中国影子银行效应、风险及监管研究
|
摘要
已经过去近六年的金融危机至今还让世界心惊胆战，因为谁都无法预知危机效应是否完全表露，后续能否会隐藏着更大的危机爆发，在这场没有硝烟的战争中，世界各国付出的代价是惨重的。全球经济复苏疲软，不确定性因素持续增多，世界经济如何在金融领域重建平衡成为各国重要任务。面对金融危机虽有忌惮，但还是要研究与分析金融危机，在探索中改革经济金融领域的缺陷，维护金融体系稳定。在这个过程中，一个新的金融术语——影子银行跃然出现在世人面前，引起国际社会的广泛关注，因为世界金融体系的结构因他而改变了。
影子银行体系,概括的说是指作为对商业银行的补充，发挥与商业银行类似的职能却不像商业银行一样受到监管体系的严密监管，游离在监管的灰色地带或者监管之外,这个非银行金融体系的发展历程是金融机构与政府监管不断博弈的过程。当前，较普遍的观点认定影子银行是金融危机爆发和货币政策失效的罪魁祸首，是系统性风险的重要来源，而监管缺失是导致危机的主要推手，因此各国开始严格审视本国金融系统,将影子银行体系作为重点研究对象,而重中之重就是对监管框架的探讨与搭建。其实，影子银行并不必然产生系统性风险，过去30余年的运行及其给美国金融体系带来的高效、高收益说明严控、制止其发展是不合理的。换句话说，影子银行是金融技术、制度创新的产物，而没有金融创新就没有金融发展。金融市场的多样化、多层级发展是提高金融效率的关键。随着金融创新的深化，跨行业、跨机构、跨市场、跨国界的金融业务交叉融合，影子银行的系统重要性开始增强，对金融体系稳定性影响越来越突出。揭开影子银行的面纱，影子银行的业务实质上是复制与延伸了金融衍生产品，释放出大量流动性，满足社会资金需求。但是开发产品的机构或个人无法凭借计算机、模型、数学公式来推算产品蕴藏的风险级数，因此增加了影子银行复杂而神秘的特性。
在金融危机发生之前，西方经济发达市场被经济繁荣灌输了投资热情，忽视了风险所在，出现借贷超负荷，影子银行规模巨大，超出传统银行的2倍，而且形式多样、变化多端，极高的关联度和复杂的结构掩盖了运作实质，超出监管视力所及。而中国的影子银行与传统银行的融资模式类似，没有太复杂的关系，更多的是充当了传统商业银行的补充渠道。但随着金融市场自由化和国际化，中国的影子银行迅速发展起来，在某种程度上改变了中国的金融结构，使中国的金融领域和整个经济社会的的发展发生了根本性的改变。中国需要在金融领域重建平衡，那么需要将影子银行的经济效应、风险及监管纳入到一个框架中进行整体了解与研究，才能系统而有针对性的提出对策，达到平稳解决中国影子银行问题的目的。
因此，论文以理论研究为出发点，运用数据分析、实证检验以及模型拟合等相关方法系统分析中国的影子银行，以期在全面认识中国影子银行迅速发展的动因、宏观经济效应、对传统商业银行的影响、风险本质和监管现状的基础上，全面构建适合中国国情的影子银行风险监测体系，平衡构建中国影子银行的监管框架。
第一部分（第1章），概括性的提出论文的选题背景、研究意义以及研究思路和方法，重点分类总结了国内外研究现状和文献综述，提出创新与不足。
第二部分（第2章），影子银行之所以能高速发展、创新产品并推动金融体系结构的变革,需要各种基础理论的支持，因此第二章，在介绍二元金融理论、监管套利理论和金融创新理论和金融抑制论的基础上，泛泛介绍影子银行的内涵与外延、运行现状并分析了影子银行内生属性的效应。
第三部分（第3-5章），全面分析中国影子银行发展现状、对宏观经济的异动效应和对传统商业银行的影响。第三章，重新定义中国影子银行的概念及市场结构，着重分析了其繁荣发展的成因和主要产品的运行现状。第四章，运用灰色预测和SPSS等计量经济学统计方法拟合出GDP、M2分别对影子银行的影响的线性方程，以此来说明影子银行与经济增长的相互影响关系，运用经济学的分析方法，图解了影子银行对货币政策的冲击和影响。第五章，通过微观经济学原理，运用边界分析，找到影子银行和传统银行的最佳贷款规模的临界点，解释临界点的意义，实证分析了影子银行对传统商业银行盈利性的滞后一期影响和对信贷配给方式的影响。
第四部分（第6-7章），论文的落脚点在于影子银行的风险监测与防范以及平衡构建中国影子银行监管体系。第六章，影子银行与传统商业银行具有相似的信用创造功能，但却破坏了货币乘数的作用，其潜在风险不可避免，却可以监测和防范，于是在风险压力指标视角下通过实证分析，提出对中国影子银行风险进行防范的对策建议。第七章，以理论分析和模型解析为导向，借鉴FSB、美国、英国、欧盟对影子银行的国际监管经验，在研究中国监管环境的基础上提出平衡构建中国影子银行监管体系的建议。
Nearly six years have passed since the financial crisis，but the world still in tremblefear.Because no one knows whether the effects of the crisis fully exposed,follow-up canbe hidden even greater crisis.In this war without smoke,consideration paid isheavy.Weak global economic recovery,uncertainty continued to increase.How tobalance the word economy,the financial sector in the reconstruction of the countriesbecome an important task.The world economy is paying dearly. Despite the financialcrisis facing fear,but still need to study and analyze it.The reform of economic andfinancial field defects in the exploration in order to maintain the stability of the financialsystem. In this process, a new financial term--shadow banking suddenly appeared infront of the world. It causes widespread concern in the international community. Becauseit changes the financial structure of the word.
The shadow banking system, generally refers to the outside the gray area ofregulation or supervision, but has the same function to commercial banks, The history ofits development is the game between financial institutions and government supervision.At present, the common view about shadow banking system is arch-criminal financialcrisis and makes monetary policy failure, an important source of systemic risk, and thelack of supervision is the primary contributor to the crisis. So government began tore-examine its financial system, explore the method of supervision of shadow bankingsystem. In fact, Shadow banking does not necessarily lead to systemic risk, Highefficiency, high earnings over the last30years of operation in American have adescription of strict control. So stopping its development is not reasonable. In otherwords, the shadow banking is the product of financial technology, institutionalinnovation. With the deepening of financial innovation,cross-industry,cross-agency,cross-market, cross-border financial service. The important of the shadow banking beganto increase stability of the financial system. Uncover the veil of shadow banking,thissystem is based on the maximization of profits,but the product designer himself are notfully recognize the great risk.In a replication and extension of the layers of securitizationproducts and financial derivatives, the whole society is awash with liquidity releasedfrom shadow banking system. The financial industry will be the real estate industry,. Without financial innovation, there will not be financial development. The multi-levelfinancial market is the key to improve the financial efficiency.
After the financial crisis, western developed market economy is the economicprosperity of the investment enthusiasm instilled. Ignoring the risk,the borroweroverload.In developed countries, the shadow banking system has more scale complexstructure than the traditional banking system. And in various forms, be the mostchangeful, operation hidden and mostly free to monetary authorities and supervisorycontrol.Went to the supervision of sight. But in China,the shadow banking system andtraditional bank financing mode is similar, it doesn't matter too complex, but as channelsto supplement the traditional commercial bank. As the financial market liberalization andinternationalization, the shadow banking in China developed rapidly.It changes thefinancial structure about China to some extent, and Chinese financial sector and theoverall economic and social development has been a fundamental change. However,Chinese financial system needs to set up new balance. Economic effect, risk andregulatory needs to be study as a whole,so regulatory authority can draw upcorresponding policy to settle the problem of shadow banking in China steady.
Therefore, this paper takes the theory study as a starting point, analysis of theshadow banking system in China. Applying related methods of data analysis, empiricaltest and model fitting, In order to fully understand the macroeconomic effect, the Chineseshadow banking microeconomic effects, the nature of risk and regulatory situationBuilding a comprehensive risk monitoring system suitable for the situation of Chinashadow banks, improve the regulatory framework of the shadow banking in China.
The first part (Chapter1), the research background, research significance andresearch ideas and methods briefly, mainly summarized research status and literaturereview at home, put forward the innovation and shortcomings.
The second part (Chapter2), Shadow banks of the existence and development of thetheoretical basis and current development status. The shadow banking system can speedthe development of innovative products and promote the structure of the financial systemreform.It needs various theory supports, In the second chapter, re definition of theshadow banking scope, and operation mechanism, Introduce two yuan of financial theory, regulatory arbitrage theory and the theory of financial innovation and financialrepression theory.
The third part (Chapter3-5), comprehensive introduction to the macroeconomiceffects and micro economic effects of Chinese shadow banking system. The third chapterintroduces the status about Chinese Shadow Banking.The fourth chapter, using the greyprediction and the SPSS econometric and statistical methods to study shadow bank scaleon the relationship between GDP, and M2, in order to explain the influence of shadowbanks on economic growth. Using the economic methods to illustrate the impact ofshadow banks on monetary policy. The fifth chapter, the principles of microeconomics,using boundary analysis to find the critical point of shadow banks on best loan scaleeffect of traditional bank. An empirical analysis of the impact of the shadow banking tothe traditional commercial bank's profitability and the impact on credit rationing way,finally introduces the shadow banks to small and micro positive functions and limitationsof enterprise development.
