英国金融服务管理局：影子银行与金融不稳定.pdf

Cass Lecture 2012 SHADOW BANKING AND FINANCIAL INSTABILITY Cass Business School Adair Turner 14 March 2012 ____________________________ In autumn 2008 the developed world’s banking system suffered a severe crisis. In response the world’s regulators and central banks have focused on building a more stable banking system for the future: less leveraged, more liquid, better supervised and with even the largest banks able to be resolved without taxpayer’s support. The implementation of that bank-focused regulatory agenda is still unfinished, but much progress has been made. Looking back to the year 2007/08, however, it’s striking that the crisis did not at first look like a traditional banking crisis, but rather one related to a new phenomenon: shadow banking. Initially the problems seemed concentrated in the US, where the development of non-bank credit intermediation was most advanced, and many of the events which marked the developing crisis related to non-bank institutions and markets.1 In June 2007, liquidity pressures at two hedge funds sponsored by Bear Stearns Asset Management, leading to the imposition of gates on investor redemptions, sudden increases in margin calls, and sudden falls in asset prices. 1 Exhibit 1 1 Cass Lecture 2012 In August 2007, major losses at hedge funds which the market had thought were following low-risk market-neutral strategies, as a result of knock-on consequences from margin calls in structured credit portfolios. The