sabupuraimuron

beikoku niokeru ( shinyoudo no hikui karite heno juutaku ron ) nokotowoiu .

tsuushou , sabupuraimu .

2007 nen natsu ni kinyuu shijou wo yuru gaseta sabupuraimu panikku nitsuite .

juutaku ron shijou no konran

kono teno ron ha , nenri 10 % wo koe ru kouri no juutaku ron de , juutaku kakaku ga joushou shi tsuduke teinai kagiri seiritsu shinai shiromono deari , 2006 nen kome juutaku shijou no nanka ni tomonatte touzen noyouni entai ritsu ga joushou , dounen akiikou ichibu juutaku kinyuu senmon kaisha ga keiei fuan ni ochitta . sono nochi 2007 nen ni itsutte oote kinyuukikan no kessan naiyou ga akiraka ninaruto sabupuraimu kanren shisan ga furyousaiken kashi teirukotoga hiroku ninshiki sare , sabupuraimuron wo tanpo tosuru tei kakuduke no ABS shijou ga konran shita . tadashikono jitende ha songai ha shoukyaku kanouna han'i deari , shijou ha rakukanteki deatta .

2007 nen 6 gatsu ni kome kei shoukengaisha bea sutan zu sanka no toushi komon kaisha ga unyou suru ABS fando deno sonshitsu hassei ni haji wo hasshi te sabupuraimu kanren ni tomara nai kurejitto shijou zentai ga kyuuraku suru jitai ga oko tta . 10 baichikai rebarejji wokakete , sunawachi fando ni toushi shiteiru toushika no shikin no 10 baichikai kingaku wo shakkin shite unyou shiteirutame , fando no shinyoujou tai ga akka suruto yuushi ga uke rarenakunari , shakkin wo kaesu tameni shisan no kankin uri ga okonawa reru kenen gaarukaradearu . jissaini kin wo kashi teita kinyuukikan karaha ( kin wo kaese ) to iwa rete suusen'oku en soutou no ABS ga shichuu baikyaku sarekanenakattaga , bea sutan zu hontai karano yuushi niyotte nageuri sonomonoha kaihi sareta . soredemo kurejitto shijou no douyou ha tsudui ta .

sarani yoku 7 gatsu oote kakuduke kikan S&P to Moody's ga aitsugi ide AAA kaku soutou no ABS no kakusage no kanousei wo kouhyou shita . juutaku ron nadowo kumikon da shouken ka shouhin deha , yuusenteki ni ribarai ya shoukan wo uke rareru toranshie wotsukutte saijoukyuu no kakuduke wo uke rareruyounishiteiru . soushita AAA kaku ABS ha kurejitto shijou demo mottomo ryuudousei ga takaku shinyou chikara no takai shouken toshite , toushi gaidorain de toushi saiken ha AAA kaku soutou ijou ga gimu dukerareteiru toushika ga katte irukotoga ooi . souiu toushika nitotte kakusage ha sokubai kyaku wo imi surukotoninaru . uri sattou de AAA kaku ABS shijou ha kyuuraku shi , tachimachi kurejitto shijou zentai de panikku uri ga osotta .

sekaikeizai ni atae ru eikyou

kabushikishijou no kakkyou wo sasae ru ichiyoku deatta toushi fando no ooku ha kurejitto shijou karano shikinchoutatsu niyotte rebarejji wokaketeiru . tatoeba kinnen wadai tonatteiru oogata baishuu wo okonau LBO fando ha , kurejitto shijou ga panikku uri niyotte kinou mahi ni ochiiru totachimachi ooki na dameji wo uke ta . doujiki ni maketto nyutoraru kata hejjifando no ooku ni ijouna sonshitsu ga hassei shiteitakotomo sou shi tte , kabushikishijou ni konran ga denpa shite itta .

mata , kurejitto shijou no konran ha ABCP ( shisan tanpo CP) wo tsuuji te tanki shijou ni hakyuu shita . rebarejji notameno shikinchoutatsu ga konnan ninatta toushi fando ha pojishon wo shukushou sezaruwoezu , genkai made bouchou shiteita rebarejji no makimodoshi niyori risuku shouhin zentai ga nageuri sare sekai douji kabu an tonatta . toushi fando no shisan naiyou ga rekka suruto yuushi mataha toushi shiteiru ginkou no shisan rekka ga torizata sare , ginkou kan de tanki shikin wo yuuduu shi au intabanku shijou madega konran suruni itatte kinyuu shisutemu wo yuru gasu daimondai tonatta . koreniyori , oubei kei kinyuukikan wo hittou ni ryuudousei no mondai ga hyoumenka surunowo fusegu tameni , chuuou ginkou niyoru kinkyuu kyogaku na ryuudousei kyoukyuu ga okonawa reta . kyuugeki na shinyou shuushuku niyoru shokku kara ippan jigyou kaisha wo mamoru tameni FRB ha 2007 nen 8 gatsu 17 nichi kinkyuu FOMC de irei na kouteibuai hikisage to kashidashi kikan no enchou wo happyou shiteiru .

nao nippon no zero kinri seisaku + chouki niwataru enyasu wo riyou shita shikinchoutatsu ( iwayuru en kyaritoredo ) mo rebarejji wo fukurama seru yuuryoku shudan deattakotokara , rebarejji no makimodoshi ha kawase shijou de kyuugeki na en kai wo hassei saseta .