Shadow Banking System

影子银行系统是非银行金融中介机构(NBFIs) that provide services similar to commercial banks but are not subject tobanking regulations.

非银行金融中介机构是没有完整银行许可证或未经国家或国际银行监管组织监视的金融机构。

They provide credit and liquidity like traditional banks but do not haveaccess to central bank资金。NBFI的例子是hedge funds,货币市场资金,结构化投资车辆和独特的目的实体。

Shadow banking refers to bank-like activities (primarily lending) outside the traditional banking sector. The word "shadow" denotes that the operations of the NBFIs are not as transparent to the public as regular banks.

In 2007,economist Paul McCulleyof the bond investment firm皮姆科（Pimco）出现了with the term "shadow banking." He used the word to talk about how NBFIs are becoming more critical to theeconomy.

According to some, thefinancial system's overreliance on leverage and risk due to shadow banking contributed to the2008 financial crisis.

由于没有资本要求或来自中央银行的最后一个信贷额度，许多监管和监督不良的金融机构开始产生更大的风险。

Global shadow banking systems and markets were created due to the interaction of these institutions and marketplaces that aren't subject to central banking regulations.

Like commercial banks, shadow financial institutions use short-term funds to make longer-term loans. However, they do not have deposits to lend to borrowers because shadow banks are not存托机构.

In the traditional banking system, a bank's lending volume is proportional to the size of deposits it receives and the amount it can borrow on the markets. The same principle can be applied to the shadow banking system.

影子银行收集投资funds from investors to purchase long-term investments, such as securities, to产生投资回报率.

In essence, shadow banks act as intermediaries between borrowers and lenders and profitfrom the interest ratedifferential and fees they charge for their services.

影子银行审查,因为他们的公司reased involvement in turning home mortgages into securities.

Thesecuritization of mortgagesis a process in which individual mortgages are bundled intomortgage后面的证券然后出售给投资者。

Mortgage-backed security (MBS) 's value is linked to the value of the mortgage loans included in the package. The固定收入paid to MBS investors comes from the homeowners' interest and principal payments on their mortgage loans.

Nearly the entire process of mortgage securitization, including mortgage establishment and security selling, happened outside regulators' direct line of sight.

影子银行系统的问题

TheFederal Deposit Insurance Corporation(FDIC) does not protect investor funds gathered through a shadow banking business as opposed to deposits in a traditional bank. As a result, the shadow banking system raises some severe issues for investors and the financial system.

Some of the problematic issues caused by shadow banks are:

1.潜在的流动性问题

The subsistence of all banks and monetary institutions depends on short-term capital access, which allows these financial entities to fulfill their financial obligations and meet their liquidity needs.

However, unregulated financial institutions cannot access the funding sources of their regulated counterparts. If short-term funding becomes unavailable, unregulated institutions will face severe liquidity problems and could even fail in a short amount of time.

起源于影子银行系统的流动性问题正是使2008年金融危机如此严重的原因。我们将在本文的稍后再介绍。

2.投资者的安全问题

FDIC-secured deposit accounts and money market accounts are generally considered safe for depositors. In contrast, the funding source of unregulated institutions is not insured by FDIC, which would not be a problem in regular times.

However, if something like the 2008 financial crisis arises suddenly, unregulated financial entities cannot borrow funds from the central bank to give money back to the depositors.

Unlike traditional banks, the unregulated banking sector had no loss-absorbing capital or redemption cash, minimal supervisory control from regulatory agencies, and no access to official liquidity support to prevent fire sales.

Without access to government-backed funding, shadow banking institutions must sell their assets at a lower price to pay back investors' money, as happened in 2008. However, selling assets at a lower price could lead to recessions that harm the global economy.

3.可以导致衰退

如上所述，影子银行可能会严重影响金融危机的严重性，例如2008年发生的事情。

导致2008年金融危机导致的灾难性流动性问题是由影子银行机构（Shadow Banking Institions）等雷曼兄弟和忍受斯坦斯而不是the run on traditional banks in the Great Depression of the 1930s.

4.不良销售

In an economic downturn, investors become uncertain about their investments and want their money back. As a result, shadow banks must sell their assets to pay back investors when this happens.

Fire sales decrease the value of the assets, which compels other shadow banking firms holding similar assets to drop their book values to reflect the lowermarket price leadingto severe financial difficulty.