The fourth part (Chapter6-7), this paper focuses on the risk monitoring andprecaution of shadow banks and improving the regulatory system of Chinese shadowbanking. The sixth chapter, the shadow banks and traditional banks have similar creditcreation function, but it has destroyed the money multiplier effect, The potential risk isunavoidable, but can the monitoring and prevention.So the risk from the perspective ofpressure index through empirical analysis, put forward to the China shadow banking riskprevention countermeasures. The seventh chapter, comparison and analysis of FSB,American, UK, EU on shadow banking supervision, the summary of internationalregulatory orientation and main trend.Set up balance regulation suggestions about theshadow banking in China.
影子银行体系,概括的说是指作为对商业银行的补充，发挥与商业银行类似的职能却不像商业银行一样受到监管体系的严密监管，游离在监管的灰色地带或者监管之外,这个非银行金融体系的发展历程是金融机构与政府监管不断博弈的过程。当前，较普遍的观点认定影子银行是金融危机爆发和货币政策失效的罪魁祸首，是系统性风险的重要来源，而监管缺失是导致危机的主要推手，因此各国开始严格审视本国金融系统,将影子银行体系作为重点研究对象,而重中之重就是对监管框架的探讨与搭建。其实，影子银行并不必然产生系统性风险，过去30余年的运行及其给美国金融体系带来的高效、高收益说明严控、制止其发展是不合理的。换句话说，影子银行是金融技术、制度创新的产物，而没有金融创新就没有金融发展。金融市场的多样化、多层级发展是提高金融效率的关键。随着金融创新的深化，跨行业、跨机构、跨市场、跨国界的金融业务交叉融合，影子银行的系统重要性开始增强，对金融体系稳定性影响越来越突出。揭开影子银行的面纱，影子银行的业务实质上是复制与延伸了金融衍生产品，释放出大量流动性，满足社会资金需求。但是开发产品的机构或个人无法凭借计算机、模型、数学公式来推算产品蕴藏的风险级数，因此增加了影子银行复杂而神秘的特性。
在金融危机发生之前，西方经济发达市场被经济繁荣灌输了投资热情，忽视了风险所在，出现借贷超负荷，影子银行规模巨大，超出传统银行的2倍，而且形式多样、变化多端，极高的关联度和复杂的结构掩盖了运作实质，超出监管视力所及。而中国的影子银行与传统银行的融资模式类似，没有太复杂的关系，更多的是充当了传统商业银行的补充渠道。但随着金融市场自由化和国际化，中国的影子银行迅速发展起来，在某种程度上改变了中国的金融结构，使中国的金融领域和整个经济社会的的发展发生了根本性的改变。中国需要在金融领域重建平衡，那么需要将影子银行的经济效应、风险及监管纳入到一个框架中进行整体了解与研究，才能系统而有针对性的提出对策，达到平稳解决中国影子银行问题的目的。
因此，论文以理论研究为出发点，运用数据分析、实证检验以及模型拟合等相关方法系统分析中国的影子银行，以期在全面认识中国影子银行迅速发展的动因、宏观经济效应、对传统商业银行的影响、风险本质和监管现状的基础上，全面构建适合中国国情的影子银行风险监测体系，平衡构建中国影子银行的监管框架。
第一部分（第1章），概括性的提出论文的选题背景、研究意义以及研究思路和方法，重点分类总结了国内外研究现状和文献综述，提出创新与不足。
第二部分（第2章），影子银行之所以能高速发展、创新产品并推动金融体系结构的变革,需要各种基础理论的支持，因此第二章，在介绍二元金融理论、监管套利理论和金融创新理论和金融抑制论的基础上，泛泛介绍影子银行的内涵与外延、运行现状并分析了影子银行内生属性的效应。
第三部分（第3-5章），全面分析中国影子银行发展现状、对宏观经济的异动效应和对传统商业银行的影响。第三章，重新定义中国影子银行的概念及市场结构，着重分析了其繁荣发展的成因和主要产品的运行现状。第四章，运用灰色预测和SPSS等计量经济学统计方法拟合出GDP、M2分别对影子银行的影响的线性方程，以此来说明影子银行与经济增长的相互影响关系，运用经济学的分析方法，图解了影子银行对货币政策的冲击和影响。第五章，通过微观经济学原理，运用边界分析，找到影子银行和传统银行的最佳贷款规模的临界点，解释临界点的意义，实证分析了影子银行对传统商业银行盈利性的滞后一期影响和对信贷配给方式的影响。
第四部分（第6-7章），论文的落脚点在于影子银行的风险监测与防范以及平衡构建中国影子银行监管体系。第六章，影子银行与传统商业银行具有相似的信用创造功能，但却破坏了货币乘数的作用，其潜在风险不可避免，却可以监测和防范，于是在风险压力指标视角下通过实证分析，提出对中国影子银行风险进行防范的对策建议。第七章，以理论分析和模型解析为导向，借鉴FSB、美国、英国、欧盟对影子银行的国际监管经验，在研究中国监管环境的基础上提出平衡构建中国影子银行监管体系的建议。
Nearly six years have passed since the financial crisis，but the world still in tremblefear.Because no one knows whether the effects of the crisis fully exposed,follow-up canbe hidden even greater crisis.In this war without smoke,consideration paid isheavy.Weak global economic recovery,uncertainty continued to increase.How tobalance the word economy,the financial sector in the reconstruction of the countriesbecome an important task.The world economy is paying dearly. Despite the financialcrisis facing fear,but still need to study and analyze it.The reform of economic andfinancial field defects in the exploration in order to maintain the stability of the financialsystem. In this process, a new financial term--shadow banking suddenly appeared infront of the world. It causes widespread concern in the international community. Becauseit changes the financial structure of the word.
The shadow banking system, generally refers to the outside the gray area ofregulation or supervision, but has the same function to commercial banks, The history ofits development is the game between financial institutions and government supervision.At present, the common view about shadow banking system is arch-criminal financialcrisis and makes monetary policy failure, an important source of systemic risk, and thelack of supervision is the primary contributor to the crisis. So government began tore-examine its financial system, explore the method of supervision of shadow bankingsystem. In fact, Shadow banking does not necessarily lead to systemic risk, Highefficiency, high earnings over the last30years of operation in American have adescription of strict control. So stopping its development is not reasonable. In otherwords, the shadow banking is the product of financial technology, institutionalinnovation. With the deepening of financial innovation,cross-industry,cross-agency,cross-market, cross-border financial service. The important of the shadow banking beganto increase stability of the financial system. Uncover the veil of shadow banking,thissystem is based on the maximization of profits,but the product designer himself are notfully recognize the great risk.In a replication and extension of the layers of securitizationproducts and financial derivatives, the whole society is awash with liquidity releasedfrom shadow banking system. The financial industry will be the real estate industry,. Without financial innovation, there will not be financial development. The multi-levelfinancial market is the key to improve the financial efficiency.
After the financial crisis, western developed market economy is the economicprosperity of the investment enthusiasm instilled. Ignoring the risk,the borroweroverload.In developed countries, the shadow banking system has more scale complexstructure than the traditional banking system. And in various forms, be the mostchangeful, operation hidden and mostly free to monetary authorities and supervisorycontrol.Went to the supervision of sight. But in China,the shadow banking system andtraditional bank financing mode is similar, it doesn't matter too complex, but as channelsto supplement the traditional commercial bank. As the financial market liberalization andinternationalization, the shadow banking in China developed rapidly.It changes thefinancial structure about China to some extent, and Chinese financial sector and theoverall economic and social development has been a fundamental change. However,Chinese financial system needs to set up new balance. Economic effect, risk andregulatory needs to be study as a whole,so regulatory authority can draw upcorresponding policy to settle the problem of shadow banking in China steady.
Therefore, this paper takes the theory study as a starting point, analysis of theshadow banking system in China. Applying related methods of data analysis, empiricaltest and model fitting, In order to fully understand the macroeconomic effect, the Chineseshadow banking microeconomic effects, the nature of risk and regulatory situationBuilding a comprehensive risk monitoring system suitable for the situation of Chinashadow banks, improve the regulatory framework of the shadow banking in China.
The first part (Chapter1), the research background, research significance andresearch ideas and methods briefly, mainly summarized research status and literaturereview at home, put forward the innovation and shortcomings.
The second part (Chapter2), Shadow banks of the existence and development of thetheoretical basis and current development status. The shadow banking system can speedthe development of innovative products and promote the structure of the financial systemreform.It needs various theory supports, In the second chapter, re definition of theshadow banking scope, and operation mechanism, Introduce two yuan of financial theory, regulatory arbitrage theory and the theory of financial innovation and financialrepression theory.
The third part (Chapter3-5), comprehensive introduction to the macroeconomiceffects and micro economic effects of Chinese shadow banking system. The third chapterintroduces the status about Chinese Shadow Banking.The fourth chapter, using the greyprediction and the SPSS econometric and statistical methods to study shadow bank scaleon the relationship between GDP, and M2, in order to explain the influence of shadowbanks on economic growth. Using the economic methods to illustrate the impact ofshadow banks on monetary policy. The fifth chapter, the principles of microeconomics,using boundary analysis to find the critical point of shadow banks on best loan scaleeffect of traditional bank. An empirical analysis of the impact of the shadow banking tothe traditional commercial bank's profitability and the impact on credit rationing way,finally introduces the shadow banks to small and micro positive functions and limitationsof enterprise development.
