Shadow Banking

Shadow Banking is the first study to bring together the insights from financial regulators, practitioners and academics from across the social sciences. The first part traces the evolution and ongoing confusion about the meaning of 'shadow banking'. The second section draws major lessons about shadow banking as posed by the financial crisis of 2007-09, providing comparative analyses in the US and Europe, and attempts to establish why shadow banking has emerged and matured to the level of a de-facto parallel financial system. Finally, the third part goes beyond current regulatory concerns about shadow banking and explains why it is 'here to stay'.

Auteur

Anastasia Nesvetailova is Director of City Political Economy Research Centre, City University of London, UK. Her main research and teaching interests lie in the area of international political economy, finance and financial crises, regulation and governance.

Texte du rabat

Shadow banking - a system of credit creation outside traditional banks - lies at the very heart of the global economy. It accounts for over half of global banking assets, and represents a third of the global financial system. Although the term 'shadow banking' only entered public discourse in 2007, the importance and scope of this system is now widely recognised by the international policy-makers. There is, however, much less consensus on the origins of the shadow banking system, what role it plays in global political economy and the optimal approach to regulating this complex segment of finance. This volume addresses these questions. *

Shadow Banking* is the first study to bring together the insights from financial regulators, practitioners and academics from across the social sciences. The first part traces the evolution and ongoing confusion about the meaning of 'shadow banking'. The second section draws major lessons about shadow banking as posed by the financial crisis of 2007-09, providing comparative analyses in the US and Europe, and attempts to establish why shadow banking has emerged and matured to the level of a de facto parallel financial system. Finally, the third part goes beyond current regulatory concerns about shadow banking and explains why it is 'here to stay'.

This volume is of great importance to political economy, banking and international political economy.

Contenu

INTRODUCTION

SHADOW BANKING: THE POLITICAL ECONOMY OF FINANCIAL INNOVATION

Anastasia Nesvetailova * PART I. SCOPING THE SHADOW BANKING SYSTEM

• CHAPTER 1. SHADOW BANKING: A VIEW FROM THE USA Zoltan Pozsar CHAPTER 2. THE TRANFORMATION OF BANKING Robert Guttmann CHAPTER 3. HOW SHADOW BANKING BECAME NON-BANK FINANCE: THE CONJUCTURAL POWER OF ECONOMIC IDEAS Ewald Engelen CHAPTER 4. SHADOW BANKING, GERMAN BANKING AND THE QUESTION OF POLITICAL ORDER Oliver Kessler and Benjamin Wilhelm CHAPTER 5. SHADOW BANKING IN CHINA: INSTRUMENTS, ISSUES, TRENDS Jianjun Li and Sara Hsu CHAPTER 6. THE TWO SHADOW BANKING SYSTEMS IN RUSSIA Natalia Kaurova * PART II. CRISIS AND BEYOND. SHADOW BANKING AND ITS ORIGINS
• CHAPTER 7. THE SHADOW BANKING SYSTEM DURING THE FINANCIAL CRISIS OF 2007-08: A COMPARISON OF THE US AND THE EU Antoine Bouveret CHAPTER 8. EUROPEAN MONEY MARKET FUNDS: A STUDY OF THE MARKET MICRO-PROCESSES Viktoria Baklanova and Joseph Tanega CHAPTER 9. SHADOW CONNECTIONS. ON HIERARCHIES OF COLLATERAL IN SHADOW BANKING Daniela Gabor CHAPTER 10. INVESTMENT FUNDS, SHADOW BANKING AND SYSTEMIC RISK Elias Bengtsson * PART III. BANKING ON THE FUTURE: THE STRUCTURAL DEMAND FOR FINANCIAL INNOVATION
• CHAPTER 11. WHY OVERCAPITALIZATION DRIVES BANKS INTO THE SHADOWS Jan Toporowski CHAPTER 12. THE FUTURE FOR THE TOP 1%: THE REAL ROLE OF HEDGE FUNDS IN THE SUBPRIME CRISIS Photis Lysandrou CHAPTER 13. THE ECONOMY OF DEFERRAL AND DISPLACEMENT: FINANCE, SHADOW BANKING AND FISCAL ARBITRAGE Ronen Palan, Mike Rafferty and Duncan Wigan CHAPTER 14. SHADOW BANKING AND THE CHALLENGES FOR CENTRAL BANKS Thorvald Grung Moe CONCLUSION

SHADOW BANKING: INTO THE LIMELIGHT Anastasia Nesvetailova