监管套利与中国式“影子银行”

Regulatory Arbitrage and Chinese“Shadow Banking System”

监管创造自身的'影子银行'。从金融发展的历程来看,监管套利一直都是'影子银行体系'的核心和主体。本文首先梳理了国外有关'影子银行'的研究,然后从监管套利的视角,对近年来快速发展的中国式'影子银行'所涵盖的范围、产生的原因、主要类型以及潜在的影响等问题,进行了尝试性的讨论和分析。并在此基础上,提出了相关的政策建议,以期对相关的理论研究和实践起到一定的借鉴。

Regulation creates its own“shadow banking system”.From the history of financial development,regulatory arbitrage has always been the most important driving force of“shadow banking system”.This article reviews the existing theoretical research on this topic,and then focuses on the Chinese“shadow banking system”,which developed rapidly in recent years from the perspective of regulatory arbitrage.Based on that point,we discuss the features,main types and the potential influences of Chinese shadow banking system,etc.