美国住房金融及其风险防范机制研究
|
摘要
住房金融对一国房地产业和国民经济发展具有重要意义。美国是世界上住房金融最发达的国家，也是深受住房金融危机（次贷危机）冲击的国家，美国的住房金融及其风险防范机制值得深入研究。本文在研究美国住房金融的发展历程、构成体系、运行机制、影响因素和发展状况的基础上，深入分析了美国住房金融风险的产生原因、传导机制、监管体系以及防范机制等问题，最后探讨了中国住房金融风险并给出防范住房金融风险的对策措施。本文主要观点包括：（1）住房金融是发展房地产业的重要工具，但过度发展存在潜在风险，对其进行有效监管非常重要；（2）美国住房金融二级市场一方面转移和分散了一级市场的风险，另一方面也创造和产生了更深层次的风险，住房金融风险越来越转向系统风险；（3）美国住房金融政策是美国庞大而系统的住房政策和金融政策的一部分，住房金融发展离不开美国住房产业和金融产业的健康发展；（4）过度的金融创新和金融投机偏离了住房金融的本质，不断扩散和放大了住房金融风险，而房地产泡沫破裂直接暴露了这些风险；（5）次贷危机验证了美国住房金融风险的真实存在和破坏作用，但并没有否定美国住房金融体系存在的合理性，合理有效和风险可控的住房金融体系仍然发挥巨大的正面作用；（6）次贷危机暴露了美国住房金融市场监管中存在的问题，危机后金融监管种种改革措施，一方面有利于减少危机的负面影响，抑制或释放住房金融中潜在的危机，另一方面过度干预对私人部门参与二级市场产生挤出效应；（7）中国住房金融体系仍不完善，房地产泡沫是中国住房金融首要风险，不能因为风险而停止中国住房金融体系建设。本文的主要创新在于对住房金融风险理论做出系统概括，总结出美国住房金融和风险防范机制的一般经验，提出我国防范住房金融风险和完善住房金融体系的对策建议。
Housing finance for the needs of residents through the production of housing,consumer, housing (including rental) financing and settlement of financial servicesactivities in general, the real estate industry and the development of the nationaleconomy of a country plays an important role. Is generally believed that housingfinance is a high security financial business. Housing cumulative financial risk is verystrong, once the outbreak will be rapid expansion, a large area of financial crisis,threatening the safety of the entire financial system. The U.S. subprime mortgagecrisis is a real financial crisis caused by the housing finance itself, the rate of spreadof the crisis and the devastating beyond people's expectations. The seriousconsequences of the subprime crisis so that people had to re-examine the risk ofhousing finance.
In recent years, accompanied by the rapid development of China's real estatemarket, housing finance (bank credit) at the same time continue to provide support,the risks faced by accumulation. We used to use the experience of the United States asa reference while developing our housing finance, and learn the methods and toolsfrom them. However, the outbreak of the U.S. subprime mortgage crisis made use tobe calm and look at our current housing finance risks faced and grim situation. Weneed to build a stable and effective mechanism based on China’s actual situation, sothat a society with equity and stability could be reality.
Therefore, the systematic study of housing finance risk form of expression andformation mechanism, to reveal the great dangers of the housing finance risks ofsocial and economic development in China, to seek measures to guard against anddefuse the risk of housing finance, risk prevention mechanism for China's housingfinance theory improve, and promote the healthy development of China's real estatemarket, to meet the the housing consumer demand of the general population, to protect the safety of the financial system, are of great significance.
In this paper, the U.S. housing finance system for the study, the study of housingfinance risk and its prevention, and hope to inspire the Chinese housing financial riskprevention. First of all, the papers will be combing the risk of housing finance theory;Second, review the development of housing finance in the United States, analyzes thechange and innovation; Once again, the U.S. housing finance system, the causes ofrisk and risk supervision, and be described in the "subprime crisis"; the researchersthen U.S. housing financial risk prevention mechanisms and their advantages anddisadvantages; Finally, at the conclusion on the basis of experience, talk about how toimprove China's housing finance risk prevention mechanism. For the content of thestudy to draw some meaningful conclusions.
Housing finance and housing financial risks related theoretical basis. Housingfinance concept involves housing finance, housing finance system, housing, financialinstruments, the housing finance market. The financial risk is the production ofhousing, consumer, housing (including rental) financing and settlement of financialservices activities of financial institutions in the housing finance market, due to avariety of uncertainties, risks arising from the gain or the risk of profit or loss.Including credit risk, liquidity risk, systemic risk, interest rate risk, exchange rate risk,the risk of inflation and housing finance other risks. The housing financial risk byasset price volatility theory, financial instability hypothesis, information economicsand monetarist theory to explain the formation mechanism of the housing financerisk.
The development of housing finance in the United States has gone through fourhistorical evolution of the exploratory stage before the1930s,1930s to1960s, thestage of institutionalization, from the1970s to the1980s, the Securities and20thcentury1990s deepen the perfect stage.1950s to the mid-1960s, in order to avoidinterest rate risk and liquidity risk, the federal government for housing finance reformand innovation, the establishment of a housing finance secondary market, and thedevelopment of mortgage-backed securities products, mortgage securitization housing finance market in the United States to establish a more comprehensive insurance,surety and regulatory systems, so that housing finance a to collaborative healthydevelopment of the market and the secondary market. At the same time, the UnitedStates introduced a housing security policy, public housing policy, tax relief policiesand mortgage policies three housing finance policy.
U.S. housing finance system has been developed based on mortgage-backedsecurities based housing finance system, has a highly decentralized andmulti-polarization characteristics. The subprime mortgage crisis resulted in nearlythree decades, the U.S. real estate market bubble finally burst, broke out in recentdecades, the most serious real estate crisis. For U.S. housing financial risk causes ofmacroeconomic volatility in the capital markets caused by systemic financial risk, andthe housing finance market place undue reliance on self-regulation, has long looseregulatory regime is not unrelated. In order to suppress the spread of the subprimemortgage crisis, stabilize the housing finance market, the U.S. government issued aseries of housing finance policy. The problem of the housing finance system in theUnited States government credit guarantee of the federal government's debt burdenhas been increasing, and the potential risks facing decline in credit ratings andsovereign debt crisis.
The subprime mortgage crisis is a typical case of the U.S. housing finance risk.U.S. housing finance, lack of supervision is the root cause is the direct cause of therise in interest rates and the real estate bubble burst, the illegal operations of financialinstitutions is the fuse of the crisis, asset securitization transmission and amplificationof the subprime mortgage crisis. After the outbreak of the subprime mortgage crisis,subprime mortgage crisis and challenges, the Fed and the Treasury have been taken aseries of measures. Housing policy, the Federal Housing Administration launched arefinancing plan, restructuring hope alliance to increase mortgage financing. Inmonetary policy, through traditional monetary financial instruments and liquiditymanagement tools to intervene. On fiscal policy, adopted a series of proactive fiscalpolicy to stimulate effective social demand. Finally, by taking over part of the brink of bankruptcy institutions, risk of direct intervention in the housing finance system.
U.S. mortgage securitization risk prevention mechanism framework includesgovernment agencies assurance framework and risk prevention framework. Thesubprime mortgage crisis has exposed the housing finance market regulation issuesinclude: the U.S. housing bulls regulatory inefficient vacuum regulation of lendinginstitutions liquidity and capital adequacy ratio is not sufficient, the securitizedproducts over derivative serious, liquidity can not be fully to meet the needs ofinvestors, banks and rating agencies to relax the risk is amplified. Housing financeafter the subprime mortgage crisis a series of reforms proposed to further strengthenthe supervision of the housing finance market, and within a reasonable range ofgovernment support for the privatization of enterprises, enhance the efficiency ofresource allocation housing finance market spontaneous, concentrated in the housingfinancial supervision of the secondary market, institutional planning and theprotection of consumer rights. In addition, to attract more issuers of mortgage-backedsecurities, give full play to the role of private capital.
The Chinese Housing Finance experienced from scratch, to the relativelycomplete development process, especially in recent years as the domestic real estatemarket continued to rise and rapid development. At present, China's housing financeimperfect market system, financing channels, product category, market-orientedregulatory means, imperfect laws and regulations. China's housing finance to preventrisk should start from the structure of financial markets, improve the housing of afinancial market to cultivate secondary market for housing finance, financialinstitutions to enhance the management level, the rich housing credit sources of funds,improve housing security system and improve the housing financial regulations,strengthen the supervision of the housing finance market, and to achieve sustainabledevelopment and prosperity of the housing finance market.
Housing finance for the needs of residents through the production of housing,consumer, housing (including rental) financing and settlement of financial servicesactivities in general, the real estate industry and the development of the nationaleconomy of a country plays an important role. Is generally believed that housingfinance is a high security financial business. Housing cumulative financial risk is verystrong, once the outbreak will be rapid expansion, a large area of financial crisis,threatening the safety of the entire financial system. The U.S. subprime mortgagecrisis is a real financial crisis caused by the housing finance itself, the rate of spreadof the crisis and the devastating beyond people's expectations. The seriousconsequences of the subprime crisis so that people had to re-examine the risk ofhousing finance.
In recent years, accompanied by the rapid development of China's real estatemarket, housing finance (bank credit) at the same time continue to provide support,the risks faced by accumulation. We used to use the experience of the United States asa reference while developing our housing finance, and learn the methods and toolsfrom them. However, the outbreak of the U.S. subprime mortgage crisis made use tobe calm and look at our current housing finance risks faced and grim situation. Weneed to build a stable and effective mechanism based on China’s actual situation, sothat a society with equity and stability could be reality.
