de\u98672008\u5e74\u91d1\u878d\u6d77\u562f\u7684\u767c\u751f\u539f\u56e0\u3001\u904e\u7a0b\u53ca\u5f71\u97ff\uff0c\u4e26\u4e14\u53cd\u601d\u6211\u5011\u53ef\u4ee5\u5f9e\u9019\u6b21\u5371\u6a5f\u4e2d\u5b78\u5230\u4ec0\u9ebc\u3002<\/p>\n<p><!--more--><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_64 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">\u672c\u6587\u5e02\u5834\u5148\u751f\u6703\u544a\u8a34\u4f60\uff1a<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6611df4fd5785\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6611df4fd5785\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=/index.html"https:\/\/\/2008-financial-crisis\/#%E9%87%91%E8%9E%8D%E6%B5%B7%E5%98%AF%E7%99%BC%E7%94%9F%E5%8E%9F%E5%9B%A0\" title=\"\u91d1\u878d\u6d77\u562f\u767c\u751f\u539f\u56e0\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u91d1\u878d\u6d77\u562f\u767c\u751f\u539f\u56e0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=/index.html"https:\/\/\/2008-financial-crisis\/#%E9%87%91%E8%9E%8D%E6%B5%B7%E5%98%AF%E5%A4%A7%E4%BA%8B%E7%B4%80\" title=\"\u91d1\u878d\u6d77\u562f\u5927\u4e8b\u7d00\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u91d1\u878d\u6d77\u562f\u5927\u4e8b\u7d00<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=/index.html"https:\/\/\/2008-financial-crisis\/#%E9%87%91%E8%9E%8D%E6%B5%B7%E5%98%AF%E9%80%A0%E6%88%90%E7%9A%84%E5%BD%B1%E9%9F%BF%EF%BC%9A%E8%82%A1%E5%B8%82%E3%80%81%E6%88%BF%E5%B8%82%E3%80%81%E5%85%A8%E7%90%83%E7%B6%93%E6%BF%9F\" title=\"\u91d1\u878d\u6d77\u562f\u9020\u6210\u7684\u5f71\u97ff\uff1a\u80a1\u5e02\u3001\u623f\u5e02\u3001\u5168\u7403\u7d93\u6fdf\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u91d1\u878d\u6d77\u562f\u9020\u6210\u7684\u5f71\u97ff\uff1a\u80a1\u5e02\u3001\u623f\u5e02\u3001\u5168\u7403\u7d93\u6fdf<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=/index.html"https:\/\/\/2008-financial-crisis\/#%E8%AA%B0%E5%9C%A8%E9%87%91%E8%9E%8D%E6%B5%B7%E5%98%AF%E4%B8%AD%E8%B3%BA%E5%88%B0%E9%8C%A2%EF%BC%9F\" title=\"\u8ab0\u5728\u91d1\u878d\u6d77\u562f\u4e2d\u8cfa\u5230\u9322\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8ab0\u5728\u91d1\u878d\u6d77\u562f\u4e2d\u8cfa\u5230\u9322\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=/index.html"https:\/\/\/2008-financial-crisis\/#%E5%90%84%E5%9C%8B%E7%9A%84%E5%9B%A0%E6%87%89%E6%8E%AA%E6%96%BD\" title=\"\u5404\u570b\u7684\u56e0\u61c9\u63aa\u65bd\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5404\u570b\u7684\u56e0\u61c9\u63aa\u65bd<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=/index.html"https:\/\/\/2008-financial-crisis\/#%E5%BE%9E%E9%80%99%E6%AC%A1%E5%8D%B1%E6%A9%9F%E4%B8%AD%E6%88%91%E5%80%91%E5%8F%AF%E4%BB%A5%E5%AD%B8%E5%88%B0%E4%BB%80%E9%BA%BC\" title=\"\u5f9e\u9019\u6b21\u5371\u6a5f\u4e2d\u6211\u5011\u53ef\u4ee5\u5b78\u5230\u4ec0\u9ebc\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5f9e\u9019\u6b21\u5371\u6a5f\u4e2d\u6211\u5011\u53ef\u4ee5\u5b78\u5230\u4ec0\u9ebc<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E9%87%91%E8%9E%8D%E6%B5%B7%E5%98%AF%E7%99%BC%E7%94%9F%E5%8E%9F%E5%9B%A0\"><\/span><span style=\"font-weight: 400;\">\u91d1\u878d\u6d77\u562f\u767c\u751f\u539f\u56e0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>2008\u5e74\u7684\u91d1\u878d\u6d77\u562f(\u82f1\u6587\uff1aFinancial crisis)\u53c8\u7a31\u70ba2008\u91d1\u878d\u5371\u6a5f\u3001\u6b21\u8cb8\u5371\u6a5f\u3001\u6b21\u8cb8\u98a8\u66b4\uff0c\u5f15\u767c\u9019\u5834\u5371\u6a5f\u7684\u5143\u51f6\u5c31\u662f\u5c31\u662f\u6b21\u7d1a\u623f\u5c4b\u8cb8\u6b3e(Subprime Mortgage)\uff0c\u7576\u6642\u6709\u8d85\u904e266\u842c\u5957\u623f\u5b50\u7684\u5c4b\u4e3b\u7121\u6cd5\u511f\u9084\u623f\u8cb8\u3002<\/p>\n<p>\u6240\u8b02\u6b21\u7d1a\u623f\u5c4b\u8cb8\u6b3e\uff0c\u5c31\u662f\u4e00\u7a2e\u9084\u6b3e\u4eba\u666e\u904d\u4fe1\u7528\u4f4e\u65bc\u5e73\u5747\u6c34\u6e96\u7684\u8cb8\u6b3e\u7d71\u7a31\u3002<\/p>\n<p>\u4e00\u822c\u4f86\u8aaa\uff0c\u9280\u884c\u4e3b\u8981\u6703\u501f\u9322\u7d66\u512a\u8cea\u7684\u9084\u6b3e\u4eba\uff0c\u9019\u4e9b\u501f\u6b3e\u4eba\u6709\u826f\u597d\u7684\u5de5\u4f5c\u6536\u5165\u3001\u8cc7\u7522\u62b5\u62bc\u3001\u4fe1\u7528\u7d00\u9304\uff0c\u9019\u985e\u8cb8\u6b3e\u7a31\u70ba\u512a\u7d1a\u623f\u5c4b\u8cb8\u6b3e(Prime Mortgages)\u3002<\/p>\n<p>\u4f46\u4e5f\u6709\u4e00\u4e9b\u501f\u6b3e\u6703\u501f\u7d66\u9084\u6b3e\u80fd\u529b\u8f03\u5dee\u7684\u5c0d\u8c61\uff0c\u9019\u4e9b\u4eba\u4fe1\u7528\u7d00\u9304\u666e\u904d\u4f4e\u65bc\u5e73\u5747\u6c34\u6e96\uff0c\u80fd\u5426\u9084\u6b3e\u7684\u7591\u616e\u672c\u4f86\u5c31\u6bd4\u4e00\u822c\u4eba\u66f4\u9ad8\u4e00\u9ede\uff0c\u4e00\u822c\u4e5f\u6703\u88ab\u6536\u53d6\u66f4\u9ad8\u7684\u5229\u606f\uff0c\u9019\u985e\u8cb8\u6b3e\u901a\u7a31\u70ba\u6b21\u7d1a\u623f\u5c4b\u8cb8\u6b3e(Subprime Mortgage)\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-41851\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220912162459_11.jpg\" alt=\"2008\u6b21\u8cb8\u5371\u6a5f-\u6210\u56e0\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20220912162459_11.jpg 1557w, https:\/\/\/wp-content\/uploads\/20220912162459_11-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<h3><\/h3>\n<p>&nbsp;<\/p>\n<h3>\u91d1\u878d\u6d77\u562f\u7684\u8d77\u56e0\uff1a\u91d1\u878d\u8cc7\u7522\u8b49\u5238\u5316\u3001\u8a55\u7d1a\u6a5f\u69cb\u9020\u5047\u3001\u5c0d\u623f\u5e02\u904e\u65bc\u6a02\u89c0\u3001\u5bec\u9b06\u7684\u8cb8\u6b3e\u653f\u7b56<\/h3>\n<p><strong>1.