利率市场化与资产证券化兴起:来自美国经验的启示  

Interest Rates Liberalization and the Emergence of Asset Securitization:Lessons from the U.S.

作　　者：巴曙松[1] 牛播坤[2] 

机构地区：[1]国务院发展研究中心金融研究所,北京100036 [2]华中科技大学经济学院,湖北武汉430074

出　　处：《湖北经济学院学报》2013年第5期5-19,共15页Journal of Hubei University of Economics

摘　　要：资产证券化是20世纪最重要的金融产品创新之一,历经四十余年发展资产证券化产品日渐成熟,规模可与公司债市场匹敌。通过系统梳理美国资产证券化市场的发展脉络可以看出:资产证券化是美国支持房地产融资、解决贷款资金来源的盘活存量之道;利率市场化是资产证券化兴起的催化剂;信托法律关系的创新完善是美国资产证券化大规模发展的必要条件;投资银行持续创新产品设计使其更能为投资者接受。这为中国金融市场的发展提供了参考。Asset securitization is the 20th century＇s most important financial innovations of products, after forty years of development asset securitization products is tend to complete , the scale can compete with the corporate bond market. From the system combing U.S. asset securitization market development context, Asset Securitization is U.S. support for real estate financing, sources of loan funds to solve revitalize the stock; interest rates liberalization is a catalyst for the rise of asset se- cufitization; the innovation development of trust innovative legal relationship is the U.S. asset securitization necessary condition for large-scale development; investment banks continue to make it more innovative product designs for investors to accept. This provides a reference for China＇s financial market development.

关 键 词：资产证券化 利率市场化 美国 

分 类 号：F830.9[经济管理—金融学]