Shedding Light On Shadow Banking

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Shedding Light on Shadow Banking

Artak Harutyunyan,Mr.Alexander Massara,Giovanni Ugazio,Goran Amidzic,Richard Walton
Shedding Light on Shadow Banking Book PDF

Author : Artak Harutyunyan,Mr.Alexander Massara,Giovanni Ugazio,Goran Amidzic,Richard Walton
Publisher : International Monetary Fund
Page : 43 pages
File Size : 46,9 Mb
Release : 2015-01-05
Category : Business & Economics
ISBN : 9781498328173

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Shedding Light on Shadow Banking by Artak Harutyunyan,Mr.Alexander Massara,Giovanni Ugazio,Goran Amidzic,Richard Walton Pdf

In this paper, we develop an alternative approach to estimate the size of the shadow banking system, using official data reported to the IMF complemented by other data sources. We base our alternative approach on the expansion of the noncore liabilities concept developed in recent literature to encompass all noncore liabilities of both bank and nonbank financial institutions. As opposed to existing measures of shadow banking, our newly developed measures capture nontraditional funding raised by traditional banks. We apply the new approach to 26 jurisdictions and analyze the results over a twelve-year span. We find that noncore liabilities are procyclical and display more volatility than core liabilities for most jurisdictions in the sample. We also compare our measures to existing measures, such as the measure developed by the Financial Stability Board. Our approach can be replicated over time using internationally-comparable data and thus may serve as an operational tool for IMF surveillance and policy analysis.

Shedding Light on Shadow Banking

Artak Harutyunyan,Mr.Alexander Massara,Giovanni Ugazio,Goran Amidzic,Richard Walton
Shedding Light on Shadow Banking Book PDF

Author : Artak Harutyunyan,Mr.Alexander Massara,Giovanni Ugazio,Goran Amidzic,Richard Walton
Publisher : International Monetary Fund
Page : 43 pages
File Size : 45,5 Mb
Release : 2015-01-05
Category : Business & Economics
ISBN : 9781498391788

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Shedding Light on Shadow Banking by Artak Harutyunyan,Mr.Alexander Massara,Giovanni Ugazio,Goran Amidzic,Richard Walton Pdf

In this paper, we develop an alternative approach to estimate the size of the shadow banking system, using official data reported to the IMF complemented by other data sources. We base our alternative approach on the expansion of the noncore liabilities concept developed in recent literature to encompass all noncore liabilities of both bank and nonbank financial institutions. As opposed to existing measures of shadow banking, our newly developed measures capture nontraditional funding raised by traditional banks. We apply the new approach to 26 jurisdictions and analyze the results over a twelve-year span. We find that noncore liabilities are procyclical and display more volatility than core liabilities for most jurisdictions in the sample. We also compare our measures to existing measures, such as the measure developed by the Financial Stability Board. Our approach can be replicated over time using internationally-comparable data and thus may serve as an operational tool for IMF surveillance and policy analysis.

Shadow Banking in China

Andrew Sheng,Ng Chow Soon
Shadow Banking in China Book PDF

Author : Andrew Sheng,Ng Chow Soon
Publisher : John Wiley & Sons
Page : 288 pages
File Size : 50,5 Mb
Release : 2016-07-12
Category : Business & Economics
ISBN : 9781119266327

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Shadow Banking in China by Andrew Sheng,Ng Chow Soon Pdf

An authoritative guide to the rise of Chinese shadow banking and its systemic implications Shadow Banking in China examines this rapidly growing sector in the Chinese economy, and what it means for your investments. Written by two world-class experts in Chinese banking, including the Chief Advisor to the China Banking Regulatory Commission and former Chairman of the Securities and Futures Commission in Hong Kong, this book is unique in providing true, first-hand perspectives from authorities within the world's largest economy. There is little widely-available information on China's shadow banking developments, and much of it is rife with disparate data, inaccuracies and overblown risks due to definitional and measurement differences. This book clears the confusion by supplying accurate information, on-the-ground context and invaluable national balance sheet analysis you won't find anywhere else. Shadow banking has grown to be a key source of credit in China, and a major component of the economy. This book serves as a primer for analysts and investors seeking real, useful information about the sector to better inform investment decisions. Discover what's driving the growth of shadow banking in China Learn the truth about both real and inflated risks Dig into popular rhetoric and clarify common misconceptions Access valuable data previously not published in English Despite shadow banking's critical influence on the Chinese economy, there have been very few official studies and even fewer books written on the subject. Understanding China's present-day economy and forecasting its future requires an in-depth understanding of shadow banking and its inter-relationship with the banking system and other sectors. Shadow Banking in China provides authoritative reference that will prove valuable to anyone with financial interests in China.

