金融中介和后危机金融体系对韩国的启示

H. Shin
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引用次数: 0

摘要

证券化的目的是将信用风险分散给那些更有能力承担风险的人。在实践中,证券化似乎将风险集中在金融中介部门本身。本文概述了一个用于评估证券化对金融稳定影响的金融系统会计框架。如果证券化导致中介链的延长,那么风险就会集中在中介部门,对金融稳定造成破坏性后果。担保债券是一种不违反这一原则的证券化形式。我讨论了反周期资本要求和西班牙式的统计供应在减轻延长中介链的有害影响方面的作用。对韩国来说,资金的稳定性是一个关键的考虑因素。担保债券可以起到稳定银行融资安排的作用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Financial Intermediation and the Post-Crisis Financial System with Implications for Korea
Securitization was meant to disperse credit risk to those who were better able to bear it. In practice, securitization appears to have concentrated the risks in the financial intermediary sector itself. This paper outlines an accounting framework for the financial system for assessing the impact of securitization on financial stability. If securitization leads to the lengthening of intermediation chains, then risks become concentrated in the intermediary sector with damaging consequences for financial stability. Covered bonds are one form of securitization that do not fall foul of this principle. I discuss the role of countercyclial capital requirements and the Spanish-style statistical provisioning in mitigating the harmful effects of lengthening intermediation chains. For Korea, the stability of funding emerges as a key consideration. Covered bonds may play a role in stabilizing the funding arrangement for banks.
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