中美影子银行系统比较分析和启示  

A Comparative Analysis on China and U.S. Shadow Banking Systems and their Implications

作　　者：陆晓明[1] 

机构地区：[1]中国银行纽约分行

出　　处：《国际金融研究》2014年第1期55-63,共9页Studies of International Finance

摘　　要：本文基于历史与逻辑相一致的方法,比较分析中国和美国的影子银行系统。鉴于美国金融和监管周期与中国的差异,以及美国已经历了完整的发展周期,本文避免对中美影子银行系统做简单横向比较,而是置于过去30多年金融和监管发展的大环境中,先比较中美影子银行系统产生的驱动因素,然后横向比较中美影子银行系统的运作模式、风险特征、银行关系、经济效果。以比较分析为基础,本文总结了美国影子银行系统发展中的经验教训,并以宏观制度创新及微观产品创新,以及银行业资产和负债对称、平稳脱媒为框架,对中国影子银行系统的未来发展提出对策建议。This article conducts an in-depth comparative analysis on U.S. and China Shadow banking systems based on the method of Consistency of History and Logic. Due to the difference between the U.S. and Chinese financial and regulatory cycle, the article avoids simple horizontal comparison, but put the comparisons in tile backdrop of the financial and regulatory development in the last 30 years instead, including comparison of the historical driving forces, as well as the current business models, risk profiles, banking relationship, and economic effects of the shadow banking systems. Based on the comparison, the article summarizes the experiences and lessons of the US shadow banking system, and then, presents the suggestions for the future development of Chinese shadow banking system, based on a framework incorporating macro system innovation and micro product innovation, banking asset-liability symmetry, and smooth disintermediation.

关 键 词：影子银行系统 银行业脱媒 证券化 

分 类 号：F831[经济管理—金融学]