Shadow Banking: il sistema bancario ombra in Cina
Si parla tanto di questo benedetto sistema “bancario ombra” denominato shadow banking, ma ancora non ero riuscito a quantificarlo. Ma cos’è il “shadow banking? E chi può dire quanto pesa sul sistma finanziario cinese? Alcuni Calcoli li ha fatti il Financial Times, con un grafico che meglio spiega il fenomeno shadow banking sul territorio cinese.
The shadow banking system is the collection of non-bank financial intermediaries that provide services similar to traditional commercial banks. It is sometimes said to include entities such as hedge funds, money market funds and structured investment vehicles (SIV), but the meaning and scope of shadow banking is disputed in the academic literature. Investment banks as well as commercial banks may conduct much of their business in the shadow banking system (SBS), but most are not generally classed as SBS institutions themselves. At least one financial regulatory expert has said that regulated banking organizations are the largest shadow banks.
The core activities of investment banks are subject to regulation and monitoring by central banks and other government institutions – but it has been common practice for investment banks to conduct many of their transactions in ways that don’t show up on their conventional balance sheet accounting and so are not visible to regulators or unsophisticated investors For example, prior to the financial crisis, investment banks financed mortgages through off-balance sheet securitizations (e.g. asset-backed commercial paper programs) and hedged risk through off-balance sheet credit default swaps. Some experts have said that regulated banking organizations are the largest shadow banks. No major investment banks exist in the United States other than those that are part of the regulated banking system. (In 2008, Morgan Stanley and Goldman Sachs became bank holding companies, Merrill Lynch and Bear Stearns were acquired by bank holding companies, and Lehman Brothers declared bankruptcy.) (Source)
Il gap tra le due linee, che rappresentano i prestiti effettuati in yuan e tutti quelli che sono definiti i “social financing”, ovvero tutti i prestiti complessivamente concessi, compresi quelli del settore non puramente bancario, rappresenta quello che possiamo definire il “shadow banking” cinese.
Quindi il “shadow banking” niente è che la parte “non bancaria” del sistema, che non è controllata dalla PBoC e che quindi può creare danni non indifferenti. E come potete vedere, questo diferenziale continua a dilatarsi e la situazione sta sfuggendo di mano.