摘要
增加流动性和监管资本套利是银行进行证券化的最主要动因,而这两者最终都会产生相同的结果,即通过出售资产扩大融资来源,使银行能在短期内更多地发放贷款。通过建立模型和运用美国金融市场数据分析证明,在资本金一定的情况下,长期内银行信贷扩张的关键是扩大银行体系之外的资金供给。资产证券化提供了打通间接融资和直接融资壁垒的工具,银行体系外的资金通过证券化产品可以输入信贷市场。国内银行面临资本充足率达标困难和资产负债期限错配的困境,而资产证券化及其信贷扩张效应为解决这类问题提供了对金融系统冲击较小、成本较低的方法。
The most important motives of bank＇s asset securitization are increasing liquidity and regulating capital arbitrage, both of which will eventually produce the same results, that is, to expand financing sources through the sale of assets and to release more loans in the short term. Through the establishment of models and the use of U.S. financial market data, the analysis of the paper shows that, under the conditions of the determined amount of capital, the key that, in the long term, bank expands the credit is to expand the supply of funds outside the banking system. Asset securitization provides the tools to break down the barriers between the indirect financing and the direct financing and therefore the funds outside the banking system can enter the credit markets through the securitization products. The domestic banks are facing the difficulties of the capital adequacy ratio and the period mismatch between assets and liabilities. To overcome the difficulties, the asset securitization and its credit expansion effect can be the methods of lower-cost and smaller-impact on the financial system.
出处
《金融论坛》
CSSCI
北大核心
2011年第1期31-36,共6页
Finance Forum
关键词
美国金融市场
资产证券化
信贷扩张
次贷危机
U.S. financial market
asset securitization
credit expansion
subprime mortgage crisis