Therefore, the systematic study of housing finance risk form of expression andformation mechanism, to reveal the great dangers of the housing finance risks ofsocial and economic development in China, to seek measures to guard against anddefuse the risk of housing finance, risk prevention mechanism for China's housingfinance theory improve, and promote the healthy development of China's real estatemarket, to meet the the housing consumer demand of the general population, to protect the safety of the financial system, are of great significance.
In this paper, the U.S. housing finance system for the study, the study of housingfinance risk and its prevention, and hope to inspire the Chinese housing financial riskprevention. First of all, the papers will be combing the risk of housing finance theory;Second, review the development of housing finance in the United States, analyzes thechange and innovation; Once again, the U.S. housing finance system, the causes ofrisk and risk supervision, and be described in the "subprime crisis"; the researchersthen U.S. housing financial risk prevention mechanisms and their advantages anddisadvantages; Finally, at the conclusion on the basis of experience, talk about how toimprove China's housing finance risk prevention mechanism. For the content of thestudy to draw some meaningful conclusions.
Housing finance and housing financial risks related theoretical basis. Housingfinance concept involves housing finance, housing finance system, housing, financialinstruments, the housing finance market. The financial risk is the production ofhousing, consumer, housing (including rental) financing and settlement of financialservices activities of financial institutions in the housing finance market, due to avariety of uncertainties, risks arising from the gain or the risk of profit or loss.Including credit risk, liquidity risk, systemic risk, interest rate risk, exchange rate risk,the risk of inflation and housing finance other risks. The housing financial risk byasset price volatility theory, financial instability hypothesis, information economicsand monetarist theory to explain the formation mechanism of the housing financerisk.
The development of housing finance in the United States has gone through fourhistorical evolution of the exploratory stage before the1930s,1930s to1960s, thestage of institutionalization, from the1970s to the1980s, the Securities and20thcentury1990s deepen the perfect stage.1950s to the mid-1960s, in order to avoidinterest rate risk and liquidity risk, the federal government for housing finance reformand innovation, the establishment of a housing finance secondary market, and thedevelopment of mortgage-backed securities products, mortgage securitization housing finance market in the United States to establish a more comprehensive insurance,surety and regulatory systems, so that housing finance a to collaborative healthydevelopment of the market and the secondary market. At the same time, the UnitedStates introduced a housing security policy, public housing policy, tax relief policiesand mortgage policies three housing finance policy.
U.S. housing finance system has been developed based on mortgage-backedsecurities based housing finance system, has a highly decentralized andmulti-polarization characteristics. The subprime mortgage crisis resulted in nearlythree decades, the U.S. real estate market bubble finally burst, broke out in recentdecades, the most serious real estate crisis. For U.S. housing financial risk causes ofmacroeconomic volatility in the capital markets caused by systemic financial risk, andthe housing finance market place undue reliance on self-regulation, has long looseregulatory regime is not unrelated. In order to suppress the spread of the subprimemortgage crisis, stabilize the housing finance market, the U.S. government issued aseries of housing finance policy. The problem of the housing finance system in theUnited States government credit guarantee of the federal government's debt burdenhas been increasing, and the potential risks facing decline in credit ratings andsovereign debt crisis.
The subprime mortgage crisis is a typical case of the U.S. housing finance risk.U.S. housing finance, lack of supervision is the root cause is the direct cause of therise in interest rates and the real estate bubble burst, the illegal operations of financialinstitutions is the fuse of the crisis, asset securitization transmission and amplificationof the subprime mortgage crisis. After the outbreak of the subprime mortgage crisis,subprime mortgage crisis and challenges, the Fed and the Treasury have been taken aseries of measures. Housing policy, the Federal Housing Administration launched arefinancing plan, restructuring hope alliance to increase mortgage financing. Inmonetary policy, through traditional monetary financial instruments and liquiditymanagement tools to intervene. On fiscal policy, adopted a series of proactive fiscalpolicy to stimulate effective social demand. Finally, by taking over part of the brink of bankruptcy institutions, risk of direct intervention in the housing finance system.
U.S. mortgage securitization risk prevention mechanism framework includesgovernment agencies assurance framework and risk prevention framework. Thesubprime mortgage crisis has exposed the housing finance market regulation issuesinclude: the U.S. housing bulls regulatory inefficient vacuum regulation of lendinginstitutions liquidity and capital adequacy ratio is not sufficient, the securitizedproducts over derivative serious, liquidity can not be fully to meet the needs ofinvestors, banks and rating agencies to relax the risk is amplified. Housing financeafter the subprime mortgage crisis a series of reforms proposed to further strengthenthe supervision of the housing finance market, and within a reasonable range ofgovernment support for the privatization of enterprises, enhance the efficiency ofresource allocation housing finance market spontaneous, concentrated in the housingfinancial supervision of the secondary market, institutional planning and theprotection of consumer rights. In addition, to attract more issuers of mortgage-backedsecurities, give full play to the role of private capital.
The Chinese Housing Finance experienced from scratch, to the relativelycomplete development process, especially in recent years as the domestic real estatemarket continued to rise and rapid development. At present, China's housing financeimperfect market system, financing channels, product category, market-orientedregulatory means, imperfect laws and regulations. China's housing finance to preventrisk should start from the structure of financial markets, improve the housing of afinancial market to cultivate secondary market for housing finance, financialinstitutions to enhance the management level, the rich housing credit sources of funds,improve housing security system and improve the housing financial regulations,strengthen the supervision of the housing finance market, and to achieve sustainabledevelopment and prosperity of the housing finance market.
引文
①David Garnett, Barbara Reid, Helen Riley. Housing finance [M].2nd Longman Group UK Ltd.,1991.
①董寿昆.住宅商品化与金融[M].北京:中国金融出版社,1992.
①张恩照.中国住房金融创新研究[M].北京:中国金融出版社,2003.
③Randall Johnston Pozdena: The Modern Economics of Housing. Quorum Books,1988, P115.
④David Garnett, Barbara Reid, Helen Riley. Housing finance [M].2nd Longman Group UK Ltd.,1991.
①King P. Understanding Housing Finance: Meeting Needs and Making Choices[M]. NY: Routledge,2009.
②Chiquier L, Lea M. Housing Finance Policy in Emerging Markets[M]. NY: World Bank Publications,2009.
③郁文达.住房金融:国际比较与中国的选择[M].北京:中国金融出版社,2001.
④董寿昆.住宅商品化与金融[M].北京:中国金融出版社,1992.
⑤曾国安.住房金融:理论、实务与政策[M].北京:中国金融出版社,2004.
⑥张东.住房金融:理论探新与实证分析[M].北京:中国财政经济出版社,2004.
①戴相龙,黄达.中华金融辞库[M].中国金融出版社,1998:366.
②石春贵.房地产金融[M].中国金融出版社,1997:24.
③周爱民.房地产金融[M].中国建筑工业出版社,1997:142.
④周志祥.房地产金融[M].中国人民大学出版社,1997:10-11.
①孙强.中国住房金融研究[D].大连:东北财经大学,1999:28.
②孙强.中国住房金融研究[D].大连:东北财经大学,1999:30.
①Weicher J C. The new structure of the housing finance system[J]. Federal Reserve Bank of St.Louis Review,1994(7):47-65.
②杜光平.中国住房金融体系研究[D].成都:西南财经大学,2005:10.
①赵文清,钱周信,贾慧敏.我国房地产金融风险分析及防范研究[J].技术经济,2005(4).
②项志芬,何孝贵.房地产金融风险分析[J].石家庄经济学院学报,2001(5):499-501.
①张宗新.金融资产价格波动与风险控制[M].上海:复旦大学出版社,2005:19.转引自吴浩.中国房地产金融风险研究[D].广州:暨南大学,2010.
①刘娜芹.中国房地产金融风险分析与防范[D].北京交通大学,2009:18.
①毛建林.中国房地产金融风险分析及防范研究[D].成都:四川大学,2007:27.
②密尔顿.弗里德曼,安娜,J,斯瓦茨.货币和经济周期[J].经济统计评论,1963(2),32-46.
③陈端洁.弗里德曼与托宾的货币理论[M].北京:经济科学出版社.1987.
④谢四保.房地产金融风险的评价与控制研究[D].重庆:重庆大学,2004:11-12.
⑤毛建林.中国房地产金融风险分析及防范研究[D].成都:四川大学,2007:17.
①张宇,刘洪玉.美国住房金融体系及其经验借鉴—兼谈美国次货危机[J].国际金融研究,2008(4):4.
①张宇,刘洪玉.美国住房金融体系及其经验借鉴—兼谈美国次货危机[J].国际金融研究,2008(4):4.
①张宇,刘洪玉.美国住房金融体系及其经验借鉴—兼谈美国次货危机[J].国际金融研究,2008(4):4.
①许志鹏.美国住房金融市场历史演变及其借鉴[D].杭州:浙江大学,2011.
①李莉,美国公共住房政策的演变[D].厦门:厦门大学,2008.
①李莉,美国公共住房政策的演变[D].厦门:厦门大学,2008.
①林坚,冯长春.美国的住房政策[J].国外城市规划,1998(2):8-9.
①张宇,刘洪玉.美国住房金融体系及其经验借鉴—兼谈美国次货危机[J].国际金融研究,2008(4):4.
①住房和城乡建设部.国外住房金融研究汇编[M].北京:中国城市出版社,2009(10):5.
③住房和城乡建设部.国外住房金融研究汇编[M].北京:中国城市出版社,2009(10):5.