\u91d1\u878d\u8cc7\u7522\u8b49\u5238\u5316<\/strong><\/p>\n<p>\u57281970\u5e74\u4ee3\uff0c\u7f8e\u570b\u653f\u5e9c\u5168\u570b\u62b5\u62bc\u8cb8\u6b3e\u5354\u6703(Ginnie Mae\uff0c\u4fd7\u7a31\u5409\u5229\u7f8e)\u767c\u884c\u4e86\u7b2c\u4e00\u6279<a href=/index.html"https:\/\/\/what-is-mbs-security\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4e0d\u52d5\u7522\u62b5\u62bc\u8cb8\u6b3e\u8b49\u5238<\/a>(Mortgage Backed Security, \u7c21\u7a31<a href=/index.html"https:\/\/\/what-is-mbs-security\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">MBS<\/a>\uff0c<strong>\u7c21\u55ae\u4f86\u8aaa\uff0c\u5c31\u662f\u5f9e\u9280\u884c\u6216\u91d1\u878d\u6a5f\u69cb\u90a3\u908a\u8cfc\u8cb7\u623f\u8cb8\u50b5\u6b0a\uff0c\u4e26\u628a\u9019\u4e9b\u8cb8\u6b3e\u8b49\u5238\u5316\uff0c\u518d\u8ce3\u7d66\u6295\u8cc7\u9280\u884c\u6216\u6295\u8cc7\u4eba\u3002<\/strong><\/p>\n<p>MBS\u7684\u67b6\u69cb\u662f\u900f\u904e\u623f\u8cb8\u8cb8\u6b3e\u4eba\u511f\u9084\u7684\u5229\u606f\u548c\u672c\u91d1\uff0c\u4f86\u652f\u4ed8MBS\u7684\u5229\u606f\u53ca\u672c\u91d1\u3002\u5c0d\u8cb7\u4e86MBS\u7684\u6295\u8cc7\u4eba\u4f86\u8aaa\uff0c\u7b49\u65bc\u5c31\u8b8a\u6210\u8a31\u591a\u8cb8\u6b3e\u8005\u7684\u50b5\u6b0a\u4eba\uff0c\u800c\u5c0d\u65bc\u4e2d\u4ecb\u92b7\u552e\u6a5f\u69cb\u4f86\u8aaa\uff0c\u552e\u51faMBS\u53ef\u4ee5\u4fc3\u9032\u8cc7\u672c\u7684\u6d41\u52d5\u3001\u63d0\u9ad8\u4f01\u696d\u76c8\u9918\u3001\u589e\u52a0\u8cc7\u91d1\u5468\u8f49\u6548\u76ca\u3002<\/p>\n<p>\u7c21\u55ae\u4f86\u8aaa\uff0c\u6709\u4e86MBS\u7522\u54c1\uff0c\u91d1\u878d\u6a5f\u69cb\u5c31\u53ef\u4ee5\u5f9e\u539f\u672c\u653e\u6b3e\u6536\u5229\u606f\u4e26\u627f\u64d4\u9055\u7d04\u98a8\u96aa\uff0c\u6416\u8eab\u4e00\u8b8a\u8b8a\u6210\u5229\u7387\u7684\u4e2d\u9593\u5546\uff0c\u5b8c\u5168\u8f49\u5ac1\u98a8\u96aa\uff0c\u53ea\u8cfa\u5229\u7387\u50f9\u5dee\uff0c\u751f\u610f\u9084\u53ef\u4ee5\u56e0\u70ba\u98a8\u96aa\u8f49\u5ac1\u7121\u9650\u64f4\u5927\u3002<\/p>\n<p>\u6211\u5011\u5e38\u807d\u5230\u7684\u300c\u623f\u5229\u7f8e\u300d\u53ca\u300c\u623f\u5730\u7f8e\u300d\u5c31\u662f\u9019\u6a23\u7684\u6b21\u7d1a\u62b5\u62bc\u8cb8\u6b3e\u516c\u53f8(\u7c21\u7a31\u6b21\u8cb8\u516c\u53f8)\uff0c\u5b83\u5011\u53d7\u5230\u653f\u5e9c\u7684\u652f\u6301\uff0c\u7b97\u662f\u4e00\u500b\u7279\u8a31\u884c\u696d\uff0c\u56e0\u70ba\u5b83\u5011\u900f\u904eMBS\u7684\u767c\u884c\u8b93\u4e0d\u52d5\u7522\u7684\u50b5\u52d9\u8b49\u5238\u5316\uff0c\u8b93\u8cc7\u91d1\u66f4\u6709\u6d41\u52d5\u6027\u3002<\/p>\n<p>\u9019\u500b\u91d1\u878d\u8cc7\u7522\u7684\u8b49\u5238\u5316\u57281980\u53ca1990\u5e74\u4ee3\u975e\u5e38\u98a8\u884c\uff0c\u4e0d\u53ea\u6709\u4e0d\u52d5\u7522\u624d\u80fd\u8b49\u5238\u5316\uff0c\u5176\u4ed6\u7684\u8cb8\u6b3e\u5982\u4fe1\u8cb8\u3001\u8eca\u8cb8\u3001\u5b78\u751f\u8cb8\u6b3e\u4e5f\u90fd\u80fd\u8b49\u5238\u5316\u3002<\/p>\n<p>\u5f8c\u4f86\u9032\u4e00\u6b65\u6f14\u751f\u51fa<strong>\u628a\u6240\u6709\u8b49\u5238\u5316\u50b5\u5238\u90fd\u6253\u5305\u5728\u4e00\u8d77\uff0c\u7a31\u70ba\u64d4\u4fdd\u50b5\u52d9\u6191\u8b49(Collateralized Debt Obligations ,\u00a0 \u7c21\u7a31CDO)<\/strong>\uff0c<\/p>\n<p>MBS\u662f\u4ee5\u623f\u8cb8\u6253\u5305\u4e00\u8d77\u505a\u70ba\u70ba\u64d4\u4fdd\u7684\u50b5\u5238\uff0c<\/p>\n<p>CDO\u5247\u662f\u628a\u4e00\u5806MBS\u6216\u5176\u4ed6\u8b49\u5238\u6253\u5305\u5728\u4e00\u8d77\u505a\u70ba\u64d4\u4fdd\u7684\u50b5\u5238\uff0c\u62b5\u62bc\u54c1\u5167\u5bb9\u4e0d\u50c5\u662fMBS\u623f\u8cb8\uff0cCDO\u9084\u53ef\u80fd\u5305\u5165\u5404\u7a2e\u8b49\u5238\u5316\u5f8c\u7684\u8cb8\u6b3e\uff0c\u751a\u81f3\u5305\u5165\u5176\u4ed6\u7684CDO\uff0c\u4f5c\u70baCDO\u652f\u4ed8\u672a\u4f86\u5229\u606f\u548c\u672c\u91d1\u80cc\u5f8c\u7684\u64d4\u4fdd\u54c1\u3002<\/p>\n<p>\u56e0\u70ba\u9019\u6a23\u7684\u91d1\u878d\u5546\u54c1\u7d93\u904e\u5c64\u5c64\u5305\u88dd\uff0c\u4e00\u822c\u6295\u8cc7\u4eba\u96e3\u4ee5\u7406\u89e3\uff0c\u5982\u4eca\u5df2\u7d93\u975e\u5e38\u7a00\u5c11\u3002\u4f46\u5728\u7576\u5e74\u6ce1\u6cab\u7834\u88c2\u4e4b\u524d\uff0cCDO\u66fe\u662f\u975e\u5e38\u66a2\u92b7\u7684\u5546\u54c1\u3002<\/p>\n<p><strong>2. \u8a55\u7d1a\u6a5f\u69cb\u9020\u5047<\/strong><\/p>\n<p>\u5728\u50b5\u5238\u7684\u767c\u884c\u904e\u7a0b\u4e2d\uff0c\u4fe1\u7528\u8a55\u7b49\u6a5f\u69cb(credit rating agency)\u626e\u6f14\u91cd\u8981\u7684\u89d2\u8272\uff0c\u56e0\u70ba\u5f9e\u4ed6\u5011<a href=/index.html"https:\/\/\/what-credit-rating-3\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8a55\u7d1a\u50b5\u5238<\/a>\u7684\u7b49\u7d1a\u53ca\u610f\u898b\uff0c\u53ef\u4ee5\u964d\u4f4e\u50b5\u5238\u767c\u884c\u4eba\u53ca\u6295\u8cc7\u4eba\u4e4b\u9593\u7684\u8cc7\u8a0a\u4e0d\u5c0d\u7a31\uff0c\u9019\u4e9b\u4fe1\u8a55\u6a5f\u69cb\u7406\u8ad6\u4e0a\u4f86\u8aaa\u61c9\u8a72\u8981\u516c\u6b63\u5ba2\u89c0\uff0c\u4e0d\u53d7\u4efb\u4f55\u7b2c\u4e09\u65b9\u5f71\u97ff\u3002<\/p>\n<p>\u7136\u800c\u5728\u91d1\u878d\u6d77\u562f\u767c\u751f\u524d\u90a3\u500b\u5e74\u4ee3\uff0c\u4fe1\u8a55\u6a5f\u69cb\u6536\u4e86\u50b5\u5238\u767c\u884c\u8005\u7684\u9322\u5f8c\uff0c\u7adf\u5c07\u5927\u91cf\u6709\u554f\u984c\u7684\u50b5\u5238\u8a55\u70ba\u6295\u8cc7\u7d1a\u5225\uff0c\u8aa4\u5c0e\u6295\u8cc7\u4eba\uff0c\u9019\u6a23\u7684\u9020\u5047\u4e5f\u5c0e\u81f4\u4e86\u4e4b\u5f8c\u60b2\u5287\u7684\u7522\u751f\u3002<\/p>\n<p>\u4f8b\u5982\uff0c\u570b\u969b\u4e09\u5927\u8a55\u7d1a\u6a5f\u69cb\u4e4b\u4e00\u7a46\u8fea( Moody\u2019s)\u5728\u91d1\u878d\u6d77\u562f\u524d\uff0c\u5c07\u5927\u91cf\u7684\u6b21\u8cb8\u8b49\u5238\u8a55\u7d1a\u70baAAA\u7b49\u7d1a\uff0c\u76f8\u7576\u65bc\u662f\u8ddf\u7f8e\u570b\u570b\u50b5\u4e00\u6a23\u5b89\u5168\u7684\u7b49\u7d1a\uff0c\u5f88\u660e\u986f\u8207\u4e8b\u5be6\u76f8\u9055\u80cc\u3002<\/p>\n<p>\u6b21\u8cb8\u5371\u6a5f\u5f8c\uff0c\u7a46\u8fea\u53d7\u5230\u7f8e\u570b\u7576\u5c40\u63a7\u544a\uff0c\u7406\u7531\u662f\u4ed6\u5011\u8a87\u5927\u4e86\u6b21\u8cb8\u8b49\u5238\u7684\u8a55\u7d1a\u3002<\/p>\n<p>\u6700\u5f8c\uff0c\u7a46\u8fea\u548c\u53f8\u6cd5\u90e8\u53ca\u7f8e\u570b21\u500b\u5dde\u9054\u6210\u5354\u8b70\uff0c\u540c\u610f\u7f70\u6b3e8.64\u5104\u7f8e\u5143\uff0c\u76f8\u7576\u65bc\u662f\u7a46\u8fea\u5728\u91d1\u878d\u5371\u6a5f\u7206\u767c\u524d\u56db\u5e74\u7e3d\u7372\u5229\u7684\u4e09\u5206\u4e4b\u4e00\u3002<\/p>\n<p>\u53e6\u5916\u4e00\u5bb6\u8a55\u7d1a\u6a5f\u69cb\u6a19\u6e96\u666e\u723e(S&amp;P)\u4e5f\u53d7\u5230\u540c\u6a23\u7684\u8a34\u8a1f\uff0c\u652f\u4ed8\u4e8615\u5104\u7f8e\u5143\u7684\u548c\u89e3\u91d1\u3002<\/p>\n<p><strong>3. \u5c0d\u623f\u5e02\u904e\u65bc\u6a02\u89c0<\/strong><\/p>\n<p>1990\u5e74\u4ee3\uff0c\u7f8e\u570b\u623f\u5e02\u666f\u6c23\u6a02\u89c0\uff0c\u6bcf\u500b\u4eba\u90fd\u76f8\u4fe1\u623f\u50f9\u53ea\u6703\u6f32\uff0c\u4e0d\u6703\u8dcc\uff0c\u65bc\u662f\u9023\u8cb7\u4e0d\u8d77\u623f\u5b50\u7684\u4eba\u90fd\u501f\u9322\u8cb7\u623f\uff0c\u9020\u6210\u623f\u50f9\u88ab\u63a8\u66f4\u9ad8\uff0c\u6c11\u773e\u5c0d\u65bc\u623f\u5e02\u7684\u4fe1\u5fc3\u6307\u6578\u7834\u8868\u3002<\/p>\n<p>2000\u5e74\u7db2\u8def\u6ce1\u6cab\u5371\u6a5f\uff0c\u52a0\u4e0a911\u6050\u6016\u653b\u64ca\u4e8b\u4ef6\uff0c<a