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pdf文件，38页
摘要
We provide an overview of the rapidly evolving literature on shadow credit intermediation.
The shadow banking system consists of a web of specialized financial institutions
that conduct credit, maturity, and liquidity transformation without direct, explicit access
to public backstops. The lack of such access to sources of government liquidity and credit
backstops makes shadow banks inherently fragile. Much of shadow banking activities is
intertwined with the operations of core regulated institutions such as bank holding companies
and insurance companies, thus creating a source of systemic risk for the financial
system at large. We review fundamental reasons for the existence of shadow banking,
explain the functioning of shadow banking institutions and activities, discuss why shadow
banks need to be regulated, and review the impact of recent reform efforts on shadow
banking credit intermediation.