①住房和城乡建设部.国外住房金融研究汇编[M].北京:中国城市出版社,2009(10):41.
①Gramlich E M. Subprime mortgages: America's latest boom and bust [M]. The Urban Insitute,2007.
①施勇,徐炜.美国住房抵押贷款保险制度及对我国的借鉴[J].现代管理科学,2004(4):100.
①冯彬.我国发展住房抵押贷款证券化的思路[J].宏观经济研究,2004(5):45.
①[美]阿历克斯·施瓦兹著,陈立中译.美国住房政策（第二版）[M].中国社会科学出版社,2012:325.
①[美]阿历克斯·施瓦兹著,陈立中译.美国住房政策（第二版）[M].中国社会科学出版社,2012:350-351.
①张虹,陈凌白.美国住房抵押贷款证券化风险防范机制述评及启示[J].经济社会体制比较,2011(1):205-207.
①孟艳.美国规划“两房”未来重构住房金融体系[N].中国财经报,2012-5-31(8).
②嘉富诚.2010年中国房地产金融年度报告[R].2011:7.
①中国国家统计局.中国统计年鉴2010[R].中国统计出版社,2010(9).
②中国人民银行房地产金融分析小组.2004中国房地产金融报告[N].金融时报,2005-8-16(3).
③陈雪楚,彭建刚,邓彪.我国房地产金融非均衡状况分析与政策建议[J].湖南师范大学社会科学学报,2012(1):90.
[1] Akerlof George A. The market for “Lemons”: Quality uncertainty and the marketmechanism [J]. The Quarterly Journal of Economics, Vol.84,1970:488-500.
[2] Anne O Krueger. The political economy of the rent-seeking society [J]. TheAmerican Economic Review64,3,Jun.,1974:291-303.
[3] Berg Andrew, Pattillo Catherine. Predicting currency crises: the indicatorsapproach and an alternative [J]. Journal of Internatioanl Money and Finance,Elsevier, Vol.18(4), Aug.,1999:561-586.
[4] Camen M Reinhart, Kenneth S Rogoff. Is the2007US Sub-prime financial crisisso different? An international historical comparison [J]. American EconomicReview, American Economic Association, Vol.98(2), May,2008:339-344.
[5] Chou Ying-Foon, Huang Charles, Liu Ming. Valuation of adjustable ratemortgages with automatic stretching maturlty [J]. Journal of Banking and Finance,Vol.24, Nov.2000:1809-1829.
[6] David M Harrison, Thomas G Noordewier, K Ramagopal. Mortgage terninations:the role of conditional volatility [J]. Journal of Real Estate Research, AmericanReal Estate Society, Vol.23(1/2),2002:89-110.
[7] Demirguc-Kent Asli, Detragiache Enrica. The determinants of banking crises indeveloping and developed countries [J]. IMF Staff Papers, Palgrave MacmillanJournals, Vol.45(1),1998:3.
[8] Diamond Douglas W, Rajan Raghuram G. Banks, short-term debt and financialcrises: theory, policy implications and applications [J]. Carnegie-RochesterConference Series on Public Policy, Elsevier, Vol.54(1), Jun.,2001:37-71.
[9] Frankel Jeffrey A, Rose Andrew K. Currency crashes in emerging markets: anempirical treatment [J]. Journal of International Economics, Elsevier, Vol.41(3-4),Nov.,1996:351-366.
[10]Friedman Milton, Anna J Schwartz. Money and business cycles [J]. Review ofEconomics and Statistics,45(1),1963:32-64..
[11]Gau George W. A Taxonomic model for the risk-rating of residential mortgages[J]. Journal of Business, University of Chicago Press, Vol.51(4), Oct.1978:687-706.
[12]Gerald Lander, Katherine Barker, Margarita Zabelina, Tiffany Williams.Subprime mortgage tremors: an international issue [J]. International Advances inEconomic Research, Springer, Vol.12(1), Feb.2009:1-16.
[13]Gordon Tullock. The transitional gains trap [J]. Bell Journal of Economics, TheRAND Corporation, Vol.6(2),1975:671-678.
[14]Gramlich Edward M. Bomms and busts: the case of subprime mortgages [J].Economic Review, Federal Reserve Bank of Kansas City,4thquarter,2007.
[15]Haibin Zhun. The structure of housing finance markets and house prices in Asia[J]. BIS Quarterly Review, Bank for International Settlements, Dec.,2006.
[16]Jaffee Dwight M, Russell Thomas. Imperfect information uncertainty and creditrationing [J]. The Quarterly Journal of Economics, MIT Press, Vol.90(4),Nov.,1976:651-666.
[17]Jeffrey D Sachs, Aaron Tornell, Andres Velasco. Financial crises in emergingmarkets: the lessons from1995[J]. Brookings Papers on Economic Activity,Economic Studies Program, the Brookings Istitution, Vol.27(1996-1),1996:147-216.
[18]Jensen Michael C, Meckling William H. Theory of the firm: managerial behavior,agency costs and ownership structure [J]. Journal of Financial Economics,3(4),1976:305-360.
[19]Kaminsky Graciela L, Reinhart Carmen M. On crises, contagion, and confusion[J]. Journal of International Economics, Elsevier, Vol.51(1), Jun.,2000:145-168.
[20]Kanak Patel, Prodromos Vlamis. An empirical estimation of default risk of theUK real estate companies [J]. The Journal of Real Estate Finance and Economics,Springer, Vol.32(1), Feb.,2006:21-40.
[21]Kau James B, Keenan Donald C.Patterns of rational default [J]. Regional Scienceand Urban Economics, Elsevier, Vol.29(6), Nov.1999:765-785.
[22]Kurnar M, Moorthy U, Perraudin W. Predicting emerging market currencycrashes [J]. Journal of Empirical Finance, Vol.10,2003:427-454.
[23]Natalya Delcoure, Ross Dickens. REIT and REOC systematic risk sensitivity [J].Journal of Real Estate Research, American Real Estate Society, Vol.26(3),2004:237-254.
[24]Lisa L Posey, Abdullah Yavas. Adjustable and fixed rate mortgages as a screeningmechanism for default risk [J]. Journal of Urban Economics, Elsevier,Vol.49(1),Jan.2001:54-79.
[25]Maria-Teresa Sanchez Martinez. The Spanish financial system: facing up to thereal estate crisis and credit crunch [J]. European Journal of Housing Policy,Taylor and Francis Journals Vol.8(2),2008:181-196.
[26]Piyush Tiwari, Yoko Moriizumi. Efficiency in housing finance: a comparativestudy of mortgage instruments in Japan [R]. European Journal of Housing Policy,Taylor and Francis Journal, Vol.3(3), Dec.,2003:267-388.
[27]Stigliz Joseph E, Weiss Andrew. Credit rationing in markets with imperfectinformation [J]. American Economic Review, American Economic Association,Vol.71(3),Jun.,1981:393-410.
[28]Robert F Cotterman. Neighborhood effects in mortgage default risk [J]. UniconResearch Corporation, Santa Monica, Mar.2001:113.
[29]Wilson D. Residential loss severity in California:1992to1995[J]. Journal ofFixed Income, Vol.5, No.3, Dec.1995:35-48.
[30]Weicher J C. The new structure of the housing finance system[J]. FederalReserve Bank of St.Louis Review,1994(7):47-65.
[31]Yuliya Demyanyk, Otto Van Hemert. Understanding the subprime mortgagecrisis [J]. Proceedings, Federal Reserve Bank of Chicago, May,2008:171-192.
[32]曹国斌.关于构建我国住房金融模式的问题与对策[J].经济师,2004(8).
[33]陈华,张倩.美国国际集团被政府接管的教训及启示[J].亚太经济,2009(1).
[34]陈雪楚,彭建刚,邓彪.我国房地产金融非均衡状况分析与政策建议[J].湖南师范大学社会科学学报,2012(1):90.
[35]程建胜.关于完善我国房地产金融体系的思考[J].中国金融,2007(9).
[36]崔巍,朱勇,严深.住房制度改革新阶段中的金融问题研究[J].金融研究,1999(3).
[37]段军山,苏国强.银行的“危机短视症”、不正当激励与银行风险—基于我国房地产金融的经验证据[J].金融与保险,2007(2).
[38]冯彬.我国发展住房抵押贷款证券化的思路[J].宏观经济研究,2004(5):45.
[39]郭磊,王锋,刘长滨.深圳市房地产预警系统研究[J].数量经济技术经济研究,2003(7).
[40]韩继云.房地产信贷风险剖析及防范措施[J].宏观经济管理,2003(8).
[41]郝海龙,韩克勇.关于规避住房金融风险问题的思考[J].经济问题,2005(12).
[42]胡珀,孙建华.试论金融创新与金融创新风险防范[J].金融与经济,2008(4).
[43]黄小彪,黄曼慧.住房抵押贷款信用风险形成原因及对策研究[J].中国房地产金融,2004(6).
[44]贾留华,茅毅.次贷危机给金融创新带来的教训及启示[J].现代金融,2009(8).
[45]黎显扬.完善住房金融体系的思考[J].上海房地,2010(10).
[46]李海莲,何琳.统计分析在国民经济核算体系中的应用[J].山西统计2003(1).
[47]李涛,伍建平.房地产泡沫的成因及防范措施探讨[J].山东理工大学学报(社会科学版),2004(2).
[48]李展.中国房地产金融的历史及现状[J].城市开发,1998(9).
[49]李正全.政府干预住房金融制度的模式及其特征[J].中国房地产金融,2004(10).
