摘要
在不到十年的时间里,中国的影子存款体系就达到了美国货币市场共同基金的规模和功能。理财产品已经成为中国经济中短期融资的重要手段,并可能在未来数年内继续发展。这些理财产品承诺提供高于传统银行存款的利率,但对投资者的保护却更少。因此,当金融困境迫使投资者对这些投资的风险重新评估时,这些资金池容易快速紧缩,其结果是造成中国经济的金融不稳定。美国对影子存款的监管经验有利于帮助引导中国金融体系向着更健康的方向发展。
In less than a decade,China has developed a shadow deposit system similar in scope and function to money market mutual funds in the United States.Wealth management products in China have emerged as an important source of short-term financing for the Chinese economy and are likely to continue to grow in coming years.These products promise savers higher interest rates than the controlled rates on traditional bank deposits but offer fewer investor protections.As such,these financing pools are vulnerable to rapid retrenchment when financial difficulty forces investors to reevaluate the risk of these investments.Consequently,a source of potential financial instability has been created in the Chinese economy.US experience in regulating shadow deposits offers useful lessons for China to guide its own financial development in a healthier direction.
出处
《新金融评论》
2013年第3期166-183,共18页
New Finance Review
关键词
影子银行
金融危机
存款保险
道德风险
shadow banking
financial crisis
deposit insurance
moral hazard