中国“影子银行”体系的形成机理与监管逻辑

Shadow Banking System: Formation Mechanism and Regulatory Logic in China

与欧美发达国家"影子银行"体系有着重要区别,中国"影子银行"体系具有特殊的形成机理,是金融抑制制度背景下的博弈产物。目前,中国"影子银行"体系并不具备显著的自身脆弱性,但对传统货币政策调控形成挑战,需要做出富有逻辑性的监管安排。

Different from that in developed countries in Europe and America, shadow banking system in China has its special formation mechanism. It is the product of game under the financial repression policies. Although shadow banking system in China does not show significant vulnerability at present, it brings challenge to the regulation of the traditional monetary policy. The government needs to make logical arrangements for regulation.