The Growth of Shadow Banking

Matthias Thiemann
The Growth of Shadow Banking Book PDF

Author : Matthias Thiemann
Publisher : Cambridge University Press
Page : 307 pages
File Size : 50,9 Mb
Release : 2018-05-31
Category : Business & Economics
ISBN : 9781107161986

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The Growth of Shadow Banking by Matthias Thiemann Pdf

By analyzing the growth and regulation of shadow banking activities by large banks in Western Europe and the US, this book illuminates how the evolution of finance, driven by structural pressures and financial innovations, is crucially mediated through state-finance interactions on the meaning of rules and the need to comply.

Shadow Banking

Mr.Stijn Claessens,Mr.Lev Ratnovski,Mr.Manmohan Singh
Shadow Banking Book PDF

Author : Mr.Stijn Claessens,Mr.Lev Ratnovski,Mr.Manmohan Singh
Publisher : International Monetary Fund
Page : 37 pages
File Size : 55,5 Mb
Release : 2012-12-04
Category : Business & Economics
ISBN : 9781475583588

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Shadow Banking by Mr.Stijn Claessens,Mr.Lev Ratnovski,Mr.Manmohan Singh Pdf

This note outlines the basic economics of the shadow banking system, highlights (systemic) risks related to it, and suggests implications for measurement and regulatory approaches.

The Handbook of Global Shadow Banking, Volume II

Luc Nijs
The Handbook of Global Shadow Banking Volume II Book PDF

Author : Luc Nijs
Publisher : Springer Nature
Page : 759 pages
File Size : 46,8 Mb
Release : 2020-06-30
Category : Business & Economics
ISBN : 9783030348175

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The Handbook of Global Shadow Banking, Volume II by Luc Nijs Pdf

This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This second volume explores three particular domains of shadow banking. The first domain deals with the macro-economic fundamentals of the respective shadow banking segments: Why do they exist, what problems do they solve and why are some of their embedded risks so persistent? The second domain captures the global dimensions of shadow banking markets, reviewing the particularities and specifics of various shadow banking systems around the world. Volume II concludes with an extensive overview of how the sector has changed since the financial crisis, focusing on regulatory arbitrage, contract imperfection and governance. Closing on unresolved issues and open-ended questions that will no doubt remain prominent in the shadow banking sector for years to come, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.

The Handbook of Global Shadow Banking, Volume I

Luc Nijs
The Handbook of Global Shadow Banking Volume I Book PDF

Author : Luc Nijs
Publisher : Springer Nature
Page : 822 pages
File Size : 45,5 Mb
Release : 2020-06-30
Category : Business & Economics
ISBN : 9783030347437

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The Handbook of Global Shadow Banking, Volume I by Luc Nijs Pdf

This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This volume focuses specifically on shadow banking activities, risk, policy and regulatory issues. It evaluates the nexus between policy design and regulatory output around the world, paying attention to the concept of risk in all its dimensions—the legal, financial, market, economic and monetary perspectives. Particular attention is given to spillover risk, contagion risk and systemic risk and their positioning and relevance in shadow banking activities. Newly introduced and incoming policies are evaluated in detail, as well as how risk is managed, observed and assessed, and how new regulation can potentially create new sources of risk. Volume I concludes with analysis of what will and still needs to happen in the event of another crisis. Proposing innovative suggestions for improvement, including a novel Pigovian tax to tame financial and systemic risks, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.

