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

概要

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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．
長崎大学の論文