The Substitution Effect Research Of Financial Products And Savings

In recent years, the growth of Chinese citizens' saving deposits are decreasing gradually,on the contrast,the scale of the funds raised by banking financial instruments is increasing continuously.As the traditional financial assets,saving deposits,the proportion of which in the household financial assets is in decline,meanwhile,the trend of which to be a instrument capitalized is more and more obvious. The substitution effects of Banking financial products on China's saving deposits can be explained mainly as the following four parts :(1)It improves the existing interest transmission mechanism,and provides a feasible way to avoid the deposit interest rate regulation of financial institutions;(2)It accelerates the transformation of the business model of commercial banks.On a certain degree,the development of Banking financial products can change the the profit pattern of commercial banks and ease the the systemic risk because of the higher proportion of credit assets.This will have a great significance for the expansion of commercial banks and the improvement of the business model;(3)It improves the allocation of household financial asset. With the rapid economic development,the wealth of residents in deposits is increasing gradually,however,due to the high threshold of the trust industry, coupled with the poor performance of the securities market in recent years,banking financial products provide additional financial options to the investors who tend to moderate risk preference because of the low risk and high income;(4)Alternative to savings deposits,savings income in the monetary financial products to reduce expenditure chain,has changed the structure of demand for money,weaken the effectiveness of monetary policy.This paper consists of five chapters: the first chapter is the introduction, which introduces the background and significance of this topic,the domestic and international research situation,as well as the innovation and deficiency of this paper; In the second chapter,we briefly introduce the bank financial products and the household savings deposit business, and analyze the market operation of these two operat ions; The third chapter is to analyze the reasons of the transformation of savings deposits to the bank financial products,and to analyze the relationship between the two factors; Chapter 4 is the analysis of financial products on savings gene rated substitution effect: respectively from the process of the marketization of interest rate,commercial bank management mode transition, household financial asset allocation behavior and monetary policy effectiveness of four aspects to analyze. The fifth chapter based on the policy of the substitution effect of household savings deposits on bank financial products. By letting go of interest rates improving financial products market pricing capabilities and strengthening financial produc ts to respond to the promotion of interest rate market; Clear intermediary business management and optimization of business process to promote the transformation of the mana gement structure of banks in our country; Improve the participation of families in the formal financial market,and promote the adjustment of family financial assets to regulate the structu re of family financial assets; In addition to the bank's financial services into the statistics of China's money supply in order to enhance the effectiveness of monetary policy. To increase the positive effect of bank financial products on the substitution of savings deposits, reduce its negative effects.