The Perils of International Regime Complexity in Shadow Banking

Lucia Quaglia
The Perils of International Regime Complexity in Shadow Banking Book PDF

Author : Lucia Quaglia
Publisher : Oxford University Press
Page : 241 pages
File Size : 54,7 Mb
Release : 2022-06-13
Category : Financial institutions, International
ISBN : 9780192866523

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The Perils of International Regime Complexity in Shadow Banking by Lucia Quaglia Pdf

Despite the role of shadow banking in the building up of the 2008 international financial crisis, the massive size of this sector, its cross-border nature, and the risks it entails for financial stability, the post-crisis regulation of shadow banking has remained rather feeble. Why?The Perils of International Regime Complexity in Shadow Banking identifies a 'game of shadows', which unfolded recursively concerning the definition, monitoring, and regulation of shadow banking internationally. Thus, states, regulators, and private actors tended to cast light away from variousparts of the shadow banking system - shadow banking was (re)fined over time, its measurement was narrowed down, lessening the (perceived) need for regulation.The playing out of such a game was facilitated by the international architecture for shadow banking governance, which is a 'regime complex' characterized by the presence of multiple institutions and elemental regimes governing a set of related issues. Indeed, shadow banking is a quintessential casefor demonstrating the perils of international regime complexity, which magnifies problems that are endemic in governing global finance - namely, interstate competition, disagreement between technocratic bodies, and the power of the financial industry - while splintering solutions, due to thefragmentation of regulatory authority.Empirically, this book examines various elemental regimes concerning different aspects of shadow banking, namely: international standards for defining, measuring, and monitoring global shadow banking; international standards for shadow banking entities, including money market funds, hedge funds, andinvestment funds; international standards for shadow banking activities, such as securitization, securities lending, and repos; international standards for bank capital exposures to shadow banking.

Shadow Banking and Market Discipline on Traditional Banks

Mr.Anil Ari,Matthieu Darracq-Paries,Christoffer Kok,Dawid Zochowski
Shadow Banking and Market Discipline on Traditional Banks Book PDF

Author : Mr.Anil Ari,Matthieu Darracq-Paries,Christoffer Kok,Dawid Zochowski
Publisher : International Monetary Fund
Page : 64 pages
File Size : 45,6 Mb
Release : 2017-12-22
Category : Business & Economics
ISBN : 9781484335376

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Shadow Banking and Market Discipline on Traditional Banks by Mr.Anil Ari,Matthieu Darracq-Paries,Christoffer Kok,Dawid Zochowski Pdf

We present a model in which shadow banking arises endogenously and undermines market discipline on traditional banks. Depositors' ability to re-optimize in response to crises imposes market discipline on traditional banks: these banks optimally commit to a safe portfolio strategy to prevent early withdrawals. With costly commitment, shadow banking emerges as an alternative banking strategy that combines high risk-taking with early liquidation in times of crisis. We bring the model to bear on the 2008 financial crisis in the United States, during which shadow banks experienced a sudden dry-up of funding and liquidated their assets. We derive an equilibrium in which the shadow banking sector expands to a size where its liquidation causes a fire-sale and exposes traditional banks to liquidity risk. Higher deposit rates in compensation for liquidity risk also weaken threats of early withdrawal and traditional banks pursue risky portfolios that may leave them in default. Policy interventions aimed at making traditional banks safer such as liquidity support, bank regulation and deposit insurance fuel further expansion of shadow banking but have a net positive impact on financial stability. Financial stability can also be achieved with a tax on shadow bank profits.

The Routledge Handbook of Post-Reform Indian Economy

Rajesh Raj S. N.,Komol Singha
The Routledge Handbook of Post Reform Indian Economy Book PDF

Author : Rajesh Raj S. N.,Komol Singha
Publisher : Taylor & Francis
Page : 592 pages
File Size : 48,5 Mb
Release : 2021-11-26
Category : Business & Economics
ISBN : 9781000459326

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The Routledge Handbook of Post-Reform Indian Economy by Rajesh Raj S. N.,Komol Singha Pdf

This handbook presents a comprehensive study of the post-reform Indian economy, three decades after the economic liberalization started in the early 1990s. It studies the broad range of changes that were introduced in the reforms era, assessing their impact on sectors like manufacturing, agriculture, banking and finance, among others. It also assesses the performance of these sectors amid globalization and the socio-economic shifts in the country. The volume evaluates the contribution of the reforms to social transformation, social inclusion, sustainability and human development, and deliberates on the gains, blind spots and limitations. With contributions from scholars across the country, case studies and comparative analyses that draw on data analysis, econometric evidence and historical sensibility, this is an authoritative volume on the reforms of the 1990s and their impact on the Indian economy and people. Topical and the first of its kind, the book will be a useful resource for scholars and researchers of economics, development studies, political economy, management studies, public policy and political studies.