The fourth part (Chapter6-7), this paper focuses on the risk monitoring andprecaution of shadow banks and improving the regulatory system of Chinese shadowbanking. The sixth chapter, the shadow banks and traditional banks have similar creditcreation function, but it has destroyed the money multiplier effect, The potential risk isunavoidable, but can the monitoring and prevention.So the risk from the perspective ofpressure index through empirical analysis, put forward to the China shadow banking riskprevention countermeasures. The seventh chapter, comparison and analysis of FSB,American, UK, EU on shadow banking supervision, the summary of internationalregulatory orientation and main trend.Set up balance regulation suggestions about theshadow banking in China.
引文
①王艳.美国债务危机的演进、影响及前景展望[J].国际经济合作，2011（10）：83-88
①Eugene Fama于1970年提出有效市场假说，认为市场上每个个人都是理性的，对可获取的信息迅速做出无偏估计，资产价格充分反映所有公开信息
②Archary,Viral.A Theory of Systemic Risk and Design of Prudential Bank Regulation [R].CEPR DiscussionPaper,No.7164,London:Centre for Economic Policy Research,2009:6-7
③Crony, James&Epstein. The Costs and Contradiction of the Lender–of-Last Resort Function in ContemporaryCapitalism: The Sub-Prime Crisis of2007-2008[R]. Political Economy Research Institute website,2008:8
①Gorton, G., Metrick, A. Regulating the Shadow Banking System [R].Brookings Papers on Economic Activity,Fall2010:261
②杜晓旭.我国影子银行监管初探[J].时代金融.2012(2)
①资料来源于中国人民银行网站，2012年社会融资规模统计数据报告.http://www.pbc.gov.cn/
①易宪容.影子银行体系信贷危机的金融分析[s].江海学刊.2009(03):70-76
①巴曙松.应从金融结构演进角度客观评估影子银行[J].经济纵横，2013(4).
①王增武.影子银行体系对我国货币供应量的影响[J].中国金融，2010(23).
②徐滢，周恩源.影子银行体系金融不稳定性扩大机制与美联储货币政策研究[J].上海金融，2011(7):95-99.
①袁增霆.中外影子银行体系的本质与监管[J].中国金融,2011(1):81-82.
①The Shadow Banking System and Hyman Minsky's Economic Journey, The Resarch Foundation of CFA Institute2009.
②Financial Crisis Inquiry Commission,Preliminary Staff Re-port: Shadow Banking and the Financial Crisis [R].2010.
③Federal reserve Bank of New York,Staff report: Shadow Banking [R].2010.
④FSB. Shadow Banking: Scoping the Issues[EB/OL]. http: www. financialstabilityboard. org/list/fsb-publica-tions/index.htm,2011-04-12.
①Financial Stability Board,Shadow Banking: Strengthening Oversight and regulation[R].2011.
②周莉萍.影子银行系的信用创造机制、效应和应对思路[J].金融评论,2011(4):37-53.
③Tucker P. Shadow Banking,Financing Markets and Financial Stability[Z]. london: Remarks to BGC PartnersSeminar,2010.
④Gorton G.&Metrick, A. Regulating the Shadow Banking System[J]. Brookings Papers on Economic Activity,Fall2010,(2):261-312.
⑤Pozsar Z,Adrian T,Ashcraft A. Shadow Banking[EB/OL]. http://ssrn. com/abstract=1640545,2010-07-15.
①于雷.现代金融中介理论的若干内容述评[J].财经问题研究.2004(02):87-92.
①龙志强等.浅谈金融创新理论与金融体系创新[J].商业经济.2006(07):67-69.
②邵传林.西方金融创新理论演变综述[J].山东工商学院学报.2007(10):80-84.
①周天芸．中国农村二元金融结构研究[M]．广州：中山大学出版社，2004.
①参见Robert L.Mcdonald, Derivatives Markets3–4,463(2003)
①周莉萍.影子银行体系的机制及其脆弱性[J].银行家,2010,(12):90-93.
①辛乔利著．影子银行——揭秘一个鲜为人知的金融黑洞[M]．北京：中国经济出版社，2010．1，1-74.
①资料来源：美国存托及结算机构（Depository Trust and Clearing Corporation, DTCC）： Weekly Stock and VolumeReport, http://www.dtcc.com/products/derivserv/data/index.php
①Samuelson,P.&Scott,A. Economics[M].N.Y.:McGawHill,1966:11.
②Kindleberger,Charles P. Asset inflation and Monctary Policy [J].BNL Quarterly Review,1995,192:17-37.
③中国人民银行西安分行课题组.金融体系的顺周期行为研究[M].北京：经济科学出版社，2010.
①数据来源：Triennial and Regular OTC derivatives Market Statistics, http://www.bis.org/pul/otchy1001.htm,16November2010.
①李建军，田光宁.影子银行体系监管改革顶层设计问题探讨[J].中国金融，2011，（1）：81-82.
②李扬.影子银行体系发展与金融创新[J].中国金融，2011（12）：31-32.
③蒋冠，霍强.中国影子银行的作用机制及治理路径——基于宏观审慎监管和微观资产优化的视角[J].新金融,2013(8):15..
①周莉萍．论影子银行体系国际监管的进展、不足、出路[J]．国际金融研究，2012（1）：44-53
①影子银行“基本法”出炉，《第一财经日报》2014-01-10.
②Irving Fisher. The Rate of Interest EMl.New York: Garland Publishing,1982,
①伍聪．“负利率”问题研究的演进与新进展[J]．经济理论与经济管理，2012（9）.
①瑞银证券．“影子银行”的风险[C]．全球经济研究报告，2012，10-16.
②海通证券．影子银行发展中的机遇与挑战[C]．专题研究报告，2012，11-26.
①谢鉴,黄儒靖.中国影子银行体系及其风险监管问题探讨[J].时代金融，2013（4）：129
①唐红娟．影子银行体系：功能、脆弱性与监管改革[M]．北京：知识产权出版社，2012
①白钦先，张荔.发达国家金融监管比较研究[M].北京：中国金融出版社，2003：2.
①张荔.金融自由化效应分析[M].北京：中国金融出版社，2003：84-85
②Allen,Franklin,&Douglas, G. Comparing financial systems [M].Cambridge,MIT Press,2000
①Hirshleifer,D. Psychological Bias as a Driver of Financial Regulation [J].Journal of Finance,2008,(2):311-338.
②Shiller, R. J. The Subprime Solution [M].NJ:Princeton University Press,2008.
③Brescia, R.H. Trust in the Shadow:Laws,Behavior and Fianancial Re-Regulation[J].Buffalo Law Review,2009,(57),forthcoming.
①尹继志．影子银行体系的业务运作、风险特征与金融监管[J]．新金融，2013（2）：43-49
①齐淼.中美影子银行体系的运行机制、监管及比较[M],2011.
①刘卫东等.完善我国金融监管协调机制的思路[J].现代经济探讨.2009(06):63-66
①王茜.影子银行体系风险监管研究[D]．哈尔滨工程大学，2011.
①张立洲.论金融结构与中国金融发展[J]．经济学动态，2002（7）：35-39
①白钦先,王伟.政策性金融监督机制与结构的国际比较[J].国际金融研究.2005(05).
①高蕊.比较视角下中国金融监管模式的改革选择[J].河南金融管理干部学院学报，2009(02):45-49
①王海龙.跨行业交叉性金融工具的监管缺陷及其改进[l].上海金融，2006(03):48-49
[1] Adrian, T., Moench, E.,Shin, H.S. Financial Intermediation, Asset Prices, andMacroeconomic Dynamics[R].Federal Reserve Bank of New York Staff Report,2010(422)
[2] Adrian, T., Shin, H.S. Financial Intermediary Leverage and Value at Risk[R]. FederalReserve Bank of NewYork Staff Reports,2008(338)
[3] Adrian, T.,Etula, E., Shin, H.S. Risk Appetite and Exchange Rates[R]. FederalReserve Bank of New York Staff Report.2009(361)
[4] Akai Nobuo，Rieardian Equivalence for Local Gove~ent Bonds: Budget ConstraintApproach[J]. Eeonomies Letters,1994(4)：22-25
[5] Alan Schwartz. Relational Contracts in the Courts: An Analysis of IncompleteAgreements and Judical Strategies [J]. The Journal of Legal Studies,1992, Vol.21,No.2(June1992):271-318
[6] Alessio M. Pacces Uncertainty and the Financial Crisis[R], European CorporateGovernance Institute(ecgi),Tune2010
[7] Alex Edmans, Qi Liu. Insdie Debt [J], Review of Finance,2011(1),Vol.15,No.l:75-102
[8] Allen, DeLong, Saunders,2004,"Issues in the credit risk modeling of retailmarkets”,Journal of Banking&Finance28,727-752.
