影子银行体系的微观机理和宏观效应——一个文献综述

发布时间：2019-06-02 11:17

【摘要】：影子银行体系复制商业银行信用中介功能,但在运行机制上又迥然不同,研究探析其微观机理和宏观效应,对于更好地理解现代金融体系,并在此基础上健全完善宏观政策的制度框架,在理论层面和实践层面都有着重大意义。本次金融危机后,有关各方对影子银行体系给予了大量关注和深入剖析。一方面,影子银行体系作为金融体系创新发展的产物,对满足社会投融资需求、促进经济增长具有积极作用;另一方面,其缺乏有效监管、依赖批发融资等特征积累了系统性风险隐患,运用复杂体系扩大信用供给增加了货币政策调控的难度,如何做到兴利除弊仍存在很大的争议和分歧,需要持续研究。近年来快速发展的中国式影子银行体系有其特殊的产生背景和不同的运作机制,有关研究尚处于起步阶段,尚待系统地梳理和阐述。
[Abstract]:The shadow banking system replicates the credit intermediary function of commercial banks, but it is very different in the operation mechanism. The study and analysis of its micro-mechanism and macro-effect are in order to better understand the modern financial system. On this basis, it is of great significance to perfect the institutional framework of macro policy at both the theoretical and practical levels. After the financial crisis, all parties concerned have given a lot of attention and in-depth analysis to the shadow banking system. On the one hand, as the product of the innovation and development of the financial system, the shadow banking system plays a positive role in meeting the needs of social investment and financing and promoting economic growth. On the other hand, its lack of effective supervision, relying on wholesale financing and other characteristics have accumulated systemic risk hidden dangers, and the use of complex systems to expand credit supply has increased the difficulty of monetary policy regulation and control. How to do useful things, remove drawbacks there are still great disputes and differences, need to continue to study. In recent years, the rapid development of Chinese shadow banking system has its special background and different operating mechanisms, and the relevant research is still in its infancy, which needs to be systematically combed and expounded.
【作者单位】：复旦大学经济学院;
【分类号】：F831

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