The rise of the shadow bank – a kind of credit intermediary that lies outside the range of much banking regulation – carries a subtler corollary. It has created a kind of money that is likewise beyond reach of central bankers’ traditional instruments of oversight and control. Rightly, the US Federal Reserve is responding by forging new tools.
影子银行是一种不受大部分银行业监管措施约束的信贷中介工具,它的兴起造成了比较微妙的后果。它创造出了一种游离于央行官员传统监管控制手段之外的货币。美联储(Fed)打造新工具应对影子银行,是有道理的。
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