[9] Andrew Sheng. The Coming Global Credit Glut[R].http://www.project-syndicate.org/2012(3)
[10]Andrew Sheng. The Erosion of U.S. Monetary Policy Management Under ShadowBanking [R]. Thailand: International Conference on Business and Information,July,2011
[11]Arye L Hillman, Public Finance and Public Policy: Responsibilities and Limitationsof Government [J]. Cambridge University, Second Edition
[12]Ashcraft, A. New Evidence on the Lending Channel[J].Money Credit Bank,2006(38)
[13]Benjamin Klein. Borderlines of Law and Economic Theory: Transaction CostDeterminants of Unfair Contractual Arrangements [J]. American Economic ReviewPapers and Proceeding.1980,70(May):356-362
[14]Bernanke, B. Monetary Aspects of the Financial Crisis in the Propagation of theGreat Depressiont [M].American Economic Review,1983(73):257-2576
[15]Bernanke, B.,Blinder, A. The Federal Funds Rate and The Channel of MonetaryTransmission[M].American Economic Review,1992(82):901-921
[16]Bernanke, B.Gertler, M. Agency Costs, Net Worth, and Business Fluctuations[M].American Economic Review,1989(79):14-31
[17]Bernanke, Ben S.&Gertler, Mark&Gilchrist, Simon，The financial accelerator in aquantitative business cycle framework [J].Review of Economics and Statistics,1999(2)：17-20
[18]Bill Gross. Beware Our Shadow Banking System[R], http://money.cnn.com,November28,2007
[19]BillGross. Beware Our Shadow Banking System[R].http://MoneyNews.cn.com.December,2007
[20]Blum Jury. Do Capital Adequacy Requirements Reduce Risks in Banking?[R],Journal of Banking,1999
[21]Corton,Gary and Metrick. Regulating the Banking Syste[R]. http://ssrn.com.2010
[22]Crouhy, Galaib, Marka,2000,"A comparative analysis of current credit risk models"Journal of Banking&Finance24,59-117
[23]Danie E Nolle, What is Different about this Recession?[EB/OL]. availableat:http://www.financialstability.gov/docs/CPP/Report/OCC—RoleofNonbanks.pdf,Dec.9,2009.
[24]David A. Skeei. The New Financial Deal: Understanding the Dodd-Frank Act Andits (Unintended) Consequences[J]. http://‘ssm.com/abstract690979,October2010
[25]David Jones: Emerging Problems with the Basel capital Accord: Regulatory capitalarbitrage and relate discuss, Journal of banking&finance,2000
[26]Donahoo, K. K, Shaer, S,1991. Capital requirements and the securitization decision.Quarterly Review of Economics and Business31(4),12-23
[27]Dornbusch, R. Expectation and Exchange Rate Dynamic[J].Journal of PoliticalEconomy,1976(84)
[28]Elizalde, Repullo,2006,"Economic capital and regulatory capital: what is the difference?” CEPR discussion paper No.4770
[29]Fabio Verona. Monetary policy shocks in a DSGE model with a shadow bankingSystem [R]. http//ideas.repec.org.cn.com,2011
[30]Frank Partony. Financial Derivative and the Costs of Regulatory[J]. The Journal ofCorporation Laws,1997(22):604-607
[31]FSB. Shadow Banking: Scoping the Issues[EB/OL]. Press Release,2011
[32]Gary Gorton, Andrew Metrick. Regulating the Shadow Banking System[JJ,http:ssrn.com/abstract=1676947,October18,2010
[33]Geithner. Timothy F.: Reducing Systemic Risk in a Dynamic Financial System.Federal Reserve Bank of New York. June92008
[34]Gorton, G.,and N. S. Souleles. Special Purpose Vehicles and Securitization [EB/OL].Working paper, University of Pennsylvania,2005.available at:http://www.nber.org/chapters/c9619.pdf
[35]Gorton, G.: Regulating the Shadow Banking System [EB/OL], Yale and NBERWorking Pape,2010.
[36]Greenlaw, David; Hatzius, Jan; Kashyap, AnilK., and Shin, Hyun Song.LeveragedLosses: Lessons from the Mortgage Market Meltdown [EB/OL]. USMonetary Policy Forum Conference Draft, February29,2008
[37]H. D. Vinod. Financial Reform, Innovative Hedging and the Volcker Rulc [J],http://ssrn.com/abstract=l597450, May1,2010
[38]Hadjiemmanuil, C. Institutional Structure of Financial Regulation: A Trends TowardsMegaregulators [R]. Paper Presented at the Conference on The Future of FinancialRegulation in Taiwan, Taipei,2001-7-6
[39]Hart, J. Moore. Property Rights and the Nature of the Firm [J]. Journal of PoliticalEconomy,1990,98(6):1119-1158
[40]IMF. Iniitial Lessons of the Crisis [EB/OL].available at: http://www.imf.org/external/np/pp/eng/2009/020609.pdf, Dec9,2009.
[41]Jackson, Perraudin, Saport a,2002,“Regulatory and economic solvency standardsfor internationally active banks”. Journal of Banking and Finance26,953-976
[42]Jacobson, Lind, Roszbach,2006,“Internal rating systems, implied credit risk and theconsistency of banks' risk classification policies". Journal of Banking&Finance30,1899-1926
[43]Javier Bianchi, Knrique Mendoza. Overborrowing. Financial Crises and"Macro-prudential" PoIicy [R].International Monetary Fund, Febuary2011
[44]Jean Boivin, Michael T. Kiley,Frederic S. Mishikin: How Has the MonetaryTransmission Mechanism Involved Over Time?[J].I land book of MonetaryEconomics,2010
[45]Jianbo Han. Shadow Banking System. Derivatives And Liquidit Risks[J].http://ssrn.com/abstract=1571707
[46]Joseph Hu, Basics of Mortage-backed Securities[M]. Frank J. Fabozzi Associations,1997:15-16
[47]Keeton, W. R.1989, The new risk-based capital plan for commercial banks!.Economic Review, Federal Reserve Bank of Kansas City,73(10)
[48]Koehn, M. a. A. M. S,1980,"Regulation of bank capital and portfolio risk". Journalof Finance,35
[49]Licht, Amir N. Regulatory Arbitrage for Real: International Securities Regulation ina World of Interacting Securities Markets [J]. Virginia Journal of International Law563, Summer1998(38)
[50]Mario Draghi, Giavazzi, Francesco and Merton, Robert C. Transparency,RiskManagement and International Financial Fragilty [J], NBER Working Paper9806,June2003
[51]Mark Gongl off. China's Shadow Banking System: The Next Subprime?[OL].http://blogs.wsj.com/marketbeat,2011(10)
[52]Mervyn king. Banking: From Bagehot to Baseband Back AgainfR]. New York: theButtonwood Gathering, October,2010
[53]Nouriel Roubini. The shadow banking system is unravelling[R].http://FT.cn.com?September,2008
[54]Olive E. Williamson. The Theory of the Firm as Governance Structure: From Choiceto Contract [J]. Journal of Economic Perspectives,2002,16(3):171-195
[55]Patricia M. Dechow, Linda A. Myers, Catherine Shakespeare. Fair Value Accountingand Gains from Asset Securitizations: A Convenient Earnings Management Toolwith Compensation Side Bene?[J]. Journal of Accounting and Economics,2009(9):1-24
[56]Paul Tucker.Shadow banking,Financing markets and financial stability [R].http:www.bankofengland.co.uk/publications/Documents/speeches/2010/speech420.pdf,January,2010
[57]Paul.Mccully. Teton Refleetions [R]. PIMCO Global Central BankFocus,September,2007
[58]Rasmusen, E B. Explaining incomplete contracts as the result of contract-readingcosts [J]. Advances in Economic Analysis&Policy,2001,1(1):1-32
[59]S.J. Grossman, O.D. Hart. The Costs and Benefits of Ownership: A Theory ofVertical and Lateral Integration [J]. The Journal of Political Economy,1986,94(4):691-719
[60]Segal, I. Complexity and renegotiation: a foundation for incomplete contract[J].Review of Economic Studies,1999,66:57-82
[61]Segal, J.1994. Closure Rules, Market Power and Risk-Taking in a Dynamic Modelof Bank Behavior Discussion Paper No.196,LSE Financial Markets Group
[62]Shrieves, R. and D. Dahl. The Relationship between Risk and Capital in CommercialBanks[J], Journal of Banking and Finance,1992(16):439-457
[63]Shyam Sunder. Theory of Accounting and Control [M], South-Western CollegePublishing,1997
[64]Taylor, M. Dealing With Regulatory Arbitrage. Aligning Financial RegulatoryArchitecture with Country Needs:Lessons from International Experience[R]. PaperPresented at Financial Sector Conference,2004-6-5
[65]Tirole, J. Incomplete contracts: where do we stand?[M], Econometrica,1999,67(4):741-781
[66]Tobias Adrian and Hyun Song Shin. Liquidity and Leverage [EB/OL]. Available at:http://www.newyorkfed.org/research/stafF_reports/sr382f1].pdf, Dec.9,2009
[67]Tobias Adrian and Hyun Song Shin. Liquidity and Leverage [EB/OL]. Available at:http://www.newyorkfed.org/research/stafF_reports/sr382f1].pdf, Dec.9,2009.
[68]Tobias Adrian,Hyun Song Shin.. The Shadow Banking System:Implications forFinancial Regulation[R]. http://newyorkfed.org/research/staff_reports/sr382.html,July,2009
[69]Tucker, P. Shadow Banking, Financing Markets and Financial Stability [J].BISReview,2010(6)
[70]Turner. A Regulatory Response to the Global Banking Crisis [EB/OL],available at:http://www.fsa-gov.uk/pubs/other/turner_review.pdf, April22,2009.
