On top of all this, there is a shadow financial system of non-bank financial institutions that, like banks, borrow short and liquid and lend to or invest in longer-term and illiquid assets. This shadow system includes structured investment vehicles (SIVs), conduits, money market funds, hedge funds, and investment banks.
除开所有这些情况，非银行金融机构的金融体系也面临着阴影，它们像银行一样，借来短期和流动资金然而借给或者投资在长期和非流动的资产上。这种面临阴影的体系包括结构性投资工具（SIVs）、管道（以资产支持商业票据为自己筹资）、货币市场基金、对冲基金和投资银行。