Emerging European Economies after the Pandemic

László Mátyás
Emerging European Economies after the Pandemic Book PDF

Author : László Mátyás
Publisher : Springer Nature
Page : 610 pages
File Size : 41,9 Mb
Release : 2022-03-11
Category : Business & Economics
ISBN : 9783030939632

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Emerging European Economies after the Pandemic by László Mátyás Pdf

This edited volume examines the development path of eight Central and Eastern European countries with an overlapping historical background that joined the European Union between 2004 and 2013, and identifies the main similarities and differences between the countries concerned. Based on wide comparative data analysis of Bulgaria, Croatia, The Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia, each chapter in the volume provides detailed information about the state of the economy in a specific area preceding the pandemic shock. The book offers a detailed snapshot of the state of the different areas of the economy, starting from the time when the countries concerned came out of the 2008 financial crisis, up to the date when COVID-19 hit. Further, each chapter analyzes the effects of this unprecedented shock on a particular field, which is followed by highlighting the main problems the countries are facing at present and in the near future, together with identifying the available policy options. Finally, before concluding and making general and country-specific policy recommendations, some thoughts will be given to longer-term prospects. More specifically, the question of how the subject area could contribute to avoiding the "middle-income-trap" that this region may be facing will be addressed. The comprehensive approach makes this volume a must-read for scholars and students of economics, as well as policy decision-makers in Europe, interested in a better understanding of the region's economic development.

Emerging Tools and Strategies for Financial Management

Álvarez-García, Begoña,Abeal-Vázquez, José-Pablo
Emerging Tools and Strategies for Financial Management Book PDF

Author : Álvarez-García, Begoña,Abeal-Vázquez, José-Pablo
Publisher : IGI Global
Page : 357 pages
File Size : 49,5 Mb
Release : 2020-02-14
Category : Business & Economics
ISBN : 9781799824411

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Emerging Tools and Strategies for Financial Management by Álvarez-García, Begoña,Abeal-Vázquez, José-Pablo Pdf

Over the past years, significant changes have occurred in the corporate sector arising from globalization, increasing international competitiveness, and intensive use of information and communication technologies (ICTs). These developments have led to new corporate and social behaviors that are affecting the entire corporate value chain. Thus, business organizations are focusing on technological innovation as a driving force of development. Emerging Tools and Strategies for Financial Management is a pivotal reference source that explores both practical and theoretical perspectives on how financial management is evolving and how future consequences of technological innovation will affect individuals, businesses, and society. While highlighting topics such as financial imbalance, venture capital, and shadow banking, this publication explores the relationship between companies and their customers and the methods of generating changes in today’s enterprises. This book is ideally designed for business managers, financial analysts, financial controllers, directors, finance officers, treasurers, entrepreneurs, CEOs, academicians, students, and research professionals.

Global Financial Flows in the Pre- and Post-global Crisis Periods

Yoichi Matsubayashi,Shigeto Kitano
Global Financial Flows in the Pre and Post global Crisis Periods Book PDF

Author : Yoichi Matsubayashi,Shigeto Kitano
Publisher : Springer Nature
Page : 240 pages
File Size : 40,5 Mb
Release : 2022-09-03
Category : Business & Economics
ISBN : 9789811936135

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Global Financial Flows in the Pre- and Post-global Crisis Periods by Yoichi Matsubayashi,Shigeto Kitano Pdf