href=/index.html"https:\/\/\/waht-is-fed-libor-and-sibor\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u806f\u6e96\u6703<\/a>\u958b\u59cb\u6551\u5e02\uff0c\u63a1\u53d6\u5bec\u9b06\u7684<a href=/index.html"https:\/\/\/what-is-monetary-policy-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8ca8\u5e63\u653f\u7b56<\/a>\uff0c\u5c07<a href=/index.html"https:\/\/\/fed-interest-rate-work\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u806f\u90a6\u57fa\u91d1\u5229\u7387<\/a>\u5f9e2000\u5e745\u6708\u76846.5%\u4e00\u8def<a href=/index.html"https:\/\/\/what-is-cut-interest-rates\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u964d\u606f<\/a>\uff0c\u4e0b\u8abf\u52302003\u5e746\u6708\u76841%\uff0c\u4f4e\u5229\u7387\u7684\u7d50\u679c\u9020\u6210\u623f\u50f9\u87ba\u65cb\u5f0f\u7684\u4e0a\u5347\u3002<\/p>\n<p>\u623f\u50f9\u6301\u7e8c\u63a8\u5347\u3001\u591a\u5e74\u623f\u5e02\u6a02\u89c0\u7684\u6c1b\u570d\uff0c\u4e5f\u662f\u5c0e\u81f4\u5f8c\u4f86\u5927\u91cf\u4e0d\u826f\u623f\u8cb8\u51fa\u73fe\u7684\u539f\u56e0\u3002<\/p>\n<p><strong>4. \u5bec\u9b06\u7684\u8cb8\u6b3e\u653f\u7b56<\/strong><\/p>\n<p>\u4ee5\u5f80\u8cb8\u6b3e\u6703\u53d7\u5230\u653f\u5e9c\u5c0d\u982d\u671f\u6b3e\u898f\u5b9a\u3001\u5229\u7387\u3001\u9084\u6b3e\u5e74\u9650\u898f\u5b9a\uff0c\u4ee5\u53ca\u6703\u6839\u64da\u4fe1\u7528\u7d00\u9304\u751a\u81f3\u7121\u6cd5\u5f97\u5230\u597d\u7684\u8cb8\u6b3e\uff0c\u6216\u8005\u6602\u8cb4\u7684\u5229\u7387\u3002<\/p>\n<p>\u4f462008\u5e74\u4ee5\u524d\uff0c\u7576\u6642\u7684\u5c0d\u623f\u5e02\u7684\u4fe1\u5fc3\u52a0\u4e0a\u8cb8\u6b3e\u653f\u7b56\u5bec\u9b06\uff0c\u6709\u4e9b\u8cb8\u6b3e\u6a5f\u69cb\u751a\u81f3\u9023\u8cb8\u6b3e\u7533\u8acb\u4eba\u7684\u8eab\u4efd\u90fd\u4e0d\u6aa2\u67e5\uff0c<\/p>\n<p>\u56e0\u6b64\u8a31\u591a\u4fe1\u7528\u7d00\u9304\u4e0d\u4f73\u6216\u662f\u6c92\u6709\u4fe1\u7528\u7d00\u9304\u7684\u4eba\u4e5f\u80fd\u8f15\u9b06\u501f\u9322\u8cb7\u623f\uff0c\u9019\u4e5f\u57cb\u4e0b\u4e86\u672a\u4f86\u6ce1\u6cab\u7834\u6ec5\u7684\u7a2e\u5b50\u3002<\/p>\n<h3>\u6ce1\u6cab\u7834\u6ec5\uff1a\u5229\u606f\u5347\u9ad8\u3001\u623f\u50f9\u4e0b\u8dcc\u3001\u6c11\u773e\u7121\u529b\u511f\u9084\u8cb8\u6b3e<\/h3>\n<p>2004\u5e746\u6708\uff0c\u806f\u6e96\u6703\u958b\u59cb\u9032\u5165\u5347\u606f\u5faa\u74b0\uff0c\u5c07\u806f\u90a6\u57fa\u91d1\u5229\u7387\u5f9e1%\u9010\u6b65\u8abf\u9ad8\uff0c\u52302006\u5e74\u5df2\u90545.25%\u3002\u52a0\u4e0a\u7576\u6642\u623f\u5e02\u958b\u59cb\u7522\u751f\u4f9b\u904e\u65bc\u6c42\u7684\u72c0\u6cc1\uff0c\u623f\u50f9\u7d42\u65bc\u958b\u59cb\u4e0b\u8dcc\u3002<\/p>\n<p>\u800c\u623f\u50f9\u4e0b\u8dcc\u5c0e\u81f4\u76f8\u95dc\u7684\u4e0a\u4e0b\u6e38\u7522\u696d\u90fd\u958b\u59cb\u840e\u7e2e\uff0c\u9023\u5e36\u5f71\u97ff\u8a31\u591a\u4eba\u6536\u5165\u6e1b\u5c11\u751a\u81f3\u5931\u696d\uff0c\u9020\u6210\u5404\u884c\u5404\u696d\u7684\u60e1\u6027\u5faa\u74b0\u3002\u65bc\u662f\uff0c\u958b\u59cb\u6709\u8a31\u591a\u4eba\u7121\u529b\u511f\u9084\u623f\u8cb8\uff0c\u9020\u6210\u50b5\u52d9\u9055\u7d04\u3002<\/p>\n<p>\u56e0\u6c11\u773e\u7e73\u4e0d\u51fa\u8cb8\u6b3e\uff0c\u6216\u662f\u56e0\u623f\u50f9\u4e0b\u8dcc\u4e7e\u8106\u4e0d\u7e73\u8cb8\u6b3e\uff0c\u90a3\u4e9b\u6b21\u7d1a\u62b5\u62bc\u8cb8\u6b3e\u516c\u53f8\u56e0\u50b5\u52d9\u9055\u7d04\u4e5f\u7d1b\u7d1b\u7533\u8acb\u7834\u7522\u3002<\/p>\n<h3>\u91d1\u878d\u696d\u53d7\u5230\u5de8\u5927\u640d\u50b7<\/h3>\n<p>\u91d1\u878d\u696d\u53d7\u640d\u5c24\u5176\u56b4\u91cd\uff0c\u56e0\u70ba\u7d55\u5927\u591a\u6578\u7684\u91d1\u878d\u7522\u696d\u90fd\u662f\u69d3\u687f\u7d93\u71df\uff0c\u50c5\u6709\u5c11\u90e8\u5206\u81ea\u5df1\u7684\u672c\u91d1\uff0c\u7576\u90e8\u5206\u539f\u672c\u8a8d\u70ba\u662f\u5b89\u5168\u7684\u512a\u8cea\u8cc7\u7522\u51fa\u554f\u984c\u3001\u5c11\u90e8\u5206\u5e33\u4e0a\u8cc7\u7522\u8b8a\u6210\u58de\u5e33\uff0c\u5c31\u53ef\u80fd\u51fa\u73fe\u8cc7\u4e0d\u62b5\u50b5\u7684\u98a8\u96aa\u3002<\/p>\n<p>\u7576\u6642\u90e8\u5206\u9280\u884c\u7684\u8cc7\u7522\u4e2d\u6709\u5927\u91cf\u7684MBS\u53caCDO\uff0c\u56e0\u50b5\u52d9\u9055\u7d04\u800c\u56b4\u91cd\u73fe\u91d1\u6d41\u4e0d\u8db3\uff0c\u9020\u6210\u6c11\u773e\u5230\u9280\u884c\u63d0\u9818\u73fe\u91d1\u6642\u9818\u4e0d\u5230\u9322\uff0c\u6700\u5f8c\u9019\u4e9b\u9280\u884c\u4e5f\u76f8\u7e7c\u5012\u9589\uff0c\u7522\u751f\u9023\u9396\u6548\u61c9\u3002<\/p>\n<p>\u63d0\u4f9b\u62b5\u62bc\u8cb8\u6b3e\u6838\u5fc3\u7684\u623f\u5730\u7f8eFreddie Mac \u548c\u623f\u5229\u7f8eFannie Mae\uff0c\u8655\u65bc\u98a8\u66b4\u7684\u4e2d\u5fc3\uff0c\u80a1\u50f9\u4e0b\u8dcc\u8d85\u904e99%\uff0c\u5f8c\u4f86\u88ab\u7f8e\u570b\u653f\u5e9c\u63a5\u7ba1\u3002<\/p>\n<p>\u623f\u5730\u7f8e\u57282011\u5e74\u6700\u4f4e\u50f9\u80a1\u50f9\uff0c\u4e00\u5ea6\u53ea\u5269\u4e0b2008\u5e74\u4ee5\u524d\u6700\u9ad8\u50f9\u6642\u76840.3%\uff0c\u4e5f\u5c31\u662f\u6295\u8cc71000\u5143\u5269\u4e0b3\u5143\u7684\u50f9\u503c\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-43182\" src=/index.html"https:\/\/\/wp-content\/uploads\/20221014174032_10.jpg\" alt=\"\u623f\u5730\u7f8e \u2013 \u65bc2008\u5e74\u80a1\u50f9\u4e0b\u8dcc\u8d85\u904e98%\uff0c\u88ab\u7f8e\u570b\u653f\u5e9c\u63a5\u7ba1\" width=\"1500\" height=\"619\" \/><\/p>\n<p>\u7576\u6642\u7834\u7522\u7684\u77e5\u540d\u7684\u5e7e\u5bb6\u91d1\u878d\u6a5f\u69cb\u5982\u4e0b\uff1a<\/p>\n<p><strong>1. \u8c9d\u723e\u65af\u767b\uff08Bear