隨著金融商品的創新，銀行的資金來源不再侷限於收受存款，亦可規避法定準備率的限制而增加貸放的獲利機會。本文利用Bernanke and Blinder (1988) CC-LM模型的理論架構，考量銀行借貸市場的影響力，探討貨幣政策可能由於金融創新的普及，而降低對經濟實質面的影響。本研究理論推導發現，隨著金融創新的普及，存款準備之變動對產出的影響將逐漸變小，而債券利率對產出的影響效果亦將縮小，使得貨幣政策效力減弱。在實證分析方面，本研究採用美國的資料，估算CC曲線產出的利率彈性與存款準備彈性，是否會因為1980年代的金融創新與改革而有顯著的差異。我們發現CC曲線產出的存款準備彈性顯著下降，而利率彈性則不顯著。此結果顯示金融創新的普及會降低貨幣政策影響實質經濟的效力；另一方面，透過利率管道影響實質經濟的貨幣傳導機制則無法在實證上顯示其重要性。

　This paper uses an extension of CC-LM model of Bernanke and Blinder (1988) to discuss the efficacy of monetary policy when financial innovations become popularized. We employ the U.S. data to estimate CC curve. We find that the CC curve responds less to monetary expansions(contractions) when financial innovations become popularized. We also find, in contrast to previous literature e.g. Estrella(2002), the interest rate was not an important transmission channel of monetary policy.

黃朝熙(2004年3月)，金融資產證券化對銀行體系之影響暨對中央銀行政策之意函，《中央銀行季刊》26(1)，頁5-46。
張菁(2004年)，金融資產證券化對貨幣政策信用管道之影響---美國實證分析，《國立清華大學經濟學系碩士班論文》。
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