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Paper代写:Shadow banking risk

2018-05-12 | 来源:51due教员组 | 类别:Paper代写范文

本篇paper代写- Shadow banking risk讨论了影子银行风险。影子银行在一定程度上本是金融创新,因为它既能降低了交易成本,丰富了市场投资产品,同又时拓宽了融资渠道,活跃了市场。但金融创新本身也会加大金融的脆弱性,而监管的缺失,会导致影子银行的过度发展最后引发次贷危机。由影子银行引发的局部危机存在着向商业银行传导的系统性金融风险,这才是我们警惕影子银行所在。本篇paper代写51due代写平台整理,供大家参考阅读。

Shadow banking,影子银行风险,paper代写,代写,essay代写

Shadow banking system is the concept by Pacific investment management company executive director Paul MaCully in August 2007, the fed's annual conference, first, because of the outbreak of the United States "subprime crisis" and has been widely attention and hot please. In our country, the shadow banking as an exotic, but the financial crisis after the "savage growth", as the concentration of potential risks and increase, not only has caused the academic circles in recent years is eager for discussion, but also caused the government level and regulatory attention.

According to the financial stability board, published in 2011, "report of the shadow banking: the connotation and denotation, the shadow banking system is defined as: refers to the free credit intermediary organizations outside of the traditional banking system and credit intermediary business, and the flow transformation period and defective credit risk transfer and leverage features increased systemic financial risk or risk of regulatory arbitrage. However, China's financial market is underdeveloped and the degree of financial innovation is low. China's shadow banking is still in the primary stage of development, and its own characteristics are obvious. Compared with western wholesale funding and asset-backed securities as the core of the developed the shadow banking system, China's shadow banking more roles is to act as a supplement of traditional commercial Banks, is a typical financing institutions. At present, the most research institutions tend to "shadow banking" is defined as "bank off-balance sheet business and has the financing function of non-bank financial institutions business", the form mainly for the following three, the first is bank off-balance sheet business, such as bank financing products, entrusted loans, bank acceptance bills of exchange, trade payment; The second type is the financing business of non-bank financial institutions, such as trust loan, small loan company, finance lease, pawn, etc. The third category is private finance.

In the wake of the 2008 financial crisis, Banks lent a lot of credit to coincide with a series of government stimulus policies, and their balance sheets ballooned. Contraction of monetary policy in our country started in 2010 to strengthen the credit management, bank credit expansion is restrained, to avoid the deposit-loan ratio, capital adequacy and deposit reserve ratio and other regulatory constraints, Banks are developing off-balance sheet business to achieve its loans, such as bank financing products, the first products to obtain financial support, and then through the bank cooperation platform with trust loans to finance their money, accepting credit assets, such as paper assets of the trust plan, achieve the goal of loans.

Despite the recent regulatory emphasis on nature and size of the "shadow banking" in our country is much smaller than developed countries, and most of the non-bank financial institutions financial activities are under strict financial supervision. But as a result of shadow Banks in China are not independent of traditional commercial Banks, on the contrary, it is to a certain extent, dependent on commercial Banks and the off-balance-sheet business, shadow banking and traditional commercial bank risk pathways was not completely cut off, the shadow Banks, even to the whole financial system risk mainly has the following two points:

The liquidity risk caused by maturity mismatch. On the one hand, bank financial products into the unknown, of the "pool" modes adopted by financial product of the underlying asset as the asset pool, not a single asset, revenue risk unrealized isolation of each product and sale by rolling, realize capital chain, the way of the collection, to borrow short and lend long term liquidity transformation and transformation, but in the event of large-scale redemptions due, will appear the capital chain tension, causing liquidity risk. Through trade and commercial Banks, on the other hand, paper assets amplifying leverage, and through the collections and political faith cooperation platform, to buy back to sell financial assets, meet the needs of finance enterprises, trust financing in recent years, entrust financing, bill of exchange, a large number of corporate growth also reflects the fact that, because most of these funds for "big project", "big project", the investment return cycle is long, a relatively short period and investment of the trust funds, funds "short and lend long", there are serious mismatch. Therefore, the current China's shadow banking because of term mismatch face a greater risk of liquidity, in case of a large number of redemption and market financing predicament again, there is a shortage of funds will be caused a liquidity crisis, and occur in June "money shortage" is the best in the shadow banking liquidity risk early warning.

The credit default risk caused by the macro economic downturn. Due to the large amount of capital of shadow Banks, it eventually flows to local government financing platform and real estate industry, and there is a great risk of default. On the whole, the macro economy is in a bad situation and facing great downside risks, and the enterprise operating difficulties, which undoubtedly increases the solvency risk. And peered at the local debt financing platform, the government investment and financing platform state-owned enterprises, on the one hand, the government investment efficiency is low, on the other hand the government large city and overcapacity accumulate large amounts of money in state-owned enterprises, as a result, investment income is difficult to secure. 1 - social financing scale in China in May this year to 9.11 trillion, 3.12 trillion yuan more than a year ago and a lot of money does not drive the entity economic recovery, most visible money used to borrow the new and the old, in order to maintain the normal income to pay, and the next three years will have a massive place debt maturity, default risk is back to delay; In the real estate market, ten years of rapid growth of the real estate market will mark a turning point, in the national real estate regulation is not relaxed environment, asset bubbles are being squeezed, part of the real estate project will be because the mortgage value contract and credit default risk.

To some extent, shadow banking is financial innovation, because it can reduce transaction costs, enrich the market investment products, and expand the financing channels and activate the market. Typical in surrounding the credit expansion of credit derivatives of the shadow banking system in the United States, but the financial innovation itself will also increase the financial fragility, due to the lack of regulation, the United States the excessive development of the shadow banking finally cause the subprime crisis. The non-market interest rate in our country and the existing financial controls, such as decentralized management, in the shadow banking, main performance for commercial bank's off-balance sheet business in period mismatch of liquidity risk and credit default risk under dual stack, the economic downturn shadow Banks in China is stepping up the volatility and vulnerability of the financial system. Furthermore, attached to the Chinese shadow Banks and commercial Banks and the off-balance-sheet business, and for a long time residents thought rigid payment bank financial products, is the shadow banking aeriform in borrowed from the Banks and even the government's credit, did not reflect a risk premium. , the shadow Banks more or less contact with traditional business of commercial Banks, only cover the risk, rather than isolated risk conduction, local crisis triggered by the shadow banking there are systemic financial risk conduction along to commercial Banks, this is where we are more aware of the shadow banking.

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