美国影子银行体系监管改革及启示

Regulatory Reform of the United States Shadow Banking System and Its Enlightenment

美国影子银行体系具有较强的信用创造功能,高杠杆率使该体系蕴含巨大的风险。次贷危机的爆发暴露出美国影子银行监管体系过分相信市场力量,监管手段和措施失效,监管体制落后等不足。危机发生后,为了减少影子银行体系的风险,美国对系统重要性金融机构、信用评级机构、金融机构有序清算和破产、资产证券化等进行了监管改革,这些对我国加强影子银行体系的指导与监管有一定的启示。

The United States shadow banking system has a strong credit creation function,but high leverage makes the system contain a huge risk. The outbreak of the subprime crisis has exposed the United States shadow banking supervision system excessively relies on the market power,and the shortcomings of efficacy of the supervision means and measures,the backward supervision system and so on. In order to reduce the risk of the shadow banking system,the United States carried out supervision reform on the important financial institutions,credit rating agencies,financial institutions＇ orderly liquidation and bankruptcy,asset securitization,etc.,which has some enlightenment to strengthening guidance and supervision of the shadow banking system in China.