影子银行

系统性风险的另一可能来源是“影子银行体系”，金融稳定委员会（financialstabilityboard）正在研究对该体系实施监管的办法。

Systemic risk could also arise from " shadow banking " , and its regulation is being explored at the financial stability board .

“影子银行系统”（shadowbankingsystem），即在监管和审慎调控的框架之外运作的金融公司，缩小很多，资产约为2007年水平的一半。

The " shadow banking system " the financial firms that operate outside of a framework of oversight and prudential regulation is much smaller , with assets at roughly half the level of2007 .

金融稳定委员会（FinancialStabilityBoard）中的全球监管机构也曾强调过监督影子银行的重要性。

Global regulators on the Financial Stability Board have also highlighted the importance of supervising shadow banks .

影子银行（ShadowBanking），指那些存在着银行功能，但是却游离于监管之外，或者很少受监管的金融机构及其衍生工具和产品。

Shadow Banking , refers to those tools and products exist in banking functions , but drifted away from regulation , or rarely regulated financial institutions and their derivatives .

金融稳定委员会主席、英国央行（bankofEngland）行长马克卡尼（MarkCarney）表示，这些规则标志着全球影子银行议程向前迈出一大步。

Mark Carney , chairman of the FSB and Bank of England governor said the rules marked a big step forward in the global shadow banking agenda .

影子银行（ShadowBanks）主要是用来概括那些游离于监管体系之外，与传统、正规及受中央银行监管的传统商业银行体系相对应的金融机构。

Shadow banks is mainly used to summarize the regulatory system that drifted outside the traditional , formal and traditional commercial banking system regulated by the Central Bank corresponding to financial institutions .

对于影子银行等金融风险，我们也正在加强监管，已经排出时间表，推进实施巴赛尔协议III规定的监管措施。

As for financial risks such as shadow banking , we have tightened regulatory measures , set a timetable and started to apply the Basel III requirements .

随着G20完成对金融体系核心的改造，对影子银行的改革必须、也必将继续推进。

As the G20 completes work on the core of the financial system , reforms to shadow banking must , and will , progress .

我在普林斯顿大学的同事申铉松（HyunSongShin）最近向我指出，美国的影子银行体系主要由欧洲银行组成。

My colleague Hyun Song Shin at Princeton has pointed out to me lately that the shadow banking system in the US is largely European banks .

在美国，多德-弗兰克（Dodd-Frank）法案做出了一些努力，试图应对影子银行业带来的风险。

In the US , the Dodd-Frank legislation makes several efforts to tackle the risks posed by the shadow banking sector .

驻中国经济学家程致宇（patrickchovanec）表示，这证明如下看法是错误的：影子银行可以提高风险定价的市场化程度。

It belies any idea , says Patrick Chovanec , a China-based economist , that shadow banking represents a more market-driven pricing of risk .

进而，针对我国金融体系实际情况，指出我国影子银行体系存在的独特形态与其存在的潜在风险监管问题，并通过实证分析得出VaR模型的缺陷分析。

Moreover , with the actual situation of Chinese financial market , the article pointed out the unique form of Chinese shadow banking system and its potential risk management problems and proved the defect of VaR model by utilizing empirical analysis .

参与牵头发起此项目的英国监管者特纳勋爵（LordTurner）对英国《金融时报》表示：我们需要建立起防止影子银行在2015或2020年制造出危机的监管和监督体系。

We need to be constructing a regulatory and supervisory regime that guards against shadow banking creating [ its ] crisis in 2015 or 2020 , Lord Turner , the UK regulator who helped lead the project , told the Financial Times .

雷曼兄弟、贝尔斯登（bearstearns）以及全球其它银行在2008年破产的原因是，源自美国次贷的金融风险通过影子银行结构在市场上反复循环。

The fall of Lehman , Bear Stearns and other banks around the world in 2008 was made possible because the financial risk that stemmed from the US subprime mortgage lending was being recycled around the market via shadow banking structures .

从20世纪70年代开始，西方国家出现了放松金融管制（FinancialDeregulation）的浪潮。在这一背景下，影子银行作为金融创新的一种新尝试，应运而生，并得以迅猛发展。

From the beginning of the 20 century 70 years , the western countries have experienced the wave of financial deregulation ( Financial Deregulation ) . In this context , the shadow banks , as a new attempt of financial innovation , came into being , and rapid development .

根据全球监管者会议金融稳定委员会（fsb）有关整顿“影子银行”的全面提议，非银行放贷市场正面临空前水平的政府干预。

Non-bank lending markets face unprecedented levels of government intervention under sweeping proposals to tame " shadow banking " laid out by global regulators meeting as the financial stability board .

影子银行的概念是由美国太平洋投资管理公司执行董事麦卡利（McCulley）在堪萨斯州美联储举行的经济会议上发表的演讲中首次提及的。

The concept of shadow banking was first mentioned by American Economic Conference Pacific Investment Management Company McCulley in Kansas Fed Economic Conference .

狭义影子银行机构不包括那些不提供信贷的实体，比如股票基金，以及被整合至银行集团内部的经纪自营商（broker-dealer）的资产。

This snapshot of the sector excludes entities that are not involved in credit provision such as equity funds , as well as assets of broker-dealers which are consolidated as part of banking groups .

与早先的谈论不同，在提及某些影子银行提供了实体经济亟需的资金时，FSB颇为谨慎。影子银行包括所有不是银行、保险公司或养老基金的私有金融机构。

In a shift from early discussions , the FSB was careful to say that some shadow banking , which includes all private financial groups that are not banks , insurers or pension funds , provided much needed funds to the real economy .

影子银行的发展给金融体系带来了巨大的影响。

Shadow banking system exerts great effects on the financial system .

影子银行体系信贷危机的金融分析

Financial Analysis on Credit Crisis of " Shadow Banking System "

这些资金流动有相当一部分是通过影子银行体系完成的。

Much of these flows go through the shadow banking system .

这使地产开发商转向了影子银行或者离岸市场。

That has led developers to the shadow market or offshore .

因此，需要对影子银行进行监管。

Therefore , we need to strengthen supervision on the shadow banking .

最后阐述了影子银行产生的原因。

Finally it elaborates the cause of shadow banking emerging .

这正是影子银行业体系过去的做法。

That is precisely what the shadow banking system did .

影子银行起源于传统银行体系，在很大程度上，影子银行是资产证券化的产物。

The shadow banking system originated from traditional banking system .

第三，应当加强对影子银行信息披露的要求。

Third , we must enhance the shadow banks information disclosure requirements .

监管部门应谨防风险向影子银行体系转移。

Regulators should be wary of risk migrating to the shadow banking system .

政策制定者关注影子银行不是新鲜事。

That focus is not new for policy makers .