Last week saw the demise of the shadow banking system that has been created over the past 20 years. Because of a greater regulation of banks, most financial intermediation in the past two decades has grown within this shadow system whose members are broker-dealers, hedge funds, private equity groups, structured investment vehicles and conduits, money market funds and non-bank mortgage lenders.
像銀行一樣，該體系的多數成員借入期限非常短、流動性好的資金，而杠桿率遠高于銀行（貨幣市場基金除外），然后貸款或投資于流動性較差的長期工具。與銀行一樣，它們也承擔著風險：一家本身有償付能力但流動性較強的機構，其流動性負債也許會遭到自我實現的破壞性擠兌。
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