The rapid development of shadow banking manifesting systematic risk has attracted increasing attention recently, but there exists a lack of empirical research in this field. This article applies co-integration analysis and error correction model using annual data during the 2001–2010 period to test the short-term fluctuation and long-term equilibrium between expansion velocity of shadow banking and financial fragility, and puts forward corresponding policy recommendations.
Quality & Quantity – Springer Journals
Published: Jun 12, 2012
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