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本篇paper代写- Shadow banking讨论了影子银行。影子银行，指的是游离于银行监管体系之外、可能引发系统性风险和监管套利等问题的信用中介体系。从概念来看，影子银行体系游离于传统的银行体系之外，与传统银行体系平行发展，不受银行监管体系的全面约束。影子银行在金融市场中扮演的是信用中介角色，通过在金融市场形成一条很长的信用链条来实现其中介功能，并且把纯粹的金融活动排除在其业务活动之外。本篇paper代写由51due代写平台整理，供大家参考阅读。

Shadow Banks the term first appeared in the field of vision, in 2007, by the United States Pacific investment management company's executive director, Paul McCulley in public, he defines it as "non-bank investment channels in structured products, tools, and the combination of leverage", shadow Banks as the financial intermediary activities, is similar to a traditional bank credit, term or liquidity transformation function but not is regulated by the financial supervision and regulation department of the organization.

From the financial institutions and scholars in the definition of shadow banking, we can find the shadow banking system of the two main characteristics: one is the shadow banking system, free from the traditional banking system and the traditional banking system parallel development, from the banking supervision system of constraints. Second, the shadow Banks in the credit intermediary role in the financial markets, through the financial market to form a long credit chain to achieve its intermediary function, and exclude pure financial activities in its business activities.

At present, the development of China's shadow banking system has not been fully developed, and the potential of the shadow banking system has not yet been fully explored, and experts and scholars have not yet studied the shadow banking problems. But by analogy with the analysis of the shadow banking problems by western scholars, the types of shadow banking in China can be viewed in general.

Shadow Banks out of high demand for profit, and less financial regulation by financial regulators, would prefer having cashability is not strong and high credit risk of financial assets for a long time, the traditional commercial bank is not willing to tread on such assets, such as subprime mortgage bonds.

This includes two meanings: the high leverage ratio of the large amount of capital used to leverage the leverage to leverage the leverage of financial derivatives, and the high leverage of financial derivatives.

The profit model used by shadow Banks is to borrow short and long, which is inseparable from their high risk preference, so liquidity risk inevitably becomes an endogenous risk.

At present, the financial system of our country is developing towards the development mode which is dominated by the banking industry and indirect financing. In recent years, the national policy to encourage and under the joint action of market economy, the rapid expansion in financial markets, financial products innovation, financial derivatives and financing tools, securities, bonds and stocks and other financial innovation products and derivatives in promoting the development of the real economy status all the way up.

The traditional banking system and shadow banking system are very different in terms of source of funds, business model, trading place, supervision mode and degree of supervision. Rapid development in the advent of the shadow banking is, is that it has taken on a series of innovative financial products and packaging, effectively avoid the traditional financial regulators for risk control, design a series of innovative financial derivative products, and formed a set of high-risk operation pattern.

Some research suggests that the financial crisis was caused by poor regulation of tail risk. Shadow banking problems in recent years has received the high attention of researchers both at home and abroad and emphasized that China is continuing to integrate into the world economy spring tide at the same time, the financial problems and financial security is becoming more and more countries attach great importance to.

Comprehensive financial reform in the United States, Britain, the European Union, the committee and other western countries and financial institutions to the problem of the shadow banking regulatory experience, we can also see in shadow banking regulation, there are five key areas need regulatory focus on, is a traditional business part of the overlap between commercial Banks and shadow Banks, shadow Banks to prevent spillover effect affected the traditional banking system. Second, we will strengthen supervision and reform of money market funds and reduce their "susceptibility" operation. Third, note the systemic risk posed by other shadow banking entities. Fourth, to prevent the financial derivatives innovation highly leveraged. Finally, it should be noted that the activities related to securities lending and repurchase are to prevent periodic risk outbreak.

From the developed countries and international regulatory experience, you can see that the regulatory body hasn't put special supervision on the shadow banking system has not yet formed perfect regulation system, in the groping stage, so should not blindly echo and copy of shadow banking regulatory measures in the world. In today's economic globalization, China should strengthen supervision in these aspects when we actively respond to the wave of financial globalization.

This is our country to deal with shadow banking risk the most important method. China's financial market development degree is low, the shadow banking at an early stage of development, can not blindly fighting suppress shadow banking credit activities, and for its standardization guide, will be free in the traditional system of financial derivatives market regulatory scope, for the development of the traditional financial institutions to create a good legal environment.

We will gradually reduce the government's restrictions on financial innovation and rationally design financial products and services. But it's not that the government is completely hands-off. Due to the complexity and diversity of financial derivatives, the market cannot form a reasonable and effective pricing mechanism, which requires the orderly intervention of the government. At the same time, the information of financial market participants should be strengthened, so as to avoid the loss caused by information asymmetry.

In the long run, financial market tools should be used to further promote the reform of interest rate liberalization, improve the implementation of monetary policy, and change the methods of artificial regulation. Because the shadow banking risk is contagious and interactive, it is a big problem that the risk detection and early warning mechanism of shadow banking is gradually established.

The high leverage ratio of shadow Banks is amplified in the market operation, which requires the construction of a new supervision system of macro-financial supervision and micro-financial supervision and coordination. First of all, for regulators, we should strengthen the sense of supervision and responsibility, enrich the means of supervision, and improve the ability to recognize and analyze systemic risks. At the same time, we should deepen micro-prudential supervision, focus on individual risks, strengthen liquidity management, prevent maturity mismatch, and constantly improve the effectiveness of countermeasures. For investment Banks, it is necessary to strengthen social responsibility, actively publicize assets information in real time and strengthen communication with investors. For investors, we should not blindly follow the trend, be misled by the market, and strengthen our ability to distinguish financial derivatives.

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