"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 bankin'. The second section draws major lessons about shadow banking as posed by the financial crisis of 2007, 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."--Provided by publisher.
Formatted Contents Note
Introduction Shadow banking: the political economy of financial innovation / Anastasia Nesvetailova Scoping the shadow banking system Shadow banking: a view from the USA / Zoltan Pozsar The tranformation of banking / Robert Guttmann How shadow banking became non-bank finance : the conjuctural power of economic ideas / Ewald Engelen Shadow banking, German banking and the question of political order / Oliver Kessler and Benjamin Wilhelm Shadow banking in China: instruments, issues, trends / Jianjun Li and Sara Hsu The two shadow banking systems in Russia / Natalia Kaurova Crisis and beyond. shadow banking and its origins The shadow banking system during the financial crisis of 2007-08 : a comparison of the US and the EU / Antoine Bouveret European money market funds : a study of the market micro-processes / Viktoria Baklanova and Joseph Tanega Shadow connections : on hierarchies of collateral in shadow banking / Daniela Gabor Investment funds, shadow banking and systemic risk / Elias Bengtsson Banking on the future : the structural demand for financial innovation Why overcapitalization drives banks into the shadows / Jan Toporowski The future for the top 1% : the real role of hedge funds in the subprime crisis / Photis Lysandrou The economy of deferral and displacement : finance, shadow banking and fiscal arbitrage / Ronen Palan, Mike Rafferty and Duncan Wigan Shadow banking and the challenges for central banks / Thorvald Grung Moe Conclusion Shadow banking : into the limelight / Anastasia Nesvetailova.