[71]Williamson, O.E. Transaction Cost Economics: The Governance of ContracualRelations [J]. Journal of Law and Economics,1979, Vol.22
[72]巴雷特，非理性的人一存在主义哲学研究，北京：商务印书馆，1995
[73]巴塞尔委员会，(1992)，Asset Transfers and Securitization
[74]巴曙松，陈华良，王超等．2012年中国资产管理行业发展报告：短兵相接中的资产管理格局的重构[M]．北京：中国人民大学出版社，2012．
[75]巴曙松．从产业转型到金融转型[M]．北京：北京大学出版社，2009．
[76]巴曙松．金融危机下的全球金融监管走向及展望[J]．西南金融，2009（10）
[77]巴曙松等．巴塞尔资本协议Ⅲ研究[M]．北京：中国金融出版社，2011．
[78]白钦先，常海中．金融虚拟性演进及其正负功能研究[M]．北京：中国金融出版社，2008
[79]白钦先，赫国胜和张荔．中国金融发展理论前沿[C]．北京：中国金融出版社，2007
[80]白钦先，沈军和张荔．金融虚拟性理论与实证研究[M]．北京：中国金融出版社，2010
[81]白钦先．百年金融的历史变迁[J]．国际金融研究，2003（2）
[82]白钦先．坚持理论创新促进中国经济金融发展方式转变和结构调整[J]．经济研究，2010（12）
[83]白钦先．经济全球化和经济金融化的挑战与启示[J]．世界经济，1999（6）
[84]保罗克鲁格曼．萧条经济学的回归和2008年经济危机[M]．北京：中信出版社，2009：130-150
[85]北京银联信投资顾问有限责仟公司．中H信贷风险G题分析报告-影子银行：隐身恶魔的挑战与征服[EB/OL]．http://www.docin.com/p-259384122.html，2011(17)
[86]陈宏达．金融创新对我H货币政策的影响及对策研究[D]．天津：天津财经大学，2009（5）
[87]陈晓红，李大荣．中国金融抑制与经济效率的实证研究——基于所有制结构的视角[J]．华东经济管理，2007．9，21（9）
[88]陈瑛．民间融资与金融供给扩张分析[J]．市场周刊（理论研究），2011（11）
[89]高凌云．被误读的信托——信托法原论[M]．上海：复旦大学出版社，2010．
[90]郭田勇．中国货币政策体系的选择[M]．北京：中国金融出版社，2006：77-159
[91]国际货币基金组织．全球金融稳定报告（2008）[M]．北京：中国金融出版社，2009：75
[92]国家发展改革委经济体制综合改革司，国家发展改革委经济体制与管理研究所编．改革开放三十年：从历史走向未来[M]．北京：人民出版社，2008．
[93]哈耶克，哈耶克论文集，北京：首都经济贸易大学出版社，2001，邓正来编译．
[94]何德旭，郑联盛．影子银行体系与金融体系稳定性[J]．经济管理，2009（11）
[95]贺军．对“影子银行”也要一分为二[J]．金融管理与研究，2011（11）
[96]胡明东，宗怿斌．理财产品创新对货币政策的影响[J]．武汉金融，2009（4）
[97]贾恩卡洛·甘道尔夫．国际金融与开放经济的宏观经济学[M]．上海：上海财经大学出版社，2006
[98]蒋红珍．论比例原则——政府规制工具选择的司法评价[M]．北京：法律出版社，2010．
[99]蒋志芬．美国次贷危机与我国金融衍生品市场发展战略选择[J]．经济学动态，2008（4）
[100]科斯等，契约经济学，经济科学出版社，1999，李风圣译．
[101]李波，伍戈．影子银行的信用创造功能及其对货币政策的挑战[J]．金融研究，2011（12）
[102]李若愚，银行资金表外循环加剧的原因、影响及应对[J]，发展研究，2011(12)．
[103]李扬，脱媒：中国金融改革发展面临的新挑战[J]，新金融，2007(11)．
[104]李扬．影子银行体系发展与金融创新[J]．中国金融，2011（12）
[105]马君实．中国货币政策目标研究[M]．北京：中国金融出版社，2009：71-88
[106]米什金．货币银行学[M]．北京：中国人民大学出版社，2011：349-364
[107]皮天雷．法与金融理论研究及中国的证据[M]．北京：中国经济出版社，2010．
[108]齐鲁证券．银行票据业务专题研究报告[EB/OL]．http://wenku.baidu.com，2011(7)
[109]阮建文，杜丽萍．从美国次贷危机看中国的金融监管[J]．福建金融，2009（6）：50-55
[110]邵延进．影子银行资金流向图谱及风险一以河北省为例[J]．中国金融(18)
[111]盛松成．社会融资总量的内涵和实践意义[0L]．http：//www.pbc.gov.en/publish/goutongjiaoliu/_.html，2011(2)
[112]孙三齐．银行表外业务对中国流动性的影响[J]．经营管理者，2011（17）
[113]唐红娟．影子银行体系：功能、脆弱性与监管改革[M]．北京：知识产权出版社，2012．
[114]万解秋．货币政策传导和有效性研究[M]．上海：复旦大学出版社，2011：253-275
[115]汪办兴．票据理财产品的银信合作投式场概况政策思考[J]．金融论坛，2009（2）
[116]汪建熙，信贷资产证券化可破解银行融资难题[J]，国际融资，2011(4)．
[117]王广谦．中央银行学[M]．北京：高等教育出版社，2006：193-215
[118]王国刚、易宪容，美国次贷危机的流动性传导机制的金融分析[J]，金融研究，2010（5）．
[119]王静文．欧债危机下的欧洲银行危机[J]．中国金融，2011（9）
[120]王俊青．我国货币供应量的因素分解模型研究[D]．山西：山西财经大学，2006
[121]王俊寿．汇丰银行应对金融危机的经验和启示[J]．银行家，2009（5）
[122]王向荣．我国银行业跨国并购的风险研究[J1．发展研究，2009（6）：69-73
[123]王增武．影子银行体系对我国货币供应量的影响[J]．中国金融，2010（23）
[124]魏海滨．银行理财产品的功能演化及其监管[J]．新金融，2010（9）
[125]伍戈．信贷规模规避与货币政策政策调控[J]．财经可行，2010（9）
[126]辛柳，金融抑制、金融自由化和中国金融体制改革的对策[J]．财经问题研究，2000（3）
[127]辛乔利．影子银行[M]．北京：中国经济出版社，2010：7-29
[128]徐孟洲等．金融监管法研究[M]．北京：中国法制出版社，2008．
[129]徐宁．我国法定存款准备金制度及其货币政策效应研究[D]．吉林：吉林大学，2011
[130]徐亚平，张瑞．证券化、流动性与货币政策[J]．财经科学，2009（7）
[131]徐亚平．分析金融证券化对货币政策的影响与挑战[J]．世界经济研究，2009（12）
[132]许华伟．影子银行体系最新发展趋势及监管启示[J]．金融研究，2012（4）：111-113
[133]闫琳．基于金融产品创新视角的货币政策效应研究[D]．厦门：厦门大学，2009
[134]杨明基，倪克湖，中国的金融抑制问题研究[J]．甘肃金融，2002（6）
[135]杨西水、赵相华．打造金融机构玻璃体构建无影灯式监管体系—浅析无影灯式监管体系[J]．经济监督．2012（4）：51-54
[136]杨小平．我国影子银行体系及影响[J]．中国金融，2012（16）：71-72
[137]易宪容．美国次贷危机的信用扩张过度的金融分析[J]．国际金融研究，2009（12）
[138]余建强．我国“影子银行”的金融风险及监管问题探讨[J]．商业时代，2012（22）：64-65
[139]袁达松．对影子银行加强监管的国际金融法制改革[J]．法学研究．2012（2）：194-208
[140]袁增霆．中外影子银行的本质与监管[J]．中国金融，2011（1）
[141]张佳，许华伟．影子银行业务的风险及监管对策[J]．经济从横，2012（10）：92-95
[142]张佳琳．我国影子银行分析[J]．财税金融，2012（3）：131
[143]张荔．发达国家金融监管比较研究[M]．北京：中国金融出版社，2006
[144]张荔．金融自由化效应分析[M]．北京：中国金融出版社，2003
[145]张明，透视CDO：类型、构造、评级与市场[J]．国际金融研究，2009(6)
[146]张明，付立春．次贷危机的扩散传导机制研究[J]．世界经济，2009(8)
[147]张明，郑联盛．次贷危机走向纵深--房利美、房地美危机透视[J]，当代金融家，2008(8)．
[148]张全兴．影子银行问题研究—以江浙为例[J]．宏观经济，2012（4）：6-32
[149]张五常．多难登临录——金融危机与中国前景[M]．北京：中信出版社，2009．
[150]郑联盛．影子银行体系：发现、内涵与未來[R]．北京：中国社会科学院世界经济与政治研究所国际金融研究中心，2009
[151]中国人民大学信托与基金研究所．中国信托业发展报告2008[M]．北京：中国经济出版社，2009
[152]中国人民大学信托与基金研究所．中国信托业发展报告2010[M]．北京：中国经济出版社，2010
[153]中国人民大学信托与基金研究所．中国信托业发展报告2012[M]．北京：中国经济出版社，2012
[154]中国人民银行金融危机和国际会计准则改进研宄课题组，金融危机和国际会计准则改进研究[J]，金融会计，2011(3)
[155]钟伟．顾弦．从金融危机看金融机构的去杠杆化及其风险．中国金融，2009（5）：24-27
[156]周莉萍．论影子银行体系国际监管的进展、不足、出路[J]．国际金融研究．2012（1）：44-53
[157]周丽萍．影子银行体系的信用创造：机制、效应和应对思路．金融评论，2011（4）
[158]庄长兴．论我国“影子银行”的表现形式—基于法律关系的视角[J]．法学论坛，2012（3）：49-55
①Eugene Fama于1970年提出有效市场假说，认为市场上每个个人都是理性的，对可获取的信息迅速做出无偏估计，资产价格充分反映所有公开信息
②Archary,Viral.A Theory of Systemic Risk and Design of Prudential Bank Regulation [R].CEPR DiscussionPaper,No.7164,London:Centre for Economic Policy Research,2009:6-7
③Crony, James&Epstein. The Costs and Contradiction of the Lender–of-Last Resort Function in ContemporaryCapitalism: The Sub-Prime Crisis of2007-2008[R]. Political Economy Research Institute website,2008:8
①Gorton, G., Metrick, A. Regulating the Shadow Banking System [R].Brookings Papers on Economic Activity,Fall2010:261
②杜晓旭.我国影子银行监管初探[J].时代金融.2012(2)
①资料来源于中国人民银行网站，2012年社会融资规模统计数据报告.http://www.pbc.gov.cn/
①易宪容.影子银行体系信贷危机的金融分析[s].江海学刊.2009(03):70-76
①巴曙松.应从金融结构演进角度客观评估影子银行[J].经济纵横，2013(4).
