以2007年7月，以美国第二大贷款公司新世纪金融公司破产为标志的美国次贷危机，在之后的两年时间里，从金融领域跨越到商品市场领域，从美国席卷全球，其影响之深，破坏之广足可以媲美上个世纪30年代的美国经济大萧条。本论文通过深入分析美国次贷危机产生、传导、扩散的原因，结合美国的经济政策和危机对策，提出对我国现行的一些经济政策和体制的启示。主要通过研究美国的住房金融体系、美国货币政策、国际货币体系、次级抵押贷款证券化等，追溯次贷危机爆发的根源，运用对比分析的方法提出对我国金融市场的启示。次贷危机的产生是由于美国房地产市场转冷和次级贷款违约率上升双重作用使风险暴露出来的。美国的利率政策在2000年之后确实提振了美国经济，同时也隐藏了诸多的风险，市场的虚假繁荣，最终导致泡沫破裂，危机形成。次级抵押贷款的证券化使得危机在整个金融领域内传导。金融工具的复杂性使得风险监管变得十分困难，其杠杆作用，更是使风险放大。次贷危机的全球范围内扩散，并且从金融领域逐渐蔓延到商品市场领域，究其原因，主要是全球经济一体化和国际货币体系新格局带来的客观必然结果。随着国际化步伐的加快，参与世界市场的范围扩大，我国在次贷危机中也遭受了巨大的损失。深入研究次贷危机的成因和影响，也同样给金融市场和金融机构的发展以深刻启迪，加强金融监管，提高风险防范意识成为各国政府、金融监管当局以及金融机构迫切需要解决的问题。我国更需要在发展经济的同时，重视和完善信用体系建设，谨慎实行证券化，改善监管制度，把握监管力度，加强风险防范，保障金融安全，以美国为鉴，从根源上化解风险，避免危机的形成。

July 2007, the second-largest lender New Century Financial Corporation bankrupted, which signs the sub-prime loan crisis broken in the United States. In the following two years, from the financial sector to the commodity markets area, the crisis was sweeping the globe from the United States. Its impact is deep and wide, comparable to the 30's the Great Depression the US. In this paper, I deeply analyzed the conditions, the reasons and the development of the sub-prime loan crisis, and addressed the economic policies and strategies of the United States. Then I put forward a number of China's current economic policy and institutional enlightenment, primarily through the comparative analysis of the housing finance system of the United States, the United States monetary policy, the international monetary system, sub-prime mortgage securities with our financial markets. The sub-prime crisis exploded in the U.S., when the real estate market turned cold and sub-prime loan defaulted rapidly. After 2000, U.S. interest rate policy did not only boost the U.S. economy, but hid a lot of risks. The false prosperity of the market, eventually led to a burst bubble, and the crisis, came in to being. Sub-prime mortgage securitization made the crisis spread in the whole financial sector. The complexity of financial instruments makes the risk valuation more difficult, and the leverage of the derivatives enlarged the risk also. The crisis spread globally, which is principally caused by the global economic integration and the international monetary system. With the acceleration of the pace of internationalization, China participates the world markets more expansive, suffered heavy losses in the crisis. Intensive study of the causes of sub-prime loan crisis and the impact of the financial markets and financial institutions, which can develop a deep inspiration, strengthen financial supervision to the government, and improve risk prevention awareness. The financial supervisory authorities and financial institutions urgently need to be addressed. China's economic development needs pay more attention to the credit system construction, carefully implement securitization, improve the regulatory system, grasp supervision and risk prevention, protection and financial security.