国产av不卡一区二区_欧美xxxx做受欧美_成年人看的毛片_亚洲第一天堂在线观看_亚洲午夜精品久久久中文影院av_8x8ⅹ国产精品一区二区二区_久久精品国产sm调教网站演员_亚洲av综合色区无码一二三区_成人免费激情视频_国产九九九视频

We have launched E-mail Alert service,subscribers can receive the latest catalogues free of charge

 
 
You Are Here: Home > Publications> Articles

An Objective Assessment of the Current "Shadow Banking" from the Perspective of Financial Structure Evolution

2015-08-12

By Ba Shusong, Research Institute of Finance of DRC

Research Report No 17, 2013 (Total 4266)

Recently, with bank financial products becoming a hotspot topic in China, the shadow banking has become a concept of common concern. In fact, the definition, connotation and meaning of the shadow banking given by the international financial circle are closely linked with the economic and financial structures, different stages of financial development and financial supervision environments of various economies.

I. Connotation and Features of the Shadow Banking

Paul Allen McCulley, managing director of Pacific Investment Management Company (PIMCO), was the first to put forward the concept of shadow banking in 2007. Currently, the international financial supervision organizations have generally agreed on the concept. According to Shadow Banking: Scoping the Issues, a research report published by Financial Stability Board (FSB) in April 2011, shadow banking refers to "a system of credit intermediation that involves entities and activities outside the regular banking system, and raises systemic risk as well as regulatory arbitrage concerns." Factors for the shadow banking to trigger systemic risks mainly include: maturity mismatch, liquidity transformation, credit risk transfer and high leverage.

Although FSB has defined the shadow banking and described its features clearly, the structures of the shadow banking are varied due to the variety of financial structures, different development stages of financial markets and financial supervision environments of various countries. The shadow banking system of the United States mainly includes the credit intermediation system conducted through risk diversification and leverage enlargement centered on securitization of money market funds such as investment funds and investment banks, whereas shadow banking in Europe mainly includes investment funds like hedge fund and securitization trading activities. Few similar entities are found in China's present financial system like those holding a dominant position in the shadow banking in developed European countries and the United States.

People in the financial circle have made a multi-dimensional study of the shadow banking from different perspectives to correspond to the present Chinese financial market, which generally includes four scopes:the narrowest scope, which makes shadow banking to only involve bank financing business and trust companies; the narrow scope, which involves bank financing business and such non-bank financial institutions as trust companies, finance companies, auto financing companies, financial leasing companies and consumer finance companies; the wide scope, which involves such form-based business as the narrow scope, inter-bank business and entrusted loans, as well as such non-bank financial institutions as financing assurance companies, petty-loan companies and pawnshops and so forth;the widest scope, which includes the wide scope and the private lending. This paper selects for discussion the narrow scope that draws the highest attention and is currently the most prevalent, namely, the non-bank financial institutions such as bank financing business and trust companies as the so-called Chinese shadow banking.

II. Shadow Banking in China Is Different in Nature from the Shadow Banking in Europe and the United States

Based on above-mentioned definition and feature description, and in line with the performance of the shadow banking system in the international financial crisis, scoping the shadow banking should mainly include the following three aspects: First, whether shadow banking is brought into the regular financial supervision system. Before the financial crisis, shadow banking in the United States and Europe, such as the hedge fund, had not been monitored to the full and, propelled by such financial innovations as counter purchase and asset securitization, such institutions had constantly expanded their balance sheets to realize their low-cost and high-risk operations. Second, whether shadow banking is characterized by maturity mismatch and high-leverage operation, and thereby may cause high individual risks. During the financial crisis, the shadow banking liabilities in the United States and Europe were focused on short-term wholesale finance, such as the inter-bank lending and commercial bills, but investments were made in protracted and poorly mobile assets such as assets backed securities, thus bringing about a serious maturity mismatch. Before the crisis, the balance sheets of the major US investment banks had expanded drastically, even with the average leverage scoring a 40-fold increase or so and, during the crisis, the ferocious de-leverage effect also quickened the substantial slump of the asset prices. And third, whether shadow banking is of relevance and infectiousness, which will thus make the advent of systemic risks possible. Before the crisis, the shadow banking system had correlated with the commercial banking system by means of business contact and equity investment in Europe and the United States, spreading the crisis-incurred risks quickly from the shadow banking system to the traditional commercial banking system and thus bringing about systemic risks. According to the above-stated three aspects, although the driving force behind the emergence of the shadow banking system in China is basically aimed at the regulatory arbitrage and is also characterized by liquidity transformation and credit risks, and although some risk control links should be strengthened, the shadow banking system has been brought under the regular supervision system on the whole and is not typically characterized by the high leverage and the maturity mismatch that may trigger systemic risks and, meanwhile, the size of the said system and its risks have not yet produced any huge impact on systemic risks.

