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本文从实证角度给出了美国抵押房贷市场、债券市场以及抵押房贷证券化规模和构成演变的概貌。分析了单一家庭房贷、国债、市政债券、公司债券的定息和调息(浮息)构成,探讨了机构与非机构抵押债券构成及房贷证券化情况。基本结论是:美国抵押房贷市场以定息房贷和民间的普通房贷为主;定息和政府支持的房贷比重呈下降趋势,而调息和普通房贷的比重呈上升趋势;房贷发放中提前还贷的比重较高,形成“高发放、低净增”的状况;债券市场中抵押债券所占份额最高;定息债券的债市份额高于浮息债券,占有债市的主体地位,但其份额和地位在下降;抵押债券占债市比重因房贷证券化而快速提高,其中定息抵押主导抵押债市,但其比重呈下降趋势。
This paper gives an overview of the scale and composition of the mortgage-backed securities market, the bond market and the mortgage-backed securities in the United States from an empirical perspective. It analyzes the composition of fixed interest rate and interest rate adjustment (floating rate) of single family mortgage, national debt, municipal bonds and corporate bonds, and discusses the composition of institutional and non-institutional mortgage bonds and mortgage securitization. The basic conclusion is: the mortgage market in the United States is dominated by fixed-rate mortgages and private ordinary mortgages; the proportion of fixed-interest loans and government-supported mortgages is on a downward trend while the proportion of ordinary mortgages and ordinary mortgages is on the rise; the proportion of repayment of mortgages in advance Higher, resulting in a situation of “high payment and low net increase”; the highest proportion of mortgage bonds in the bond market; the bond market of fixed rate bonds is higher than that of floating rate bonds and occupy the dominant position in the bond market, but its share and The position is declining; the proportion of mortgage-backed bonds in the bond market is rapidly rising due to the mortgage-backed securitization, in which the fixed-rate mortgages dominate the bond market, but its proportion is on a downward trend.