国外金融创新影子银行行为研究综述

Review on the Shadow Banking Behaviors Abroad

随着次贷危机深层次影响的逐步显现,国外学术界和监管当局意识到基于安全稳健原则的监管措施难以解决影子银行体系中存在的问题。面对这样的现实,学术界和监管当局开始关注金融创新中所蕴含的影子银行行为问题。本文由国外影子银行研究新动向出发,从货币市场共同基金影子银行行为、回购协议影子银行行为和证券化影子银行行为三个方面对国外影子银行研究过程中的新进展进行综述,并指出未来可能的研究方向及其启示。

Recognizing the severe impact of the subprime crisis, foreign academia and regulatory authorities realized that it was difficult to solve the problems existing in the shadow banking system with regulatory measures based on the principle of security and prudence. In face of such a reality, academia and regulatory authorities begin to pay close attention to the shad- ow banking activities in the process of financial innovations. This article embarks from the study of shadow banking abroad, summarizes the researches of the shadow banking activities of MMMF, repos and securitization, and points out the future re- search direction and its implications.