摘要
基于1991-2012年的数据实证分析了中国影子银行对金融稳定的影响机制。结果表明,美欧影子银行属于资产证券化主导发展模式,主要通过金融衍生各个环节上金融市场与金融机构的冲击来加剧金融不稳定;中国的影子银行属于信贷主导发展模式,主要通过社会融资成本、货币政策和银行稳定等渠道来威胁金融稳定。影子银行对中国金融稳定性的冲击程度已远远超过通胀率风险、银行自身风险等因素且存在时滞效应。强化影子银行创新功能与完善影子银行监管体系是实现金融稳定的关键。
This paper firstly presents a comparative study on the essential characteristics of shadow banking and it＇s mechanism on financial stability between China and foreign countries. Based on the data from 1991 to 2012,an empirical research about the influence of China＇s shadow banking on financial stability is put out then. The results show that shadow banking＇s influence on financial stability is in different ways between China,US and European countries. China＇s shadow banking is mainly in the way of credit,while U. S. and European countries are in the way of asset-backed securitization. The impact on financial stability by shadow banking in China is more serious than some other risk factors（ such as inflation rate and banks＇ internal risks） and time-lag effect lies in it obviously. In order to keep finance stable,strengthening shadow banking＇s innovations and improving financial supervision system are both important.
出处
《金融经济学研究》
CSSCI
北大核心
2014年第4期3-12,共10页
Financial Economics Research
基金
教育部人文社科基金(13YJC790026)
江苏省高校哲学社会科学重大项目(2013ZDAXM013)
江苏省"333程"项目
江苏省"青蓝工程"项目
关键词
影子银行
金融稳定
金融创新
金融监管
shadow banking
financial stability
financial innovation
financial supervision