5. Financial System Risk

Unregulated banks connect with the standard banking system via credit intermediation chains. Therefore, problems caused by the shadow banking system could impact the whole financial system and indirectly contribute to a financial crisis.

6. High Leverage Rate in the Economy

影子银行提供的资金也被视为风险，因为它可能导致更高的速度financial leveragein the economy. A high rate of power in the economy could potentially result in a damaging downturn.

Benefits of Shadow Banking

1. Maintain Financial Stability

Shadow banking may contribute to financial stability by taking uninsured and uninsurable deposits from the commercial banking industry, narrowing bank runs' scope.

大多数使用影子银行的人是机构投资者，他们手头上保留大量现金，不能或不想将其全部储备金投入被保险银行，这是由于存款保险的限制。

In other words, shadow banks function as hedge funds or trading houses, contributing to the economy by financing risky investors that traditional banks don't accept.

2. Promote Diversification in the Financial System

Shadow banking institutions reduce the need to obtain credit from established banks because they serve as an additional source of lending that leads to diversification in the financial system.

影子银行提供了许多类似于传统银行的服务。manbetx 2.0下载例如，他们在没有证券的情况下向客户贷款。这些贷款有可能产生长期利润，结果指挥了高市场价格。

Moreover, they establish credit and make deposits and withdrawals to members using the same recognition. They provide mortgages and other financial consulting services like customercounseling and cash flow管理。

Furthermore, shadow banking institutions finance small or medium-sized firms generally rejected by traditional banking. Shadow banking has been a tremendously important source of finance for firms on the edge ofbankruptcy or insolvency.

3. Shadow Banking's Business Model Is Superior to Traditional Banking in Terms of Financial Stability

Traditional banking's business strategy involves taking advantage of the interest rate difference between the money they borrow and the money they receive.

As long-term interest rates are often higher than short-term ones, banks primarily fund themselves through short-term borrowing while giving borrowers long-term loans.

银行的收益可能会挤压,减少快ly when short-term interest rates rise rapidly, causing them to either reduce funding or raise borrowing charges.

In contrast, most shadow banking institutions issue shares to investors to raise funds. As long as investors do not collectively redeem equity shares from the institutions, there are fewer issues over appropriate funding in a short period.

4. Higher Growth Rate

由于成本限制，传统的银行业开发已经放缓，而阴影银行的增长会加速arbitrage从监管。

影子银行不会将最少的存款作为贷款抵押品，因为它们不受法律的约束。此外，影子银行的速度低于传统银行。

Shadow Banking and Financial Crisis

The unregulated banking system has been blamed for being the primary cause contributing to the housing market collapse and the financial crisis in 2008.

蒂莫西·盖特纳（Timothy Geithner），曾担任总裁兼首席执行官of the New York美联储银行2009 to 2013, attributed most of the blame for the credit markets freeze that led to the 2008 crisis's run on the unregulated banking system.

The unregulated entities had become dangerously overextended via their lending business. But, at the same time, the increased dependency on off-balance-sheet lending had made these unregulated entities crucial to the credit markets that support the entire financial system.

These organizations unlimitedly took out short-term loans in stable markets to buy long-term, illiquid assets, which made them susceptible to rapid deleveraging. Then, when they faced a liquidity issue, they had to sell their long-term investments at depressed prices.

It is argued that the 2008 financial crisis happened partly because of the lack of regulations in shadow banking. Loose rules permitted shadow banks to operate with higher liquidity and credit risks, eventually leading to thesubprime mortgage meltdown.

在全球金融危机之后，随着监管审查受到收紧，对银行施加了更多限制，传统的银行业被命令缩小其贷款活动。

Interestingly, the increasingly strict lending environment has increased demand for alternative funding sources, resulting in more unregulated financial institutions operating outside the constraints of banking rules.

由于不受监管的银行影响传统金融部门和the economy, banking authorities investigate the exposure of conventional banks to unregulated banks.

Based on this investigation, banking authorities attempt to restrict the exposure of unregulated banks through stricter capital and liquidity regulations.

In addition, many authorities have broadened the purview of information reporting, and some have altered the regulatory perimeter to capture shadow-banking entities.

Researched and authored by Khadega Bazarah|LinkedIn

Reviewed and Edited by Hongmo Liu|LinkedIn

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