There developed, in the U.S. in recent years, something called the Shadow Banking System.
美国近年来出现了，一些叫做影子银行系统的组织。
Meanwhile, the shadow banking system was as important for credit creation as Banks in recent years.
与此同时，近年来影子银行体系对建立信贷的重要程度不亚于银行。
The shadow banking system was as important to the economy as the ordinary kind, but was far more vulnerable.
影子银行体系对于经济来说与普通商业银行体系同样重要，但却脆弱的多。
We should strengthen supervision and regulation over credit rating agencies, the shadow banking system and trans-border capital flows.
加强对信用评级机构、影子银行体系和跨境资本流动的监管。
My colleague Hyun Song Shin at Princeton has pointed out to me lately that the shadow banking system in the US is largely European Banks.
我在普林斯顿大学的同事申铉松(Hyun Song Shin)最近向我指出，美国的影子银行体系主要由欧洲银行组成。
Among many other proposals, it wants the shadow banking system to be subjected to the same sorts of prudential requirements that Banks must follow.
在许多提议之中，该组织希望影子银行系统更易受到严格规则的监管，而这些规则正是普通商业银行必须遵守的。
There is a stylised model of what is meant to happen when the shadow banking system contracts, in which Banks act as "lenders of second-to-last resort".
当影子银行系统收缩时将会发生什么？关于这个问题存在一个程序化模型，商业银行在其中充当仅次于最后贷款人的角色。
However, the financial crisis shown that the shadow banking system can also create a number of risks, in which the most important one is systemic risk.
然而，金融危机表明，影子银行体系仍可以制造处许多风险，其中最重要的一个是系统性风险。
The shadow banking system played a crucial role in the 2007-2009 financial crisis that, in which one of the most important role is the creation of systemic risk.
在2007- 2009年的金融危机中影子银行体系起到了至关重要的作用，其中最重要的作用之一就是创造了系统性风险。
The hundreds of billions of dollars in the shadow banking system—the notorious SIVs and conduits that have caused the banks so much pain—have been warehoused there to get round the rules.
影子银行体系(声名狼藉的SIVs)的几千亿美元以及造成银行巨大损失的渠道，已贮入仓库用以避开资本充足率的现有标准。
We need to establish and enforce strict capital and leverage ratio requirements, bring the shadow banking system under supervision and regulation and formulate globally consistent accounting rules.
要建立并执行严格的资本和杠杆率要求，将影子银行体系纳入监管，制订全球统一的会计准则。
New institutions, such as hedge funds and conduits—what Paul McCulley, of Pimco, a fund management group, has called “the shadow banking system”—are highly dependent on borrowed money, or leverage.
像冲基金和管道机构---Pimco资金管理集团的Paul McCulley将它们称为“影子银行系统”---这样的新兴机构严重地依赖借入资金（或曰杠杆）。
As the years went by, the shadow banking system took over more and more of the banking business, because the unregulated players in this system seemed to offer better deals than conventional Banks.
许多年过去了，因为提供了比传统银行更好的交易，不受监管的影子银行从银行业手中抢走了越来越多的生意。
The “shadow banking system”, which relied on bank finance, started to default.
于是依赖银行资金的“影子银行系统”，开始拖欠债务了。
The "shadow banking system" is another PIMCO coinage.
“影子银行系统”是PIMCO的又一创造。
The speculative binge was abetted by a giant "shadow banking system" in which the Banks relied heavily on short-term debt.
投机热潮被一个巨大的“影子银行系统”助长，在这一系统中银行很大程度上依赖于短期债务。
This "shadow" banking system is huge, particularly in america-too big for the Banks to be able to replace it.
这套“影子”系统十分庞大，特别是在美国，对银行来说已经大到无可替代的地步。
Just now, with finance in ruins, the nexus of markets and non-banks that make up the "shadow banking system" has failed.
目前，伴随着金融体系的严重受损，构成“影子银行体系”的市场与非银行金融机构之间的纽带已经失效。
The final priority is data on the "shadow banking system" which comprises non-bank financial firms that often slip below regulators' radar.
最后一项任务是关于“影子银行系统”的数据，影子银行指的是非银行金融公司，因此经常逃过监管者的眼睛。
The problem was not so much deregulation but regulation's failure to evolve with the so-called "shadow banking system".
问题并不在于规制的大幅放松，而在于规制未能跟上所谓“影子银行业系统”的演化步伐。
Banks have fewer loans as a percentage of total assets nowadays (because they hold more securities) and they also have the chance to gain business that had been going to the shadow-banking system.
今天的银行业者因为持有更多证券，所以总资产的贷款率比较低，而且也有机会将交易纳入影子银行系统。
We have used the Internet and modern communications technologies to create a shadow-banking system, an unregulated lending network that was, by 2007, as large as the traditional banking system.
我们也用网络和现代交流技术创建了影子银行系统，相对于传统银行体系，一个直到2007年没有任何监管的借贷网络。
Effectively, the "shadow banking system" has been siphoning off credit from the state-owned Banks.
“影子银行系统”有效地拿走了国有银行的一些信贷业务。
In this process, state-owned Banks have been forced to call in the loans made through the "shadow banking system," thus hurting the debtors and triggering a spate of bankruptcies.
由此国有银行必需要追回那些通过“影子银行系统”放出去的贷款，使债务人措手不及，很多公司为此破产。
Banks may be lending but the larger shadow banking system is not.
银行也许会继续放贷但影响力更大的影子银行系统就不会了。
And for years the so-called shadow banking system thrived, away from prying eyes.
几年后，远离公众目光的荫蔽银行系统开始兴盛。
Washington could have revised the rules to cover this new "shadow banking system" - but that would have run counter to the market-worshiping ideology of The Times.
华盛顿原本可以采取措施来覆盖“影子银行系统(shadow banking system)”这一新生事物，但是这却和当时崇拜市场主义的风气格格不入。
Washington could have revised the rules to cover this new "shadow banking system" - but that would have run counter to the market-worshiping ideology of The Times.
华盛顿原本可以采取措施来覆盖“影子银行系统(shadow banking system)”这一新生事物，但是这却和当时崇拜市场主义的风气格格不入。
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