Stearns\uff09\uff1a<\/strong><\/p>\n<p>\u8c9d\u723e\u65af\u767b\u5275\u7acb\u65bc1923\u5e74\uff0c\u66fe\u662f\u5168\u7f8e\u7b2c\u4e94\u5927\u6295\u8cc7\u9280\u884c\uff0c\u57282008\u5e74\u6642\u56e0\u70ba\u5b83\u7684\u907f\u96aa\u57fa\u91d1\u6301\u6709\u5927\u91cfCDO\u3001CDS\u6295\u8cc7\u7d44\u5408\uff0c\u9019\u4e9bCDO\u80cc\u5f8c\u5247\u662fMBS\u4f5c\u70ba\u62b5\u62bc\uff0c\u7576\u623f\u5e02\u958b\u59cb\u4f4e\u8ff7\u3001\u8a31\u591a\u8cb8\u6b3e\u4eba\u7e73\u4e0d\u51fa\u623f\u8cb8\uff0c\u8b93MBS\u958b\u59cb\u51fa\u554f\u984c\uff0c\u5c0e\u81f4CDO\u7684\u50f9\u503c\u4e5f\u5927\u5e45\u7684\u6e1b\u640d\u3002<\/p>\n<p>\u9019\u985e\u57fa\u91d1\u7684\u7b56\u7565\u662f\u900f\u904e\u9ad8\u5ea6\u7684\u69d3\u687f\uff0c\u53bb\u8cfa\u53d6\u7a69\u5b9a\u7684\u5229\u5dee\u5957\u5229\u7b56\u7565\u3002\u4f46\u662f\u7576\u50b5\u52d9\u958b\u59cb\u9055\u7d04\u3001\u9019\u985e\u5546\u54c1\u77ed\u671f\u958b\u59cb\u5931\u53bb\u6d41\u52d5\u6027\uff0c\u50f9\u683c\u56e0\u6b64\u66b4\u8dcc\uff0c\u53c8\u56e0\u70ba\u69d3\u687f\u653e\u5927\u4e86\u640d\u5931\u3002<\/p>\n<p>\u5728\u7576\u6642\u5e02\u5834\u74b0\u5883\u4e0b\uff0c\u4eba\u5011\u5c0d\u8c9d\u723e\u65af\u767b\u5931\u53bb\u4fe1\u5fc3\uff0c\u5c0e\u81f4\u5b83\u4e5f\u96e3\u4ee5\u900f\u904e\u77ed\u671f\u878d\u8cc7\u6490\u904e\u53bb\uff0c<br \/>\n\u6700\u7d42\u7531\u806f\u6e96\u6703\u8cb8\u6b3e\u7d66\u6469\u6839\u5927\u901a\uff0c\u8c9d\u723e\u65af\u767b\u88ab\u6469\u6839\u5927\u901a\u6536\u8cfc\u3002<\/p>\n<p><strong>2. \u96f7\u66fc\u5144\u5f1f\uff08Lehman Brothers\uff09<\/strong><\/p>\n<p>\u96f7\u66fc\u5144\u7576\u7576\u6642\u662f\u5168\u7403\u7b2c\u56db\u5927\u6295\u8cc7\u9280\u884c\uff0c\u4e5f\u662f\u6709\u767e\u5e74\u6b77\u53f2\u7684\u4f01\u696d\u3002\u57282007\u5e74\u4ee5\u524d\uff0c\u96f7\u66fc\u5144\u5f1f\u9760\u8457\u62b5\u62bc\u8cb8\u6b3e\u696d\u52d9\uff0c\u7372\u5229\u8868\u73fe\u76f8\u7576\u9a5a\u4eba\u3002<\/p>\n<p>\u4f46\u5230\u4e862007\u5e74\u5371\u6a5f\u7206\u767c\u524d\u5915\uff0c\u5b83\u5e33\u4e0a\u7d2f\u7a4d\u7684MBS\u90e8\u4f4d\u4e5f\u662f\u5168\u5e02\u5834\u6700\u591a\u7684\uff0c\u6709\u9ad8\u9054850\u5104\u7f8e\u5143MBS\u76f8\u95dc\u7684CDO\u6295\u8cc7\u7d44\u5408\uff0c\u9019\u91d1\u984d\u9060\u9ad8\u65bc\u5b83\u7684\u80a1\u6771\u6b0a\u76ca\u3002\u540c\u6642\u624b\u4e0a\u4e5f\u6709\u5927\u91cfCDS\u627f\u64d4\u4e86\u9055\u7d04\u98a8\u96aa\u3002<\/p>\n<p><strong>\u9664\u4e86\u8c9d\u723e\u65af\u767b\u548c\u96f7\u66fc\u5144\u5f1f\u4ee5\u5916\uff0c\u7576\u6642\u6709\u975e\u5e38\u591a\u77e5\u540d\u7684\u91d1\u878d\u6a5f\u69cb\uff0c\u90fd\u5728\u9019\u6b212008\u5e74\u5371\u6a5f\u5012\u4e0b<\/strong><\/p>\n<p>\u4f8b\u5982\u7f8e\u6797\u8b49\u5238\u88ab\u7f8e\u570b\u9280\u884c\u6536\u8cfc\uff0c\u82b1\u65d7\u9280\u884c\u53d7\u653f\u5e9c\u6ce8\u8cc7\u62ef\u6551\u7b49\u7b49\uff0c\u8a31\u591a\u91d1\u878d\u6a5f\u69cb\u5728\u7576\u6642\u90fd\u9762\u81e8\u5012\u9589\u6216\u88ab\u6536\u8cfc\u7684\u547d\u904b\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E9%87%91%E8%9E%8D%E6%B5%B7%E5%98%AF%E5%A4%A7%E4%BA%8B%E7%B4%80\"><\/span>\u91d1\u878d\u6d77\u562f\u5927\u4e8b\u7d00<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-41852\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220912162502_62.jpg\" alt=\"\u91d1\u878d\u6d77\u562f-\u5927\u4e8b\u7d00\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20220912162502_62.jpg 1557w, https:\/\/\/wp-content\/uploads\/20220912162502_62-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<table style=\"border-collapse: collapse; width: 100%; height: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 17.0352%; text-align: center;\" colspan=\"2\">\u91d1\u878d\u6d77\u562f\u5927\u4e8b\u7d00<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 17.0352%; height: 24px; text-align: center;\">2004\/06<\/td>\n<td style=\"width: 82.9648%; height: 24px;\">\u7f8e\u570b\u958b\u59cb\u9032\u5165\u5347\u606f\u5faa\u74b0<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 17.0352%; height: 24px; text-align: center;\">2006\u521d<\/td>\n<td style=\"width: 82.9648%; height: 24px;\">\u623f\u50f9\u958b\u59cb\u4e0b\u8dcc\uff0c\u806f\u90a6\u57fa\u91d1\u5229\u7387\u9054\u52305.25%\uff0c\u6c11\u773e\u958b\u59cb\u9084\u4e0d\u8d77\u8cb8\u6b3e<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 17.0352%; height: 24px; text-align: center;\">2007\/04<\/td>\n<td style=\"width: 82.9648%; height: 24px;\">\u5e7e\u5bb6\u6b21\u7d1a\u62b5\u62bc\u8cb8\u6b3e\u516c\u53f8\u7533\u8acb\u7834\u7522<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 17.0352%; height: 24px; text-align: center;\">2007\/08<\/td>\n<td style=\"width: 82.9648%; height: 24px;\">\u5168\u7403\u9280\u884c\u9593\u8cc7\u91d1\u51cd\u7d50\uff0c\u7522\u751f\u6d41\u52d5\u6027\u5371\u6a5f<\/td>\n<\/tr>\n<tr style=\"height: 22px;\">\n<td style=\"width: 17.0352%; height: 22px; text-align: center;\">2007\u5e95<\/td>\n<td style=\"width: 82.9648%; height: 22px;\"><strong>\u7f8e\u570b\u7b2c\u4e8c\u5927\u6b21\u7d1a\u623f\u8cb8\u516c\u53f8\u65b0\u4e16\u7d00\u91d1\u878d\u516c\u53f8\u5ba3\u5e03\u7834\u7522<\/strong>\uff0c\u806f\u6e96\u6703\u548c\u5176\u4ed6\u592e\u884c\u5411\u5168\u7403\u4fe1\u8cb8\u5e02\u5834\u63d0\u4f9b\u6578\u5341\u5104\u7f8e\u5143\u7684\u8cb8\u6b3e<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 17.0352%; height: 24px; text-align: center;\">2008\/01<\/td>\n<td style=\"width: 82.9648%; height: 24px;\">\u806f\u6e96\u6703\u964d\u606f3\u78bc\uff0c\u662f1980\u5e74\u4ee5\u4f86\u964d\u606f\u5e45\u5ea6\u6700\u5927\u7684\u4e00\u6b21<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 17.0352%; height: 24px; text-align: center;\">2008\/03<\/td>\n<td style=\"width: 82.9648%; height: 24px;\"><strong>\u6295\u8cc7\u9280\u884c\u8c9d\u723e\u65af\u767b\u5012\u9589<\/strong>\uff0c\u88ab\u6469\u6839\u5927\u901a\u4ee5\u4e00\u5206\u9322\u6536\u8cfc<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 17.0352%; height: 24px; text-align: center;\">2008\/09<\/td>\n<td style=\"width: 82.9648%; height: 