Last week saw the demise of the shadow banking system that has been created over the past 20 years. Because of a greater regulation of banks, most financial intermediation in the past two decades has grown within this shadow system whose members are broker-dealers, hedge funds, private equity groups, structured investment vehicles and conduits, money market funds and non-bank mortgage lenders.
像银行一样，该体系的多数成员借入期限非常短、流动性好的资金，而杠杆率远高于银行（货币市场基金除外），然后贷款或投资于流动性较差的长期工具。与银行一样，它们也承担着风险：一家本身有偿付能力但流动性较强的机构，其流动性负债也许会遭到自我实现的破坏性挤兑。
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