我和你一个班的吧，我今天下午也讲了这个问题。周同学讲的吧。

＜meta content="text/html; charset=utf-8" http-equiv="Content-Type"＞＜/meta＞＜meta content="Word.Document" name="ProgId"＞＜/meta＞＜meta content="Microsoft Word 11" name="Generator"＞＜/meta＞＜meta content="Microsoft Word 11" name="Originator"＞＜/meta＞＜link href="file:///C:\DOCUME~1\ADMINI~1.DB8\LOCALS~1\Temp\msohtml1\01\clip_filelist.xml" rel="File-List"＞＜/link＞＜style＞ <!-- /* Font Definitions */ @font-face {font-family:宋体; panose-1:2 1 6 0 3 1 1 1 1 1; mso-font-alt:SimSun; mso-font-charset:134; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:3 135135232 16 0 262145 0;} @font-face {font-family:"\@宋体"; panose-1:2 1 6 0 3 1 1 1 1 1; mso-font-charset:134; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:3 135135232 16 0 262145 0;} @font-face {font-family:ˎ̥; panose-1:0 0 0 0 0 0 0 0 0 0; mso-font-alt:"Times New Roman"; mso-font-charset:0; mso-generic-font-family:roman; mso-font-format:other; mso-font-pitch:auto; mso-font-signature:0 0 0 0 0 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0cm; margin-bottom:.0001pt; text-align:justify; text-justify:inter-ideograph; mso-pagination:none; ; mso-bidi-; font-family:"Times New Roman"; mso-fareast-font-family:宋体; mso-font-kerning:1.0pt;} /* Page Definitions */ @page {mso-page-border-surround-header:no; mso-page-border-surround-footer:no;} @page Section1 {size:612.0pt 792.0pt; margin:72.0pt 90.0pt 72.0pt 90.0pt; mso-header-margin:36.0pt; mso-footer-margin:36.0pt; mso-paper-source:0;} div.Section1 {page:Section1;} --> ＜/style＞    美国上世纪90年代初期，由于利率上升，标准抵押贷款需求减少，按揭经纪人开始将更多的目光投入次级抵押贷款市场，可以说次级抵押贷款市场此时正式拉开了序幕。次级抵押贷款市场虽然天生存在高风险，但是至少在本次危机爆发前正在逐步走向成熟。
＜meta content="text/html; charset=utf-8" http-equiv="Content-Type"＞＜/meta＞＜meta content="Word.Document" name="ProgId"＞＜/meta＞＜meta content="Microsoft Word 11" name="Generator"＞＜/meta＞＜meta content="Microsoft Word 11" name="Originator"＞＜/meta＞＜link href="file:///C:\DOCUME~1\ADMINI~1.DB8\LOCALS~1\Temp\msohtml1\01\clip_filelist.xml" rel="File-List"＞＜/link＞＜style＞ <!-- /* Font Definitions */ @font-face {font-family:宋体; panose-1:2 1 6 0 3 1 1 1 1 1; mso-font-alt:SimSun; mso-font-charset:134; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:3 135135232 16 0 262145 0;} @font-face {font-family:"\@宋体"; panose-1:2 1 6 0 3 1 1 1 1 1; mso-font-charset:134; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:3 135135232 16 0 262145 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0cm; margin-bottom:.0001pt; text-align:justify; text-justify:inter-ideograph; mso-pagination:none; ; mso-bidi-; font-family:"Times New Roman"; mso-fareast-font-family:宋体; mso-font-kerning:1.0pt;} /* Page Definitions */ @page {mso-page-border-surround-header:no; mso-page-border-surround-footer:no;} @page Section1 {size:612.0pt 792.0pt; margin:72.0pt 90.0pt 72.0pt 90.0pt; mso-header-margin:36.0pt; mso-footer-margin:36.0pt; mso-paper-source:0;} div.Section1 {page:Section1;} --> ＜/style＞    美国2001年－2005年期间，布什政府为刺激9.11事件后的美国经济，施行了长期低利率政策，导致美国国民购房热情急剧升温，房价上涨，加上次级抵押贷款门槛低，信用要求度相对较低，此时房地产市场一片利好。房产的升值激发房地产市场的投资热情，许多放贷机构都从中赚取了巨额的利润，房地产利益链上的各个单元（购房者、房产建筑商、房产销售商、房贷机构、投资银行、保险公司和部分对冲基金）都得到了丰厚的回报，市场各方对市场形成了房地产持续上涨的预期。
