影子银行体系的微观机理和宏观效应——一个文献综述

A Literature Review on the Micro-mechanisms and Macro-effects of Shadow Banking System

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。

As a new financial ecosystem, shadow banking system can duplicate the credit intermediation function of traditional banking system with a thoroughly different working mechanism. Systematic research on the micro-mechanisms and macro-effects of shadow banking system would help us better understand modern financial system and know how to rectify our macroeconomic policy framework according to those new changes brought by the system. Since the outbreak of 2008 financial crisis, scholars and government officials all over the world have done a lot of work on shadow banking system. On one hand, as a product of financial system innovation and development, shadow banking system can meet social investment and financing demand while promote economic growth. On the other hand, its lack of effective supervision and relying on wholesale funding may trigger systematic risks. Meanwhile, its expanding credit supply by applying complex system could increase the difficulty of monetary policy. How to make full use of its advantages while reducing systematic risks is still a controversial topic and remains a significant research subject. In the last few years, Chinese shadow banking system has grown very fast in a different way, the research on which is in the initial stage and needs to be deepened.