金融结构的演变与流动性创造形式的变化

Financial Structure Evolution and Liquidity Creation Form Changes

金融结构的不断演变,使得流动性的内涵和创造形式发生了变化。本文认为,在市场主导型的金融结构下,具有较强市场流动性的金融资产被纳入到广义流动性的范畴。非银行金融机构在金融市场上以证券化的方式创造流动性,这是一种广义的、内生于金融市场的流动性扩张,导致整个社会可贷资金总量快速增加,流动性创造形式的变化影响到宏观经济金融的稳定。一国政策当局应该加强流动性管理,建立以流动性为核心的政策框架体系。

With the evolution of financial structure, great changes have taken place in the definition of liquidity and the form of liquidity creation. The paper holds that under the market-based financial structure, broad liquidity equals the aggregate credit of society. Non-bank financial institution creates liquidity by securitization on the financial market, and this liquidity canbe understood in a broad sense, which is an endogenous liquidity expansion. In the past few years, this liquidity creation contributes to the fast growth of overall available capital in society. The new sources of liquidity have great impact on the stability of macro-economy. So the policy maker should consider these changes of liquidity and take measures to enhance the management of liquidity and keep the stability of economy.