24px;\"><strong>\u96f7\u66fc\u5144\u5f1f\u7834\u7522\uff0c\u623f\u5229\u7f8e\u53ca\u623f\u5730\u7f8e\u88ab\u7f8e\u570b\u653f\u5e9c\u63a5\u7ba1\uff0c\u7f8e\u6797\u88ab\u7f8e\u570b\u9280\u884c\u6536\u8cfc<\/strong>\uff0c\u4e00\u9023\u4e32\u7684\u91d1\u878d\u6a5f\u69cb\u7015\u81e8\u5012\u9589\uff0c\u9020\u6210\u5168\u7403\u4fe1\u8cb8\u840e\u7e2e<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 17.0352%; height: 27px; text-align: center;\">2009\/02<\/td>\n<td style=\"width: 82.9648%; height: 27px;\">\u7f8e\u570b\u5931\u696d\u7387\u6500\u5347\u81f38.1%\uff0c\u70ba26\u5e74\u4f86\u65b0\u9ad8<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 17.0352%; height: 24px; text-align: center;\">2009\/03<\/td>\n<td style=\"width: 82.9648%; height: 24px;\">\u7f8e\u570b\u80a1\u5e02\u89f8\u5e95\uff0c\u6700\u5927\u8dcc\u5e4556%\uff0c\u4e4b\u5f8c\u9032\u5165\u4e86\u53f2\u4e0a\u6700\u9577\u7684\u725b\u5e02<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 17.0352%; text-align: right;\" colspan=\"2\">\u8cc7\u6599\u6574\u7406\uff1a<a href=/index.html"https:\/\/\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Mr. Market\u5e02\u5834\u5148\u751f<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E9%87%91%E8%9E%8D%E6%B5%B7%E5%98%AF%E9%80%A0%E6%88%90%E7%9A%84%E5%BD%B1%E9%9F%BF%EF%BC%9A%E8%82%A1%E5%B8%82%E3%80%81%E6%88%BF%E5%B8%82%E3%80%81%E5%85%A8%E7%90%83%E7%B6%93%E6%BF%9F\"><\/span>\u91d1\u878d\u6d77\u562f\u9020\u6210\u7684\u5f71\u97ff\uff1a\u80a1\u5e02\u3001\u623f\u5e02\u3001\u5168\u7403\u7d93\u6fdf<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3>\u80a1\u5e02\uff1a\u7f8e\u80a1\u6700\u5927\u8dcc\u5e4556%\uff0c\u80a1\u707d\u6b77\u66421\u5e745\u500b\u6708<\/h3>\n<p>2007\u5e74\u7b2c\u56db\u5b63\uff0c\u5728\u591a\u5bb6\u6b21\u8cb8\u516c\u53f8\u7d1b\u7d1b\u7834\u7522\uff0c\u9280\u884c\u9593\u7522\u751f\u6d41\u52d5\u6027\u5371\u6a5f\u5f8c\uff0c\u80a1\u5e02\u958b\u59cb\u4e0b\u8dcc\uff0c\u4e26\u57282008\u5e74\u96f7\u66fc\u5144\u5f1f\u7533\u8acb\u7834\u7522\u5f8c\uff0c\u6a19\u666e500\u6307\u6578\u5728\u4e00\u500b\u6708\u5167\u66b4\u8dcc\u4e8623%\uff0c\u9019\u5834\u80a1\u707d\u5171\u6b77\u6642\u9577\u90541\u5e745\u500b\u6708\uff0c\u5f9e2007\u5e7410\u6708\u7684\u9ad8\u9ede\uff0c\u81f32009\u5e743\u6708\u7684\u4f4e\u9ede\uff0c\u8dcc\u4e8656%\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-41890\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220913110611_81.jpg\" alt=\"\u91d1\u878d\u6d77\u562f-\u7f8e\u80a1\u4e0b\u8dcc\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20220913110611_81.jpg 1557w, https:\/\/\/wp-content\/uploads\/20220913110611_81-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<p>\u9664\u4e86\u7f8e\u570b\u80a1\u5e02\u5916\uff0c\u5168\u7403\u5404\u5927\u80a1\u5e02\u90fd\u53d7\u5230\u91cd\u632b\uff0c\u4e3b\u8981\u570b\u5bb6\u80a1\u5e02\u5e7e\u4e4e\u90fd\u8170\u65ac\uff0c\u5176\u4e2d\u8dcc\u5e45\u6700\u5927\u7684\u662f\u4fc4\u7f85\u65af\uff0c\u56e0\u70ba\u53d7\u5230\u570b\u969b\u6cb9\u50f9\u4e0b\u8dcc\u53ca\u91d1\u878d\u6d77\u562f\u96d9\u91cd\u6253\u64ca\uff0c\u80a1\u5e02\u8dcc\u5e45\u8d85\u904e70%\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-41854\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220912162510_48.jpg\" alt=\"\u91d1\u878d\u6d77\u562f-\u5404\u570b\u80a1\u5e02\" width=\"1557\" height=\"1103\" srcset=\"https:\/\/\/wp-content\/uploads\/20220912162510_48.jpg 1557w, https:\/\/\/wp-content\/uploads\/20220912162510_48-1536x1088.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<h3>\u623f\u5e02\uff1a2006\u5e74\u5f8c\u623f\u50f9\u5feb\u901f\u5d29\u8dcc\uff0c\u623f\u8cb8\u9055\u7d04\u7387\u6500\u5347<\/h3>\n<p>\u7f8e\u570b\u7684\u623f\u50f9\u6307\u6578\u5f9e1991\u5e74\u4ee5\u4f86\u4e00\u8def\u6500\u5347\uff0c\u52302006\u5e74\u9054\u5230\u9ad8\u5cf0\u3002\u4e4b\u5f8c\u56e0\u70ba\u9ad8\u5229\u7387\u53ca\u623f\u5c4b\u4f9b\u904e\u65bc\u6c42\u7684\u72c0\u6cc1\uff0c\u623f\u50f9\u5f9e2006\u5e744\u6708\u958b\u59cb\u6025\u901f\u5d29\u8dcc\uff0c\u8a31\u591a\u4ed8\u6b3e\u80fd\u529b\u4e0d\u4f73\u7684\u4eba\u958b\u59cb\u7e73\u4e0d\u51fa\u8cb8\u6b3e\uff0c\u623f\u8cb8\u9055\u7d04\u7387\u6500\u5347\u3002<\/p>\n<p>\u622a\u81f32006\u5e74\u5e95\uff0c\u7f8e\u570b\u5bb6\u5ead\u6240\u62d6\u6b20\u7684\u623f\u8cb8\u5446\u5e33\u91d1\u984d\u9ad8\u90549\u51469\u5343\u5104\u7f8e\u5143\uff0c\u52302007\u5e74\u6709130\u842c\u68df\u623f\u5c4b\u88ab\u6cd5\u62cd\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-41855\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220912162511_2.jpg\" alt=\"\u91d1\u878d\u6d77\u562f-\u7f8e\u570b\u623f\u50f9\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20220912162511_2.jpg 1557w, https:\/\/\/wp-content\/uploads\/20220912162511_2-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<h3>\u5168\u7403\u7d93\u6fdf\uff1a\u6b21\u8cb8\u5371\u6a5f\u6ce2\u53ca\u5168\u7403\uff0c\u5404\u570b\u7d93\u6fdf\u6210\u9577\u7387\u4e0b\u6ed1<\/h3>\n<p>2008\u5e74\u7684\u6b21\u8cb8\u98a8\u66b4\u5f15\u767c\u4e86\u5168\u7403\u7684\u91d1\u878d\u5371\u6a5f\uff0c\u591a\u5bb6\u5927\u578b\u91d1\u878d\u6a5f\u69cb\u9762\u81e8\u8ca1\u52d9\u5371\u6a5f\u6216\u5012\u9589\uff0c\u5c0e\u81f4\u91d1\u878d\u6d41\u52d5\u6027\u51fa\u554f\u984c\uff0c\u6ce2\u53ca\u5168\u7403\u7d93\u6fdf\u3002<\/p>\n<p>\u7f8e\u570b\u65b9\u9762\uff0c\u81ea\u91d1\u878d\u5371\u6a5f\u7206\u767c\u5f8c\u5931\u696d\u7387\u7bc0\u7bc0\u6500\u5347\uff0c\u81f32009\u5e742\u6708\u5df2\u9ad8\u90548.1%\uff0c\u70ba26\u5e74\u4ee5\u4f86\u65b0\u9ad8\uff0c2009\u5e74\u7d93\u6fdf\u6210\u9577\u7387\u4e5f\u5448\u73fe\u8ca0\u503c\uff0c\u70ba-2.6%\u3002<\/p>\n<p>\u9664\u4e86\u7f8e\u570b\u4e4b\u5916\uff0c\u5168\u7403\u570b\u5bb6\u4e0d\u7ba1\u662f\u5df2\u958b\u767c\u570b\u5bb6\u6216\u958b\u767c\u4e2d\u570b\u5bb6\uff0c\u5f9e2008\u5e74\u8d77\u7d93\u6fdf\u90fd\u5448\u73fe\u5927\u5e45\u8870\u9000\uff0c2009\u5e74\u5168\u7403\u7684\u5e73\u5747GDP\u6210\u9577\u7387\u70ba\u8ca0\u503c\uff0c\u9019\u500b\u72c0\u6cc1\u52302010\u5e74\u624d\u958b\u59cb\u597d\u8f49\uff0c\u5982\u4e0b\u8868\u3002<\/p>\n<table style=\"width: 100%; height: 92px;\">\n<tbody>\n<tr style=\"height: 10px;\">\n<td style=\"width: 20.0935%; height: 10px; text-align: center;\"><span