资产证券化对美国货币政策信用传导渠道的影响

The Impact of Asset Securitization on Credit Channels of U.S. 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。

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.