[50]廖旗平.关于美国金融危机文献观点的综述[J].云南财经大学学报,2009(5).
[51]林坚,冯长春.美国的住房政策[J].国外城市规划,1998(2):8-9.
[52]刘传哲,高静华.房地产市场风险预誉研究方法综述[J].中国矿业大学学报(社会科学版)},2006(1).
[53]刘海北.中美房地产金融风险比较及我国的应对策略[J].上海金融,2009(2).
[54]刘萍.个人住房抵押贷款风险探析[J].金融研究,2002(8).
[55]刘伟鹏.关于我国住房金融模式选择的思考[J].中国房地产金融,2000(2).
[56]刘梓.房地产信贷风险与防范措施[J].中国金融,2004(7).
[57]密尔顿.弗里德曼,安娜,J,斯瓦茨.货币和经济周期[J].经济统计评论,1963(2),32-46.
[58]任俊生,迟铁.美国次贷危机的影响及对我国信用制度建设的启示[J].经济纵横,2009(6).
[59]阮永平,李艳,陆政.美国次贷危机的应对:税收政策及其效应评价[J].税务研究,2009(2).
[60]施勇,徐炜.美国住房抵押贷款保险制度及对我国的借鉴[J].现代管理科学,2004(4):100.
[61]石建勋,钟建飞.国外关于金融危机研究的最新动态[J].经济学动态,2009(9).
[62]孙天琦,张晓东.美国次贷危机:法律诱因、立法解危及其对我国的启示[J].法商研究,2009(2).
[63]佟明亮.金融创新与监管:基于美国次贷危机视域的分析[J].商业研究,2009(8).
[64]王力.后金融危机时期我国金融安全若干问题研究(上)[J].北京联合大学学报(人文社会科学版),2011(4).
[65]汪利娜.房地产金融风险生成的外部环境[J].小康社会居住目标与房地产经纪行业发展,2004(4).
[66]王重润.房地产融资结构与金融风险研究[J].中国房地产金融,2006(9).
[67]王素芹.借鉴国际经验,构建中国住房金融模式[J].经济经纬,2001(2).
[68]王素芹.我国住房金融模式探析[J].金融理论与实践,2001(1).
[69]吴承祥,王建红.住房抵押贷款保险创新产品—违约保险[J].中国房地产金融,2003(5).
[70]席卫群.应对金融危机的税收政策评价与思考[J].税务与经济,2010(2).
[71]项志芬,何孝贵.房地产金融风险分析[J].石家庄经济学院学报,2001(5):499-501.
[72]肖依赉,包锡盛.“可负担”的美国保障性住房[J].中国投资,2011(12).
[73]徐宏毅等.住房公积金制度效率理论框架研究[J].科技创业月刊,2008(1).
[74]徐建斌,林观彪.房地产信贷风险形成的微观机制[J].浙江金融,2003(7).
[75]徐瑞娥.剖析美国次贷危机引发金融危机的观点综述[J].经济研究参考,2009(12).
[76]薛建改.谈房地产金融风险防范与制度创新[J].商业时代,2011(27).
[77]杨军.我国个人所得税制问题分析与改革措施[J].河南工程学院学报(社会科学版),2008(1).
[78]杨军.个人所得税与贫富差距问题研究[J].特区经济,2008(7).
[79]易宪容.中国房地产市场过热与风险预警[J].财贸经济,2005(5).
[80]张虹,陈凌白.美国住房抵押贷款证券化风险防范机制述评及启示[J].经济社会体制比较,2011(1):205-207.
[81]张琳,龙奋杰,朱宏亮.住房金融:从存贷结构到抵押证券的转变――美国住房金融市场的演变启示[J].中国房地产金融,2003(6):43.
[82]张桥云,郎波.美国住房金融市场:运行机制,监管改革及对中国的启示[J].经济社会体制比较,2011(3):97-98.
[83]张庆君,张荔.从美国次贷危机看金融创新的风险[J].(财会月刊,2009(6).
[84]张群群.房产泡沫宜挤不宜吹[J].中国经济周刊,2005(2).
[85]张艳梅,池敏,王璘珂.全球金融危机与宏观经济政策选择[J].黑龙江金融,2009(8).
[86]张宇,刘洪玉.美国住房金融体系及其经验借鉴—兼谈美国次货危机[J].国际金融研究,2008(4):4.
[87]赵文清,钱周信,贾慧敏.我国房地产金融风险分析及防范研究[J].技术经济,2005(4).
[88]郑捷.超常规发展与发展中的隐忧:我国住房金融发展回顾与现存问题的探讨[J].中国房地产金融,2008(6).
[89]周湘平,王于栋.住宅金融周期性风险的政府干预化解:原理、机制与对策[J].财经理论与实践,2004(1)
[1] Chiquier L, Lea M. Housing Finance Policy in Emerging Markets[M]. NY: WorldBank Publications,2009.
[2] David Garnett, Barbara Reid, Helen Riley. Housing finance [M].2ndLongmanGroup UK Ltd.,1991.
[3] J E Stiglitz. Whither socialism [M]. Cambridge, MA:MIT Press,1994.
[4] Kindleberger C. Manias, panics and crashes-a history of financial crises [M].3rdMacmillan Press, Ltd, New York: Wiley,1996.
[5] Kqu J, D Keenan, T Kim. Default probabilities for mortgages, department ofinsurance, legal studies and real estate [M]. The University of GeorgiaMimeo,1991.
[6] King P. Understanding Housing Finance: Meeting Needs and Making Choices[M].NY: Routledge,2009.
[7] Randall Johnston Pozdena. The modern economics of housing [M]. QuorumBooks,1988, P115.
[8] Gramlich E M. Subprime mortgages: America's latest boom and bust [M]. TheUrban Insitute,2007.
[9][美]阿历克斯·施瓦兹著,陈立中译.美国住房政策（第二版）[M].中国社会科学出版社,2012.
[10]彼得·S·罗斯著,刘园译.商业银行管理[M].北京:机械工业出版社,2004.
[11]蔡德容,潘军.住房金融创新研究[M].大连:东北财经大学出版社,2002.
[12]查尔斯·H·温茨巴奇,迈克·E·迈尔斯,苏珊娜·埃思里奇·坎农著,任淮秀,庞兴华,冯恒译.现代不动产[M].北京:中国人民大学出版社,2001.
[13]陈端洁.弗里德曼与托宾的货币理论[M].北京:经济科学出版社.1987.
[14]陈勇.住房抵押贷款及其金融创新产品[M].长沙:湖南大学出版社,2011(3).
[15]陈玉京.中美住房金融理论与政策:房地产资本运动的视角[M].北京:人民出版社,2009.
[16]戴相龙,黄达.中华金融辞库[M].中国金融出版社,1998:366.
[17]董寿昆.住宅商品化与金融[M].北京:中国金融出版社,1992.
[18]弗兰克·J·法博齐,弗朗哥·莫迪利亚尼,弗兰克·J·琼斯著.资本市场:机构与工具[M].北京:中国人民大学出版社,2004.
[19]李健飞.经济转轨时期中国房地产融资风险防范:理论与实证[M].北京:中国金融出版社,2006.
[20]生柳荣.当代金融创新[M].北京:中国发展出版社,1998.
[21]石春贵.房地产金融[M].中国金融出版社,1997:24.
[22]王仁涛.中国房地产金融制度创新研究:基于REITs理论的探讨[M].上海:复旦大学出版社,2009.
[23]威廉姆·B·布鲁格曼,李秉祥等译.房地产金融与投资[M].大连:东北财经大学出版社,2000.
[24]辛乔利,孙兆东.次贷危机[M].北京:中国经济出版社,2007.
[25]杨明秋.国际住房金融制度分析[M].上海:上海财经大学出版社,2011(8).
[26]应红.中国住房金融制度研究[M].北京:中国财经出版社,2007.
[27]郁文达.住房金融:国际比较与中国的选择[M].北京:中国金融出版社,2001.
[28]曾国安.住房金融:理论、实务与政策[M].北京:中国金融出版社,2004.
[29]张东.住房金融:理论探新与实证分析[M].北京:中国财政经济出版社,2004.
[30]张恩照.中国住房金融创新研究[M].北京:中国金融出版社,2003.
[31]张宗新.金融资产价格波动与风险控制[M].上海:复旦大学出版社,2005:19.
[32]中国人民银行研究局房地产金融分析小组.中国房地产金融报告(2007)[M].北京:中国金融出版社,2008
[33]中国人民银行研究局房地产金融分析小组:.中国房地产金融报告(2008)[M].北京:中国金融出版社,2009.
[34]周爱民.房地产金融[M].中国建筑工业出版社,1997:142.
[35]周京奎.金融支持过度与房地产泡沫—理论与实证研究[M].北京:北京大学出版社,2005.
[36]周志祥.房地产金融[M].中国人民大学出版社,1997:10-11.
[37]朱田顺.住房金融[M].北京:改革出版社,1990.
[38]住房和城乡建设部.国外住房金融研究汇编[M].北京:中国城市出版社,2009.
[1]陈崇.房地产价格波动及其宏观效应研究[D].南京:南京大学,2011.
[2]杜光平.中国住房金融体系研究[D].成都:西南财经大学,2005:8.
[3]李睿.中国商业银行房地产贷款信用风险管理研究[D].上海:华东师范大学,2006.
[4]李莉,美国公共住房政策的演变[D].厦门:厦门大学,2008.
[5]刘春红.我国房地产抵押贷款风险及其对策研究和实证分析[D].上海交通大学,2000.
