资产证券化对货币政策实效性的影响

Impact of Asset Securitization on Effectiveness of Monetary Policies

资产证券化对货币政策的影响 ,是一个具有理论和实际意义的重要问题。本文从三个方面对此进行了表述。一是资产证券化对货币政策传导路径的影响 ,指出它并未降低利率政策的实效性 ,但对货币供应量这一货币政策的中间目标的实效性会有影响。二是资产证券化对利率期限结构的影响 ,指出资产证券化加强了短期利率影响长期利率的实效性 ;三是分析了资产证券化对银行监管的影响。

The impact of asset securitization on the monetary policies is an important issue of great theoretical and practical significance. This paper explains it in the following three aspects. Firstly it states the impact of asset securitization on the transmission parth of the monetary policies, pointing out that this impact does not decrease the effective results of interest policy, but it does influence the effective results of the volume of money supply as the intermediate objective of monetary policies. Secondly, it gives the impact of asset securitization on the interest rate term structure, pointing out that asset securitization has strengthened the impact of the short-term interest on the effectiveness of long-term interest. Thirdly, it makes an analysis on the impact of asset securitization on the banking supervision.