家庭金融资产替代与货币政策有效性——基于中国商业银行理财产品市场的考察与分析

Household Financial Asset Substitution and the Effectiveness of Monetary Policies:An Study Based on China's Commercial Bank Financial Products Market

本文在考察分析商业银行理财产品市场的基础上,从货币政策传导机制的角度分析了银行理财产品大规模发行对家庭金融资产结构和货币政策有效性产生的影响,并指出金融监管部门对商业银行资本充足率要求的变化、对高风险银行理财产品发行实行审核制度、对政信合作、银信合作、银保合作理财产品实行制度约束以及严格审批金融机构的市场准入,都会影响银行理财产品市场的发展,进而对家庭金融资产调整和货币政策有效性产生影响。

On the basis of analyzing Commercial banks＇s financial products, this paper studies the influence of issuance of large scale of financial products on household asset structure and the effectiveness of monetary policy. It also points out that the change of requirement from the regulatory authority on the capital adequacy ratio, the verification system applied to financial products from high risk banks, the application of market restraint on government-trust cooperation, bank-trust cooperation and bank-insurance cooperation, and the strictly monitored market entry for financial institutions will have impact on the development of financial products and then on the asset adjustment of household financial assets and the effectiveness of monetary policy.