style=\"font-weight: 400;\">GDP<\/span><span style=\"font-weight: 400;\">\u6210\u9577\u7387(%)<\/span><\/td>\n<td style=\"width: 9.57944%; height: 10px; text-align: center;\"><span style=\"font-weight: 400;\">2005<\/span><\/td>\n<td style=\"width: 9.81308%; height: 10px; text-align: center;\"><span style=\"font-weight: 400;\">2006<\/span><\/td>\n<td style=\"width: 9.57944%; height: 10px; text-align: center;\"><span style=\"font-weight: 400;\">2007<\/span><\/td>\n<td style=\"width: 9.81308%; height: 10px; text-align: center;\"><span style=\"font-weight: 400;\">2008<\/span><\/td>\n<td style=\"width: 9.81308%; height: 10px; text-align: center;\"><span style=\"font-weight: 400;\">2009<\/span><\/td>\n<td style=\"width: 9.34579%; height: 10px; text-align: center;\"><span style=\"font-weight: 400;\">2010<\/span><\/td>\n<td style=\"width: 8.64486%; height: 10px; text-align: center;\"><span style=\"font-weight: 400;\">2011<\/span><\/td>\n<td style=\"width: 66.5888%; height: 10px; text-align: center;\"><span style=\"font-weight: 400;\">2012<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 20.0935%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">\u5df2\u958b\u767c\u570b\u5bb6<\/span><\/td>\n<td style=\"width: 9.57944%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">2.8<\/span><\/td>\n<td style=\"width: 9.81308%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">3.1<\/span><\/td>\n<td style=\"width: 9.57944%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">2.7<\/span><\/td>\n<td style=\"width: 9.81308%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">0.3<\/span><\/td>\n<td style=\"width: 9.81308%; height: 24px; text-align: center;\"><span style=\"font-weight: 400; color: #ff0000;\">-3.3<\/span><\/td>\n<td style=\"width: 9.34579%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">3.2<\/span><\/td>\n<td style=\"width: 8.64486%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">1.8<\/span><\/td>\n<td style=\"width: 66.5888%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">1.2<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 20.0935%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">\u958b\u767c\u4e2d\u570b\u5bb6<\/span><\/td>\n<td style=\"width: 9.57944%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">7.1<\/span><\/td>\n<td style=\"width: 9.81308%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">7.9<\/span><\/td>\n<td style=\"width: 9.57944%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">8.4<\/span><\/td>\n<td style=\"width: 9.81308%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">5.6<\/span><\/td>\n<td style=\"width: 9.81308%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">2.8<\/span><\/td>\n<td style=\"width: 9.34579%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">7.4<\/span><\/td>\n<td style=\"width: 8.64486%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">6.4<\/span><\/td>\n<td style=\"width: 66.5888%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">5.4<\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 20.0935%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">\u5168\u7403<\/span><\/td>\n<td style=\"width: 9.57944%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">4.9<\/span><\/td>\n<td style=\"width: 9.81308%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">5.4<\/span><\/td>\n<td style=\"width: 9.57944%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">5.6<\/span><\/td>\n<td style=\"width: 9.81308%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">3.1<\/span><\/td>\n<td style=\"width: 9.81308%; height: 24px; text-align: center;\"><span style=\"font-weight: 400; color: #ff0000;\">-0.1<\/span><\/td>\n<td style=\"width: 9.34579%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">5.4<\/span><\/td>\n<td style=\"width: 8.64486%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">4.3<\/span><\/td>\n<td style=\"width: 66.5888%; height: 24px; text-align: center;\"><span style=\"font-weight: 400;\">3.6<\/span><\/td>\n<\/tr>\n<tr style=\"height: 10px;\">\n<td style=\"width: 153.271%; height: 10px;\" colspan=\"9\">\n<p style=\"text-align: right;\"><span style=\"font-weight: 400;\">\u8cc7\u6599\u4f86\u6e90\uff1aIMF\u5b98\u7db2<br \/>\n<\/span><span style=\"font-weight: 400;\">\u8cc7\u6599\u6574\u7406\uff1a<a href=/index.html"https:\/\/\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Mr. Market\u5e02\u5834\u5148\u751f<\/a><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"%E8%AA%B0%E5%9C%A8%E9%87%91%E8%9E%8D%E6%B5%B7%E5%98%AF%E4%B8%AD%E8%B3%BA%E5%88%B0%E9%8C%A2%EF%BC%9F\"><\/span>\u8ab0\u5728\u91d1\u878d\u6d77\u562f\u4e2d\u8cfa\u5230\u9322\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u96d6\u7136\u91d1\u878d\u6d77\u562f\u4f7f\u5f97\u591a\u6578\u4eba\u8ca1\u7522\u5927\u70ba\u7e2e\u6c34\uff0c\u4f46\u9084\u662f\u6709\u4e9b\u4eba\u5728\u9019\u6ce2\u5371\u6a5f\u4e2d\u8cfa\u5230\u9322\u3002<\/p>\n<p><strong>1. \u80a1\u795e\u5df4\u83f2\u7279(Warren Buffett)\uff1a<\/strong><\/p>\n<p>\u57282008\u5e749\u6708\uff0c\u5168\u7403\u80a1\u5e02\u4e00\u7247\u4f4e\u8ff7\u6642\uff0c\u5df4\u83f2\u7279\u4ee5\u6975\u512a\u60e0\u7684\u50f9\u683c\u5c0d\u6295\u8cc7\u9280\u884c\u9ad8\u76db\u6295\u516550\u5104\u7f8e\u5143\uff0c\u4ed6\u4e4b\u6240\u4ee5\u53ef\u4ee5\u7528\u4f4e\u50f9\u6295\u8cc7\u9ad8\u76db\uff0c\u662f\u56e0\u70ba\u5728\u90a3\u6a23\u7684\u72c0\u6cc1\u4e0b\uff0c\u80fd\u5920\u4e00\u6b21\u62ff\u51fa\u9019\u9ebc\u591a\u73fe\u91d1\u7684\u4eba\u4e26\u4e0d\u591a\uff0c\u9019\u5834\u4ea4\u6613\u5728\u9694\u5e74\u5c31\u5e6b\u80a1\u795e\u8cfa\u903230\u5104\u7f8e\u5143\u3002<\/p>\n<p>\u9664\u4e86\u9ad8\u76db\u4ee5\u5916\uff0c\u5df4\u83f2\u7279\u7576\u6642\u5171\u4ee5\u7d04250\u5104\u7f8e\u5143\u6295\u8cc76\u5bb6\u4f01\u696d\uff0c5\u5e74\u5167\u7372\u5229\u9ad8\u9054100\u5104\u7f8e\u5143\u3002<\/p>\n<p>\u5982\u679c\u55ae\u7d14\u770b\u5df4\u83f2\u7279\u7684\u8cc7\u7522\u6de8\u503c\uff0c\u5176\u5be6\u57282008\u5e74\u6ce2\u514b\u590f\u7684\u6de8\u503c\u4e5f\u662f\u96a8\u5e02\u5834\u4e0b\u964d\u7684\uff0c\u4f46\u9019\u4e26\u4e0d\u5f71\u97ff\u5df4\u83f2\u7279\u5f9e\u718a\u5e02\u5c0b\u627e\u6295\u8cc7\u6a5f\u6703\u3002<\/p>\n<p><strong>2. \u8cfa\u9322\u4e4b\u795e \u7d04\u7ff0.