Research On U.S. Asset Securitization

During the1960S and1970S, the U.S economy emerged a new phenomenon: stagflation, the Federal Reserve launched a market-oriented interest rate reform, interest rate risk, liquidity risk and other financial risks has become increasingly prominent, asset securitization developed under the government’s promotion. Assets with expected future earnings can be packaged and reorganized into securities through asset securitization, the securities can be sold to investors. Asset securitization effectively solve maturity mismatch caused by a large number of savings institutions issuing long-term loans, savings institutions enhanced liquidity by asset securitization. Later asset securitization was applied to other fields. As an innovative financial instrument, asset securitization also brings new risks, the overuse of asset securitization was considered to be one of the important causes of the subprime crisis. The U.S. subprime mortgage crisis has brought grave disaster to the global economy, but the asset securitization has not been demised, how to regulate this technology and guide it, study the asset securitization from the perspective of financial regulation and financial innovation would be a meaningful subject.China started a pilot on asset securitization in2005, and paused under the influence of the subprime crisis in2008. In2012our country restarted asset securitization, the pilot in2013was accelerated, the expansion of the pilot scale was300billion yuan. From the beginning of the pilot, the government has always maintained a cautious attitude, focusing on the risks of asset securitization. Compared with the U.S. development of asset securitization, China’s development of asset securitization are in the initial stage, for the better development, research on the U.S. asset securitization, learn the experience and lessons, combined with the status quo of China’s development of asset securitization, has practical significance.This article researched U.S. asset securitization based on the perspective of financial regulation and financial innovation, analysis the linkages between financial supervision and asset securitization in the course of its development. Firstly, the paper researched the development process of asset securitization and analyzed the impact of this technology; followed studied the development of sub-prime mortgage crisis as well as the regulatory reform; Finally, analyzed the current situation of China’s development of asset securitization, obtain useful experience from the development process of American asset securitization.