【英语财经】让影子银行走出阴影 The need to focus a light on shadow banking is nigh

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2014-6-19 06:58

小艾摘要: As progress has been made in reforming the global banking ?system and as risk appetite returns to financial markets, wider attention has begun to focus on shadow banking.That focus is not new for poli ...
The need to focus a light on shadow banking is nigh
As progress has been made in reforming the global banking ?system and as risk appetite returns to financial markets, wider attention has begun to focus on shadow banking.

That focus is not new for policy makers. Reform of shadow banking – the extension of credit from entities and activities outside the regular banking system – has been a core part of the Group of 20’s agenda to overhaul the global financial system since the 2009 Pittsburgh summit, when, in response to the crisis, leaders established the Financial Stability Board. The aim has been to deliver a transparent, resilient, sustainable source of market-based financing for real economies.

In the run-up to the crisis, opacity in shadow banking fed an increase in leverage and a reliance on short-term wholesale funding. Misaligned incentives in complex and opaque securitisation structures weakened lending standards. Securities financing markets fed boom-bust cycles of liquidity and leverage. Ample liquidity and low volatility drove increasing availability of secured borrowing. That created a self-reinforcing dynamic of more leverage, even greater liquidity, lower volatility and even greater access to secured borrowing. When confidence evaporated, that process went sharply into reverse. Markets seized up, investment vehicles – the size of which had tripled in the three years before 2007 – failed, and money market funds experienced runs.

The banking system was not immune. The problems found their way back to the core of the system causing a sharp deterioration in capital and liquidity buffers, threatening the viability of major banks. The supply of credit to real economies was drastically restricted.

Authorities recognise that as the banking system is reformed to become more resilient, activity can be pushed into the shadows. New regulatory requirements on banks create incentives to move activities to other parts of the financial system where they are not subject to the same prudential standards.

The approach to reform recognises that an effective financial system needs intermediation outside the traditional banking sector. When conducted appropriately, it can be a valuable alternative to, and provide competition for, banks in funding the real economy. Diversifying sources of finance makes the provision of the credit that is essential for growth more plentiful and more resilient.

But shadow banking can perform those roles only if it is a sustainable source of market-based finance. The reform programme to deliver that has three elements.

First, new standards to limit large exposures of traditional banks to shadow banks are being implemented, installing a firebreak between the sectors.

Second, reforms are in train to make the institutions and markets at the heart of the shadow banking system more resilient. Money market funds are being made less susceptible to runs through minimum liquid asset requirements and by establishing an ability for funds to use, for example, temporary suspensions of withdrawals and redemptions in kind. The misalignment of incentives created by unsound securitisation structures is being corrected. And minimum margin requirements are being developed to reduce the cycle of excessive borrowing in economic booms that cannot be sustained when liquidity dissipates in core fixed-income markets.

This approach to reform is tailored and, because it is focused on activities that are material to the wider financial system, proportionate. By establishing common policy standards and arrangements for co-operation, the reforms will help to avoid a fragmentation of the global financial system.

The third reform is to build a mature framework for monitoring and addressing financial stability risks arising from shadow banking. Unlike the first two elements, this will be an ongoing process.

Oversight and regulation of shadow banking is being strengthened so that authorities can be alerted to the excessive growth of leverage and liquidity risks.

System-wide oversight is being established and a global monitoring exercise is under way.

Moreover, authorities are aware of the need for regulation to keep pace with the constant innovation and arbitrage that has been a hallmark of shadow banking. To that end, the scope of regulation will not be fixed to particular types of institutions. It will be dictated by what institutions do rather than how they are labelled.

Regulation will evolve as shadow banking evolves. There will be a co-ordinated approach to extending regulation where that becomes necessary. Where reforms have unintended consequences, or where regulation can be improved, we will not hesitate to make adjustments. Of particular concern is the need to examine the extent to which reforms could be impeding a resumption of sound securitisation activity.

The goal is to replace a shadow banking system prone to excess and collapse with one that contributes to strong, sustainable balanced growth of the world economy. While much has already been achieved, because the G20 has been alert to these risks since the crisis, the job is not yet complete. As the G20 completes work on the core of the financial system, reforms to shadow banking must, and will, progress. Now is the time to take shadow banking out of the shadows and to create sustainable market-based finance.

