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英国essay论文精选范文：“The shadow banking”，这篇论文讨论了影子银行。“影子银行”其实只是一个概念而已，是对全球新兴的能够吸收资金、并投资到市场，创造流动性的非银行金融机构，甚至非金融机构等的总称。影子银行区别于传统银行的特点，不仅在于其创新性和复杂性，还在于其与生俱来的隐秘性。

In recent years, due to the influence of the international financial crisis, the "shadow banking" has aroused hot debate. What, then, is the "shadow banking"? The "shadow banking" concept was born in the 2007 Annual Conference of the Federal Reserve, by United States Executive Chairman of Pacific investment management company McCarley was first proposed and widely used, also known as the parallel banking system, including investment banks, hedge funds, money market funds, bond, non-bank financial institutions, including insurance companies and structured investment firms. In simple terms, the "shadow banking" is just a concept but is capable of absorbing funds, and investments in the global emerging markets, create liquidity for non-banking financial institutions, and even non-financial institutions in General.

The "shadow banking" in Europe than in China is quite different. In relative open, and complex of Europe financial markets, "shadow Bank" system main by four part composition, respectively is: securities of institutions, main is will traditional financial products securities of; market of financial company, including hedge fund, and currency market common fund, and private equity fund,, main engaged in in traditional financial institutions and customer Zhijian Facility funds; also, also has structure of investment institutions and securities brokers company. Investment banks are the "shadow banking" in the most heavyweight member of the, which, according to recent data, United States annual income came mostly from major investment banks from proprietary trading, derivatives trading risks, fluctuation and strong "dubious" business. Therefore, the securitization of financial products and transactions "shadow banks" will have some negative impact on financial markets in Europe and America, the famous United States subprime crisis, the "shadow banking" can be called a "culprit". Of course, the "shadow banking" is also good, as it lowers the cost of the financing.

Finished in Europe and America, said China's "shadow banking". What are China's "shadow banking"? Includes: pawn shops, security companies, small loan companies, private equity companies, such as third-party financing, and loan. In China, the "shadow banking" still doesn't have a clear idea, so statistically as well as having a different caliber, so estimates of China's shadow banking results vary. For example, FSB report about 2.5 trillion yuan in November last year, but some investment banks estimated at 30 trillion yuan over the same period. But what is certain is that in recent years the fastest growing, largest of the two forms of financing are finance and trust assets under management. Just similar to Europe and this growth trend, but China's "shadow banking" operations products and Europe is different.

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Has such a fast growth trend, China's "shadow banks" will give China's financial markets to a certain extent the harms and risks. For example: as the "shadow banking" are basically not subject to effective monitoring, market liquidity of these institutions would not understand and take into account by the Government, even with quite different from the figures available to the Government. This affects the effectiveness of market regulatory policy of the Government, coupled with China's important status in China's financial market, the Government, the "shadow banking" risks further expanded; "shadow banking" absorbed a great deal of money, as a result, reducing the number of Bank absorbing deposit, reduced liquidity. As we all know, this is a huge risk for commercial banks in China, once the outbreak of liquidity risk, brought a heavy blow to the banks and other market participants.

China's "shadow banks" of what use is it? Or rather, the "shadow banking" why China was so "popular"? First, commercial banks can use these institutions to avoid deposit interest rate ceilings and ceiling. Because of the existence of ceilings on deposit rates in China, less cost of commercial bank deposits, which inspired their incentives to lend. In order to curb this power, policy also provides that the maximum loan amount. So to a certain extent reduce the profits of commercial banks. Using the "shadow banking", commercial banks can leverage other sources of funds, and lending a larger amount. Secondly, small and medium enterprises can borrow money from big companies, rather than borrowed from the Bank. Data shows, small and medium enterprises to microfinance company to pay 20%-24% rate, but they rarely borrow from microfinance companies, more money comes from big companies. While the policy does not allow them to directly borrow from big companies, but they can borrow through banks and trust companies. This is the "shadow banking" use. Third, the Bank itself in a similar situation. As said above, due to State restrictions on deposit and loan interest rates, commercial banks do not meet the existing profits, so they introduced a variety of financial products, using trust companies to help, these financial product to be packaged. These financial products are different from trust banks sold product, but more low risk, more conservative, so to speak, is a disguised form of deposit. And these products for 1-3 years, is about to expire, the Bank will absorb the money placed in the corresponding customer deposit accounts to meet loan ratio of less than 75%. In addition, there are a lot of "shadow banking" fits, and will not repeat them here.

So, why are there so many "shadow banks" exist? In fact, these "shadow banking" born out of many to avoid regulatory bodies, without the restriction, they can earn more money. In a number of "shadow banking", many are reasonable, there are simply no need, for example, packaged financial products in commercial banks. We should "take its essence and the dross". First, the establishment of a sound regulatory system, regulate the operations of pawnshops, bonding companies; second, gradually promote market-oriented interest rate, because the deposit and lending rates by too much control, as described above, can lead to unreasonable and harmful "shadow banking" breed. Of course, this is a long and difficult process. However, that day should not be too far off.

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