资产证券化与金融危机:基于货币政策有效性的视角

Asset-Backed Securitization and Financial Crisis:Based on the Perspective of the Effectiveness of Monetary Policy

资产证券化在创造了市场流动性,满足了消费者和投资者需求的同时也给金融市场的稳定带来了隐患。本文以次贷危机为例说明了资产证券化的过度引致金融危机的一般性规律,并认为资产证券化改变了传统的融资模式,加大了内生流动性收缩的频率和幅度,延迟和放大了风险从而给货币政策调控带来了方向、工具、中介目标选择上的难度。

Asset-Backed Securitization has negative effects on the stability of financial market as it creates market liquidity and satisfies customers and investors＇ irrational demand.The paper takes subprime crisis as an example to show the general rule that excessive asset-backed securitization could lead to financial crisis.Asset-backed securitization changes traditional financing models,increases the frequency and scope of endogenous liquidity＇s contraction,delays and increases financial risks,thus makes moneraty policy making more difficult in deciding direction,tools and intermediate target.