Firstly, the shadow banking system is still being financially monitored in China. At present, the bank financial products fall within the statistical requirements enforced now by supervision departments, the performance of the financial products issued by commercial banks should be submitted to supervision departments at regular intervals, and the particulars of the financial products should also be submitted to the central bank to bring into the scope of the aggregate social financing. The Interim Measures on Management of Personal Financial Services with Commercial Banks promulgated in 2005 and the Measures on Management of Sales of Financial Products of Commercial Banks implemented in 2012 are the regulatory frameworks for bank financial services. Supervision departments have also exercised rigorous management over trust companies, including access management and capital regulation (Measures on Management of Net Capital of Trust Company demands that the trust companies' net capital-to-risk capital-ratio should surpass 100%). Constrained by such rules and regulations as the Measures on Management of Finance Companies of Enterprise Groups, the Provisional Measures on the Assessment of Indicators Monitoring Risks of Finance Companies of Enterprise Groups, the Measures for the Implementation of Administrative Approvals for Non-Bank Financial Institutions, the Measures on Management of Auto Financing Companies and the Pilot Measures on Management of Consumer Finance Companies, the supervision companies, with reference to the regulatory requirements over commercial banks, have set up a complete set of prudent regulatory systems over related non-banking financial institutions.

Secondly, China's shadow banking system is not characterized by marked high leverage and mammoth maturity mismatch. Capital pool for regular bank financial products should be administered independently and relevant information should be disclosed fully to match every sum of funds with corresponding assets and to enable each earnings to cover the risks on the whole(According to Wind data, the anticipated annual rate of return on banks' present 3-month financial products is around 4.6%, being lower than the short-term 6-month loan interest rate of 5.6%, and within the same 6-month period, the rates of return on national debts and central bank bills are about 2.7% and 2.9% respectively; according to SB, an American-funded security trader, only less than 10% of the financial products yield an interest rate higher than 5%). Hence, risks of financial products should be basically close to those of similar investment products issued under publicly-offered funds within the regular supervision system. In terms of the project assets for which the financial management funds make way, the time limit for over 90% of the assets is generally within 5 years, and the degree of maturity mismatch is equivalent to that of traditional commercial banking. For trust companies, currently trust companies in China should not operate on borrowings and cannot give loans to banks either, and therefore have no conditions for leverage-based operation. Meanwhile, the trust funds are being operated in a seal-off way, demanding a consistency in investment duration and project duration. Therefore, high leverage and maturity mismatch are not the features of the trust funds.

...

If you need the full context, please leave a message on the website.

