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1、TheChangingNatureofANNUALFurtherREVIEWSClickhereforquicklinkstoFinancialIntermediationAnnualReviewscontentonline,including:•OtherarticlesinthisvolumeandtheFinancialCrisis•Topcitedarticles•Topdownloadedarticles•Ourcomprehensivesearchof2007–200912TobiasAdrianandHyunSongShin1Fed
2、eralReserveBankofNewYork,NewYork,NY10045;email:tobias.adrian@ny.frb.org2BendheimCenterforFinance,PrincetonUniversity,Princeton,NewJersey08540–5290;email:hsshin@princeton.eduAnnu.Rev.Econ.2010.2:603–18KeyWordsFirstpublishedonlineasaReviewinAdvanceonintermediationchains,procycl
3、icality,liquidityfacilities,April27,2010monetarypolicyTheAnnualReviewofEconomicsisonlineatecon.annualreviews.orgAbstractThisarticle’sdoi:Thecurrentfinancialcrisishashighlightedthechangingroleoffinan-10.1146/annurev.economics.102308.124420cialinstitutionsandthegrowingimportanc
4、eoftheshadowbankingCopyright©2010byAnnualReviews.system,whichgrewonthebackofthesecuritizationofassetsandthebyPrincetonUniversityLibraryon09/15/10.Forpersonaluseonly.Allrightsreservedintegrationofbankingwithcapitalmarketdevelopments.ThistrendAnnu.Rev.Econ.2010.2:603-618.Downlo
5、adedfromwww.annualreviews.org1941-1383/10/0904-0603$20.00hasbeenmostpronouncedintheUnitedStatesbuthashadaprofoundinfluenceontheglobalfinancialsystemasawhole.Inamarket-basedfinancialsystem,bankingandcapitalmarketdevelopmentsareinsep-arable,andfundingconditionsarecloselytiedtot
6、hefluctuationsinleverageofmarket-basedfinancialintermediaries.Balance-sheetgrowthofmarket-basedfinancialintermediariesprovidesawindowonliquidityinthesenseoftheavailabilityofcredit,whereasfinancialcrisestendtobeassociatedwithcontractionsofbalancesheets.Wedescribethechangingnat
7、ureoffinancialintermediationinthemarket-basedfinancialsystem,chartthecourseoftherecentfinancialcrisis,andoutlinethepolicyresponsesthathavebeenimplementedbytheFederalReserveandothercentralbankstocounterit.603INTRODUCTIONFederalReserve:thecentralbankingsystemThefinancialsystemc
8、hannelssavingsfrominvestorstothosewhoneedfunding—i.e.,oftheUnitedSta