①王增武.影子银行体系对我国货币供应量的影响[J].中国金融，2010(23).
②徐滢，周恩源.影子银行体系金融不稳定性扩大机制与美联储货币政策研究[J].上海金融，2011(7):95-99.
①袁增霆.中外影子银行体系的本质与监管[J].中国金融,2011(1):81-82.
①The Shadow Banking System and Hyman Minsky's Economic Journey, The Resarch Foundation of CFA Institute2009.
②Financial Crisis Inquiry Commission,Preliminary Staff Re-port: Shadow Banking and the Financial Crisis [R].2010.
③Federal reserve Bank of New York,Staff report: Shadow Banking [R].2010.
④FSB. Shadow Banking: Scoping the Issues[EB/OL]. http: www. financialstabilityboard. org/list/fsb-publica-tions/index.htm,2011-04-12.
①Financial Stability Board,Shadow Banking: Strengthening Oversight and regulation[R].2011.
②周莉萍.影子银行系的信用创造机制、效应和应对思路[J].金融评论,2011(4):37-53.
③Tucker P. Shadow Banking,Financing Markets and Financial Stability[Z]. london: Remarks to BGC PartnersSeminar,2010.
④Gorton G.&Metrick, A. Regulating the Shadow Banking System[J]. Brookings Papers on Economic Activity,Fall2010,(2):261-312.
⑤Pozsar Z,Adrian T,Ashcraft A. Shadow Banking[EB/OL]. http://ssrn. com/abstract=1640545,2010-07-15.
①于雷.现代金融中介理论的若干内容述评[J].财经问题研究.2004(02):87-92.
①龙志强等.浅谈金融创新理论与金融体系创新[J].商业经济.2006(07):67-69.
②邵传林.西方金融创新理论演变综述[J].山东工商学院学报.2007(10):80-84.
①周天芸．中国农村二元金融结构研究[M]．广州：中山大学出版社，2004.
①参见Robert L.Mcdonald, Derivatives Markets3–4,463(2003)
①周莉萍.影子银行体系的机制及其脆弱性[J].银行家,2010,(12):90-93.
①辛乔利著．影子银行——揭秘一个鲜为人知的金融黑洞[M]．北京：中国经济出版社，2010．1，1-74.
①资料来源：美国存托及结算机构（Depository Trust and Clearing Corporation, DTCC）： Weekly Stock and VolumeReport, http://www.dtcc.com/products/derivserv/data/index.php
①Samuelson,P.&Scott,A. Economics[M].N.Y.:McGawHill,1966:11.
②Kindleberger,Charles P. Asset inflation and Monctary Policy [J].BNL Quarterly Review,1995,192:17-37.
③中国人民银行西安分行课题组.金融体系的顺周期行为研究[M].北京：经济科学出版社，2010.
①数据来源：Triennial and Regular OTC derivatives Market Statistics, http://www.bis.org/pul/otchy1001.htm,16November2010.
①李建军，田光宁.影子银行体系监管改革顶层设计问题探讨[J].中国金融，2011，（1）：81-82.
②李扬.影子银行体系发展与金融创新[J].中国金融，2011（12）：31-32.
③蒋冠，霍强.中国影子银行的作用机制及治理路径——基于宏观审慎监管和微观资产优化的视角[J].新金融,2013(8):15..
①周莉萍．论影子银行体系国际监管的进展、不足、出路[J]．国际金融研究，2012（1）：44-53
①影子银行“基本法”出炉，《第一财经日报》2014-01-10.
②Irving Fisher. The Rate of Interest EMl.New York: Garland Publishing,1982,
①伍聪．“负利率”问题研究的演进与新进展[J]．经济理论与经济管理，2012（9）.
①瑞银证券．“影子银行”的风险[C]．全球经济研究报告，2012，10-16.
②海通证券．影子银行发展中的机遇与挑战[C]．专题研究报告，2012，11-26.
①谢鉴,黄儒靖.中国影子银行体系及其风险监管问题探讨[J].时代金融，2013（4）：129
①唐红娟．影子银行体系：功能、脆弱性与监管改革[M]．北京：知识产权出版社，2012
①白钦先，张荔.发达国家金融监管比较研究[M].北京：中国金融出版社，2003：2.
①张荔.金融自由化效应分析[M].北京：中国金融出版社，2003：84-85
②Allen,Franklin,&Douglas, G. Comparing financial systems [M].Cambridge,MIT Press,2000
①Hirshleifer,D. Psychological Bias as a Driver of Financial Regulation [J].Journal of Finance,2008,(2):311-338.
②Shiller, R. J. The Subprime Solution [M].NJ:Princeton University Press,2008.
③Brescia, R.H. Trust in the Shadow:Laws,Behavior and Fianancial Re-Regulation[J].Buffalo Law Review,2009,(57),forthcoming.
①尹继志．影子银行体系的业务运作、风险特征与金融监管[J]．新金融，2013（2）：43-49
①齐淼.中美影子银行体系的运行机制、监管及比较[M],2011.
①刘卫东等.完善我国金融监管协调机制的思路[J].现代经济探讨.2009(06):63-66
①王茜.影子银行体系风险监管研究[D]．哈尔滨工程大学，2011.
①张立洲.论金融结构与中国金融发展[J]．经济学动态，2002（7）：35-39
①白钦先,王伟.政策性金融监督机制与结构的国际比较[J].国际金融研究.2005(05).
①高蕊.比较视角下中国金融监管模式的改革选择[J].河南金融管理干部学院学报，2009(02):45-49
①王海龙.跨行业交叉性金融工具的监管缺陷及其改进[l].上海金融，2006(03):48-49
[1] Adrian, T., Moench, E.,Shin, H.S. Financial Intermediation, Asset Prices, andMacroeconomic Dynamics[R].Federal Reserve Bank of New York Staff Report,2010(422)
[2] Adrian, T., Shin, H.S. Financial Intermediary Leverage and Value at Risk[R]. FederalReserve Bank of NewYork Staff Reports,2008(338)
[3] Adrian, T.,Etula, E., Shin, H.S. Risk Appetite and Exchange Rates[R]. FederalReserve Bank of New York Staff Report.2009(361)
[4] Akai Nobuo，Rieardian Equivalence for Local Gove~ent Bonds: Budget ConstraintApproach[J]. Eeonomies Letters,1994(4)：22-25
[5] Alan Schwartz. Relational Contracts in the Courts: An Analysis of IncompleteAgreements and Judical Strategies [J]. The Journal of Legal Studies,1992, Vol.21,No.2(June1992):271-318
[6] Alessio M. Pacces Uncertainty and the Financial Crisis[R], European CorporateGovernance Institute(ecgi),Tune2010
[7] Alex Edmans, Qi Liu. Insdie Debt [J], Review of Finance,2011(1),Vol.15,No.l:75-102
[8] Allen, DeLong, Saunders,2004,"Issues in the credit risk modeling of retailmarkets”,Journal of Banking&Finance28,727-752.
