The Nonbank Bank Nexus And The Shadow Banking System

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The Nonbank-Bank Nexus and the Shadow Banking System

Mr.Zoltan Pozsar,Mr.Manmohan Singh
The Nonbank Bank Nexus and the Shadow Banking System Book PDF

Author : Mr.Zoltan Pozsar,Mr.Manmohan Singh
Publisher : International Monetary Fund
Page : 19 pages
File Size : 47,7 Mb
Release : 2011-12-01
Category : Business & Economics
ISBN : 9781463927233

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The Nonbank-Bank Nexus and the Shadow Banking System by Mr.Zoltan Pozsar,Mr.Manmohan Singh Pdf

The present way of thinking about financial intermediation does not fully incorporate the rise of asset managers as a major source of funding for banks through the shadow banking system. Asset managers are dominant sources of demand for non-M2 types of money and serve as source collateral ?mines' for the shadow banking system. Banks receive funding through the re-use of pledged collateral ?mined' from asset managers. Accounting for this, the size of the shadow banking system in the U.S. may be up to $25 trillion at year-end 2007 and $18 trillion at year-end 2010, higher than earlier estimates. In terms of policy, regulators will need to consider the re-use of pledged collateral when defining bank leverage ratios. Also, given asset managers' demand for non-M2 types of money, monitoring the shadow banking system will warrant closer attention well beyond the regulatory perimeter.

Shadow Banking

Roy J. Girasa
Shadow Banking Book PDF

Author : Roy J. Girasa
Publisher : Springer
Page : 322 pages
File Size : 45,7 Mb
Release : 2016-10-02
Category : Business & Economics
ISBN : 9783319330266

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Shadow Banking by Roy J. Girasa Pdf

This comparative study explores how shadow banking differs from the traditional banking system. It discusses the origins, history, purposes, risks, regulatory constraints, and projected future evolution of both financial sectors of the world economy. This thorough examination of non-bank financial intermediaries follows the migration of services from traditional banks to less-regulated alternative banking products, as well as the evolution of regulations and the Financial Stability Oversight Council to monitor these new entities. Three chapters explore in depth the major financial structures newly designated as systemically important financial institutions (SIFIs), with particular attention to insurance companies such as MetLife, which seek exemption from the designation. Finally, the focus shifts to international financial institutions' efforts to protect consumers and curtail irresponsible shadow banks, with an eye toward the effects of these actions on future banking practices.

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 : 43,5 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 (Sizable) Role of Rehypothecation in the Shadow Banking System

James Aitken,Mr.Manmohan Singh
The Sizable Role of Rehypothecation in the Shadow Banking System Book PDF

Author : James Aitken,Mr.Manmohan Singh
Publisher : International Monetary Fund
Page : 17 pages
File Size : 46,6 Mb
Release : 2010-07-01
Category : Business & Economics
ISBN : 9781455201839

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The (Sizable) Role of Rehypothecation in the Shadow Banking System by James Aitken,Mr.Manmohan Singh Pdf

This paper examines the sizable role of rehypothecation in the shadow banking system. Rehypothecation is the practice that allows collateral posted by, say, a hedge fund to its prime broker to be used again as collateral by that prime broker for its own funding. In the United Kingdom, such use of a customer’s assets by a prime broker can be for an unlimited amount of the customer’s assets while in the United States rehypothecation is capped. Incorporating estimates for rehypothecation (and the associated re-use of collateral) in the recent crisis indicates that the collapse in non-bank funding to banks was sizable. We show that the shadow banking system was at least 50 percent bigger than documented so far. We also provide estimates from the hedge fund industry for the - churning - factor or re-use of collateral. From a policy angle, supervisors of large banks that report on a global consolidated basis may need to enhance their understanding of the off-balance sheet funding that these banks receive via rehypothecation from other jurisdictions.

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 : 41,9 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.

Shadow Banking and the Funding of the Nonfinancial Sector

Joshua Gallin
Shadow Banking and the Funding of the Nonfinancial Sector Book PDF

Author : Joshua Gallin
Publisher : Unknown
Page : 51 pages
File Size : 50,6 Mb
Release : 2013-09-20
Category : Electronic
ISBN : 145784835X

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Shadow Banking and the Funding of the Nonfinancial Sector by Joshua Gallin Pdf

This report shows how to use data from the Flow of Funds Accounts of the United States to estimate how much funding of nonfinancial businesses, households, and governments is provided by the domestic shadow banking system. The author defines the shadow banking system as the set of entities and activities that provide short-term funding outside of the traditional commercial banking system, but he does not equate all nonbank funding with shadow banking. Results suggest that at the end of 2008, domestic shadow-bank funding of the nonfinancial sector was an important, but fairly modest source of funding relative to that provided by more traditional funding sources such as commercial banks, insurance companies, and pension funds. However, domestic shadow banking played a large role in the increase of nonfinancial-sector debt in the two years before 2008:Q4 and was, at least in an arithmetic sense, the entire reason for the slowdown in nonfinancial-sector debt growth after 2008. Domestic shadow-bank funding of the nonfinancial sector has increased since 2010, but remains well below the level seen right in late 2008. Figures and tables. This is a print on demand report.

