信贷资产流转对信贷市场供求的影响研究

The Impacts of the Secondary Loan Trading on the Demand and Supply of Credits

本文建立了一个包含银行资本金约束与信贷抵押约束的DSGE模型,从信贷供给端与信贷需求端分析商业银行信用创造机制对宏观经济的影响,进而分析了信贷资产流转业务如何盘活存量信贷资产、促进经济稳定运行。在信贷供给端,宏观审慎监管框架下,商业银行的信用创造机制会受到资本充足率的影响。银行将持有的信贷资产及相对应的受益权进行转让,有助于提升银行对实体经济的信贷支持质效,助力金融供给侧结构性改革。在信贷需求端,企业与投资型家庭部门面临信贷抵押约束的情况下,如果受到信贷抵押约束负向冲击,冲击将会通过信贷抵押约束机制与银行信用派生机制导致贷款量、资产价格、投资与产出的下降;而信贷资产流转将盘活信贷资产存量,降低融资成本,从而缓释金融冲击对宏观经济的负向影响,促进经济稳定运行。

This paper constructs a DSGE model which includes the bank capital and collateral constraints to analyze how Secondary Loan Trading can increase the liquidity of the credit assets and promote the stability of economy from both the supply and demand sides and then analyzes how the secondary loan trading can activate the stock credit assets and promote the stable operation of the economy. On the credit supply side, the credit creation mechanism of commercial banks is affected by the capital adequacy ratio requirement of the macro- prudential regulations. The Secondary Loan Trading can alleviate the constraint of capital adequacy ratio and improve the quality and ef ficiency of the supply of credit to the real economy from commercial banks. On the credit demand side, a credit constraint is incorporated in the model to capture the negative effect of financial shocks. The Secondary Loan Trading can reduce the financing cost, alleviate negative impact of financial shocks and enhance economic resilience as well.