In the global financial crisis in 2008，& ldquo; Shadow Bank & rdquo; plays the main character that triggers the financial crisis，& ldquo; Shadow Bank & rdquo;。But so far，The definition of its definition has not yet reached a consensus。

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Morgan Ricks thinks，Shadow Bank is capable of using short -term liabilities to raise funds for long -term financial assets、Any institution that is conducive to the time -changing other than supervision。Paul Tucker, Vice President of the Bank of England, think，Shadow Bank is those savings deposits such as current deposits or high liquidity deposits as the source of funds，For the family、Company or other parties to the financial system provides regular loans。Adrian defines the shadow bank as: any credit conversion、Term conversion (ie, short -length long) or liquidity conversion，But there is no liquidity or financial entity issued by the discount window or deposit insurance。Cao Tong thinks，Shadow Bank is not subject to supervision or only less regulated，Provide financing、Equity Capital financing、Financial portfolio products、Non -bank financial institutions or financial behavior of financial trading services。Financial Stability Council (FSB) defines shadow banks as: entities or activities that provide credit intermediaries outside the bank regulatory system。

No matter how defined，There are two features that are commonly shared by Shadow Bank: 1. Both have bank functions，In order to use short -term bet365 Play online games liabilities to provide financing for long -term assets; 2. Wandering out of the current financial supervision。Common shadow banks are: interest rate repurchase financial dealers，Securities Load，Structural Investment Tools (SIVS)，Asset mortgage commercial bill dealers，All kinds of loan -oriented hedge funds，Currency market fund dealers。From this perspective，American scholar ACharya (2011) thinks，The government’s various financing platforms also belong to the category of shadow banks。

　　The role of shadow banks is different in Chinese and Western

　　Shadow Bank promotes financial innovation，While providing non -bank credit and liquidity support for the development of many industries，It also enriched banks and investors to manage various credit risks through financial instruments、Selection of liquidity risk and deadline risk。

Shadow Bank's role in finance has obvious differences in Chinese and Western。Cao Tong thinks，Western shadow banks are mainly indirect financing，It is mainly based on derivatives、Based on the securitization and re -securitization tools，Product lines from bottom to top、Business Department、Organization and other industrial organizations。The essence of the Western shadow banking system is based on credit asset securitization、Developing complex financial derivatives and other methods to exercise the functions of traditional banks，Adopt a different organization form from traditional banks、Fund sources and operation models to solve the imbalance between social funds and demand。Its core is asset securitization and securitization financial market trading behavior，Correspondingly, the main is that commercial bet365 Play online games banks provide financial portfolio products and the functions of financial transactions。Western Shadow Bank mainly serves the virtual economy，The financial supply efficiency of the virtual economy is solved。Chinese Shadow Bank is a direct financing type，Adopt a similar organizational form similar to traditional banks、Source and operating model of funds to realize its financing function，Correspondingly the functions of the financing and equity capital financing of commercial banks，Mainly serving the real economy，The efficiency of the real economic and financial supply is solved。

The advantages of Shadow Bank are also their disadvantages，One of the important sources of systemic risks。It creates various arbitrage opportunities，Weakened severe supervision of banks，Gathering of additional leverage and risks in the banking system。

International Clearance Organization believes，This financial crisis confirms that Shadow Bank will cause various financial risks in a wider financial field。Shadow Bank is away from prudent supervision，Most of them are held by large multinational financial giants，The influence of its risk not only affects domestic，And a serious impact on the stability of other countries and the international financial system。

This type of impact mainly includes two types: the impact of a single shadow bank closure on the stability of financial stability; the impact of the breakdown of the financial risk chain formed through the shadow banking on financial stability。

　　Shadow Bank is one of the sources of systemic risk

　　Shadow Bank's bank function does not have savings deposits as insurance endorsement，The liquidity and loan investment of other institutions rely entirely on external financing， & ldquo; empty glove white wolf & rdquo;，The risk is extremely huge。Because of traveling from supervision，The risk management of Shadow Bank is mostly risk preferences。Both are integrated，Make the shadow bank's operational safety very fragile。

