Financial Analysis of the Liquidity Transmission Mechanism of U.S.Sub-prime Mortgage Crisis
从影子银行体系的角度，揭示美国次贷危机中流动性如何通过金融产品和市场安排传导，最终导致整个金融系统崩溃的机制。
The current U.S.financial crisis was the result of the unlimited expansion of long-term credit over the past 20 years.The main tool of this unlimited expansion of credit is the shadow banking system.Shadow bank is a new financing system creates liquidity in the context of financial globalization.Its essence is to transform market liquidity into bank liquidity by a form of financial products and market arrangements devised by the sponsor in order to circumvent the formal regulatory rules.Its goal is to improve the leverage ratios of financial assets by increasing their liquidity and use excessively of the public financial system,so as to maximize the profits of some financial institutions.This new financing model creates conditions for the liquidity to gather and transform ,it also exists potential danger of a sudden interruption and collapse of the entire financial system.This article is from this perspective to reveal the liquidity transmission mechanism of current U.S.financial crisis.