美国影子银行对金融稳定性的影响研究  

Research on the Impact of Shadow Banking on Financial Stability in the United States

作　　者：刘用明[1] 李钊[1] 屈万程 Liu Yongming;Li Zhao;Qu Wancheng

机构地区：[1]四川大学经济学院,成都610064 [2]成都市住房和城乡建设局,成都610042

出　　处：《四川大学学报（哲学社会科学版）》2021年第1期147-159,共13页Journal of Sichuan University：Philosophy and Social Science Edition

基　　金：四川省科学技术厅软科学项目“建设西部金融中心推动成渝地区双城经济圈高质量发展对策研究”(2021JDR0219)。

摘　　要：影子银行是金融创新的产物,因具有信用创造功能,也就具有了外部性。适度的影子银行信用规模对宏观经济具有积极作用,过度的信用扩张则会带来消极影响。以金融稳定性指标和信用创造功能视角实证分析美国影子银行规模对金融稳定性的影响,可以发现,金融稳定性和影子银行规模之间无论短期或长期均存在非线性关系,影子银行规模扩张会带来金融稳定性的降低;影子银行规模增长对金融稳定性的短期冲击较大且需要更长时间消化冲击带来的影响。从功能视角看,我国影子银行与美国影子银行所表现出的信用创造功能具有一致性,对宏观经济的影响具有相似性。因此,规范、引导我国影子银行发展,健全现代金融体系,对促进影子银行与宏观经济的协调发展具有指导意义。Shadow banking is a product of financial innovation and has externalities due to its credit creation function.A moderate scale of shadow banking credit has a positive effect on the macro-economy,while with excessive credit expansion a negative impact will be produced.This study analyzes the impact of the shadow banking scale on financial stability from the perspective of credit creation function.It is shown that there is a non-linear relationship between financial stability and shadow banking scale in both short terms and long terms,and the scale expansion of shadow banking will bring about a decrease in financial stability;the short-term impact of shadow banking scale growth on financial stability is deeper,taking longer to relieve such an impact.From the perspective of function,the credit creation function of China's shadow banking is consistent with that of America's shadow banking,with similar impacts on macro-economy.Therefore,this study is of guiding significance to standardize and lead the development of shadow banking in China,improve the modern financial system,and promote the coordinated development of shadow banking and macro-economy.

关 键 词：美国影子银行 金融市场 金融稳定性 

分 类 号：F831[经济管理—金融学]