金融稳定性研究的新进展——信用风险转移视角的理论综述

New Development in Researches of Financial Stability——A Review of Theories on Credit Risk Transfer

本文把国际经济学界对于信用风险转移影响金融稳定性的研究整理综述为三类观点:信用风险转移对金融稳定性具有双重影响的研究;从社会成本和机构成本比较视角而认为信用风险转移增强金融稳定性的研究;信用风险转移损害金融稳定性的理论研究。论文同时概述了金融监管当局以及国际金融机构从市场交易技术层面对于内部风险转移影响金融稳定性的评估,并对未来研究进行简要展望。

This paper offers a review of literature on influence of credit risk transfer on financial stability. The author generalizes three different types of researches. First, researches on the dual effects of credit risk transfer on financial stability; Second, researches on possibilities for credit risk transfer to improve financial stability from the comparative perspective of social costs and institutional costs; Third, researches on possibilities for credit risk transfer to impair financial stability. The paper also discusses the evaluation of financial regulation authorities and international financial agencies on internal risk transfer from techniques of dealings in the market. The paper concludes with a brief prediction of future research direction.