The Effect Of Credit Asset Securitization On Money Supply And Transmission Channels Of Monetary Policy

The securitization of credit assets, as one of the most important innovation tools in modern financial market, is considered effective in optimizing the structure of bank assets and liabilities, enhancing capital adequacy ratio, increasing liquidity and raising the profit level. What is more important, the securitization of credit assets will produce credit amplification, influence the money supply and monetary policy transmission channels.With the launch of a new round of credit asset securitization in China, more and more trust companies receive the qualification for securitization of credit assets, commercial banks begin to take part in securitization of credit assets actively, and credit asset securitization will have a great development prospect in the future. During the trial period of credit asset securitization, it is time to carry out research in-depth on this question to cope with the challenge that credit asset securitization will bringBased on the research of credit asset securitization in the money supply, this paper make a concrete theoretical analysis of the effect on monetary policy transmission channels, thus put forward some suggestions about monetary policy and supervision policy under the background of the securitization of credit assets.This article is mainly divided into four parts:the first part includes the first chapter and second chapter, the introductions and the review of literature in the field of research,which provide solid analysis framework for the next part of the analysis of credit asset securitization impact on money supply.The second part is the third chapter, mainly analyzing the influence of the securitization of credit assets on the money supply. With bank’s balance sheet analysis as the starting point, this chapter demonstrates the credit assets securitization will promote the credit amplification, and have remarkable effects on money supply.The third part is chapter4, the main analysis of credit asset securitization’s impact on monetary policy transmission channels. This chapter first analyzes the different effects on the credit transmission channel and the monetary transmission channels of money policy, and then analyzes the correlation problem between credit asset securitization and monetary policy. At last, this chapter analyzes the influence of credit asset securitization on macro-economy through credit channel.The last part is the fifth chapter, mainly putting forward conclusions and some suggestions about monetary policy and supervision policy under the background of the securitization of credit assets. Under the background of credit asset securitization, the money policy authorities should have more monetary control in price variables, such as interest rate. And the money policy authorities shall monitor strictly the effect on money supply and the impact of specific industry bubble which the securitization of credit assets bring, to ensure the normal development of securitization of credit assets and healthy operation of the macro-economy.