This book covers many aspects of excessive expansion of cross-border capital flows underlying the global financial crises that occurred in succession in the form of the subprime mortgage crisis, the collapse of Lehman Brothers, and the European debt crisis. Obtaining a broader picture of financial flows at the global level from various perspectives is essential to comprehensively understand the fundamental causes for a series of global-scale financial crises and to formulate effective policy responses in the future. The topics addressed here include a basic concept and overview of global liquidity in a broad sense, domestic and international credit activities of financial institutions in both advanced and emerging countries, and global demand for US dollars. Offshore bond issuance in BRICs countries, including its implications for the Chinese shadow banking sector, uncovered interest rate parity puzzle, and related policies such as capital controls are covered as well. This book is highly recommended to readers who seek an in-depth and up-to-date integrated overview of the dynamics of today’s globalized financial markets.

Systemic Risk in the Financial Sector

Douglas W. Arner,Emilios Avgouleas,Danny Busch,Steven L. Schwarcz
Systemic Risk in the Financial Sector Book PDF

Author : Douglas W. Arner,Emilios Avgouleas,Danny Busch,Steven L. Schwarcz
Publisher : McGill-Queen's Press - MQUP
Page : 301 pages
File Size : 52,6 Mb
Release : 2019-10-02
Category : Political Science
ISBN : 9781928096917

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Systemic Risk in the Financial Sector by Douglas W. Arner,Emilios Avgouleas,Danny Busch,Steven L. Schwarcz Pdf

In late 2008, the world's financial system was teetering on the brink of systemic collapse. While the impacts of the global financial crisis would be felt immediately, at every level of the economy, it would also send years-long aftershocks through investment, banking and regulatory circles worldwide. More than a decade after the worst year of the global financial crisis, what has been learned from its harsh lessons? Are governments and regulators more prepared for another financial system failure that would significantly affect the real economy? What may be the potential triggers for such a collapse to occur in the future? Systemic Risk in the Financial Sector: Ten Years after the Great Crash draws on some of the world's leading experts on financial stability and regulation to examine and critique the progress made since 2008 in addressing systemic risk. The book covers topics such as central banks and macroprudential policies; fintech; regulators' perspectives from the United States and the European Union; the logistical and incentive challenges that impede standardization and collection; clearing houses and systemic risk; optimal resolution and bail-in tools; and bank leverage, welfare and regulation. Drawing on experts across disciplines — including Howell Jackson, John Geanakoplos, Charles Goodhart, Anat Admati, Roberta Romano and Martin Hellwig — Systemic Risk in the Financial Sector is the definitive guide to understanding the global financial crisis, the safeguards being put into place to try to avoid similar crises in the future, and the limitations of those safeguards.

Multinational Enterprises and the Law

Peter Muchlinski
Multinational Enterprises and the Law Book PDF

Author : Peter Muchlinski
Publisher : Oxford University Press
Page : 864 pages
File Size : 48,6 Mb
Release : 2021-02-18
Category : Law
ISBN : 9780192557445

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Multinational Enterprises and the Law by Peter Muchlinski Pdf

Multinational Enterprises and the Law is the only comprehensive, contemporary, and interdisciplinary account of the techniques used to regulate multinational enterprises (MNEs) at the national, regional, and multilateral levels. In addition, it considers the effects of corporate self-regulation, and the impact of civil society and community groups upon the development of the legal order in this area. The book has been thoroughly revised and updated for this third edition, making it a definitive reference work for students, researchers, and practitioners of international economic law, business, corporate and commercial law, development studies, and international politics. Split into four parts, the book first deals with the conceptual basis for MNE regulation. It explains the growth of MNEs, their business and legal forms, and the relationship between them and the effects of a globalised economy and society upon the evolution of regulatory agendas in the field. Part II covers the main areas of economic regulation, including the limits of national and regional jurisdiction over MNE activities, controls over, and the liberalisation of, entry and establishment, tax, company and competition law and the impact of intellectual property rights on technology diffusion and transfer. Part III introduces the social dimension of MNE regulation covering labour rights, human rights, and environmental issues. Finally, Part IV deals with the contribution of international investment law to MNE regulation and to the control of investment risks, covering the main provisions found in international investment agreements, their interpretation by international tribunals, and how concerns over these developments are leading to reform proposals.