[6]刘娜芹.中国房地产金融风险分析与防范[D].北京交通大学,2009:18.
[7]刘强.中国住房金融研究[D].大连:东北财经大学,1999.
[8]毛建林.中国房地产金融风险分析及防范研究[D].成都:四川大学,2007:27.
[9]曲世军.中国房地产金融风险判断及防范体系架构研究[D].长春:东北师范大学,2008:44-46.
[10]孙强.中国住房金融研究[D].大连:东北财经大学,1999:28.
[11]王福林.个人住房抵押违约贷款风险影响因素实证研究[D].浙江大学,2004.
[12]谢四保.房地产金融风险的评价与控制研究[D].重庆:重庆大学,2004:11-12.
[13]许志鹏.美国住房金融市场历史演变及其借鉴[D].杭州:浙江大学,2011.
[14]薛春龙.美国次级住房抵押贷款危机的原因及其影响[D].长春:吉林大学,2009.
[15]杨明秋.住房金融的制度分析[D].上海:复旦大学,2003.
[16]曾龙.中国住房金融风险分析及防范机制研究[D].武汉:武汉大学,2010.
[17]张旭旭.英国住房抵押贷款一级市场监管体系研究[D].成都:西南大学,2011.
[18]张宇.住房金融政策对中国城市住房市场的影响机制与政策选择[D].北京:清华大学,2010.
[1] Alessandro Calza, Tommaso Monacelli, Livio Stracca. Housing finance andmonetary policy [R]. Working Paper Series1069, European Central Bank,2009.
[2] Allen Franklin, Douglas Gale. Comparative financial systems: A survey [R].Center for Financial Institutions Working Paper01-15, Wharton School Center forFinancial Institutions, University of Pennsylvania,2001.
[3] Bester Helmut, Hellwig Martin. Moral hazard and equilibrium credit rationing: anoverview of the issues [R]. Discussion Paper Serie A125, University of Bonn,Germany,1987.
[4] Boleslav Gulko. Housing finance: past, present future [R]. Yale School ofManagement Working Papers ysm60, Yale School of Management,1998.
[5] Bruggemann A, Linne T. How good are leading indicators for currency andbanking crises in central and Eastern Europe? An empirical test [R]. IWHDiscussion Paper,95, Halle Institute for Economic Research,1999.
[6] Caballero Ricardo J, Emmanuel Farhi, Pierre-Olivier Gourinchas. Financial crash,commodity prices and global imbalances [W]. NBER Working Papers14521,National Bureau of Economic Research, Inc.2008.
[7] Caballero Ricardo J. Global imbalances and financial fragility [W]. NBERWorking Papers14688, National Bureau of Economic Research, Inc.2009.
[8] Dell’ Ariccia Giovanni, Igan Deniz, Laeven Luc. Credit booms and lendingstandards: evidence from the subprime mortgage market [R]. CEPR DiscussionPapers6683,2008.
[9] Fernandez Louisa Fadhel Kaboub, Zdravka Todorova. On democratizing financialturmoil: a minskian analysis of the subprime crisis [R]. Levy Conomics Instituteof Bard College, Working Paper No.548,2008.
[10]Francesco Drudi et al. Housing finance in the Euro Area [R]. Occasional PaperSeries101, European Central Bank,2009.
[11]Federal Housing Finance Agency.2011Report to Congress[R].FHFA,2012.
[12]Hali J Edison. Do indicators of financial crises work? An evaluation of an earlywarning system [R]. International Finance Discussion Paper675, Board ofGovernors of the Federal Reserve System,2002.
[13]Hellwig Martin. Systemic risk in the financial sector: an analysis of thesubprime-mortgage financial crisis [R]. Working Paper Series of the Max PlanckInstitute for Research on Collective Goods2008_43, Max Planck Institute forResearch on Collective Goods,2008.
[14]Kaminsky Graciela Lizondo, Saul, Reinhart Carmen M. Leading indicators ofcurrency crises [R]. Policy Research Working Paper Series1852, The WorldBank,1997.
[15]Lim M. Old wine in a new bottle: subprime mortgage crisis—causes andconsequences [R]. Levy Economics Institute of Bard College, Working Paper,No.532,2008.
[16]Llanto Gilberto M, Basilio Leilanie Q. Housing policy, strategy and recentdevelopments in market-based housing finance [R]. Discussion Papers DP1999-20, Philippine Institute for Development Studies,1999.
[17]Mark Doms, Fred Furlong, John Krainer. Subprime mortgage delinquency rates
[R]. Working Paper Series2007-33, Federal Reserve Bank of SanFrancisco,2007.
[18]Minsky Hyman P. The financial instability hypothesis [R]. Economics WorkingPaper Archive74, the Levy Economics Institue,1992.
[19]Nag Ashok, Amit Mitra. Neural networks and early warning indicators ofcurrency crises [R]. Reserve Bank of India Occasional Papers20(2),1999:183+222.
[20]Patric Hendershott.Public policy and the housing market [R].NBER Books,National Bureau of Economic Research, Inc, number hend96-1, April,1996.
[21]Veronica Cacdac Warnock, Francis E Warnock. Markets and housing finance [R].The Institute for International Studies Discussion Paper Series iiisdp221,2007.
[22]Yongheng Deng, John Quigley. Woodhead behavior and pricing of residentialmortgages [R]. Berkeley Program on Housing and Urban Policy, Working PaperSeries1015, Berkeley Program on Housing and Urban Policy,2006.
[23]Yongheng Deng, John M Quigley, Robert Van Order. Mortgage default and lowdownpayment loans: the costs of public subsidy [R]. NBER Working Paper5184,National Bureau of Economic Research, inc.1995.
[24]嘉富诚.2010年中国房地产金融年度报告[R].2011:7.
[25]中国国家统计局.中国统计年鉴2010[R].中国统计出版社,2010(9).
[1]高林.金融危机中的布什政府[N].东方早报,2011-7-17.
[2]孟艳.美国规划“两房”未来重构住房金融体系[N].中国财经报,2012-5-31(8).
[3]孙磊.美国政府在次贷危机中的干预措施[N].上海证券报,2008-9-13.
[4]谢柳.保监会高度关注AIG在华机构经营状况[N].中国保险报,2008-9-19.
[5]杨鹏飞.美国金融危机:新自由主义政策的必然结果[N].解放日报,2008-10-11.
[6]中国人民银行房地产金融分析小组.2004中国房地产金融报告[N].金融时报,2005-8-16(3).
[1] Federal Reserve Bank of New York. Effective Federal Funds Rate(FEDFUNDS)[EB/OL]. http://research.stlouisfed.org/fred2/graph.
[2] Standard and Poors. Case-Shiller Home Price Indices [EB/OL].www.standardandpoors.com
[3]洪锦屏,罗毅,沈娟.如果有现金流那就将它证券化吧[EB/OL].http://www.p5w.net/stock/lzft/hyyj/201303/t20130321_73708.htm.
[4]美国联邦储备系统管理委员会官方网站http://research.stlouisfed.org/fred2/data/MORTG.txt.
[5]搜狐网海外地产专题http://overseas.focus.cn/fztdir/house_mlc/index.php
[6]威翰地产.1963年-2010年美国房价走势分析[EB/OL].http://www.windhamchina.com/newsInfo_318.html
[7]中国国家统计局.2012年全国房地产开发和销售情况[EB/OL].http://www.gov.cn/gzdt/2013-01/18/content_2314924.htm
[8]中国人民银行.2012年金融机构贷款投向统计报告[R/OL].http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20130124160344491526726/20130124160344491526726_.html
①董寿昆.住宅商品化与金融[M].北京:中国金融出版社,1992.
①张恩照.中国住房金融创新研究[M].北京:中国金融出版社,2003.
③Randall Johnston Pozdena: The Modern Economics of Housing. Quorum Books,1988, P115.
④David Garnett, Barbara Reid, Helen Riley. Housing finance [M].2nd Longman Group UK Ltd.,1991.
①King P. Understanding Housing Finance: Meeting Needs and Making Choices[M]. NY: Routledge,2009.
②Chiquier L, Lea M. Housing Finance Policy in Emerging Markets[M]. NY: World Bank Publications,2009.
③郁文达.住房金融:国际比较与中国的选择[M].北京:中国金融出版社,2001.
④董寿昆.住宅商品化与金融[M].北京:中国金融出版社,1992.
⑤曾国安.住房金融:理论、实务与政策[M].北京:中国金融出版社,2004.
⑥张东.住房金融:理论探新与实证分析[M].北京:中国财政经济出版社,2004.
①戴相龙,黄达.中华金融辞库[M].中国金融出版社,1998:366.
②石春贵.房地产金融[M].中国金融出版社,1997:24.
③周爱民.房地产金融[M].中国建筑工业出版社,1997:142.
④周志祥.房地产金融[M].中国人民大学出版社,1997:10-11.
①孙强.中国住房金融研究[D].大连:东北财经大学,1999:28.
②孙强.中国住房金融研究[D].大连:东北财经大学,1999:30.
①Weicher J C. The new structure of the housing finance system[J]. Federal Reserve Bank of St.Louis Review,1994(7):47-65.
②杜光平.中国住房金融体系研究[D].成都:西南财经大学,2005:10.
①赵文清,钱周信,贾慧敏.我国房地产金融风险分析及防范研究[J].技术经济,2005(4).
②项志芬,何孝贵.房地产金融风险分析[J].石家庄经济学院学报,2001(5):499-501.
①张宗新.金融资产价格波动与风险控制[M].上海:复旦大学出版社,2005:19.转引自吴浩.中国房地产金融风险研究[D].广州:暨南大学,2010.
