Financial intermediation systems must accompany the capitalist market economy. In response to historical changes in the capitalist accumulation system of the late 20th century, shadow banking systems have emerged and had rapidly grown within a booming US housing market. This paper characterizes shadow banking in juxtaposition to traditional banking. Traditional banking runs through credit and maturity transformation, and through ‘credit creation’ founded on simple deposit and loan structures. In contrast, shadow banking performs three functions: borrowing short-term funds through repo/ABCP and investing in long-term securities such as MBS, ABS, and CDO. In a traditional system, financial intermediation is completed within one institution, while the new method utilizes a market network of financial institutions. Shadow banking implies a new contradiction. Repo and ABCPs are vulnerable to ‘run’ because they do not function as means of circulation and payment. In addition, the safer assets are extracted through structured financing, the more ‘equity’ tranche securities accumulate—expanding ‘systemic risk’. This contradiction eventually led to the 2007~09 financial crisis. But the risks inherent in shadow banking do not end here. It will, in conjunction with the financial globalization, further accelerate tax evasion.

자본주의적 시장경제는 반드시 금융중계 시스템을 동반한다. 그런데 20세기 후반 자본축적체계의 역사적 변화에 조응하여 새로운 금융중계 방식, 즉 그림자은행시스템이 출현한다. 이는 미국 주택시장의 호황을 배경으로 급속히 성장했다. 여기서는 전통적 은행시스템과 비교함으로써 그림자은행 시스템의 특성을 규명하고자한다. 전통적 은행은 예금과 대출의 단순한 구조 속에서 신용변형, 만기변형, 그리고 신용창조의 기능을 수행한다. 반면에 그림자은행은 repo와 ABCP를 통해 자금을 예치하고, 이를 MBS, ABS, CDO 등에 투자함으로써 상기한 세 가지 기능을수행한다. 또 전통적 방식은 금융중계가 하나의 기관에서 완결되지만, 새로운 방식은 여러 금융기관들의 시장 네트워크를 통해 완결된다. 이 같은 그림자은행의 금융중계는 고유한 모순을 내포한다. repo와 ABCP는 유통수단과 지불수단으로 기능하지 못하기 때문에 ‘런’(run)에 취약하다. 또 구조화금융을 통해 안전자산을 많이추출할수록 ‘시스템 차원의 리스크’(systemic risk)가 확대된다. 이 모순은 결국2007~09년 금융위기를 야기했다. 하지만 그림자은행에 내재한 위험성은 여기서끝나지 않는다. 그것은 금융세계화와 결합하여 자본의 조세 도피를 더욱 가속화시킬 것으로 우려된다.

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