摘要
本文基于我国44家商业银行2012-2016年的微观数据,采用固定效应模型,研究信贷资产证券化对我国货币政策信贷传导渠道的影响。研究发现:信贷资产证券化改变了银行流动性水平和贷款供给能力,使得银行产生信贷扩张效应,这会弱化央行货币政策信贷传导渠道,削弱货币政策的有效性。未来我国商业银行将迎来资产证券化快速发展时期,央行货币政策调控模式亟须转变,积极构建利率走廊机制,疏通利率传导渠道,发挥价格传导渠道的作用,提高货币政策有效性。
Based on the micro-data of 44 commercial banks of China from 2012 to2016, this paper examines the impact of securitization on bank loan channel of monetary policy. It finds the securitization of loan increases bank ＇s liquidity level and the capacity to supply loan, which will contribute to the credit expansion effect, undermine the bank loan channel of monetary policy and reduce the effectiveness of monetary policy. In the future, Chinese commercial bank will speed up the development of securitization. It is necessary to improve central bank＇s monetary policy, realize the role of interest rate channel and asset price channel to increase the effectiveness of monetary policy.
作者
肖崎
隆欣
XIAO Qi;LONG Xin
出处
《上海立信会计金融学院学报》
2018年第4期5-14,共10页
Journal of Shanghai Lixin University of Accounting and Finance
基金
广东省软科学研究计划项目"新常态下广东自贸区特色金融创新研究"(批准号:2016A070705016)
华南理工大学中央高校基本科研业务费项目"新常态下我国国际收支格局的变化及其对货币政策的影响研究"(项目批准号:XZD16)的资助
