住房抵押债款证券化的基本功能对货币政策效果有极大的影响。一方面,扩大了货币政策的效果;另一方面,可能“绑架”货币政策。为此,在一级市场应当建立和健全风险防范机制约束内生流动性的无限扩张;设立由政府主导或政府承担的特殊目的机构;逐步建立国内资信较高的信用评级机构和设置风险自留制度。 The basic functions of the mortgage-backed securitization have a great impact on the effectiveness of monetary policy. On the one hand, it has expanded the effectiveness of monetary policy; on the other hand, it may “kidnap” monetary policy. Therefore, in the primary market, a risk prevention mechanism should be established and perfected to limit the unlimited expansion of endogenous liquidity; the establishment of a special-purpose institution led by the government or undertaken by the government; the gradual establishment of a domestic credit rating agency with a higher credit rating and the establishment of risk retention system.