资产证券化对货币市场的影响

Influences of Assets Securitization on Money Market

本文从四个方面表述了资产证券化对货币市场的影响:资产证券化能够缓和货币供给;资产证券化具有提高货币流通速度和降低货币市场均衡利率水平的作用;资产证券化加强了短期利率影响长期利率的实效性;资产证券化对货币供应量这一货币政策中间目标的实效性会有一定影响。

This paper explains the influences of assets securitization on money market from four aspects: (1) assets securitization may ease money supply; (2) assets securitization may speed up money circulation and decrease equilibrium interest rates in money market; (3) assets securitization reinforces the actual effects of short-term interest rates on long-term interest rates; (4) assets securitization has some influences on the validity of money supply which is the intermediate goal of monetary policies.