{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","uuid":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","normalized_title":"虚拟资本金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","isbns":["9787300330303"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":236,"navigation_url":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title_url":"https://workshop.closeclaw.top/ai/title/%E8%99%9A%E6%8B%9F%E8%B5%84%E6%9C%AC%EF%BC%9A%E9%87%91%E8%9E%8D%E6%80%8E%E6%A0%B7%E6%8C%AA%E7%94%A8%E6%88%91%E4%BB%AC%E7%9A%84%E6%9C%AA%E6%9D%A5","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","page_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page","search_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/search"},"page":{"printed_page":74,"pdf_page":112,"physical_index":112,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"99cf30f467b713dc9f3ac12aef12201d39abd0df97011c3d35226464fa809de6"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"随着金融自由化的推进，银行的中介作用面临着来自共同基金或货币基金等新参与者的竞争。为了应对这一威胁并寻求从新的机会中获利，它们试图绕过监管当局对必要准备金的监管，从而使它们能够节省自己的资金，将部分资产转移到特殊目的载体，促进新型银行体系的发展。\n\n影子银行是一种平行的信贷系统，它将中介功能分解为多个阶段(Poszar，Adrian，Ashcraft et Boesky，2013)。罗伯特·古特曼强调，它既不同于受监管的银行体系中介的金融，也不同于交易公开的市场金融——它是一种“网络金融”，是由众多不透明且相互依存的双边交易构成的特定金融形式。它倾向于将金融转变为一种我们可以称之为多重中介的模式。最终借款人与初始贷款人之间的联系被拉长。整个链条上的佣金和费用形式捕获了金融收益。从借款人端来看，该链条的主要环节包括：（1）向家庭或企业发放贷款或发行衍生产品；（2）对其进行打包；（3）基于这些金融产品包创建资产支持证券；(4）将这些证券组合（包括期权合约）组合起来，形成一种金融“千层饼”——债务抵押债券；（5）在金融市场上向投资者出售。\n\n虚拟资本：金融怎样挪用我们的未来\n\n74","previous_page":73,"next_page":75}