A Study Of The Affecting Of Commercial Bank Credit Risk Transfer On The Financial Systemic Risk

Rapid changes in the distribution of financial innovation risk, the marketparticipants to trade credit risk between the financial sector and other sectors. Withthe advent of securitization instruments and credit derivatives, credit risk transfermarket has been rapid development. May22,2012, the central bank, China BankingRegulatory Commission, the Ministry of Finance jointly issued "on the furtherexpansion of the pilot securitization of credit assets related matters," which markedthe official restart of securitization of credit assets. But the rapid development ofcredit risk transfer instruments also caused a series of problems.In this paper, a comprehensive combing the impact on credit risk transfer risk tothe financial system literatures, the combination of domestic and foreign commercialbank credit risk transfer market developments, from both the micro level of individualbanks and macro-financial system analyzes the commercial bank credit risk transfer ofrisk to the financial system impact mechanism. Comparative analysis of financialmarkets and the differences before and after the introduction of the financial systemof credit risk transfer risk, credit risk comparison between commercial banks and thefinancial system have different effects on the transfer of risk between banks andnon-bank financial institutions. End-use of commercial bank credit risk transfer in2005to the2012data, the establishment of several joint value, using generalizedlinear mixed models (GLMMs) Analysis of commercial bank credit risk transfer riskto the financial system affect the situation.The results showed that: credit risk transfer has some impact on the financialsystem risk, specifically that increase in commercial bank credit risk transferinstruments issued will cause an increase in the amount of the financial system risks.When the issue of the financial system to increase the commercial bank credit risktransfer instruments, the entire financial market volatility yield positive cases wouldappear the situation appears less negative fluctuations, increased credit risk transferinstruments will cause the entire financial system yields negative deviation, causingthe loss of the entire financial system, increasing the risk of the financial system.Finally, we propose the following: growth of Chinese commercial bank credit risktransfer markets outside environment; orderly trading varieties of credit risk transferinnovation; optimization of credit risk transfer market participants.