①刘娜芹.中国房地产金融风险分析与防范[D].北京交通大学,2009:18.
①毛建林.中国房地产金融风险分析及防范研究[D].成都:四川大学,2007:27.
②密尔顿.弗里德曼,安娜,J,斯瓦茨.货币和经济周期[J].经济统计评论,1963(2),32-46.
③陈端洁.弗里德曼与托宾的货币理论[M].北京:经济科学出版社.1987.
④谢四保.房地产金融风险的评价与控制研究[D].重庆:重庆大学,2004:11-12.
⑤毛建林.中国房地产金融风险分析及防范研究[D].成都:四川大学,2007:17.
①张宇,刘洪玉.美国住房金融体系及其经验借鉴—兼谈美国次货危机[J].国际金融研究,2008(4):4.
①张宇,刘洪玉.美国住房金融体系及其经验借鉴—兼谈美国次货危机[J].国际金融研究,2008(4):4.
①张宇,刘洪玉.美国住房金融体系及其经验借鉴—兼谈美国次货危机[J].国际金融研究,2008(4):4.
①许志鹏.美国住房金融市场历史演变及其借鉴[D].杭州:浙江大学,2011.
①李莉,美国公共住房政策的演变[D].厦门:厦门大学,2008.
①李莉,美国公共住房政策的演变[D].厦门:厦门大学,2008.
①林坚,冯长春.美国的住房政策[J].国外城市规划,1998(2):8-9.
①张宇,刘洪玉.美国住房金融体系及其经验借鉴—兼谈美国次货危机[J].国际金融研究,2008(4):4.
①住房和城乡建设部.国外住房金融研究汇编[M].北京:中国城市出版社,2009(10):5.
③住房和城乡建设部.国外住房金融研究汇编[M].北京:中国城市出版社,2009(10):5.
①住房和城乡建设部.国外住房金融研究汇编[M].北京:中国城市出版社,2009(10):41.
①Gramlich E M. Subprime mortgages: America's latest boom and bust [M]. The Urban Insitute,2007.
①施勇,徐炜.美国住房抵押贷款保险制度及对我国的借鉴[J].现代管理科学,2004(4):100.
①冯彬.我国发展住房抵押贷款证券化的思路[J].宏观经济研究,2004(5):45.
①[美]阿历克斯·施瓦兹著,陈立中译.美国住房政策（第二版）[M].中国社会科学出版社,2012:325.
①[美]阿历克斯·施瓦兹著,陈立中译.美国住房政策（第二版）[M].中国社会科学出版社,2012:350-351.
①张虹,陈凌白.美国住房抵押贷款证券化风险防范机制述评及启示[J].经济社会体制比较,2011(1):205-207.
①孟艳.美国规划“两房”未来重构住房金融体系[N].中国财经报,2012-5-31(8).
②嘉富诚.2010年中国房地产金融年度报告[R].2011:7.
①中国国家统计局.中国统计年鉴2010[R].中国统计出版社,2010(9).
②中国人民银行房地产金融分析小组.2004中国房地产金融报告[N].金融时报,2005-8-16(3).
③陈雪楚,彭建刚,邓彪.我国房地产金融非均衡状况分析与政策建议[J].湖南师范大学社会科学学报,2012(1):90.
[1] Akerlof George A. The market for “Lemons”: Quality uncertainty and the marketmechanism [J]. The Quarterly Journal of Economics, Vol.84,1970:488-500.
[2] Anne O Krueger. The political economy of the rent-seeking society [J]. TheAmerican Economic Review64,3,Jun.,1974:291-303.
[3] Berg Andrew, Pattillo Catherine. Predicting currency crises: the indicatorsapproach and an alternative [J]. Journal of Internatioanl Money and Finance,Elsevier, Vol.18(4), Aug.,1999:561-586.
[4] Camen M Reinhart, Kenneth S Rogoff. Is the2007US Sub-prime financial crisisso different? An international historical comparison [J]. American EconomicReview, American Economic Association, Vol.98(2), May,2008:339-344.
[5] Chou Ying-Foon, Huang Charles, Liu Ming. Valuation of adjustable ratemortgages with automatic stretching maturlty [J]. Journal of Banking and Finance,Vol.24, Nov.2000:1809-1829.
[6] David M Harrison, Thomas G Noordewier, K Ramagopal. Mortgage terninations:the role of conditional volatility [J]. Journal of Real Estate Research, AmericanReal Estate Society, Vol.23(1/2),2002:89-110.
[7] Demirguc-Kent Asli, Detragiache Enrica. The determinants of banking crises indeveloping and developed countries [J]. IMF Staff Papers, Palgrave MacmillanJournals, Vol.45(1),1998:3.
[8] Diamond Douglas W, Rajan Raghuram G. Banks, short-term debt and financialcrises: theory, policy implications and applications [J]. Carnegie-RochesterConference Series on Public Policy, Elsevier, Vol.54(1), Jun.,2001:37-71.
[9] Frankel Jeffrey A, Rose Andrew K. Currency crashes in emerging markets: anempirical treatment [J]. Journal of International Economics, Elsevier, Vol.41(3-4),Nov.,1996:351-366.
[10]Friedman Milton, Anna J Schwartz. Money and business cycles [J]. Review ofEconomics and Statistics,45(1),1963:32-64..
[11]Gau George W. A Taxonomic model for the risk-rating of residential mortgages[J]. Journal of Business, University of Chicago Press, Vol.51(4), Oct.1978:687-706.
[12]Gerald Lander, Katherine Barker, Margarita Zabelina, Tiffany Williams.Subprime mortgage tremors: an international issue [J]. International Advances inEconomic Research, Springer, Vol.12(1), Feb.2009:1-16.
[13]Gordon Tullock. The transitional gains trap [J]. Bell Journal of Economics, TheRAND Corporation, Vol.6(2),1975:671-678.
[14]Gramlich Edward M. Bomms and busts: the case of subprime mortgages [J].Economic Review, Federal Reserve Bank of Kansas City,4thquarter,2007.
[15]Haibin Zhun. The structure of housing finance markets and house prices in Asia[J]. BIS Quarterly Review, Bank for International Settlements, Dec.,2006.
[16]Jaffee Dwight M, Russell Thomas. Imperfect information uncertainty and creditrationing [J]. The Quarterly Journal of Economics, MIT Press, Vol.90(4),Nov.,1976:651-666.
[17]Jeffrey D Sachs, Aaron Tornell, Andres Velasco. Financial crises in emergingmarkets: the lessons from1995[J]. Brookings Papers on Economic Activity,Economic Studies Program, the Brookings Istitution, Vol.27(1996-1),1996:147-216.
[18]Jensen Michael C, Meckling William H. Theory of the firm: managerial behavior,agency costs and ownership structure [J]. Journal of Financial Economics,3(4),1976:305-360.
[19]Kaminsky Graciela L, Reinhart Carmen M. On crises, contagion, and confusion[J]. Journal of International Economics, Elsevier, Vol.51(1), Jun.,2000:145-168.
[20]Kanak Patel, Prodromos Vlamis. An empirical estimation of default risk of theUK real estate companies [J]. The Journal of Real Estate Finance and Economics,Springer, Vol.32(1), Feb.,2006:21-40.
[21]Kau James B, Keenan Donald C.Patterns of rational default [J]. Regional Scienceand Urban Economics, Elsevier, Vol.29(6), Nov.1999:765-785.
[22]Kurnar M, Moorthy U, Perraudin W. Predicting emerging market currencycrashes [J]. Journal of Empirical Finance, Vol.10,2003:427-454.
[23]Natalya Delcoure, Ross Dickens. REIT and REOC systematic risk sensitivity [J].Journal of Real Estate Research, American Real Estate Society, Vol.26(3),2004:237-254.
[24]Lisa L Posey, Abdullah Yavas. Adjustable and fixed rate mortgages as a screeningmechanism for default risk [J]. Journal of Urban Economics, Elsevier,Vol.49(1),Jan.2001:54-79.
[25]Maria-Teresa Sanchez Martinez. The Spanish financial system: facing up to thereal estate crisis and credit crunch [J]. European Journal of Housing Policy,Taylor and Francis Journals Vol.8(2),2008:181-196.
[26]Piyush Tiwari, Yoko Moriizumi. Efficiency in housing finance: a comparativestudy of mortgage instruments in Japan [R]. European Journal of Housing Policy,Taylor and Francis Journal, Vol.3(3), Dec.,2003:267-388.
[27]Stigliz Joseph E, Weiss Andrew. Credit rationing in markets with imperfectinformation [J]. American Economic Review, American Economic Association,Vol.71(3),Jun.,1981:393-410.
[28]Robert F Cotterman. Neighborhood effects in mortgage default risk [J]. UniconResearch Corporation, Santa Monica, Mar.2001:113.
[29]Wilson D. Residential loss severity in California:1992to1995[J]. Journal ofFixed Income, Vol.5, No.3, Dec.1995:35-48.
[30]Weicher J C. The new structure of the housing finance system[J]. FederalReserve Bank of St.Louis Review,1994(7):47-65.
[31]Yuliya Demyanyk, Otto Van Hemert. Understanding the subprime mortgagecrisis [J]. Proceedings, Federal Reserve Bank of Chicago, May,2008:171-192.
[32]曹国斌.关于构建我国住房金融模式的问题与对策[J].经济师,2004(8).
[33]陈华,张倩.美国国际集团被政府接管的教训及启示[J].亚太经济,2009(1).
