Financial shadows are dangerous. Even more dangerous are interactions between poorly understood shadows and essential financial intermediation activities . And most dangerous is when officials and private sector executives encourage a class of transactions that supposedly provide modest risk mitigation, while really building a disguised form of systemic risk on a grand scale.
金融影子是危险的。更危险的是人们不甚了解的影子与不可或缺的金融中介活动之间的互动。而最危险的是，官员和私营行业的高管鼓励某一类交易——此类交易理论上提供适度的风险缓解，但实际上在大范围积累起一种变相的系统风险。
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