影子银行与金融危机

本文认为,此次全球金融危机的根源在于回购市场挤提引起的银行恐慌。机构投资者是回购市场的需求者,他们向影子银行"存款",影子银行则以资产抵押支持证券保证"存款"的安全。当证券化资产的折价率大幅提高时,就出现了回购市场挤提,引起银行恐慌,从而导致了此次全球金融危机。

Shadow Bank and Financial Crisis

The root of this round of global financial crisis is bank panic which is initiates by run on repurchase market. In- stitutional investors are the demander in repurchase market, who ＂deposit＂ in shadow bank and the shadow bank use assets to guarantee the securities. As the high depreciation rate of securitization, the run on repurchase market would occur, and then cause bank crisis, and eventually lead to global financial crisis.