 
五月婷婷欧美视频| 成人黄动漫网站| 欧美大交乱xxxx| 97免费视频在线| 欧美精品少妇videofree| 一个色综合导航| 亚洲视频欧洲视频| 精品一区精品二区| 日韩成人av网址| 精品嫩草影院久久| 日韩一级高清毛片| 51精品久久久久久久蜜臀| 在线国产电影不卡| 色婷婷av一区二区三区软件| 精品久久久久久中文字幕| 亚洲激情五月婷婷| 亚洲精品视频一区| 亚洲欧美日韩在线不卡| 日韩毛片视频在线看| 国产精品福利一区| 亚洲色图欧美在线| 一区二区视频在线| 亚洲一区二区在线视频| 亚洲国产综合91精品麻豆| 亚洲午夜精品久久久久久久久| 亚洲美女精品一区| 亚洲主播在线观看| 亚洲五码中文字幕| 精品色蜜蜜精品视频在线观看| 图片区小说区区亚洲影院| 精品久久久久久久久久久久久久| 午夜成人免费电影| 色婷婷精品大视频在线蜜桃视频| 欧洲另类一二三四区| 欧美三级午夜理伦三级中视频| 在线观看不卡视频| 7777精品伊人久久久大香线蕉的 | 永久免费网站在线| a毛片在线观看| 成人福利电影| 日韩伦理三区| 国产高清日韩| 欧美爱爱网站| 日韩电影免费网址| 欧美国产精品| 久久成人免费| 国产专区综合网| 成人亚洲一区二区一| 91美女福利视频| 国产精品美女久久久久久久久久久| 亚洲日本电影在线| 欧美日韩国产一区二区三区| 欧美四级电影网| 日韩欧美中文字幕一区| 精品小视频在线| 超薄丝袜一区二区| 欧美亚洲激情在线| 国产精品日日爱| 伊人av在线com| 97在线资源| www.亚洲资源| 2020日本在线视频中文字幕| 精品欧美一区二区三区在线观看| 午夜日韩影院| 欧美日韩色图| 91久久夜色精品国产九色| 免费在线一区观看| 99视频精品全部免费在线| 国产精品麻豆欧美日韩ww| 伊人久久大香线蕉综合网蜜芽| 黄色电影免费在线看| 岛国中文字幕在线| 日韩免费电影| 国产成人aa在线观看网站站| 成人动漫免费在线观看| 亚洲精品美女| 国产精品白丝jk白祙喷水网站| 久久女同性恋中文字幕| 亚洲国产欧美日韩另类综合 | 午夜免费啪视频观看视频| 天堂av网在线| 国产在线拍揄自揄拍视频| 国产福利91精品一区二区| 国产精品色呦| 在线一区免费| 久久99久久久久| 国产日产欧美一区二区三区| 精品福利视频导航| 精品剧情在线观看| 美女福利视频一区| 美女把尿口扒开让男人桶在线观看| 成人精品第一区二区三区| 国产网站免费观看| 色综合888| 免费在线看黄色| 三级成人黄色影院| y111111国产精品久久久| 日韩在线看片| 蜜桃av噜噜一区| 国产色综合一区| 色成人综合网| 日韩精品一区二区三区免费视频| 日韩电影一区| 麻豆专区一区二区三区四区五区| 久久久影院官网| 疯狂蹂躏欧美一区二区精品| 亚洲第一色中文字幕| 欧美精品videos| 免费观看的成年网址| 日韩欧美在线番号| 伊人久久国产| 精品国产一区二区三区香蕉沈先生| 亚洲一区二区三区高清| 久久夜色精品国产噜噜av| 色综合天天性综合| 亚洲午夜小视频| 日韩亚洲一区中文字幕| 原千岁中文字幕| 91色在线看| 日韩深夜福利| 秋霞午夜鲁丝一区二区老狼| 中文字幕av一区二区三区免费看 | www.超级碰| 午夜免费播放观看在线视频| 久久影院一区二区三区| 国产精品mm| 91蝌蚪porny九色| 欧美在线综合视频| 久久亚洲国产精品| 日本黄色女人| 国产免费永久在线观看| 韩国成人动漫| 日本一区二区三区视频在线看| 亚洲网站视频| www.