＜meta content="text/html; charset=utf-8" http-equiv="Content-Type"＞＜/meta＞＜meta content="Word.Document" name="ProgId"＞＜/meta＞＜meta content="Microsoft Word 11" name="Generator"＞＜/meta＞＜meta content="Microsoft Word 11" name="Originator"＞＜/meta＞＜link href="file:///C:\DOCUME~1\ADMINI~1.DB8\LOCALS~1\Temp\msohtml1\01\clip_filelist.xml" rel="File-List"＞＜/link＞＜style＞ <!-- /* Font Definitions */ @font-face {font-family:宋体; panose-1:2 1 6 0 3 1 1 1 1 1; mso-font-alt:SimSun; mso-font-charset:134; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:3 135135232 16 0 262145 0;} @font-face {font-family:"\@宋体"; panose-1:2 1 6 0 3 1 1 1 1 1; mso-font-charset:134; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:3 135135232 16 0 262145 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0cm; margin-bottom:.0001pt; text-align:justify; text-justify:inter-ideograph; mso-pagination:none; ; mso-bidi-; font-family:"Times New Roman"; mso-fareast-font-family:宋体; mso-font-kerning:1.0pt;} /* Page Definitions */ @page {mso-page-border-surround-header:no; mso-page-border-surround-footer:no;} @page Section1 {size:612.0pt 792.0pt; margin:72.0pt 90.0pt 72.0pt 90.0pt; mso-header-margin:36.0pt; mso-footer-margin:36.0pt; mso-paper-source:0;} div.Section1 {page:Section1;} --> ＜/style＞    但是，2004年美联储预计房地产市场过热，采用了逆经济周期的宏观经济政策，2004年6月来的两年期间多达17次的加息政策，使得房地产市场的景气程度大大低于市场预期。这导致以下一系列问题：（1）.低信用借款者违约增加，放贷机构陷入了预期现金流流失危机；（2）.向放贷机构提供融资的投资银行产生了投资亏损；（3）.相应的保险公司、对冲基金也产生了投资亏损。于是次贷危机爆发。＜style＞<!-- /* Font Definitions */ @font-face {font-family:宋体; panose-1:2 1 6 0 3 1 1 1 1 1; mso-font-alt:SimSun; mso-font-charset:134; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:3 135135232 16 0 262145 0;} @font-face {font-family:"\@宋体"; panose-1:2 1 6 0 3 1 1 1 1 1; mso-font-charset:134; mso-generic-font-family:auto; mso-font-pitch:variable; mso-font-signature:3 135135232 16 0 262145 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0cm; margin-bottom:.0001pt; text-align:justify; text-justify:inter-ideograph; mso-pagination:none; ; mso-bidi-; font-family:"Times New Roman"; mso-fareast-font-family:宋体; mso-font-kerning:1.0pt;} /* Page Definitions */ @page {mso-page-border-surround-header:no; mso-page-border-surround-footer:no;} @page Section1 {size:612.0pt 792.0pt; margin:72.0pt 90.0pt 72.0pt 90.0pt; mso-header-margin:36.0pt; mso-footer-margin:36.0pt; mso-paper-source:0;} div.Section1 {page:Section1;} --> ＜/style＞
   美国政府，此时出于经济需要，降低联邦储蓄利率，以刺激经济回暖。国际金融市场上的美元资产预期收益下降，于是投资者抛售美元，美元供给大幅上升，于是美元贬值。

对不起，乱码太多，你把乱码删掉，将就看一下。我也是去年关注了一下这个问题。现在就是凭记忆给你说说了。

看来是这样的。顾老师好像也没有正面回答，呵呵

那么美国政府实施低利率政策，会不会导致资本外逃？意味着有更多的国际游资企图进入中国市场？