\u666e\u723e\u905c(John Paulson)<\/strong>\uff1a<\/p>\n<p>\u57282006\u5e74\u7f8e\u570b\u623f\u5e02\u9084\u4e00\u7247\u7e41\u69ae\u7684\u6642\u5019\uff0c\u666e\u723e\u905c\u5c31\u8a08\u7b97\u51fa\u7576\u4e2d\u6703\u6709\u6ce1\u6cab\u51fa\u73fe\uff0c\u7576\u6642\u7684\u91d1\u878d\u7522\u54c1\u6709CDO(\u64d4\u4fdd\u50b5\u52d9\u6191\u8b49)\u53caCDS(\u4fe1\u7528\u9055\u7d04\u4e92\u63db)\uff0c\u53ea\u8981CDO\u98a8\u96aa\u6108\u9ad8\uff0c\u70ba\u5176\u64d4\u4fdd\u7684CDS\u50f9\u503c\u4fbf\u6703\u6108\u9ad8\u3002<\/p>\n<p>\u65bc\u662f\u666e\u723e\u905c\u4e00\u908a\u505a\u7a7aCDO\uff0c\u4e00\u908a\u6536\u8cfc\u8f03\u4fbf\u5b9c\u7684CDS\uff0c\u6700\u5f8c\uff0c\u5e02\u5834\u8b49\u660e\u666e\u723e\u905c\u7684\u63a8\u4f30\u662f\u5c0d\u7684\u3002\u57282007\u5e74\uff0c\u666e\u723e\u905c\u7684\u5169\u652f\u57fa\u91d1\u5206\u5225\u6f32\u4e86590%\u53ca350%\uff0c\u4ed6\u4e5f\u767b\u4e0a2007\u5e74\u6700\u8cfa\u9322\u7684\u57fa\u91d1\u7d93\u7406\u4eba\u5bf6\u5ea7\u3002<\/p>\n<p><strong>3. \u9ea5\u53ef\u8c9d\u745e(Michael Burry)\uff1a<\/strong><\/p>\n<p>\u77e5\u540d\u7684\u907f\u96aa\u57fa\u91d1\u7d93\u7406\u4ebaMichael Burry\u662f\u96fb\u5f71\u300a\u5927\u8ce3\u7a7a\u300b(The Big Short)\u7684\u4e3b\u89d2\u539f\u578b\uff0c<br \/>\n\u4ed6\u6240\u7ba1\u7406\u7684\u57fa\u91d1Scion\u6210\u7acb\u65bc2000\u5e74\uff0c\u6700\u77e5\u540d\u7684\u4e00\u5f79\u5c31\u662f\u4ed6\u5728\u6b21\u8cb8\u5371\u6a5f\u7206\u767c\u4e4b\u524d\uff0c\u5c31\u9810\u6e2c\u51fa\u6703\u6709\u6b21\u7d1a\u623f\u8cb8\u5927\u91cf\u9055\u7d04\u7684\u72c0\u6cc1\u767c\u751f\uff0c<\/p>\n<p>\u6240\u4ee5\u4ed6\u4e0d\u9867\u773e\u4eba\u53cd\u5c0d\uff0c\u6295\u51656\u5104\u7f8e\u5143\u505a\u7a7a\u6b21\u8cb8CDS\uff0c\u57282007\u5e74\u66ff\u6295\u8cc7\u8005\u8cfa\u4e867.5\u5104\u7f8e\u5143\uff0c\u6210\u70ba\u5c11\u6578\u80fd\u5728\u91d1\u878d\u6d77\u562f\u4e2d\u7372\u5229\u7684\u6295\u8cc7\u4eba\u3002<\/p>\n<p>\u5f9e 2000\u5e7411\u6708\u81f3 2008\u5e746\u6708\u4e4b\u9593\uff0cMichael Burry\u7ba1\u7406\u7684\u57fa\u91d1\u7d2f\u7a4d\u5275\u9020\u4e86489.34%\u5831\u916c\u7387\uff0c\u540c\u671f\u7684S&amp;P500\u6307\u6578\u7e3d\u5831\u916c\u7387\u5247\u662f\u7565\u4f4e\u65bc3%\u3002<\/p>\n<p>\u7576\u7136\uff0c\u5982\u679c\u4f60\u53bb\u8a73\u7d30\u4e86\u89e3\u4ed6\u7684\u6545\u4e8b\u5c31\u6703\u77e5\u9053\u9019\u4e26\u6c92\u6709\u90a3\u9ebc\u8f15\u5de7\u5bb9\u6613\uff0cMichael Burry\u9700\u8981\u9589\u9396\u57fa\u91d1\u4e0d\u8b93\u6295\u8cc7\u4eba\u6050\u614c\u8d16\u56de\uff0c\u4e26\u6490\u904e\u81ea\u5df1\u904e\u65e9\u5224\u65b7\u5c0e\u81f4\u623f\u5e02\u4e0a\u5347\u6642\u51fa\u73fe\u7684\u5e33\u9762\u8667\u640d\uff0c\u6700\u7d42\u624d\u63db\u5230\u5f8c\u4f86\u6f02\u4eae\u7684\u6210\u7e3e\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%90%84%E5%9C%8B%E7%9A%84%E5%9B%A0%E6%87%89%E6%8E%AA%E6%96%BD\"><\/span>\u5404\u570b\u7684\u56e0\u61c9\u63aa\u65bd<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5728\u91d1\u878d\u6d77\u562f\u767c\u751f\u5f8c\uff0c\u56e0\u61c9\u9019\u500b\u5168\u7403\u6027\u7684\u91d1\u878d\u5371\u6a5f\uff0c\u5404\u570b\u653f\u5e9c\u53ca\u592e\u884c\u5747\u63a1\u53d6\u7a4d\u6975\u7684\u63aa\u65bd\u4ee5\u7a69\u5b9a\u91d1\u878d\u53ca\u632f\u8208\u7d93\u6fdf\u3002<\/p>\n<h3>\u7f8e\u570b<\/h3>\n<ol>\n<li><strong>\u8abf\u964d\u5229\u7387\uff1a<\/strong>\u806f\u6e96\u6703\u5c07\u806f\u90a6\u57fa\u91d1\u5229\u7387\u5f9e2007\u5e747\u6708\u76845.25%\u958b\u59cb\u8abf\u964d\uff0c\u81f32008\u5e7412\u6708\u5df2\u5269\u4e0b0~0.25%\u3002<\/li>\n<li><strong>\u63a5\u7ba1\u623f\u5229\u7f8e\u53ca\u623f\u5730\u7f8e\uff1a<\/strong>\u5728\u623f\u5229\u7f8e\u53ca\u623f\u5730\u7f8e\u7206\u767c\u8ca1\u52d9\u5371\u6a5f\u5f8c\uff0c\u7f8e\u570b\u653f\u5e9c\u65bc2008\u5e749\u6708\u63a5\u7ba1\u4e8c\u623f\uff0c\u4e26\u5206\u5225\u6339\u6ce81,000\u5104\u7f8e\u5143\u3002<\/li>\n<li><strong>\u9ad8\u90548,500\u5104\u7f8e\u5143\u7684\u7d13\u56f0\u8a08\u756b\uff1a<\/strong>2008\u5e7410\u6708\u5ba3\u5e03\u898f\u6a21\u90548,500\u5104\u7f8e\u5143\u7684\u7d13\u56f0\u8a08\u756b\uff0c\u5176\u4e2d7,000\u5104\u7f8e\u5143\u7528\u65bc\u91d1\u878d\u696d\u7d13\u56f0\uff0c1,500\u5104\u7f8e\u5143\u7528\u65bc\u4e2d\u7522\u968e\u7d1a\u8207\u4f01\u696d\u6e1b\u7a05\u65b9\u6848\u3002<\/li>\n<li><strong>\u62ef\u6551\u8c9d\u723e\u65af\u767b\u3001AIG\u53ca\u82b1\u65d7\u9280\u884c\uff1a<\/strong>\u70ba\u4e86\u907f\u514d\u8c9d\u723e\u65af\u767b\u7834\u7522\uff0c\u806f\u6e96\u6703\u540c\u610f\u6469\u6839\u5927\u901a\u4ee51\u7f8e\u5143\u6536\u8cfc\u8c9d\u723e\u65af\u767b\uff0c\u4e26\u70ba\u5176\u6ce8\u8cc7290\u5104\u7f8e\u5143\u3002\u540c\u6642\uff0c\u63d0\u4f9bAIG 1,500\u5104\u7f8e\u5143\u7684\u8cb8\u6b3e\u63f4\u52a9\u4e26\u70ba\u82b1\u65d7\u9280\u884c\u6ce8\u8cc7450\u5104\u7f8e\u5143\u3002<\/li>\n<li><strong><a href=/index.html"https:\/\/\/what-is-quantitative-easing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u91cf\u5316\u5bec\u9b06(QE)<\/a>\u760b\u72c2\u5370\u9214\uff1a<\/strong>2008\u5e7411\u6708\u8d77\uff0c\u958b\u59cb\u9996\u6ce2QE(\u7c21\u7a31QE1)\uff0c\u806f\u6e96\u6703\u63a1\u53d6\u5927\u91cf\u5370\u9214\uff0c\u5f9e\u5e02\u5834\u4e0a\u5927\u91cf\u8cfc\u8cb7\u50b5\u5238\uff0c\u4e26\u8cfc\u5165\u9280\u884c\u54c1\u8cea\u8f03\u5dee\u7684MBS\uff0c\u4ee5\u70ba\u5e02\u5834\u6ce8\u5165\u8cc7\u91d1\u3002\u6574\u500bQE1\u806f\u6e96\u6703\u5171\u7051\u51fa\u4e861.75\u5146\u7f8e\u5143\uff0c\u7d42\u65bc\u6210\u529f\u7de9\u89e3\u9019\u5834\u5371\u6a5f\uff0c\u4e0d\u81f3\u65bc\u9032\u5165\u9577\u671f\u7684\u8870\u9000\u3002<\/li>\n<\/ol>\n<h3>\u6b50\u6d32<\/h3>\n<p>\u9664\u4e86\u7f8e\u570b\u4ee5\u5916\uff0c\u6b50\u6d32\u5404\u570b\u653f\u5e9c\u4ea6\u5c0d\u5176\u91d1\u878d\u6a5f\u69cb\u6339\u6ce8\u8cc7\u91d1\uff0c\u751a\u81f3\u662f\u6536\u6b78\u570b\u6709\u3002\u4f8b\u5982\u82f1\u570b\u63d0\u4f9b5,000\u5104\u82f1\u938a\u63f4\u52a9\u9280\u884c\uff0c\u4e26\u4e14\u63a5\u6536\u4e86\u82f1\u570b\u7687\u5bb6\u8607\u683c\u862d\u9280\u884c\u3001\u99ff\u61cb\u9280\u884cLloyds