What is Shadow Banking?

Mr.Stijn Claessens,Mr.Lev Ratnovski
What is Shadow Banking Book PDF

Author : Mr.Stijn Claessens,Mr.Lev Ratnovski
Publisher : International Monetary Fund
Page : 16 pages
File Size : 53,7 Mb
Release : 2014-02-11
Category : Business & Economics
ISBN : 9781475597943

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What is Shadow Banking? by Mr.Stijn Claessens,Mr.Lev Ratnovski Pdf

There is much confusion about what shadow banking is. Some equate it with securitization, others with non-traditional bank activities, and yet others with non-bank lending. Regardless, most think of shadow banking as activities that can create systemic risk. This paper proposes to describe shadow banking as “all financial activities, except traditional banking, which require a private or public backstop to operate”. Backstops can come in the form of franchise value of a bank or insurance company, or in the form of a government guarantee. The need for a backstop is in our view a crucial feature of shadow banking, which distinguishes it from the “usual” intermediated capital market activities, such as custodians, hedge funds, leasing companies, etc.

The Shadow Banking System

Valerio Lemma
The Shadow Banking System Book PDF

Author : Valerio Lemma
Publisher : Springer
Page : 238 pages
File Size : 41,5 Mb
Release : 2016-04-08
Category : Business & Economics
ISBN : 9781137496133

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The Shadow Banking System by Valerio Lemma Pdf

The book shows the fundaments of the shadow banking system and its entities, operations and risks. Focusing on the regulatory aspects, it provides an original view that is able to demonstrate that the lack of supervision is a market failure.

Managing the Sovereign-Bank Nexus

Mr.Giovanni Dell'Ariccia,Caio Ferreira,Nigel Jenkinson,Mr.Luc Laeven,Alberto Martin,Ms.Camelia Minoiu,Alex Popov
Managing the Sovereign Bank Nexus Book PDF

Author : Mr.Giovanni Dell'Ariccia,Caio Ferreira,Nigel Jenkinson,Mr.Luc Laeven,Alberto Martin,Ms.Camelia Minoiu,Alex Popov
Publisher : International Monetary Fund
Page : 54 pages
File Size : 41,7 Mb
Release : 2018-09-07
Category : Business & Economics
ISBN : 9781484359624

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Managing the Sovereign-Bank Nexus by Mr.Giovanni Dell'Ariccia,Caio Ferreira,Nigel Jenkinson,Mr.Luc Laeven,Alberto Martin,Ms.Camelia Minoiu,Alex Popov Pdf

This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.

Mapping the Shadow Banking System Through a Global Flow of Funds Analysis

Mr.Luca Errico,Artak Harutyunyan,Ms.Elena Loukoianova,Richard Walton,Ms.Yevgeniya Korniyenko,Goran Amidžic,Hanan AbuShanab,Mr.Hyun Song Shin
Mapping the Shadow Banking System Through a Global Flow of Funds Analysis Book PDF

Author : Mr.Luca Errico,Artak Harutyunyan,Ms.Elena Loukoianova,Richard Walton,Ms.Yevgeniya Korniyenko,Goran Amidžic,Hanan AbuShanab,Mr.Hyun Song Shin
Publisher : International Monetary Fund
Page : 57 pages
File Size : 55,7 Mb
Release : 2014-01-24
Category : Business & Economics
ISBN : 9781484383759

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Mapping the Shadow Banking System Through a Global Flow of Funds Analysis by Mr.Luca Errico,Artak Harutyunyan,Ms.Elena Loukoianova,Richard Walton,Ms.Yevgeniya Korniyenko,Goran Amidžic,Hanan AbuShanab,Mr.Hyun Song Shin Pdf

This paper presents an approach to understanding the shadow banking system in the United States using a new Global Flow of Funds (GFF) conceptual framework developed by the IMF’s Statistics Department (STA). The GFF uses external stock and flow matrices to map claims between sector-location pairs. Our findings highlight the large positions and gross flows of the U.S. banking sector (ODCs) and its interconnectedness with the banking sectors in the Euro area and the United Kingdom. European counterparties are large holders of U.S. other financial corporations (OFCs) debt securities. We explore the relationship between credit to domestic entities and the growth of non-core liabilities. We find that external debt liabilities of the financial sector are procyclical and are closely aligned with domestic credit growth.

Research Handbook on Shadow Banking

Iris H.-Y. Chiu,Iain G. MacNeil
Research Handbook on Shadow Banking Book PDF

Author : Iris H.-Y. Chiu,Iain G. MacNeil
Publisher : Edward Elgar Publishing
Page : 488 pages
File Size : 54,7 Mb
Release : 2024-07-04
Category : Electronic
ISBN : 9781785362637

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Research Handbook on Shadow Banking by Iris H.-Y. Chiu,Iain G. MacNeil Pdf

Research Handbook on Shadow Banking brings together a range of international experts to discuss shadow banking activities, the purposes they serve, the risks they pose to the financial system and implications for regulators and the regulatory perimeter. Including discussions specific to the UK, European Union, US, China and Singapore, this book offers high level and theoretical perspectives on shadow banking and regulatory risks, as well as more detailed explorations of specific markets in shadow banking.

