摘要
本文从金融部门结构变迁的角度考察1965年以来美国金融体系的演进逻辑。我们认为,美国市场主导格局不断深化的金融体系特征,其历史演进逻辑在于投资公司与影子银行两个分支的快速发展而带动。资本市场的繁荣是投资公司在金融体系中地位持续上升的主要动因,资本市场规模的扩张和收益率的持续向好分别从供给侧和需求侧刺激了投资公司主要力量(共同基金)的发展。影子银行体系的崛起与20世纪70年代发生的金融脱媒现象密切相关,金融脱媒带来的竞争压力推动银行业的资产业务模式从"发放—持有"模式向"发放—分配"模式转变,进而引发了影子银行资产证券化业务的扩张。由于其本身的脆弱性,影子银行体系在次贷危机中发生崩溃,此后出台的《多德—弗兰克法案》加强了对影子银行体系的监管并强调了金融体系稳定在监管中的地位。投资公司吸收传统银行的存款来源并投资于金融市场产品,影子银行通过将银行信贷资产证券化来创造一个庞大的资产支持证券二级市场,二者共同深化了美国金融体系的市场主导格局。这种结构变化对中国金融体系的演进具有深层次启示意义。
This paper examines the evolutionary logic of the US financial system since 1965 from the perspective of structural changes in the financial sector. We find that the phenomenon that market-based feature of US financial system is constantly enhancing attributes to the rapid development of investment companies and shadow banks. The prosperity of the capital market motivated the status of investment company to persistently rise in financial system. The expansion of the capital market and everlasting well-performed capital market return stimulated the development of mutual funds as the main strength of the investment company from the supply side and the demand side,respectively. The rise of the shadow banking system was closely related to financial disintermediation phenomenon occurred in the 1970s. Competitive pressure brought by financial disintermediation promoted banks’ asset business to transform from "issue-hold"to "issue-distribute",which in turn triggered the expansion of shadow banking asset securitization business. The shadow banking system collapsed during the subprime mortgage crisis due to its intrinsic fragility.Henceforth,the Dodd-Frank Act strengthened the supervision of the shadow banking system and emphasized the status of financial system stability in supervision. Investment companies absorbed deposit from traditional banks and invested in financial market products. Shadow banks securitized bank credit assets to create a huge secondary market for asset-backed securities. Investment companies and shadow banks have deepened the market-based feature of US financial system. This structural change has profound implications for the evolution of China’s financial system.
作者
张成思
田涵晖
Chengsi Zhang;Hanhui Tian(School of Finance,Renmin University of China,Beijing 100872,China)
出处
《金融科学》
2020年第2期1-24,共24页
Financial Science
基金
中国人民大学科学研究基金(中央高校基本科研业务费专项资金)(项目批准号:17XNLG01)
关键词
金融体系
金融部门
投资公司
影子银行
Financial System
Financial Sector
Investment Company
Shadow Banking
作者简介
张成思,中国人民大学财政金融学院,教授,博士生导师,研究方向:宏观金融、金融时间序列分析;田涵晖,中国人民大学财政金融学院,博士研究生,研究方向:通货膨胀、货币政策。
