证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2008年
2期
28~34
,共null页
资产证券化 货币政策 信用渠道 货币传导
資產證券化 貨幣政策 信用渠道 貨幣傳導
자산증권화 화폐정책 신용거도 화폐전도
asset securitization; monetary policy; credit channel; monetary policy transmission
20世纪80年代以后，资产证券化的迅速发展引发了美国金融市场结构的重大改变。在美国原有金融结构体系中，信用渠道作为货币政策传导机制的主要传导渠道之一发挥了重要作用，但在资产证券化发展后，原有信用渠道的传导机制相应地受到了影响。本文通过分析资产证券化发展前后时期货币政策的效率，证明了货币政策对宏观经济变量的影响程度确实在减弱，从而证明因资产证券化的发展，信用渠道在货币政策传导机制中的作用在弱化。
20世紀80年代以後，資產證券化的迅速髮展引髮瞭美國金融市場結構的重大改變。在美國原有金融結構體繫中，信用渠道作為貨幣政策傳導機製的主要傳導渠道之一髮揮瞭重要作用，但在資產證券化髮展後，原有信用渠道的傳導機製相應地受到瞭影響。本文通過分析資產證券化髮展前後時期貨幣政策的效率，證明瞭貨幣政策對宏觀經濟變量的影響程度確實在減弱，從而證明因資產證券化的髮展，信用渠道在貨幣政策傳導機製中的作用在弱化。
20세기80년대이후，자산증권화적신속발전인발료미국금융시장결구적중대개변。재미국원유금융결구체계중，신용거도작위화폐정책전도궤제적주요전도거도지일발휘료중요작용，단재자산증권화발전후，원유신용거도적전도궤제상응지수도료영향。본문통과분석자산증권화발전전후시기화폐정책적효솔，증명료화폐정책대굉관경제변량적영향정도학실재감약，종이증명인자산증권화적발전，신용거도재화폐정책전도궤제중적작용재약화。
After the 1980s, the rapid development of asset securitization caused great structural change in the financial markets of the United States. The credit channels of monetary policy transmission as one of the main transmission mechanisms played an important role in the original structure of American financial system. After the development of asset securitization, the former transmission mechanism of credit channel has been affected accordingly. Through analyzing the effectiveness of monetary policy transmission before and after the development of asset securitization period, the article finds that the monetary policy＇ s impact on macro-economic variables is weakened. The article proves that because of the development of asset securitization, the role of credit channel in the monetary policy transmission mechanism is declining as well.
