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流動化概念と債権流動化 4-債権流動化が貨幣供給量に与える効果について-

机译:应收账款证券化和证券化的概念4 - 应收账款证券化对货币供应的影响

摘要

In this paper we consider the effect of the Asset-Backed Security market on the monetary policy, especially the money stock. When an asset securitization scheme is introduced, the effect which gives to the money stock is decided by depending on the households' cash demand. In the case when the cash/deposit ratio increases, the money stock decreases temporarily, but if transaction ends and settled its level is recovered. On the contrary, money stock increases when the households are not actualized cash need, by transmitting their bank deposit. At the glance, the securitization process looks the simple property transaction between the households and the originator. Because of that, it is tend to think that there are no special effects onto the money stock. But, due to the movement of the cash in the banking sector, which accompanies the transaction of property, the bank has to change their behavior. All of these acts as the transmission mechanism between the asset backed security market and the whole monetary system.
机译:在本文中,我们考虑了资产支持证券市场对货币政策尤其是货币存量的影响。当引入资产证券化方案时,对货币存量的影响取决于家庭的现金需求。在现金/存款比率增加的情况下,货币存量暂时减少,但是如果交易结束并结算,其水平将恢复。相反,当家庭没有实现现金需求时,通过转移银行存款来增加货币存量。乍一看,证券化过程看起来像是住户与发起人之间的简单财产交易。因此,人们倾向于认为对货币存量没有特殊影响。但是,由于伴随着财产交易的银行部门现金的流动,银行不得不改变其行为。所有这些都是资产支持证券市场与整个货币体系之间的传递机制。

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    深浦 厚之;

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  • 年度 2009
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  • 原文格式 PDF
  • 正文语种 ja
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