The shadow banking system was at the heart of the financial crisis. In the meltdowns of Lehman Brothers and AIG, the equivalent of bank runs afflicted money market funds, repo markets and securities lending. When panicked lenders pulled the short-term funds that backed financial groups’ long-term assets, borrowers could not sell holdings fast enough to meet the demand for cash.
影子银行体系是本次金融危机的核心元素。在雷曼兄弟(Lehman Brothers)和美国国际集团(AIG)崩塌的过程中，相当于银行挤兑的一系列事件冲击到了货币市场基金、回购市场和证券借贷。当惊慌失措的贷款者撤出支持金融集团长期资产的短期资金时，借款者无法以足够快的速度出售所持资产来满足对现金的需求。
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