[9] Andrew Sheng. The Coming Global Credit Glut[R].http://www.project-syndicate.org/2012(3)
[10]Andrew Sheng. The Erosion of U.S. Monetary Policy Management Under ShadowBanking [R]. Thailand: International Conference on Business and Information,July,2011
[11]Arye L Hillman, Public Finance and Public Policy: Responsibilities and Limitationsof Government [J]. Cambridge University, Second Edition
[12]Ashcraft, A. New Evidence on the Lending Channel[J].Money Credit Bank,2006(38)
[13]Benjamin Klein. Borderlines of Law and Economic Theory: Transaction CostDeterminants of Unfair Contractual Arrangements [J]. American Economic ReviewPapers and Proceeding.1980,70(May):356-362
[14]Bernanke, B. Monetary Aspects of the Financial Crisis in the Propagation of theGreat Depressiont [M].American Economic Review,1983(73):257-2576
[15]Bernanke, B.,Blinder, A. The Federal Funds Rate and The Channel of MonetaryTransmission[M].American Economic Review,1992(82):901-921
[16]Bernanke, B.Gertler, M. Agency Costs, Net Worth, and Business Fluctuations[M].American Economic Review,1989(79):14-31
[17]Bernanke, Ben S.&Gertler, Mark&Gilchrist, Simon，The financial accelerator in aquantitative business cycle framework [J].Review of Economics and Statistics,1999(2)：17-20
[18]Bill Gross. Beware Our Shadow Banking System[R], http://money.cnn.com,November28,2007
[19]BillGross. Beware Our Shadow Banking System[R].http://MoneyNews.cn.com.December,2007
[20]Blum Jury. Do Capital Adequacy Requirements Reduce Risks in Banking?[R],Journal of Banking,1999
[21]Corton,Gary and Metrick. Regulating the Banking Syste[R]. http://ssrn.com.2010
[22]Crouhy, Galaib, Marka,2000,"A comparative analysis of current credit risk models"Journal of Banking&Finance24,59-117
[23]Danie E Nolle, What is Different about this Recession?[EB/OL]. availableat:http://www.financialstability.gov/docs/CPP/Report/OCC—RoleofNonbanks.pdf,Dec.9,2009.
[24]David A. Skeei. The New Financial Deal: Understanding the Dodd-Frank Act Andits (Unintended) Consequences[J]. http://‘ssm.com/abstract690979,October2010
[25]David Jones: Emerging Problems with the Basel capital Accord: Regulatory capitalarbitrage and relate discuss, Journal of banking&finance,2000
[26]Donahoo, K. K, Shaer, S,1991. Capital requirements and the securitization decision.Quarterly Review of Economics and Business31(4),12-23
[27]Dornbusch, R. Expectation and Exchange Rate Dynamic[J].Journal of PoliticalEconomy,1976(84)
[28]Elizalde, Repullo,2006,"Economic capital and regulatory capital: what is the difference?” CEPR discussion paper No.4770
[29]Fabio Verona. Monetary policy shocks in a DSGE model with a shadow bankingSystem [R]. http//ideas.repec.org.cn.com,2011
[30]Frank Partony. Financial Derivative and the Costs of Regulatory[J]. The Journal ofCorporation Laws,1997(22):604-607
[31]FSB. Shadow Banking: Scoping the Issues[EB/OL]. Press Release,2011
[32]Gary Gorton, Andrew Metrick. Regulating the Shadow Banking System[JJ,http:ssrn.com/abstract=1676947,October18,2010
[33]Geithner. Timothy F.: Reducing Systemic Risk in a Dynamic Financial System.Federal Reserve Bank of New York. June92008
[34]Gorton, G.,and N. S. Souleles. Special Purpose Vehicles and Securitization [EB/OL].Working paper, University of Pennsylvania,2005.available at:http://www.nber.org/chapters/c9619.pdf
[35]Gorton, G.: Regulating the Shadow Banking System [EB/OL], Yale and NBERWorking Pape,2010.
[36]Greenlaw, David; Hatzius, Jan; Kashyap, AnilK., and Shin, Hyun Song.LeveragedLosses: Lessons from the Mortgage Market Meltdown [EB/OL]. USMonetary Policy Forum Conference Draft, February29,2008
[37]H. D. Vinod. Financial Reform, Innovative Hedging and the Volcker Rulc [J],http://ssrn.com/abstract=l597450, May1,2010
[38]Hadjiemmanuil, C. Institutional Structure of Financial Regulation: A Trends TowardsMegaregulators [R]. Paper Presented at the Conference on The Future of FinancialRegulation in Taiwan, Taipei,2001-7-6
[39]Hart, J. Moore. Property Rights and the Nature of the Firm [J]. Journal of PoliticalEconomy,1990,98(6):1119-1158
[40]IMF. Iniitial Lessons of the Crisis [EB/OL].available at: http://www.imf.org/external/np/pp/eng/2009/020609.pdf, Dec9,2009.
[41]Jackson, Perraudin, Saport a,2002,“Regulatory and economic solvency standardsfor internationally active banks”. Journal of Banking and Finance26,953-976
[42]Jacobson, Lind, Roszbach,2006,“Internal rating systems, implied credit risk and theconsistency of banks' risk classification policies". Journal of Banking&Finance30,1899-1926
[43]Javier Bianchi, Knrique Mendoza. Overborrowing. Financial Crises and"Macro-prudential" PoIicy [R].International Monetary Fund, Febuary2011
[44]Jean Boivin, Michael T. Kiley,Frederic S. Mishikin: How Has the MonetaryTransmission Mechanism Involved Over Time?[J].I land book of MonetaryEconomics,2010
[45]Jianbo Han. Shadow Banking System. Derivatives And Liquidit Risks[J].http://ssrn.com/abstract=1571707
[46]Joseph Hu, Basics of Mortage-backed Securities[M]. Frank J. Fabozzi Associations,1997:15-16
[47]Keeton, W. R.1989, The new risk-based capital plan for commercial banks!.Economic Review, Federal Reserve Bank of Kansas City,73(10)
[48]Koehn, M. a. A. M. S,1980,"Regulation of bank capital and portfolio risk". Journalof Finance,35
[49]Licht, Amir N. Regulatory Arbitrage for Real: International Securities Regulation ina World of Interacting Securities Markets [J]. Virginia Journal of International Law563, Summer1998(38)
[50]Mario Draghi, Giavazzi, Francesco and Merton, Robert C. Transparency,RiskManagement and International Financial Fragilty [J], NBER Working Paper9806,June2003
[51]Mark Gongl off. China's Shadow Banking System: The Next Subprime?[OL].http://blogs.wsj.com/marketbeat,2011(10)
[52]Mervyn king. Banking: From Bagehot to Baseband Back AgainfR]. New York: theButtonwood Gathering, October,2010
[53]Nouriel Roubini. The shadow banking system is unravelling[R].http://FT.cn.com?September,2008
[54]Olive E. Williamson. The Theory of the Firm as Governance Structure: From Choiceto Contract [J]. Journal of Economic Perspectives,2002,16(3):171-195
[55]Patricia M. Dechow, Linda A. Myers, Catherine Shakespeare. Fair Value Accountingand Gains from Asset Securitizations: A Convenient Earnings Management Toolwith Compensation Side Bene?[J]. Journal of Accounting and Economics,2009(9):1-24
[56]Paul Tucker.Shadow banking,Financing markets and financial stability [R].http:www.bankofengland.co.uk/publications/Documents/speeches/2010/speech420.pdf,January,2010
[57]Paul.Mccully. Teton Refleetions [R]. PIMCO Global Central BankFocus,September,2007
[58]Rasmusen, E B. Explaining incomplete contracts as the result of contract-readingcosts [J]. Advances in Economic Analysis&Policy,2001,1(1):1-32
[59]S.J. Grossman, O.D. Hart. The Costs and Benefits of Ownership: A Theory ofVertical and Lateral Integration [J]. The Journal of Political Economy,1986,94(4):691-719
[60]Segal, I. Complexity and renegotiation: a foundation for incomplete contract[J].Review of Economic Studies,1999,66:57-82
[61]Segal, J.1994. Closure Rules, Market Power and Risk-Taking in a Dynamic Modelof Bank Behavior Discussion Paper No.196,LSE Financial Markets Group
[62]Shrieves, R. and D. Dahl. The Relationship between Risk and Capital in CommercialBanks[J], Journal of Banking and Finance,1992(16):439-457
[63]Shyam Sunder. Theory of Accounting and Control [M], South-Western CollegePublishing,1997
[64]Taylor, M. Dealing With Regulatory Arbitrage. Aligning Financial RegulatoryArchitecture with Country Needs:Lessons from International Experience[R]. PaperPresented at Financial Sector Conference,2004-6-5
[65]Tirole, J. Incomplete contracts: where do we stand?[M], Econometrica,1999,67(4):741-781
[66]Tobias Adrian and Hyun Song Shin. Liquidity and Leverage [EB/OL]. Available at:http://www.newyorkfed.org/research/stafF_reports/sr382f1].pdf, Dec.9,2009
[67]Tobias Adrian and Hyun Song Shin. Liquidity and Leverage [EB/OL]. Available at:http://www.newyorkfed.org/research/stafF_reports/sr382f1].pdf, Dec.9,2009.
[68]Tobias Adrian,Hyun Song Shin.. The Shadow Banking System:Implications forFinancial Regulation[R]. http://newyorkfed.org/research/staff_reports/sr382.html,July,2009
[69]Tucker, P. Shadow Banking, Financing Markets and Financial Stability [J].BISReview,2010(6)
[70]Turner. A Regulatory Response to the Global Banking Crisis [EB/OL],available at:http://www.fsa-gov.uk/pubs/other/turner_review.pdf, April22,2009.
