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| Title: | 放款銷售, 銀行與總體經濟活動
Asset Marketability, Banking and Macroeconomic Activities |
| Authors: | 黃永祥 |
| Contributors: | 江永裕
張興華
黃永祥 |
| Keywords: | 放款銷售
銀行
總體活動
資產證券化 |
| Date: | 2013 |
| Issue Date: | 2014-08-12 14:02:30 (UTC+8) |
| Abstract: | 銀行傳統的經營模式為將資金貸放後,須歷經一段期間或直到到期, 才能收回全部現金流量。銀行放款銷售(例如資產證券化(securitization)與放款銷售(loan sale)),可縮短此期間。增加銀行可貸資金的周轉率與貸放能量,並同時使更多投資機會得以融資,可預期未來產出增加。Woodford (2010)與Stiglitz (2011)認為總體或銀行的模型應加入銀行創造信用的新角色,方能對2007年的金融危機更加了解。我們將Allen and Carletti(2006)的銀行模型結合放款銷售機制,討論三個主題:(1)放款銷售機制增加未來產出的同時, 是否也增加產出波動的可能?(2)銀行是否賣出較差品質放款給投資人? 影響因素為何?(3)如果缺乏資產負債表外交易(如擔保),當賣出的放款違約時,銀行是否能置身事外安然無恙?以下分成三章說明各篇探討的議題。
第二章中探討當越多投資機會得到融資,除使未來產出增加外,可能使未來產出波動擴大。而銀行的專長或資源所導致的差異,更可能擴大此波動。
但銀行間的資金借貸市場,可以緩和此波動。
第三章中, 我們發現影響銀行賣出與保留放款品質的因素,除了傳統文獻的資訊不對稱外,尚須考量好壞品質放款間效用的差距,與賣出兩種放款的價差, 與剩餘多少好品質生產案可供貸放。
第四章則是對於大型金融機構倒閉的原因,提供一個新的觀點:即使不是由銀行負責擔保, 銀行賣出放款後,依然可能因為負責擔保的部門倒閉,造成資產價格下降, 使銀行受賣出放款違約的影響。 |
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| Description: | 博士
國立政治大學
金融研究所
94352509
102 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0943525091 |
| Data Type: | thesis |
| Appears in Collections: | [金融學系] 學位論文
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