金融证券化与金融顺周期性

Financial System Securitization and the Pro-cyclicality of Financial System

从金融发展的路径来看,经济货币化发展到一定阶段,便是金融证券化的蓬勃发展。在传统的金融体系中,银行信贷也是顺周期的,而金融证券化的蓬勃发展,则进一步放大了这种顺周期性。一方面,金融资产尤其是证券类金融资产总量的不断增加,使得金融市场的运行状况对于整个金融、经济运行起着越来越大的作用。另一方面,金融证券化的发展,对金融资产风险管理、金融体系流动性状况产生了重大影响,这些影响进一步促进了金融体系的顺周期性。因此,我们要将流动性管理的总量调节与健全宏观审慎政策框架结合起来,达到防范顺周期系统性风险积累的作用。

Looking back the development of finance,securitization grows rapidly after monetization.In traditional financial system,bank credit is also pro-cyclical,whereas the development of securitization further amplifies this pro-cyclicality.On the one hand,the continuously growing amount of financial assets,especially securities,made financial market play a more vital role in the function of finance and economy.On the other hand,the securitization of financial system greatly affected risk management of financial assets and the liquidity status of financial system,and exacerbated the pro-cyclicality of financial system.So we need to combine aggregate adjustment and macro prudential policy framework to prevent pro-cyclical systemic risks.