Shadow Bank passes the time limit or liquidity conversion，Provide the leverage，Its non -bank entities can provide credit intermediary services like ordinary banks，is one of the sources of potential systemic risks。In the shadow banking system，Fund can be from the family、Enterprise or financial institutions even use similar liabilities (such as interest rate repurchase agreements)，Get short -term financing，Then be converted or securitized as a housing mortgage loan、Auto loans and other long -term or weak mobility assets，It may even be reinstated、Reusion and further leverage。

Different from ordinary banks，These assets of Shadow Bank depend on the currency market fund、Issuing short -term commercial bills、Asset mortgage commercial bills、Borrowing funds in the interest rate repurchase market and non -deposit tools such as cash mortgage borrowings to provide funds。Although these non -bank deposit tools have short -term and high -current viability characteristics，But there is no clear official endorsement，No prudent supervision。The risk preferences of these tool investors are different，This can be quickly evacuated from the above market，Once the scale of withdrawal is large enough，It will seriously weaken the stability of the financial system。

，The lever created by Shadow Bank will amplify the periodic effect。Use Bet365 lotto review interest rate repurchase、Cash mortgage and other non -deposit financing tools，Or through securitization transfer credit risk，The business activities of Shadow Bank created high leverage，Especially when the price of asset prices is in the rise and securitization financing is low。But once the market confidence is lost，The value of mortgage securities decreases sharply，or a higher security deposit required by securitization，High leverage will cause market investors to suddenly deleveraging due to faith collapse，or sells assets for fire lines，Zooming in the cycle effect。Discussion on the role of shadow banks in the financial crisis，The current unified conclusion is: Shadow Bank has magnified the bubble to some extent，Make the government's rescue complicated in the financial crisis。

　　The most vulnerable nodes in each financial institution in the risk chain

　　Shadow Bank has formed a lengthy financial intermediary risk chain system。In this risk chain，Commercial banks provide them with liquidity and credit support，Brokers and dealers provide them with asset securitization，Insurance company provides credit insurance for it，Currency Market Fund provides them with short -term financing。Core regulatory financial institutions through shadow banks are exposed to cross -industry system risks，It was greatly underestimated before the financial crisis。

The shadow banking system is highly related to the ordinary banking system。Ordinary banks or part of the shadow banking system，Directly or indirectly supports the term or liquidity conversion of the shadow bank chain system，This has greatly promoted the development of Shadow Bank。and，Ordinary banks Bet365 lotto review have invested in financial products of shadow banking institutions，and family、Company and other shadow banks from funds providers entangled together。The capital chain of the shadow bank，Even if there is no direct contact between the above institutions or subjects，They will also hold assets or derivative financial positions，and exposed to the common risk of the financial market。The interaction of the ordinary banking system and the shadow banking system greatly enlarges the periodic effect of leverage，Increasing the risk of asset price bubble，Especially when both systems invest in the same assets。And the interconnection between the two systems faces insufficient liquidity when the market is facing insufficient liquidity，Will amplify the market response，This reaction itself will exacerbate the loss of liquidity。Therefore, the development of shadow banks seriously affects the development of banks。

The most vulnerable in this chain is the nodes of various financial institutions。Determine the fragile balance sheet factor of each institution is: credit conversion、Liquidity conversion、Term conversion、Financial leverage and credit and liquidity launch。Once there is a problem with the above factors of a certain node，It will cause a break of the entire chain，Triminate & ldquo; Domino & rdquo; Effect，Cause systemic risk，Harmful Financial Stability。At the same time, because the shadow banking system involves huge amounts，Traveling from supervision，Once the chain is broken，Regulatory authorities have been unable to recover，As a result, the outbreak of the financial crisis。

(Author Unit: School of Accounting, Southwest Bet365 lotto review University of Finance and Economics)