摘要
影子银行是一种行使传统银行功能,但运作模式、交易方式、监管制度等都与传统银行完全不同的金融运作机制。影子银行以证券化的方式进行无限的信贷扩张。在这个过程中,其委托代理链无限拉长,从而使其风险无限放大。一旦链条中某个环节的风险暴露出来,影子银行的整个运作体系就会崩塌。美国金融危机的实质是影子银行体系的崩塌。因此,此次金融危机的化解之道就在于重建美国金融体系。
Shadow bank is a financial institution,which conducts the function of traditional bank,yet is totally different from the traditional bank in operation mode,transaction mode,supervision system and so on.By way of securities,the shadow bank approaches unlimited credit expansion.During the process,its chain of agency is unlimitedly lengthened,therefore,leading to unlimited risk amplification.Once the risk of some chain joint is exposed,the whole operation system of the shadow bank will collapse.The nature of the US financial crisis is the collapse of the shadow banking system.Because of this,the solution to the financial crisis this time is to rebuild the American financial system.
出处
《江海学刊》
CSSCI
北大核心
2009年第3期70-76,共7页
Jianghai Academic Journal
