Research On The International Shadow Banking Legal Supervision

Subprime mortgage credit crisis erupted in the USA in 2007 which led to a international financial crisis that swept the global,involved various sectors including banking sector.In this crisis,a number of very large financial institutions had to declare bankruptcy,even some national banks were be taken over.Some central banks over the world including the Federal Reserve, the European Central Bank, the Bank of Japan, the Central Bank of Asia-Pacific and the Reserve Bank of Australia all taken measures by injecting capital into banking system to cope with this global crisis.It could be said that the global economy paid a heavy price for the crisis.After it,countries were all constantly reflection,a various subjects of shadow banking system began to be widely cared.Scholars generally recognized that the failure of the supervision over shadow banking was one of the important reasons in leading to this financial crisis.In 2007,the Executive of the USA PIMCO Paul·Macaulay first put forward the term “Shadow Banking System”at the annual Fed Conference,which used to describe the Non-banking financial intermediary system and the financial derivative market behind which were huge and not within the scope of the financial supervision.This term now widely be recognized,so as to be the international community,finance sector, and regulatory authorities’ preferred term in researching and analyzing the shadow banking system.Of course, the shadow banking system itself is not a new thing but indeed a new field for the regulators.Chapter I explores the origins and definition of shadow banking system,and classifies it into domestic and international within the scope of its basic definition,and discusses its operation form,development motivation and legal supervision from features level.Chapter II expounds the defects of international shadow banking system,and briefly discusses the necessity and feasibility of the legal supervision on it. Chapter III summarizes the legal supervision practices of different countries,and has a empirical analysis. The fourth chapter plainly analysis the principles, standards and system construction problems of the legal supervision on international shadow banking system from the international level,hoping to perfecting the legal supervision on the shadow banking system,so as to maintain the stability of the global financial system.