[34]陈雪楚,彭建刚,邓彪.我国房地产金融非均衡状况分析与政策建议[J].湖南师范大学社会科学学报,2012(1):90.
[35]程建胜.关于完善我国房地产金融体系的思考[J].中国金融,2007(9).
[36]崔巍,朱勇,严深.住房制度改革新阶段中的金融问题研究[J].金融研究,1999(3).
[37]段军山,苏国强.银行的“危机短视症”、不正当激励与银行风险—基于我国房地产金融的经验证据[J].金融与保险,2007(2).
[38]冯彬.我国发展住房抵押贷款证券化的思路[J].宏观经济研究,2004(5):45.
[39]郭磊,王锋,刘长滨.深圳市房地产预警系统研究[J].数量经济技术经济研究,2003(7).
[40]韩继云.房地产信贷风险剖析及防范措施[J].宏观经济管理,2003(8).
[41]郝海龙,韩克勇.关于规避住房金融风险问题的思考[J].经济问题,2005(12).
[42]胡珀,孙建华.试论金融创新与金融创新风险防范[J].金融与经济,2008(4).
[43]黄小彪,黄曼慧.住房抵押贷款信用风险形成原因及对策研究[J].中国房地产金融,2004(6).
[44]贾留华,茅毅.次贷危机给金融创新带来的教训及启示[J].现代金融,2009(8).
[45]黎显扬.完善住房金融体系的思考[J].上海房地,2010(10).
[46]李海莲,何琳.统计分析在国民经济核算体系中的应用[J].山西统计2003(1).
[47]李涛,伍建平.房地产泡沫的成因及防范措施探讨[J].山东理工大学学报(社会科学版),2004(2).
[48]李展.中国房地产金融的历史及现状[J].城市开发,1998(9).
[49]李正全.政府干预住房金融制度的模式及其特征[J].中国房地产金融,2004(10).
[50]廖旗平.关于美国金融危机文献观点的综述[J].云南财经大学学报,2009(5).
[51]林坚,冯长春.美国的住房政策[J].国外城市规划,1998(2):8-9.
[52]刘传哲,高静华.房地产市场风险预誉研究方法综述[J].中国矿业大学学报(社会科学版)},2006(1).
[53]刘海北.中美房地产金融风险比较及我国的应对策略[J].上海金融,2009(2).
[54]刘萍.个人住房抵押贷款风险探析[J].金融研究,2002(8).
[55]刘伟鹏.关于我国住房金融模式选择的思考[J].中国房地产金融,2000(2).
[56]刘梓.房地产信贷风险与防范措施[J].中国金融,2004(7).
[57]密尔顿.弗里德曼,安娜,J,斯瓦茨.货币和经济周期[J].经济统计评论,1963(2),32-46.
[58]任俊生,迟铁.美国次贷危机的影响及对我国信用制度建设的启示[J].经济纵横,2009(6).
[59]阮永平,李艳,陆政.美国次贷危机的应对:税收政策及其效应评价[J].税务研究,2009(2).
[60]施勇,徐炜.美国住房抵押贷款保险制度及对我国的借鉴[J].现代管理科学,2004(4):100.
[61]石建勋,钟建飞.国外关于金融危机研究的最新动态[J].经济学动态,2009(9).
[62]孙天琦,张晓东.美国次贷危机:法律诱因、立法解危及其对我国的启示[J].法商研究,2009(2).
[63]佟明亮.金融创新与监管:基于美国次贷危机视域的分析[J].商业研究,2009(8).
[64]王力.后金融危机时期我国金融安全若干问题研究(上)[J].北京联合大学学报(人文社会科学版),2011(4).
[65]汪利娜.房地产金融风险生成的外部环境[J].小康社会居住目标与房地产经纪行业发展,2004(4).
[66]王重润.房地产融资结构与金融风险研究[J].中国房地产金融,2006(9).
[67]王素芹.借鉴国际经验,构建中国住房金融模式[J].经济经纬,2001(2).
[68]王素芹.我国住房金融模式探析[J].金融理论与实践,2001(1).
[69]吴承祥,王建红.住房抵押贷款保险创新产品—违约保险[J].中国房地产金融,2003(5).
[70]席卫群.应对金融危机的税收政策评价与思考[J].税务与经济,2010(2).
[71]项志芬,何孝贵.房地产金融风险分析[J].石家庄经济学院学报,2001(5):499-501.
[72]肖依赉,包锡盛.“可负担”的美国保障性住房[J].中国投资,2011(12).
[73]徐宏毅等.住房公积金制度效率理论框架研究[J].科技创业月刊,2008(1).
[74]徐建斌,林观彪.房地产信贷风险形成的微观机制[J].浙江金融,2003(7).
[75]徐瑞娥.剖析美国次贷危机引发金融危机的观点综述[J].经济研究参考,2009(12).
[76]薛建改.谈房地产金融风险防范与制度创新[J].商业时代,2011(27).
[77]杨军.我国个人所得税制问题分析与改革措施[J].河南工程学院学报(社会科学版),2008(1).
[78]杨军.个人所得税与贫富差距问题研究[J].特区经济,2008(7).
[79]易宪容.中国房地产市场过热与风险预警[J].财贸经济,2005(5).
[80]张虹,陈凌白.美国住房抵押贷款证券化风险防范机制述评及启示[J].经济社会体制比较,2011(1):205-207.
[81]张琳,龙奋杰,朱宏亮.住房金融:从存贷结构到抵押证券的转变――美国住房金融市场的演变启示[J].中国房地产金融,2003(6):43.
[82]张桥云,郎波.美国住房金融市场:运行机制,监管改革及对中国的启示[J].经济社会体制比较,2011(3):97-98.
[83]张庆君,张荔.从美国次贷危机看金融创新的风险[J].(财会月刊,2009(6).
[84]张群群.房产泡沫宜挤不宜吹[J].中国经济周刊,2005(2).
[85]张艳梅,池敏,王璘珂.全球金融危机与宏观经济政策选择[J].黑龙江金融,2009(8).
[86]张宇,刘洪玉.美国住房金融体系及其经验借鉴—兼谈美国次货危机[J].国际金融研究,2008(4):4.
[87]赵文清,钱周信,贾慧敏.我国房地产金融风险分析及防范研究[J].技术经济,2005(4).
[88]郑捷.超常规发展与发展中的隐忧:我国住房金融发展回顾与现存问题的探讨[J].中国房地产金融,2008(6).
[89]周湘平,王于栋.住宅金融周期性风险的政府干预化解:原理、机制与对策[J].财经理论与实践,2004(1)
[1] Chiquier L, Lea M. Housing Finance Policy in Emerging Markets[M]. NY: WorldBank Publications,2009.
[2] David Garnett, Barbara Reid, Helen Riley. Housing finance [M].2ndLongmanGroup UK Ltd.,1991.
[3] J E Stiglitz. Whither socialism [M]. Cambridge, MA:MIT Press,1994.
[4] Kindleberger C. Manias, panics and crashes-a history of financial crises [M].3rdMacmillan Press, Ltd, New York: Wiley,1996.
[5] Kqu J, D Keenan, T Kim. Default probabilities for mortgages, department ofinsurance, legal studies and real estate [M]. The University of GeorgiaMimeo,1991.
[6] King P. Understanding Housing Finance: Meeting Needs and Making Choices[M].NY: Routledge,2009.
[7] Randall Johnston Pozdena. The modern economics of housing [M]. QuorumBooks,1988, P115.
[8] Gramlich E M. Subprime mortgages: America's latest boom and bust [M]. TheUrban Insitute,2007.
[9][美]阿历克斯·施瓦兹著,陈立中译.美国住房政策（第二版）[M].中国社会科学出版社,2012.
[10]彼得·S·罗斯著,刘园译.商业银行管理[M].北京:机械工业出版社,2004.
[11]蔡德容,潘军.住房金融创新研究[M].大连:东北财经大学出版社,2002.
[12]查尔斯·H·温茨巴奇,迈克·E·迈尔斯,苏珊娜·埃思里奇·坎农著,任淮秀,庞兴华,冯恒译.现代不动产[M].北京:中国人民大学出版社,2001.
[13]陈端洁.弗里德曼与托宾的货币理论[M].北京:经济科学出版社.1987.
[14]陈勇.住房抵押贷款及其金融创新产品[M].长沙:湖南大学出版社,2011(3).
[15]陈玉京.中美住房金融理论与政策:房地产资本运动的视角[M].北京:人民出版社,2009.
[16]戴相龙,黄达.中华金融辞库[M].中国金融出版社,1998:366.
[17]董寿昆.住宅商品化与金融[M].北京:中国金融出版社,1992.
[18]弗兰克·J·法博齐,弗朗哥·莫迪利亚尼,弗兰克·J·琼斯著.资本市场:机构与工具[M].北京:中国人民大学出版社,2004.
[19]李健飞.经济转轨时期中国房地产融资风险防范:理论与实证[M].北京:中国金融出版社,2006.
[20]生柳荣.当代金融创新[M].北京:中国发展出版社,1998.
[21]石春贵.房地产金融[M].中国金融出版社,1997:24.
[22]王仁涛.中国房地产金融制度创新研究:基于REITs理论的探讨[M].上海:复旦大学出版社,2009.
[23]威廉姆·B·布鲁格曼,李秉祥等译.房地产金融与投资[M].大连:东北财经大学出版社,2000.
[24]辛乔利,孙兆东.次贷危机[M].北京:中国经济出版社,2007.
[25]杨明秋.国际住房金融制度分析[M].上海:上海财经大学出版社,2011(8).
