资产证券化对美国货币政策信用传导渠道的影响研究

Study the Impact of Asset Securitization to the Monetary Policy Credit Transmission Channels

本文通过分析美国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。

Through analyzing the effectiveness of monetary policy in the development of asset securitization period before and after, it proved that the macro-economic variables in the extent of the monetary policy impact is weakened , so it is illustrated, due to the development of asset securitization, credit channel in the monetary policy transmission mechanism role in weakening.