影子银行信用创造机制及其启示  

The Credit Creation Mechanism of Shadow Banking and the Enlightenment

作　　者：王博[1] 刘永余[1] 

机构地区：[1]南开大学经济学院金融学系,天津300071

出　　处：《金融论坛》2013年第3期3-8,共6页Finance Forum

摘　　要：本文按照传统流动性效应和新型流动性效应两个层级,对影子银行的信用创造机制及其风险进行研究。研究表明,影子银行对于传统流动性的影响不仅体现在当期,而且会通过宏观反馈效应在将来形成信贷扩张或收缩循环。影子银行的新型流动性创造一方面取决于证券化产品的供给,另一方面取决于证券化产品的货币化程度。但由于证券化产品供给和需求的不稳定性,影子银行内部信用经常处于非均衡状态,具有显著的波动性。对此,监管机构应当扩大社会融资规模统计范围,规范传统信贷市场,防止传统信贷的扩张或收缩循环干扰货币政策。This paper researches the credit creation mechanism and risks of shadow banking in two aspects, the traditional liquidity effects and the new liquidity＇effects. The results show that the impacts of shadow banking on the traditional liquidity not only appear currently, but also form the credit expansion or contraction cycle in the future by macro-feedback effects. That the shadow banking creates new liquidity depends on the supply of securitization products on the one hand and on the other hand, depends on the monetization degree of securitization products. Nevertheless, because of the instability of the supply and demand of securitization products, the internal credit of the shadow banking is often in an unbalanced state and notably fluctuates. Therefore, the supervision institution should extend the statistical range of social financing scale, regulate traditional credit market and prevent the traditional credit expansion or contraction cycle from interfering with monetary policy.

关 键 词：影子银行 信用创造 证券化 流动性 货币政策 

分 类 号：F832.1[经济管理—金融学]