[26]应红.中国住房金融制度研究[M].北京:中国财经出版社,2007.
[27]郁文达.住房金融:国际比较与中国的选择[M].北京:中国金融出版社,2001.
[28]曾国安.住房金融:理论、实务与政策[M].北京:中国金融出版社,2004.
[29]张东.住房金融:理论探新与实证分析[M].北京:中国财政经济出版社,2004.
[30]张恩照.中国住房金融创新研究[M].北京:中国金融出版社,2003.
[31]张宗新.金融资产价格波动与风险控制[M].上海:复旦大学出版社,2005:19.
[32]中国人民银行研究局房地产金融分析小组.中国房地产金融报告(2007)[M].北京:中国金融出版社,2008
[33]中国人民银行研究局房地产金融分析小组:.中国房地产金融报告(2008)[M].北京:中国金融出版社,2009.
[34]周爱民.房地产金融[M].中国建筑工业出版社,1997:142.
[35]周京奎.金融支持过度与房地产泡沫—理论与实证研究[M].北京:北京大学出版社,2005.
[36]周志祥.房地产金融[M].中国人民大学出版社,1997:10-11.
[37]朱田顺.住房金融[M].北京:改革出版社,1990.
[38]住房和城乡建设部.国外住房金融研究汇编[M].北京:中国城市出版社,2009.
[1]陈崇.房地产价格波动及其宏观效应研究[D].南京:南京大学,2011.
[2]杜光平.中国住房金融体系研究[D].成都:西南财经大学,2005:8.
[3]李睿.中国商业银行房地产贷款信用风险管理研究[D].上海:华东师范大学,2006.
[4]李莉,美国公共住房政策的演变[D].厦门:厦门大学,2008.
[5]刘春红.我国房地产抵押贷款风险及其对策研究和实证分析[D].上海交通大学,2000.
[6]刘娜芹.中国房地产金融风险分析与防范[D].北京交通大学,2009:18.
[7]刘强.中国住房金融研究[D].大连:东北财经大学,1999.
[8]毛建林.中国房地产金融风险分析及防范研究[D].成都:四川大学,2007:27.
[9]曲世军.中国房地产金融风险判断及防范体系架构研究[D].长春:东北师范大学,2008:44-46.
[10]孙强.中国住房金融研究[D].大连:东北财经大学,1999:28.
[11]王福林.个人住房抵押违约贷款风险影响因素实证研究[D].浙江大学,2004.
[12]谢四保.房地产金融风险的评价与控制研究[D].重庆:重庆大学,2004:11-12.
[13]许志鹏.美国住房金融市场历史演变及其借鉴[D].杭州:浙江大学,2011.
[14]薛春龙.美国次级住房抵押贷款危机的原因及其影响[D].长春:吉林大学,2009.
[15]杨明秋.住房金融的制度分析[D].上海:复旦大学,2003.
[16]曾龙.中国住房金融风险分析及防范机制研究[D].武汉:武汉大学,2010.
[17]张旭旭.英国住房抵押贷款一级市场监管体系研究[D].成都:西南大学,2011.
[18]张宇.住房金融政策对中国城市住房市场的影响机制与政策选择[D].北京:清华大学,2010.
[1] Alessandro Calza, Tommaso Monacelli, Livio Stracca. Housing finance andmonetary policy [R]. Working Paper Series1069, European Central Bank,2009.
[2] Allen Franklin, Douglas Gale. Comparative financial systems: A survey [R].Center for Financial Institutions Working Paper01-15, Wharton School Center forFinancial Institutions, University of Pennsylvania,2001.
[3] Bester Helmut, Hellwig Martin. Moral hazard and equilibrium credit rationing: anoverview of the issues [R]. Discussion Paper Serie A125, University of Bonn,Germany,1987.
[4] Boleslav Gulko. Housing finance: past, present future [R]. Yale School ofManagement Working Papers ysm60, Yale School of Management,1998.
[5] Bruggemann A, Linne T. How good are leading indicators for currency andbanking crises in central and Eastern Europe? An empirical test [R]. IWHDiscussion Paper,95, Halle Institute for Economic Research,1999.
[6] Caballero Ricardo J, Emmanuel Farhi, Pierre-Olivier Gourinchas. Financial crash,commodity prices and global imbalances [W]. NBER Working Papers14521,National Bureau of Economic Research, Inc.2008.
[7] Caballero Ricardo J. Global imbalances and financial fragility [W]. NBERWorking Papers14688, National Bureau of Economic Research, Inc.2009.
[8] Dell’ Ariccia Giovanni, Igan Deniz, Laeven Luc. Credit booms and lendingstandards: evidence from the subprime mortgage market [R]. CEPR DiscussionPapers6683,2008.
[9] Fernandez Louisa Fadhel Kaboub, Zdravka Todorova. On democratizing financialturmoil: a minskian analysis of the subprime crisis [R]. Levy Conomics Instituteof Bard College, Working Paper No.548,2008.
[10]Francesco Drudi et al. Housing finance in the Euro Area [R]. Occasional PaperSeries101, European Central Bank,2009.
[11]Federal Housing Finance Agency.2011Report to Congress[R].FHFA,2012.
[12]Hali J Edison. Do indicators of financial crises work? An evaluation of an earlywarning system [R]. International Finance Discussion Paper675, Board ofGovernors of the Federal Reserve System,2002.
[13]Hellwig Martin. Systemic risk in the financial sector: an analysis of thesubprime-mortgage financial crisis [R]. Working Paper Series of the Max PlanckInstitute for Research on Collective Goods2008_43, Max Planck Institute forResearch on Collective Goods,2008.
[14]Kaminsky Graciela Lizondo, Saul, Reinhart Carmen M. Leading indicators ofcurrency crises [R]. Policy Research Working Paper Series1852, The WorldBank,1997.
[15]Lim M. Old wine in a new bottle: subprime mortgage crisis—causes andconsequences [R]. Levy Economics Institute of Bard College, Working Paper,No.532,2008.
[16]Llanto Gilberto M, Basilio Leilanie Q. Housing policy, strategy and recentdevelopments in market-based housing finance [R]. Discussion Papers DP1999-20, Philippine Institute for Development Studies,1999.
[17]Mark Doms, Fred Furlong, John Krainer. Subprime mortgage delinquency rates
[R]. Working Paper Series2007-33, Federal Reserve Bank of SanFrancisco,2007.
[18]Minsky Hyman P. The financial instability hypothesis [R]. Economics WorkingPaper Archive74, the Levy Economics Institue,1992.
[19]Nag Ashok, Amit Mitra. Neural networks and early warning indicators ofcurrency crises [R]. Reserve Bank of India Occasional Papers20(2),1999:183+222.
[20]Patric Hendershott.Public policy and the housing market [R].NBER Books,National Bureau of Economic Research, Inc, number hend96-1, April,1996.
[21]Veronica Cacdac Warnock, Francis E Warnock. Markets and housing finance [R].The Institute for International Studies Discussion Paper Series iiisdp221,2007.
[22]Yongheng Deng, John Quigley. Woodhead behavior and pricing of residentialmortgages [R]. Berkeley Program on Housing and Urban Policy, Working PaperSeries1015, Berkeley Program on Housing and Urban Policy,2006.
[23]Yongheng Deng, John M Quigley, Robert Van Order. Mortgage default and lowdownpayment loans: the costs of public subsidy [R]. NBER Working Paper5184,National Bureau of Economic Research, inc.1995.
[24]嘉富诚.2010年中国房地产金融年度报告[R].2011:7.
[25]中国国家统计局.中国统计年鉴2010[R].中国统计出版社,2010(9).
[1]高林.金融危机中的布什政府[N].东方早报,2011-7-17.
[2]孟艳.美国规划“两房”未来重构住房金融体系[N].中国财经报,2012-5-31(8).
[3]孙磊.美国政府在次贷危机中的干预措施[N].上海证券报,2008-9-13.
[4]谢柳.保监会高度关注AIG在华机构经营状况[N].中国保险报,2008-9-19.
[5]杨鹏飞.美国金融危机:新自由主义政策的必然结果[N].解放日报,2008-10-11.
[6]中国人民银行房地产金融分析小组.2004中国房地产金融报告[N].金融时报,2005-8-16(3).
[1] Federal Reserve Bank of New York. Effective Federal Funds Rate(FEDFUNDS)[EB/OL]. http://research.stlouisfed.org/fred2/graph.
[2] Standard and Poors. Case-Shiller Home Price Indices [EB/OL].www.standardandpoors.com
[3]洪锦屏,罗毅,沈娟.如果有现金流那就将它证券化吧[EB/OL].http://www.p5w.net/stock/lzft/hyyj/201303/t20130321_73708.htm.
[4]美国联邦储备系统管理委员会官方网站http://research.stlouisfed.org/fred2/data/MORTG.txt.
[5]搜狐网海外地产专题http://overseas.focus.cn/fztdir/house_mlc/index.php
[6]威翰地产.1963年-2010年美国房价走势分析[EB/OL].http://www.windhamchina.com/newsInfo_318.html
[7]中国国家统计局.2012年全国房地产开发和销售情况[EB/OL].http://www.gov.cn/gzdt/2013-01/18/content_2314924.htm
[8]中国人民银行.2012年金融机构贷款投向统计报告[R/OL].http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2013/20130124160344491526726/20130124160344491526726_.html
© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号 地址：北京市海淀区学院路29号 邮编：100083 电话：办公室：(+86 10)66554848；文献借阅、咨询服务、科技查新：66554700 |