The alternative theory – of a global credit glut – gained more ground with the release last week of the Financial Stability Board’s report on shadow banking. The FSB report contains startling revelations about the scale of global shadow banking, which it defines as “credit intermediation involving entities and activities outside the regular banking system.”
另一个比较可信的理论，国际信用泛滥，在上周金融稳定性委员会的影子银行报告中得到了诸多证实。金融稳定性委员会报告的披露令人震惊：全球影子银行（该报告定义为“以常规银行体系之外的实体和活动为形式的信用中介”）规模巨大。