TSB\u53caHBOS\u4e09\u5927\u9280\u884c\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u51b0\u5cf6\u7015\u81e8\u7834\u7522\uff0c\u524d\u4e09\u5927\u9280\u884c\u5728\u653f\u5e9c\u63d0\u4f9b\u7dca\u6025\u8cb8\u6b3e\u5f8c\u88ab\u63a5\u7ba1\u30022008\u5e7410\u6708\u6b50\u76df\u5ba3\u5e03\u4e00\u5957\u806f\u5408\u7d13\u56f0\u8a08\u756b\uff0c\u4e3b\u8981\u662f\u70ba\u64d4\u4fdd\u9280\u884c\u653e\u6b3e\u4e26\u4ee5\u5165\u80a1\u65b9\u5f0f\u5c0d\u9280\u884c\u9032\u884c\u6ce8\u8cc7\u7b49\u3002<\/p>\n<p>\u5229\u7387\u65b9\u9762\uff0c\u6b50\u6d32\u592e\u884c\u57282008\u5e7412\u6708\u5ba3\u5e03\u5c07\u518d\u878d\u8cc7\u5229\u7387\u5f9e3.25%\u964d\u81f32.5%\uff0c\u964d\u5e45\u662f\u6b50\u6d32\u592e\u884c\u6210\u7acb\u4ee5\u4f86\u6700\u5927\u7684\u4e00\u6b21\u3002<\/p>\n<h3>\u4e9e\u6d32<\/h3>\n<p>2008\u5e7410\u6708\uff0c\u4e2d\u570b\u3001\u5357\u97d3\u3001\u65e5\u672c\u548c\u6771\u5357\u4e9e\u570b\u5354\u5341\u570b\u9818\u8896\u5728\u5317\u4eac\u9054\u6210\u5354\u8b70\uff0c\u7531\u4e2d\u570b\u3001\u5357\u97d3\u3001\u65e5\u672c\u51fa\u8cc780%\uff0c\u5176\u991810\u570b\u51fa\u8cc720%\uff0c\u6210\u7acb\u4e00\u500b800\u5104\u7f8e\u5143\u7684\u6e96\u5099\u91d1\uff0c\u63d0\u4f9b\u4e9e\u6d32\u570b\u5bb6\u878d\u8cc7\uff0c\u4ee5\u9810\u9632\u5340\u57df\u6027\u7684\u91d1\u878d\u5371\u6a5f\u3002<\/p>\n<p>\u5229\u7387\u65b9\u9762\uff0c\u4e2d\u570b\u81ea2008\u5e749\u6708\u8d77\uff0c\u9023\u7e8c\u964d\u606f5\u6b21\uff0c\u5e45\u5ea6\u90542.16%\uff0c\u65e5\u672c\u592e\u884c\u4e5f\u65bc\u540c\u5e7412\u6708\u5c07\u5229\u7387\u8abf\u964d\u81f30.1%\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%BE%9E%E9%80%99%E6%AC%A1%E5%8D%B1%E6%A9%9F%E4%B8%AD%E6%88%91%E5%80%91%E5%8F%AF%E4%BB%A5%E5%AD%B8%E5%88%B0%E4%BB%80%E9%BA%BC\"><\/span>\u5f9e\u9019\u6b21\u5371\u6a5f\u4e2d\u6211\u5011\u53ef\u4ee5\u5b78\u5230\u4ec0\u9ebc<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u56de\u98672008\u5e74\u9019\u6b21\u7684\u91d1\u878d\u5371\u6a5f\uff0c\u8d77\u56e0\u5305\u62ec\u4f4e\u5229\u7387\u50ac\u751f\u623f\u5e02\u6ce1\u6cab\u3001\u8cb8\u6b3e\u5be9\u6838\u689d\u4ef6\u904e\u65bc\u5bec\u9b06\u3001\u5c0d\u623f\u5e02\u904e\u5ea6\u6a02\u89c0\u3001\u91d1\u878d\u884d\u751f\u6027\u5de5\u5177\u7684\u6c3e\u6feb\u3001\u8a55\u7d1a\u6a5f\u69cb\u7684\u865b\u5047\u6027\u3001\u91d1\u878d\u76e3\u7ba1\u4e0d\u8db3\u7b49\u3002<\/p>\n<p>\u5f9e\u9019\u6b21\u7684\u5371\u6a5f\u4e2d\uff0c\u6211\u5011\u53ef\u4ee5\u5b78\u5230\u4ee5\u4e0b\u5e7e\u4ef6\u4e8b\uff1a<\/p>\n<p>1.\u00a0<strong>\u91d1\u878d\u76e3\u7ba1\u7684\u91cd\u8981\u6027\uff1a<\/strong><\/p>\n<p>2008\u5e74\u9019\u6b21\u91d1\u878d\u5371\u6a5f\u4e3b\u56e0\u9084\u662f\u4f86\u81ea\u65bc\u5c0d\u91d1\u878d\u6a5f\u69cb\u7684\u76e3\u7ba1\u4e0d\u8db3\uff0c\u9019\u9ede\u5728\u91d1\u878d\u6d77\u562f\u5f8c\u5404\u570b\u653f\u5e9c\u5747\u6709\u7a4d\u6975\u7684\u4f5c\u70ba\uff0c\u5e0c\u671b\u672a\u4f86\u80fd\u964d\u4f4e\u6b64\u985e\u4e8b\u4ef6\u767c\u751f\u7684\u6a5f\u7387\u3002<\/p>\n<p>2.\u00a0<strong>\u7834\u9664\u623f\u50f9\u53ea\u6f32\u4e0d\u8dcc\u7684\u8ff7\u601d\uff1a<\/strong><\/p>\n<p>\u8a31\u591a\u4eba\u90fd\u6703\u6709\u623f\u50f9\u53ea\u6703\u6f32\u3001\u4e0d\u6703\u8dcc\u7684\u8ff7\u601d\uff0c\u7136\u800c\u91d1\u878d\u6d77\u562f\u9019\u6b21\u5371\u6a5f\u7d66\u4e86\u6211\u5011\u6700\u8840\u6dcb\u6dcb\u7684\u4f8b\u5b50\uff0c\u623f\u50f9\u662f\u6709\u53ef\u80fd\u6703\u5728\u4e00\u5169\u5e74\u4e0b\u8dcc30%\u7684\uff0c\u800c\u4e14\u4e0b\u8dcc\u6642\u8b8a\u73fe\u975e\u5e38\u4e0d\u6613\uff0c\u56e0\u6b64\u5982\u679c\u8cc7\u7522\u904e\u5ea6\u96c6\u4e2d\u65bc\u623f\u5730\u7522\u8005\uff0c\u9700\u8981\u5c07\u6700\u7cdf\u7684\u60c5\u6cc1\u8003\u616e\u9032\u53bb\u3002<\/p>\n<p>3.\u00a0<strong>\u505a\u597d\u80a1\u5e02\u5d29\u76e4\u6642\u7684\u6e96\u5099\uff1a<\/strong><\/p>\n<p>\u91d1\u878d\u6d77\u562f\u6642\u7f8e\u80a1\u5728\u4e00\u5e74\u591a\u5167\u5c31\u8dcc\u4e86\u8d85\u904e50%\u4ee5\u4e0a\uff0c\u7576\u6642\u8a31\u591a\u4eba\u7121\u6cd5\u63a5\u53d7\u81ea\u5df1\u7684\u8cc7\u7522\u5728\u4e00\u5915\u4e4b\u9593\u5c31\u84b8\u767c\u90a3\u9ebc\u591a\uff0c\u56e0\u800c\u9078\u64c7\u5728\u6700\u4f4e\u9ede\u6642\u51fa\u5834\u3002\u7136\u800c\u5982\u679c\u73fe\u5728\u518d\u56de\u982d\u770b\uff0c\u71ac\u904e\u90a3\u6bb5\u718a\u5e02\u4e4b\u5f8c\uff0c\u7f8e\u80a1\u7d93\u6b77\u4e86\u6709\u53f2\u4ee5\u4f86\u6700\u9577\u7684\u725b\u5e02\u3002\u6709\u5728\u6295\u8cc7\u80a1\u7968\u7684\u4eba\u90fd\u9700\u8a8d\u77e5\u5230\uff0c\u80a1\u707d\u904e\u53bb\u767c\u751f\u904e\u5f88\u591a\u6b21\uff0c\u672a\u4f86\u4e5f\u53ef\u80fd\u6703\u518d\u767c\u751f\u7684\uff0c\u5982\u4f55\u505a\u597d\u8cc7\u7522\u914d\u7f6e\uff0c\u8b93\u81ea\u5df1\u5728\u80a1\u707d\u4f86\u81e8\u6642\u4e5f\u80fd\u5766\u7136\u61c9\u5c0d\u662f\u76f8\u7576\u91cd\u8981\u7684\u3002<\/p>\n<p><strong>4. 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\/>\n\u9019\u7bc7\u5f88\u9577\uff0c\u5c31\u5148\u6574\u7406\u5230\u9019\uff0c\u5e0c\u671b\u8b80\u5b8c\u5f8c\u80fd\u8b93\u4f60\u6709\u4e9b\u6536\u7a6b\u56c9\u3002<\/p>\n<blockquote><p>\u672c\u6587\u50c5\u505a\u6559\u5b78\u4f7f\u7528\uff0c\u4e0d\u4ee3\u8868\u4efb\u4f55\u6295\u8cc7\u5efa\u8b70\uff0c\u6295\u8cc7\u4eba\u9700\u4e86\u89e3\u4efb\u4f55\u6295\u8cc7\u7686\u6709\u5176\u98a8\u96aa<\/p><\/blockquote>\n\u5c08\u6b04\u4f5c\u8005\uff1a\u725f\u5747\u4fde\u3000\u4e3b\u7de8\uff1a\u5e02\u5834\u5148\u751f\n<p><strong><span style=\"font-size: 20px;\">\u52a0\u5165\u5e02\u5834\u5148\u751fFB\u793e\u5718\uff0c\u5145\u5be6\u66f4\u591a\u7406\u8ca1\u597d\u77e5\u8b58<\/span><\/strong><\/p>\r\n<p>50\u6b72\u4e4b\u524d\u60f3\u9000\u4f11\u4e00\u5b9a\u8981\u61c2\u7406\u8ca1\uff0c<br \/>\u89e3\u6c7a\u6295\u8cc7\u7684\u7169\u60f1\uff01<\/p>\r\n<p><a href=/index.html"https:\/\/bit.ly\/2NTBOAv\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone 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