[71]Williamson, O.E. Transaction Cost Economics: The Governance of ContracualRelations [J]. Journal of Law and Economics,1979, Vol.22
[72]巴雷特，非理性的人一存在主义哲学研究，北京：商务印书馆，1995
[73]巴塞尔委员会，(1992)，Asset Transfers and Securitization
[74]巴曙松，陈华良，王超等．2012年中国资产管理行业发展报告：短兵相接中的资产管理格局的重构[M]．北京：中国人民大学出版社，2012．
[75]巴曙松．从产业转型到金融转型[M]．北京：北京大学出版社，2009．
[76]巴曙松．金融危机下的全球金融监管走向及展望[J]．西南金融，2009（10）
[77]巴曙松等．巴塞尔资本协议Ⅲ研究[M]．北京：中国金融出版社，2011．
[78]白钦先，常海中．金融虚拟性演进及其正负功能研究[M]．北京：中国金融出版社，2008
[79]白钦先，赫国胜和张荔．中国金融发展理论前沿[C]．北京：中国金融出版社，2007
[80]白钦先，沈军和张荔．金融虚拟性理论与实证研究[M]．北京：中国金融出版社，2010
[81]白钦先．百年金融的历史变迁[J]．国际金融研究，2003（2）
[82]白钦先．坚持理论创新促进中国经济金融发展方式转变和结构调整[J]．经济研究，2010（12）
[83]白钦先．经济全球化和经济金融化的挑战与启示[J]．世界经济，1999（6）
[84]保罗克鲁格曼．萧条经济学的回归和2008年经济危机[M]．北京：中信出版社，2009：130-150
[85]北京银联信投资顾问有限责仟公司．中H信贷风险G题分析报告-影子银行：隐身恶魔的挑战与征服[EB/OL]．http://www.docin.com/p-259384122.html，2011(17)
[86]陈宏达．金融创新对我H货币政策的影响及对策研究[D]．天津：天津财经大学，2009（5）
[87]陈晓红，李大荣．中国金融抑制与经济效率的实证研究——基于所有制结构的视角[J]．华东经济管理，2007．9，21（9）
[88]陈瑛．民间融资与金融供给扩张分析[J]．市场周刊（理论研究），2011（11）
[89]高凌云．被误读的信托——信托法原论[M]．上海：复旦大学出版社，2010．
[90]郭田勇．中国货币政策体系的选择[M]．北京：中国金融出版社，2006：77-159
[91]国际货币基金组织．全球金融稳定报告（2008）[M]．北京：中国金融出版社，2009：75
[92]国家发展改革委经济体制综合改革司，国家发展改革委经济体制与管理研究所编．改革开放三十年：从历史走向未来[M]．北京：人民出版社，2008．
[93]哈耶克，哈耶克论文集，北京：首都经济贸易大学出版社，2001，邓正来编译．
[94]何德旭，郑联盛．影子银行体系与金融体系稳定性[J]．经济管理，2009（11）
[95]贺军．对“影子银行”也要一分为二[J]．金融管理与研究，2011（11）
[96]胡明东，宗怿斌．理财产品创新对货币政策的影响[J]．武汉金融，2009（4）
[97]贾恩卡洛·甘道尔夫．国际金融与开放经济的宏观经济学[M]．上海：上海财经大学出版社，2006
[98]蒋红珍．论比例原则——政府规制工具选择的司法评价[M]．北京：法律出版社，2010．
[99]蒋志芬．美国次贷危机与我国金融衍生品市场发展战略选择[J]．经济学动态，2008（4）
[100]科斯等，契约经济学，经济科学出版社，1999，李风圣译．
[101]李波，伍戈．影子银行的信用创造功能及其对货币政策的挑战[J]．金融研究，2011（12）
[102]李若愚，银行资金表外循环加剧的原因、影响及应对[J]，发展研究，2011(12)．
[103]李扬，脱媒：中国金融改革发展面临的新挑战[J]，新金融，2007(11)．
[104]李扬．影子银行体系发展与金融创新[J]．中国金融，2011（12）
[105]马君实．中国货币政策目标研究[M]．北京：中国金融出版社，2009：71-88
[106]米什金．货币银行学[M]．北京：中国人民大学出版社，2011：349-364
[107]皮天雷．法与金融理论研究及中国的证据[M]．北京：中国经济出版社，2010．
[108]齐鲁证券．银行票据业务专题研究报告[EB/OL]．http://wenku.baidu.com，2011(7)
[109]阮建文，杜丽萍．从美国次贷危机看中国的金融监管[J]．福建金融，2009（6）：50-55
[110]邵延进．影子银行资金流向图谱及风险一以河北省为例[J]．中国金融(18)
[111]盛松成．社会融资总量的内涵和实践意义[0L]．http：//www.pbc.gov.en/publish/goutongjiaoliu/_.html，2011(2)
[112]孙三齐．银行表外业务对中国流动性的影响[J]．经营管理者，2011（17）
[113]唐红娟．影子银行体系：功能、脆弱性与监管改革[M]．北京：知识产权出版社，2012．
[114]万解秋．货币政策传导和有效性研究[M]．上海：复旦大学出版社，2011：253-275
[115]汪办兴．票据理财产品的银信合作投式场概况政策思考[J]．金融论坛，2009（2）
[116]汪建熙，信贷资产证券化可破解银行融资难题[J]，国际融资，2011(4)．
[117]王广谦．中央银行学[M]．北京：高等教育出版社，2006：193-215
[118]王国刚、易宪容，美国次贷危机的流动性传导机制的金融分析[J]，金融研究，2010（5）．
[119]王静文．欧债危机下的欧洲银行危机[J]．中国金融，2011（9）
[120]王俊青．我国货币供应量的因素分解模型研究[D]．山西：山西财经大学，2006
[121]王俊寿．汇丰银行应对金融危机的经验和启示[J]．银行家，2009（5）
[122]王向荣．我国银行业跨国并购的风险研究[J1．发展研究，2009（6）：69-73
[123]王增武．影子银行体系对我国货币供应量的影响[J]．中国金融，2010（23）
[124]魏海滨．银行理财产品的功能演化及其监管[J]．新金融，2010（9）
[125]伍戈．信贷规模规避与货币政策政策调控[J]．财经可行，2010（9）
[126]辛柳，金融抑制、金融自由化和中国金融体制改革的对策[J]．财经问题研究，2000（3）
[127]辛乔利．影子银行[M]．北京：中国经济出版社，2010：7-29
[128]徐孟洲等．金融监管法研究[M]．北京：中国法制出版社，2008．
[129]徐宁．我国法定存款准备金制度及其货币政策效应研究[D]．吉林：吉林大学，2011
[130]徐亚平，张瑞．证券化、流动性与货币政策[J]．财经科学，2009（7）
[131]徐亚平．分析金融证券化对货币政策的影响与挑战[J]．世界经济研究，2009（12）
[132]许华伟．影子银行体系最新发展趋势及监管启示[J]．金融研究，2012（4）：111-113
[133]闫琳．基于金融产品创新视角的货币政策效应研究[D]．厦门：厦门大学，2009
[134]杨明基，倪克湖，中国的金融抑制问题研究[J]．甘肃金融，2002（6）
[135]杨西水、赵相华．打造金融机构玻璃体构建无影灯式监管体系—浅析无影灯式监管体系[J]．经济监督．2012（4）：51-54
[136]杨小平．我国影子银行体系及影响[J]．中国金融，2012（16）：71-72
[137]易宪容．美国次贷危机的信用扩张过度的金融分析[J]．国际金融研究，2009（12）
[138]余建强．我国“影子银行”的金融风险及监管问题探讨[J]．商业时代，2012（22）：64-65
[139]袁达松．对影子银行加强监管的国际金融法制改革[J]．法学研究．2012（2）：194-208
[140]袁增霆．中外影子银行的本质与监管[J]．中国金融，2011（1）
[141]张佳，许华伟．影子银行业务的风险及监管对策[J]．经济从横，2012（10）：92-95
[142]张佳琳．我国影子银行分析[J]．财税金融，2012（3）：131
[143]张荔．发达国家金融监管比较研究[M]．北京：中国金融出版社，2006
[144]张荔．金融自由化效应分析[M]．北京：中国金融出版社，2003
[145]张明，透视CDO：类型、构造、评级与市场[J]．国际金融研究，2009(6)
[146]张明，付立春．次贷危机的扩散传导机制研究[J]．世界经济，2009(8)
[147]张明，郑联盛．次贷危机走向纵深--房利美、房地美危机透视[J]，当代金融家，2008(8)．
[148]张全兴．影子银行问题研究—以江浙为例[J]．宏观经济，2012（4）：6-32
[149]张五常．多难登临录——金融危机与中国前景[M]．北京：中信出版社，2009．
[150]郑联盛．影子银行体系：发现、内涵与未來[R]．北京：中国社会科学院世界经济与政治研究所国际金融研究中心，2009
[151]中国人民大学信托与基金研究所．中国信托业发展报告2008[M]．北京：中国经济出版社，2009
[152]中国人民大学信托与基金研究所．中国信托业发展报告2010[M]．北京：中国经济出版社，2010
[153]中国人民大学信托与基金研究所．中国信托业发展报告2012[M]．北京：中国经济出版社，2012
[154]中国人民银行金融危机和国际会计准则改进研宄课题组，金融危机和国际会计准则改进研究[J]，金融会计，2011(3)
[155]钟伟．顾弦．从金融危机看金融机构的去杠杆化及其风险．中国金融，2009（5）：24-27
[156]周莉萍．论影子银行体系国际监管的进展、不足、出路[J]．国际金融研究．2012（1）：44-53
[157]周丽萍．影子银行体系的信用创造：机制、效应和应对思路．金融评论，2011（4）
[158]庄长兴．论我国“影子银行”的表现形式—基于法律关系的视角[J]．法学论坛，2012（3）：49-55
© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号 地址：北京市海淀区学院路29号 邮编：100083 电话：办公室：(+86 10)66554848；文献借阅、咨询服务、科技查新：66554700 |