Abstract The rapid development of credit derivative market will have influence on the size of credit market and bond market, and thus affect the credit transmission channel of monetary policy. Based on the data from U.S financial market, the author establishes a linear regression model and VAR model for the three variables including composite interest rate, the size of credit derivative market and the size of credit and bond market and makes an empirical analysis. It is found that the development of the credit derivative market does have an obvious effect on bank credit and bond market and weaken credit transmission channel of monetary policy. In reverse, the effect of credit and bond market on credit derivative markets is not obvious. That is, the mutual effect of them is asymmetric
LI Li-Beng,. An Empirical Analysis of the Influence of Credit Derivatives on the Credit Transmission Channel of Monetary Policy. Economic Survey, 2011, 28(3): 0128.
2011, Vol. 28 
