Sekurytyzacja a kryzys subprime

• Autorzy: Aneta Waszkiewicz
• Języki publikacji: PL

Abstrakty

Kiedy rozpoczął się kryzys finansowy, za jego główną przyczynę uznano sekurytyzację, ponieważ umożliwiła ona transfer ryzyka między rynkiem kredytów hipotecznych a poszczególnymi segmentami rynku finansowego. Nie byłoby to jednak możliwe, gdyby nie polityka monetarna i fiskalna państwa. Celem artykułu jest przedstawienie mechanizmów, które doprowadziły do kryzysu finansowego w 2007 r. Skupiam się szczególnie na wzajemnych zależnościach między sekurytyzacją a rynkiem kredytów hipotecznych w USA. W artykule przedstawiam zmiany, jakie zaszły na rynku kredytów hipotecznych w ciągu ostatnich kilkudziesięciu lat, w tym głównych graczy tego segmentu i ich działania. Niewątpliwie w rozwoju tego rynku szczególną rolę odegrała sekurytyzacja, dlatego prezentuję podstawowe definicje i mechanizmy tego procesu. W dalszej części artykułu analizuję mechanizm "zarażania rynku" kryzysem finansowym od rynku kredytów hipotecznych poprzez poszczególne rynki finansowe. W podsumowaniu skupiam się na rzeczywistych przyczynach kryzysu finansowego i oceniam działania poszczególnych instytucji i mechanizmów. (abstrakt oryginalny)

EN

Undoubtedly, securitization contributed to the development of the American mortgage market, but it was declared the primary culprit rather than the benefactor at the beginning of the financial crisis in 2007. It was said that by securitization the risk was transferred to different segments of the financial market, but it was possible because the government and supervisory bodies made political, monetary and fiscal decisions or operations. The main purpose of this article is the presentation of the mechanisms, which led to the financial crisis. It is mainly focused on the connections between securitization and the American mortgage market. In this article, changes in the mortgage market in the last few decades are presented, pointing at the main players and their functions on that market. It is emphasized that securitization played a significant role on that market, so definitions and basic structures of that process are presented. In the next part of the article, an analysis of the mechanism of markets "infected" by the financial crisis is presented; from the mortgage market to governmental operations. The conclusions are focused on the real reasons of the financial crisis, and assessed actions of financial institutions and indicate those that will prevent parallel situations in the market in the future. (original abstract)

Słowa kluczowe

PL

Kryzys finansowy; Kredyt hipoteczny; Kryzys subprime; Transfer ryzyka

EN

Financial crisis; Mortgage credit; Subprime crisis; Risk transfer

• Czasopismo: Zarządzanie Zmianami : zeszyty naukowe
• Rocznik: 2010
• Numer: nr 1
• Strony: 3--21

Twórcy

autor

Aneta Waszkiewicz

• Wyższa Szkoła Zarządzania / Polish Open University; Szkoła Główna Handlowa w Warszawie

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