The writer is governor of the Bank of England and chairman of the Financial Stability Board

随着全球银行业体系改革取得一定进展、风险偏好重回金融市场,影子银行开始吸引越来越大的关注。

政策制定者关注影子银行不是新鲜事。全面改革影子银行(指通过正规银行体系之外的机构和活动提供信贷),一直是20国集团(G20)自2009年匹兹堡峰会以来的核心议程之一。那一年,G20领袖们为应对危机建立了金融稳定理事会(FSB)。FSB的宗旨是为实体经济提供透明、弹性、可持续、基于市场的融资。

危机爆发之前,不透明的影子银行推动了杠杆的升高,以及对于短期批发融资的依赖。复杂、不透明的证券化结构受到的不当激励,削弱了放贷标准。证券融资市场加剧了流动性与杠杆化的盛衰周期变化。充足的流动性和较低的波动性,推动了担保借款的供应。这样便产生了一种自我强化的循环:杠杆水平升高,流动性进一步扩大;波动性更低,担保借款更易获得。当信心消失时,这个过程则突然逆转。市场失灵,投资工具失效,货币市场基金遭挤兑。2007年之前的3年内,投资工具的规模便增加了两倍。

银行体系无法独善其身。各种问题反过来危害到银行体系的核心地带,导致资本与流动性缓冲情况急剧恶化,威胁到了大银行的生存。实体经济的信贷供应极度受限。

各国当局意识到,在改革银行体系、增加其弹性的同时,有些活动可能会被挤进影子银行体系。新出台的银行监管要求提供了更多激励,促使银行把更多业务,转移到金融体系其他不必遵循相同审慎标准的领域。

当前改革路径承认,有效的金融体系在传统银行业之外也需要其他中介。使用得当,这种中介可以对银行构成有益的补充,并与之展开竞争,共同为实体经济提供融资。融资渠道多样化,使增长所必需的信贷供应更加充足、更有弹性。

但是,影子银行只有成为一种基于市场的、可持续的融资来源时,才有可能履行好这些职能。影子银行改革计划包含三个方面。

第一,目前已设立一些新标准,以限制传统银行对影子银行的巨大风险敞口,从而在两个部门之间树立防火墙。

第二,目前已开始执行一些改革措施,使居于影子银行体系核心的机构和市场增加弹性。通过推行最低流动资产要求、允许货币市场基金使用暂停赎回等办法,降低货币市场基金遭到挤兑的可能性。不健全证券化结构所导致的不当激励,正在得到纠正。最低保证金要求也正在制定中,以缩短经济繁荣期内过度举债的周期——当核心固定收益市场流动性枯竭时,这种过度借债便无法维系下去。

这种改革路径是量身定制的,并且由于其关注于对宏观金融体系产生实质影响的活动,也是恰如其分的。改革为合作建立了共同政策标准和安排,将有助于避免全球金融体系的分裂。

第三方面的改革,是建立一套成熟的框架,以监视并化解影子银行对金融稳定造成的风险。跟前两个方面不同的是,这将是一个不间断的过程。

目前各国当局正加强对影子银行的监管,以便在杠杆与流动性风险过度升高时及时得到预警。

针对整个体系的监管措施正在建立中,全球性监视已启动。

此外,各国当局意识到,监管必须跟上一刻不停的创新与套利活动——套利一直是影子银行的特征。为实现这一目标,监管范围将不会固定为某些特定类型的机构。实施监管的依据将是机构从事业务的类型,而不是机构所属类型。

监管将随影子银行的演进而演进。各国将采取一种彼此协调的方法,在必要的范围内实施监管。在改革产生意外后果,或监管有改进空间之处,我们将毫不犹豫地进行调整。特别要注意的是,必须仔细研究改革在何种程度上会妨碍健全证券化活动的重启。

我们的目标是把一个容易过度放贷、容易崩溃的影子银行体系,改造成为一个有利于世界经济强劲、持续、平衡增长的影子银行体系。尽管由于G20自危机以来对这些风险非常警惕,推动改革取得了很大进展,但任务尚未完成。随着G20完成对金融体系核心的改造,对影子银行的改革必须、也必将继续推进。现在是时候让影子银行走出阴影,创造一种可持续、基于市场的金融了。

本人作者为英国央行(BoE)行长、金融稳定委员会(FSB)主席

译者/邢嵬

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