美国的影子银行系统

影子银行是指游离于传统商业银行体系之外的、从事与传统银行相类似的金融活动但却不受监管或几乎不受监管的金融实体。次贷危机爆发前,美国的影子银行体系发展达到巅峰状态。在本次金融危机中,影子银行系统备受诟病,被认为是此次危机的罪魁祸首。文章对美国影子银行系统的构成、业务流程及投融资活动等进行了梳理,以期为理解次贷危机前美国金融体系的运行特征提供启示。

A study on American shadow banking system

Shadow banking refers to any financial entities whose activities are similar to those of traditional banks,but are independent of traditional commercial banking system and also not or rarely subject to regulation.Before the outbreak of sub-prime crisis,the development of US shadow banking system reached the peak.However,shadow banking system is blamed for the financial crisis and is considered the culprit of this crisis.The paper discusses the composition of the American shadow banking system,its business p...