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Shadow Banking and Market-Based Finance
Author:
Mr. Tobias Adrian
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https://orcid.org/0000-0001-9379-9592
and
Bradley Jones
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Series:
Departmental Papers
Volume/Issue:
Volume 2018: Issue 013
Language:
English
Publication Date:
01 Aug 2018
DOI:
https://doi.org/10.5089/9781484343883.087
ISBN:
9781484343883
ISSN:
2616-5333
Pages:
47
Keywords:
DPPP; DP; finance; bank; loan; subprime mortgage; money market fund; due diligence; subprime auto-loan ABS; finance entity; private equity; finance market; NBCI activity; auto-loan ABS; home equity; shadow banking activity; shadow banking affiliate; Shadow banking; Credit; Loans; Financial sector stability; Commercial banks; Global; Europe
Legal-disclaimer:
The Departmental Paper Series presents research by IMF staff on issues of broad regional or cross-country interest. The views expressed in this paper are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Variants of nonbank credit intermediation differ greatly. We provide a conceptual framework to help distinguish various characteristics—structural features, economic motivations, and risk implications—associated with different forms of nonbank credit intermediation. Anchored by this framework, we take stock of the evolution of shadow banking and the extent of its transformation into market-based finance since the global financial crisis. In light of the substantial regulatory and supervisory responses of recent years, we highlight key areas of progress while drawing attention to elements where work still needs to be done. Case studies of policy challenges arising in different jurisdictions are also discussed. While many of the amplification forces that were at play during the global financial crisis have diminished, the post-crisis reform agenda is not yet complete, and policy makers must remain attentive to new challenges looming on the horizon.
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Cover Departmental Papers
Departmental Papers
ISSN:
2616-5333
Publisher:
International Monetary Fund