Shadow Banking Systemic Risks And Financial Stability

In 1997,the Asian financial crisis aroused people’s concern about financial stability,and the sub-prime mortgage crisis in 2008,10 years later,pushed the shadow banking to the cusp.In recent years,the rapid development of shadow banking in the global scope,the shadow banking scale far exceeds the size of commercial bank financing,occupy a larger proportion of the total social financing scale,the proportion of the GDP also increased rapidly,the proportion of cross business with banks and other financial institutions is increasing,and the outbreak of conduction of the shadow banking risks to the financial system the impact is also growing.Of course,as a kind of shadow banking regulatory arbitrage products,but also as a kind of financial innovation,P2 P,the third party online payment,all the chips,third party financial companies such as Internet banking really emerge in an endless stream to a great extent,to meet the credit needs of small and medium-sized enterprises,to meet the people and investment financing needs of enterprises,making the financial the system more innovative,but it is undeniable that the shadow banking institution failures,illegal,consumer fraud phenomenon occurs frequently,poses a big threat to the stability of the financial system.Shadow banks lack of government supervision of the "grey","shadow" features itself shows the internal risks and other risks through the operations of financial institutions continue to cross conduction,then will affect the stability of the entire financial system,so the system of shadow banking risk impact on the entire financial system of national government should maintain the focus of attention,and how to carry out supervision.The domestic scholars from foreign countries of the shadow banking regulatory policies,the shadow banking supervision Chinese,however its policy advice more generally not copy,quantitative analysis of the economic development of the Sino-US differences,shadow banking structural differences,the practical significance is weak,the usefulness of low.This paper describes the shadow banking system risk theory,financial stability theory and shadow banks to financial stability structural impact analysis theory,the use of accounting account system risk conduction mechanism structure model of balance sheet,collection of shadow banking internal Chinese banks,securities companies,trust companies,fund companies and insurance companies and five institutions the data of internal loan issuing authority,the shadow banking SPV,credit rating agencies and credit default swaps four institutions in 2008-2015 years,the quantitative analysis of the shadow banking system risk structure and the scale of Sino-us.A financial stability index system including two subsystems and 15 basic indicators is constructed by principal component analysis.The principal component is extracted and the stability index of financial system in China and the United States is quantified.Finally,we use linear regression model to empirically analyze the structural impact of shadow banking on Sino-US financial stability,and put forward several suggestions for improving China’s shadow banking regulation through theoretical connection,empirical analysis and comparative analysis.