美国、欧洲和中国的银行与非银行信用

Bank vs. Non-Bank Credit in the US,Europe and China

尽管非银行信贷规模偶尔会受到监管套利或过度依赖公共担保(如美国货币市场共同基金)的影响,但是对欧洲、美国和中国的经济仍有好处(或因缺少非银行信贷可能受到损害)。为了解决潜在的问题,政策制定者应该通过加强非银行信用评估披露的'无形条件',促进非银行信用中介的可持续发展。旨在解决影子银行特定活动导致系统性风险的全球协调监管,不应该抑制影子银行信用中介的发展。关键资源应由央行和其他公共决策者进行分配,从而起到改善金融系统的作用,包括提高游离于传统银行中介之外金融活动的信息质量和可比性。

While the development of non-bank credit has occasionally been spurred by regulatory arbitrage or excessive reliance on perceived public guarantees(such as for US Money Market Mutual Funds),it has generally had rather beneficial economic consequences(or its absence has been detrimental)in Europe,the United States,and China.To address potential problems,policymakers should foster the development of sustainable non-bank credit intermediation by strengthening the"intangible infrastructure"of financial disclosures on which credit assessments by non-banks are typically based.Ongoing efforts to address possible systemic risks created by specific shadow banking activity segments should not result in a generally repressive approach vis-a-vis non-bank credit intermediation.Significant resources should be allocated by central banks and other public authorities to radically improve the quality and comparability of statistical information on financial systems,including financing activities that escape traditional bank intermediation.