The Shadow Banking System

The shadow banking system, refers to the non bank financial system which is free of the policy supervision, but playing with the commercial bank the same function. Financial institutions and government departments jointly promote the development of shadow banks.

影子银行体系，概括的说是指游离在政策监管之外，却发挥与商业银行同样职能的非银行金融系统，其发展历程是金融机构与政府部门不断博弈的成果。

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First, the shadow banking risks are analyzed, demonstrated the shadow banking system is under the regulation must complete the task.

首先，对影子银行的风险性进行分析，论证将影子银行纳入监管系统是必须完成的任务。

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High specialization is another feature of the US shadow banking system. There is specialized shadow banking institution at the every link of shadow banking business.

专业化程度高是美国影子银行体系的又一大特色，即在影子银行业务链条上的每一个环节上，都有专业的影子银行机构提供专业化的服务。

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Ben Bernanke may have to pump up the shadow banking system in order to stop manipulating the bond market.

或许本•伯南克只能选择让影子银行体系膨胀，才能终止对债券市场的操纵。

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Therefore, in order to exert the positive effect of the shadow banking system, we must analyze the risk status, and propose related regulations, encouraging and supporting the steady development of the shadow banks in our country.

因此为了有效发挥影子银行体系的正面效应，我们必须分析其风险状况，并由此提出相关监管方法，以促进国内影子银行体系的稳健发展。

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The shadow banking system originated from traditional banking system.

影子银行起源于传统银行体系，在很大程度上，影子银行是资产证券化的产物。

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Aside from poor oversight of the shadow banking system and the system-wide failure to account properly for risk, the biggest weakness in the existing regulatory scheme has been lack of cross-border co-operation by national regulators.

除了对影子银行体系监督不力，以及未能正确计算风险的系统范围失败外，现有监管制度的最大不足，就是缺乏各国监管机构的跨境合作。

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My colleague Hyun Song Shin at Princeton has pointed out to me lately that the shadow banking system in the US is largely European banks.

我在普林斯顿大学的同事申铉松（Hyun Song Shin）最近向我指出，美国的影子银行体系主要由欧洲银行组成。

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Many potential foreign investors believe they could be more profitable vehicles since they operate in a murkier realm where the official banking system meets the shadow banking system while offering a wide range of financial services.

许多潜在外国投资者相信，信托公司可以成为利润更为丰厚的投资工具，因为它们的经营领域更加模糊不清处在正式银行体系与影子银行体系的交汇处，同时还提供广泛的金融服务。

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The "shadow banking system" the financial firms that operate outside of a framework of oversight and prudential regulation is much smaller, with assets at roughly half the level of2007.

“影子银行系统”（shadow banking system），即在监管和审慎调控的框架之外运作的金融公司，缩小很多，资产约为2007年水平的一半。

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That happened in part because of the shadow banking system and was a mistake.

这个后不美观发生的部门原因是因为影子银行的存在，而且是个错误。

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The shadow banking system in developed countries are quite different from that in China, for instance, in structure, financing model, operating mechanism, scale, investment targets and leverage.

发达国家的影子银行体系在表现形式、融资模式、运行机制、规模、投资标的及杠杆率等方面和我国有较大的不同，因此需要针对性地研究我国的影子银行体系。

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Moreover, there is concern about areas where the shadow banking system meets the official banking system, particularly in the form of wealth management products from trust companies that banks have been marketing with higher rates than deposits.

此外，引起人们担忧的还有影子银行与正规银行体系业务交集的多个领域，特别是银行以收益率高于存款利率为卖点、大力销售的信托公司理财产品。

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Since the scale of shadow banking system is small and the regulation is strict, the stability of financial system is not hampered virtually.

由于我国影子银行体系规模较小且监管严格，因此尚不足以对金融系统稳定构成实质性威胁。

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Global regulators have taken a landmark step towards taming risk in a key segment of the shadow banking system, outlining tougher rules on collateral for short-term lending which will affect both banks and non-bank players.

全球监管机构向着遏制影子银行体系一个关键领域的风险迈出具有里程碑意义的一步，出台了针对短期放贷抵押品的更严厉规则，这些规则将影响银行和非银行实体。

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In the 2000s, the shadow banking system emerged and traditional banking was largely replaced by the originate-and-distribute model of securitisation via constructions such as collateralised debt obligations.

2000年后，影子银行体系涌现，传统银行业在很大程度上被生成-分销的证券化模式所取代，采用抵押债务债券这样的结构。

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Second, reforms are in train to make the institutions and markets at the heart of the shadow banking system more resilient.

第二，目前已开始执行一些改革措施，使居于影子银行体系核心的机构和市场增加弹性。

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The final priority is data on the "shadow banking system" which comprises non-bank financial firms that often slip below regulators'radar.

最后一项任务是关于“影子银行系统”的数据，影子银行指的是非银行金融公司，因此经常逃过监管者的眼睛。

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Much of these flows go through the shadow banking system.

这些资金流动有相当一部分是通过影子银行体系完成的。

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That is precisely what the shadow banking system did.

这正是影子银行业体系过去的做法。

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We are observing an accelerated run on the shadow banking system that is leading to its unravelling.

我们注意到影子银行体系的挤兑已经加速，这将导致其最终瓦解。

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Last week saw the demise of the shadow banking system that has been created over the past 20 years.

过去20年间建立起来的影子银行体系于上周宣告灭亡。

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Worries about leverage in China, especially in the shadow banking system, are nothing new but still have the capacity to deliver unpleasant shocks.

对于中国的杠杆、特别是影子银行体系杠杆的担忧，不是什么新鲜事，但仍有能力造成令人不快的冲击。

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Then on the subject and object of the shadow banking system, the transaction legal relations were analyzed from the perspective of legal relations and then explores the shadow banking regulatory objects, and to the shadow banks or regions were defined.

紧接着对影子银行系统中交易法律关系的主体和客体进行了分析，进而从法律关系的视角探讨了影子银行的监管对象，并且对影子银行的或有区域进行了界定。

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Rather, financial markets and regulations were not mature enough to cope with disintermediation and the rise of the shadow banking system.

更确切的说法是，金融市场和监管还不够成熟，不能应对金融非中介化和影子银行体系的兴起。

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Indeed, much of the instability in the shadow banking system stemmed from using short-term wholesale funding for longer-term investment.

实际上，影子银行业体系之所以不稳定，很大程度上是由于它们将短期批发融资用作较长期的投资。

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Among many other proposals, it wants the shadow banking system to be subjected to the same sorts of prudential requirements that banks must follow.

在许多提议之中，该组织希望影子银行系统更易受到严格规则的监管，而这些规则正是普通商业银行必须遵守的。

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For example, although the markets for securitised assets and the shadow banking system of lightly regulated financial institutions grew dramatically in the years before the current crisis, the existing regulatory structures did not evolve with them.

例如，在本轮危机爆发前的许多年里，证券化资产市场和受监管较少的金融机构组成的影子银行业体系发展迅猛，但现行监管架构未能与之俱进。

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We will bitterly regret it if we fail to divide deposit-based banks from the shadow banking system.

如果我们不把基于存款的银行与影子银行体系分开，我们终将后悔不已。

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Regulators should be wary of risk migrating to the shadow banking system.

监管部门应谨防风险向影子银行体系转移。

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