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。
Banks may be lending but the larger shadow banking system is not.
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。
This "shadow" banking system is huge, particularly in america-too big for the Banks to be able to replace it.
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”, which relied on bank finance, started to default.
“影子银行系统”是PIMCO的又一创造。
“影子银行系统”有效地拿走了国有银行的一些信贷业务。
Effectively, the "shadow banking system" has been siphoning off credit from the state-owned Banks.
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。
The problem was not so much deregulation but regulation's failure to evolve with the so-called "shadow banking system".
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。
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.
美国近年来出现了，一些叫做影子银行系统的组织。
There developed, in the U.S. in recent years, something called the Shadow Banking System.
另一要务即保证在影子系统中扮演银行的那部分也要依此监管。
The other imperative is to make sure that the bits of the shadow system that act just like Banks are regulated accordingly.
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。
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".
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。
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.
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。
Among many other proposals, it wants the shadow banking system to be subjected to the same sorts of prudential requirements that Banks must follow.
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。
The speculative binge was abetted by a giant "shadow banking system" in which the Banks relied heavily on short-term debt.
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。
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.
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 final priority is data on the "shadow banking system" which comprises non-bank financial firms that often slip below regulators' radar.
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.
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）。
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.
“影子银行业系统”是一种由私募股权、对冲基金、货币市场基金以及拍卖利率证券，外加诸如通用电气资本等非银行机构和债务抵押证券、信用违约掉期等新型证券所组成的网络。
This is a nexus of private-equity and hedge funds, money-market funds and auction-rate securities, non-banks such as GE Capital and new securities such as CDOs and credit-default swaps.
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。
This "shadow" banking system is huge, particularly in America—too big for the banks to be able to replace it.
但耶伦并没有说，对于监管范围之外的金融风险(即被称为“影子”银行系统)，美国央行具体应怎么做。
But Yellen did not say what exactly should be done about financial risks that fall outside the purview of the central bank, what's known as the "shadow" banking system.
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。
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.
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 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 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.
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