In 2007, a housing bubble and subprime mortgage crisis appeared in the United States and soon developed into a global financial crisis, severely damaging the world's financial system and real economy. This paper discusses from a macroeconomic perspective the relationship between global structural imbalances and the global financial crisis, government responses to the crisis, and the impact of the crisis on the Taiwanese economy and the lessons Taiwan can learn from it. The paper also analyzes from a financial supervisory perspective how under information asymmetry securitization exacerbates the subprime mortgage crisis and how the incentive system in financial institutions encourages excessive risk-taking.