色精品| 欧美性xxxx18| 这里只有精品视频在线| 韩国视频一区| 1024手机看片国产| www.色在线| 国产成人黄色| 看电视剧不卡顿的网站| 亚洲色图制服诱惑| 欧美mv日韩mv国产网站| 亚洲影院中文字幕| 日日噜噜夜夜狠狠视频| 黄色大片在线| 偷拍自拍亚洲色图| 视频在线在亚洲| 久久―日本道色综合久久| 色婷婷亚洲综合| 色婷婷av一区二区三区久久| 国产精品剧情一区二区三区| 日本大片在线观看| 国色天香久久精品国产一区| 激情综合自拍| 中文字幕第一区综合| 日韩一区二区三区视频| 午夜剧场成人观在线视频免费观看| 操操操干干干| 超碰在线cao| 精品国产乱码久久久久久蜜坠欲下 | 日韩精品一二区| 亚洲视频一区在线| 亚洲国产精品一区二区久| 最好2018中文免费视频 | 黄色毛片视频| 亚洲天堂av影院| 国产精品久久久久久| av中文字幕不卡| 7777女厕盗摄久久久| 69影院欧美专区视频| 性感av在线播放| 电影一区中文字幕| 美女久久一区| 一区二区三区四区国产精品| 国产午夜精品全部视频播放 | 中文字幕av资源一区| 日韩欧美成人一区二区| 5g成人永久免费影院| 中文字幕在线免费不卡| 五月激情综合网| 久久久国产视频| 成人女性文胸| 亚洲欧美韩国| av一区二区在线观看| 91老司机福利 在线| 91精品国产色综合久久不卡蜜臀 | 亚洲国产欧美久久| 国产精品美女一区二区三区四区| 男人天堂久久久| 精品国产一区二区三区成人影院 | 一区二区三区免费视频网站| 亚洲人性生活视频| 激情五月综合婷婷| 另类小说一区二区三区| 欧美天天综合色影久久精品| 国模精品系列视频| 香蕉影院在线| 久久超级碰碰| 国产成人精品亚洲午夜麻豆| 欧美二区三区的天堂| 4hu四虎永久在线观看| 在线免费观看黄色| 九九亚洲精品| 91浏览器在线视频| 亚洲精品电影在线观看| 天堂网www在线观看| 国产亚洲成av人片在线观看 | 欧美中文字幕亚洲一区二区va在线| 中文字幕免费一区二区| 久久九九全国免费| 亚洲精品国产福利| 全部孕妇毛片免费孕妇| av毛片午夜不卡高**水| 尤物精品在线| 亚洲欧美自拍偷拍色图| 精品久久久91| 动漫成人在线| 1204国产成人精品视频| 国产福利一区二区三区| 欧美性极品少妇| 国产精品自产拍在线观看2019| 嫩草在线视频| 影视亚洲一区二区三区| 亚洲欧美经典视频| 久久人人爽人人爽人人片亚洲| 国产女主播在线观看| 韩国三级大全久久网站| 高清成人在线观看| 欧美一区二区三区四区久久| 免费看h片网站| 日产精品一区| 久久国产福利国产秒拍| 51精品视频一区二区三区| 又长又粗又大又爽| 激情欧美一区二区三区黑长吊| 美女视频黄a大片欧美| 欧美日韩国产大片| 国产成人va亚洲电影| 天堂а√在线最新版中文在线| 久久黄色网页| 欧美人与z0zoxxxx视频| 91蝌蚪在线| а√天堂资源国产精品| 狠狠色丁香九九婷婷综合五月| 亚洲国产成人久久综合| 天天骑夜夜操| 在线播放一区二区精品视频| 成人自拍视频在线| 国产偷国产偷亚洲清高网站| 黄色片av在线| 欧美疯狂性受xxxxx另类| gogo高清免费视频| 日韩成人av在线资源| 国产欧美日韩麻豆91| 日韩亚洲精品电影| 国产一区电影| 欧美日韩1区| 欧美日韩在线播放| 女人18毛片水真多免费播放| 欧美亚洲黄色| 不卡电影免费在线播放一区| 国产一区二区激情| 国产精品久久一区二区三区不卡 | 免费a级在线播放| 亚洲免费二区| 