摘要
本研究以系統思考分析全球金融風暴，結果發現全球金融風暴主要原因來自於美國的次級房貸風暴，其對美國的主要影響
是「信用嚴重緊縮，引發流動性緊縮危機，
使美國的投資、消費驟減，對所得、就業造成莫大的傷害」，美國提出的解決方案是「一方面由FED 創造信用，另一方面增加國家支出（從事國家基礎建設），以活絡經濟」；其對新興市場的主要影響則是「外資撤離造成
的破產危機」，此危機須「仰賴其他國家的資金援助」，才能脫離破產的陰影；至於對台灣的影響則是「出口大量減少（外需嚴重不足），所得、就業大受影響」，解決方案是
「擴大內需」。此外，各國也應該積極進行金融改革，而不只是危機期間的暫時管制，畢竟金融全球化，每一個國家很難置身於外，因此，對於金融商品的管控、配套措施
要盡可能周延。
關鍵字：次級房貸、全球金融風暴、系統思
考、因果回饋環路圖
ABSTRACT
This paper applies systems thinking
techniques to analyze global financial crisis.
The results show that the key factor of causing
global financial crisis is American sub-prime
mortgage. These impacts include serious
shrinking credit and deflationary liquidity
crisis. Therefore, the influences range from the
decrease of investment and consumption to the
rise of unemployment rate. The resolution
proposed by American is creating credit by
FED and increasing aggregate expenditure to
recover the economy. As for the developing
countries, bankrupt crisis is the main problem
of all. This crisis can be saved through capital
assistance provided by foreign countries.
However, Taiwan faced the huge decrease of
export and the rise of unemployment rate. The
resolution is to boost domestic demand.
Besides, the urgent issue is that financial
reform should be implemented and the
financial products should be supervised.
Keywords: Sub-prime mortgage; Global
financial crisis; Systems thinking; Causal
feedback loop diagrams
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