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.
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
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