欧洲国内综合视频| 六月天色婷婷| 久久综合给合| 亚洲国产高清在线观看视频| 大量国产精品视频| 欧美r级在线| 亚洲人成高清| 91麻豆精品久久久久蜜臀| av播放官网| 精品精品国产毛片在线看| 国产精品网站导航| 一区二区三区小视频| 久草免费在线视频| 国产麻豆精品95视频| 亚洲人在线观看| 黄色av网站在线| 久久xxxx精品视频| 精品日韩欧美一区二区| 色老板视频在线观看| 日韩欧美一区二区三区在线视频| 亚洲精品成人少妇| 国产高清av| 日韩中文字幕| 中文字幕一区二区日韩精品绯色| 7777kkkk成人观看| av日韩中文| 国产激情精品久久久第一区二区| 在线观看国产精品91| yourporn在线观看视频| 亚洲黄色在线| 欧美日韩成人在线| eeuss在线播放| 日韩av片子| 欧美视频一区二区三区在线观看 | 亚洲国产精品va在线观看黑人| 最新日本视频| 亚洲午夜黄色| 日韩一区二区三区视频在线观看 | 亚洲成人av在线播放| 写真福利理论片在线播放| 中文字幕免费一区二区| 欧美日产国产精品| jizzjizzjizzjizz日本| 精品久久久久中文字幕小说 | 国产免费高清| 玖玖玖视频精品| 中文字幕欧美三区| 国产三级做爰高清在线| 亚洲精品观看| 亚洲一区二区在线观看视频 | 欧美sm美女调教| 免费动漫网站在线观看| 先锋影音国产一区| 日韩精品极品视频免费观看| 国产青青草在线| 日韩电影一区二区三区| 亚洲新声在线观看| 国产在线观看免费麻豆| 国产精品亚洲第一区在线暖暖韩国 | 中文字幕亚洲一区| 亚洲丝袜一区| 国产自产视频一区二区三区| 欧美肥婆姓交大片| 高清不卡亚洲| 国产欧美一区二区精品秋霞影院| 影音先锋中文一区| 黄色美女久久久| 欧美性xxxxxx| 国产高潮av| 亚洲国产午夜| 亚洲天堂网站在线观看视频| 九色porny在线| 国产麻豆精品在线观看| 国内精品小视频| 性欧美hd调教| 樱花草国产18久久久久| 日本免费资源| 日韩欧美二区| 欧美videos中文字幕| 国产区在线观看| 成人精品视频网站| 中文字幕麻豆| 久久成人福利| 欧美日韩亚洲综合| 日色在线视频| 精品一区二区三区香蕉蜜桃 | 久久免费精品| 五月天网站亚洲| 最近中文字幕2019第二页视频| 欧美激情一级片一区二区| 亚洲成人精品久久| 黄网站app在线观看| 成人a免费在线看| 亚洲最新永久在线观看| 国产一区二区三区91| 欧美一区二区三区婷婷月色| 97电影在线| 成人精品免费网站| 97精品高清一区二区三区| 精品国产一区二区三区久久久樱花| 欧美一级日韩不卡播放免费| 成人在线视频成人| 99免费精品视频| 国产馆av播放| 欧美3p在线观看| 亚洲精品久久久久中文字幕二区 | 成人深夜视频在线观看| 永久久久免费浮力影院| 人人精品视频| 99麻豆久久久国产精品免费| 亚洲男人的天堂在线观看| jiuse.com91视频| 国产精品7m凸凹视频分类| 亚洲精品中文字幕女同| 欧美电影免费看| 亚洲图片一区二区| 婷婷福利视频导航| 毛片av一区二区| 久久亚洲国产视频| 99久久久久久中文字幕一区| 亚洲美女www午夜| heyzo在线播放| 亚洲aaa精品| 在线伊人免费视频| 国产剧情在线观看一区二区| 亚洲天堂一区| 精品国产a一区二区三区v免费| 亚洲第一精品夜夜躁人人爽 | 免费av在线网站| 国产欧美综合在线观看第十页 | 免费观看h电影在线观看| 亚洲美女少妇无套啪啪呻吟| 久久高清视频免费|