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以对冲基金、私募股权基金等为代表的影子银行体系的大发展是20世纪70年代布雷顿森林体系解体以来全球金融体系最显著的发展特征。在推进金融创新、提高信贷供给的同时,凭借其享有的豁免监管地位或相对于商业银行的低监管标准,影子银行系统逐渐发展成为系统性风险的策源地和重要传播渠道,对全球金融稳定形成了潜在威胁。根据微观审慎视角下杠杆
The great development of the shadow banking system represented by hedge funds and private equity funds is the most prominent development characteristic of the global financial system since the Bretton Woods system collapsed in the 1970s. While advancing financial innovation and improving credit supply, the shadow banking system has gradually evolved into a systematic source of risk and an important communication channel by virtue of its status of exemption regulation or the low regulatory standards of commercial banks. As a result, the global financial stability has been formed potential threat. Leverage based on micro-prudential perspective