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 : 53,9 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.

Finance for SMEs: European Regulation and Capital Markets Union

Patrizio Messina
Finance for SMEs European Regulation and Capital Markets Union Book PDF

Author : Patrizio Messina
Publisher : Kluwer Law International B.V.
Page : 222 pages
File Size : 45,6 Mb
Release : 2019-06-19
Category : Law
ISBN : 9789403501444

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Finance for SMEs: European Regulation and Capital Markets Union by Patrizio Messina Pdf

With the European Commission’s announcement of the Capital Markets Union in 2016, a major step was at last taken to provide for the special needs of small and medium enterprises (SMEs). This book presents the first in-depth legal analysis of the challenges that SMEs have to face when managing their balance sheets and trying to attract investors, what alternative financing tools are most effective and how recent legislation reaches fair and convenient conditions for SMEs. The analysis focuses specifically on the Capital Markets Union structure and on other European initiatives that support and enhance SMEs’ raising money on capital markets in order to better diversify their investments and plan a growth and development strategy. An updated description of the European framework is provided, together with references to relevant national systems. Issues and topics covered include the following: need for long-lasting access to funds; securitization for SMEs; SME Z-score; crowdfunding; and peer-to-peer, minibond and accounts receivables financing. Case study analyses furnish a deep understanding of the financial structures and their main features. Appendices include English texts of the main European Union (EU) legal documents pertaining to SMEs. For SMEs discouraged by over-regulation designed for larger businesses, and who find themselves in difficulties when they have to face the required process, this book will prove to be of immeasurable practical value. This book represents one of the first publications on SMEs and finance and contains data and information resulting from a deep and well-focused research on the topic. The added value of this study will allow the academics to understand the main issues related to this topic and will provide for a steady basis for further research and analysis with regards to law and economics for SMEs. Furthermore, it will be also warmly welcomed by practitioners in the area of SME financing and will be useful to support them in the selection of the most appropriate tools for their clients. Banks and interested EU officials will also value its clear and straightforward approach to the subject.

Business Threats and Opportunities in the Western Balkans

Hristina Runcheva Tasev,Elena Makrevska Disoska
Business Threats and Opportunities in the Western Balkans Book PDF

Author : Hristina Runcheva Tasev,Elena Makrevska Disoska
Publisher : Cambridge Scholars Publishing
Page : 190 pages
File Size : 54,7 Mb
Release : 2021-10-15
Category : Business & Economics
ISBN : 9781527576124

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Business Threats and Opportunities in the Western Balkans by Hristina Runcheva Tasev,Elena Makrevska Disoska Pdf

This book provides a comprehensive outlook of expected long-term economic changes in the Western Balkans, inspiration for involved decision-makers, and ways to leverage the opportunities of the COVID-19 pandemic. It considers how the organizational aspects of enterprises, changes in consumer behavior, the rise of informational technologies, and the expansion of the digital market can create economic growth based on lower carbon consumption and sustainable growth based on green and clean solutions. The length and depth of the current economic crisis will depend on a combination of effective policies, incentives and management systems that can balance between the protection of public health and economic well-being.

The State of Capitalism

Costas Lapavitsas,EReNSEP Writing Collective
The State of Capitalism Book PDF

Author : Costas Lapavitsas,EReNSEP Writing Collective
Publisher : Verso Books
Page : 385 pages
File Size : 51,6 Mb
Release : 2023-08-29
Category : Political Science
ISBN : 9781839767845

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The State of Capitalism by Costas Lapavitsas,EReNSEP Writing Collective Pdf

Thinking beyond pandemic capitalism The health emergency that broke out in 2020 is a landmark event in the development of capitalism, confirming the underlying change signalled by the Great Crisis of 2007-9. The pandemic has catapulted the state to the centre of economic activity. However, a historic impasse is steadily becoming apparent at the core of the world economy Productive accumulation is flaccid, as both profitability and labour productivity are weak. Financialisation has entered a new phase, as “shadow banking” grew relative to other banks but is entirely dependent on the state. The power of the state derives from command over fiat money and can certainly deliver enormous boosts to aggregate demand, but that is not enough to tackle the weakness of the productive sector. The rise in inflation for the first time in forty years indicates the impasse. There is a transparent need for intervention on the supply side, directly challenging capitalist property rights. There is no evidence, however, that the ruling blocs in core countries would engage in such policies. The pandemic crisis also brought to the fore fresh divisions of core and periphery across the world economy. Imperialism has assumed new forms, spurred by globally active financial capital and internationalised productive capital. A renewed contest for hegemony has emerged as US power declined. The economic challenge of China will unfold steadily in the years ahead, intensifying political tensions and military rivalries. This book is the work of a research collective comprising authors from several parts of the world. It analyses these vital issues from the perspective of Marxist political economy and puts forth alternative anticapitalist proposals.