Ảnh Hưởng Của Các Chứng Khoán Phái Sinh

S pht trin bt ng sn v cc khon cho vay th chpVo nhng nm 2000, mc li sut thp, nn kinh t phc hiHot ng ca th trng bt ng sn (BS) din ra si ng-> tr thnh mt knh u t c kh nng mang li li nhun ln

S pht trin bt ng sn v cc khon cho vay th chpTng thng Bill Clinton vi mong mun to iu kin cho nhng ngi thu nhp thp c kh nng mua nh -> tc ng n cc ngn hng lm gim li sut -> dch v vay mua nh th chp pht trin mnh m

S pht trin bt ng sn v cc khon cho vay th chp=> Nhng khon cho vay cht lng thp v ri ro cao, quy trnh th tc cho vay cc k n gin, thiu tnh k lng. Ti sn th chp cho cc khon vay ny thng chnh l cc BS m ngi vay vn mua v ngun tr l thu nhp trong tng lai.

S pht trin bt ng sn v cc khon cho vay th chp=> Ngn hng bn mt phn hay ton b danh mc cho vay th chp -> phn tn ri ro + thm vn cho vay nhiu hn

Chng khon c m bo bi khon cho vay th chp (MBS)- Fannie Mae v Freddie Mac mua li nhng mn n th chp bng BS -> pht hnh MBS bn cho cc nh u t+=>MBS

Chng khon c m bo bi khon cho vay th chp (MBS)

Tch ccTiu ccNgi cho vay phn tn ri ro + thu ht cc ngun vn t khp ni trn th gii n M, gp phn pht trin th trng cho vay th chp ti M.T chc cho vay th chp dn ni lng iu kin ca ngi i vay, ri ro v n cc k ln + cc t chc xp hng tn dng khng nh gi c nhng ri ro tim n trong cc chng khon phi sinh ny.

Tri phiu c m bo bng n c m bo (CDO)Cc khon n th chp, nhm ti sn m bo bao gm cc loi chng khon tn dng khc nh cho vay BS thng mi, vay th tn dng, vay mua xe hi, vay tin hc i hc -> loi chng khon c ti sn th chp ni chung ABS

Tri phiu c m bo bng n c m bo (CDO)CDO: kt hp cc ABS vo thnh cc danh mc u t ti sn ri chia nh theo cc mc ri ro t cao n thp: senior, mezzanine and equity=> Nh pht hnh lm cho CDO ca mnh c gi tr hn bng cch mua bo him cho cc ABS cu thnh danh mc t cc cng ty bo him uy tn.

Hp ng hon i kh nng v n tn dng (CDS)- Ban u: bo him dnh cho tri phiu tn ti di hnh thc mt khon n c chng khon ha- Ngi mua tr cho ngi bn dng ph CDS hng nm trong sut thi hn hp ng; cn ngi bn tr cho ngi mua dng tin bo him ri ro

Hp ng hon i kh nng v n tn dng (CDS)- S lng CDS trn th trng ngy cng nhiu- Nhiu ngi mua CDS khng h s hu nhng tri phiu ny m ch mun u c vo kh nng ph sn ca loi tri phiu => y gi ln n v hn v ngy cng xa ri gi tr thc ca ti sn c s

Bng n khon cho vay di chunTng trng kinh t phc hi, li sut cao -> th trng BS tut dc, ng bng + tut gi cc chng khon.=>

Bng n khon cho vay di chunCc khon vay di chun xu i -> ABS xu i -> CDO rt gi khng phanh -> bo him CDS khng th c gii quyt hon ton -> ph sn, ri li tht nghip

nh cao ca s bng n: S sp v khng hong ti chnh ton cuFannie Mae v Freddie Mac c chnh ph M mua li trnh nguy c sp

nh cao ca s bng n: S sp v khng hong ti chnh ton cuBi thng nhng thit hi khng l. AIG (American International Group) l v d in hnh nht. Do tp trung qu nhiu vo nhng khon cho vay di chun M

nh cao ca s bng n: S sp v khng hong ti chnh ton cuTi gia thng 9/2008, ngn hng u t Lehman Brothers b p ph snBear Stearns: gn sp c chnh ph cu

Lan rng ton cuDo h thng ti chnh ca M c sc nh hng to ln i vi nn kinh t th gii, do khi h thng ti chnh ca M gp trc trc s ko theo nhng h ly cho c quc gia khc

Lan rng ton cu=> Th trng CDS tr thnh mt mng nhn khng l, b n trong nhng tha thun gia nhng ngn hng, ngn hng ma v ngi mi gii b gi by mt cch nguy him v lin kt vi nhau thng qua s s hi.