Non-bank financial institutions,with its fundamental functions of credit creation,maturity transformation,brokerage and intermediary,and credit guarantees and enhancement,have become a major component of the financial system and have a substantial impact on global financial stability.Since the outbreak of the COVID-19 in 2020,there have occurred many cases around the world,in which non-bank financial institutions created substantial financial risks,and their vulnerabilities have drawn widespread attention from the international community.This article examines the evolutionary characteristics of global financial institution landscape,analyzes the vulnerabilities of non-bank financial institutions such as U.S.prime money market funds,Archegoes Capital hedge fund,UK pension funds and Blackstone Real Estate Investment Trusts.The results show that changes of external business environment,aggressive trading strategies,insufficient micro supervision,corporate governance and risk resolution mechanisms are key to the fragility of non-bank financial institutions.This paper suggests,measures should be taken to achieve positive interaction between non-bank financial institution and the real economy,avoid overshoot of macroeconomic policies,strengthen micro supervision,improve corporate governance and risk resolution framework of non-bank financial institutions.
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