摘要
过去20年资产证券化产品的爆炸性增长可归因于商业银行在旧巴塞尔资本协议框架下的监管套利动因以及宽松货币政策下的流动性需求,并对房地产泡沫起到了推波助澜的作用,随着次贷危机爆发、房地产泡沫破灭、巴塞尔新资本协议即将全面实施,将对资产证券化的发展产生深刻影响。本文将分析次贷危机与新协议实施后,经济环境与监管框架发生变化,商业银行进行资产证券化的动因转变趋势。
Over the past two decades,the explosive gr owth of asset securitization products can be attributed to liquidity needs of the commercial banks’ regulatory arbitrage motivation under the old framework of the Basel Capital Accord and the loose monetary policy.And which has fueled the role of the real estate bubble.After the sub-prime crisis,the real estate bubble burst,and the New Basel Capital Accord will be fully implemented,all these will have a prof ound impact on the development of asset securitization.This paper will analyze after the sub-prime crisis and the implementation of the New Basel Capital Accord,when the economic environment and regulatory framework changes,the commercial banks’ asset securitization move by the trend of changes.
出处
《特区经济》
北大核心
2010年第7期125-127,共3页
Special Zone Economy
关键词
资产证券化
动因
次贷危机
巴塞尔资本协议
监管
asset securitization
motivation
sub-prime crisis
the New Basel Capital Accord
regulation
