What is the shadow banking system defined as?

The shadow banking system refers to a collection of non-bank financial intermediaries (NBFIs) that provide services similar to traditional commercial banks but operate outside the scope of standard banking regulations. These entities collectively perform traditional banking functions like credit, maturity, and liquidity transformation without direct access to public liquidity or credit backstops.

What is the estimated global value of financial assets held by the shadow banking system, and how does it compare to global GDP?

According to S&P Global estimates at the end of 2022, the shadow banking system held approximately $63 trillion in financial assets across major jurisdictions worldwide. This figure represented 78% of global GDP, indicating its substantial scale relative to the global economy.

How has the size of the shadow banking system changed since 2009?

The shadow banking system has grown significantly since 2009. In 2009, it held $28 trillion in financial assets, which represented 68% of global GDP. By the end of 2022, this had increased to $63 trillion, representing 78% of global GDP.

What are some examples of non-bank financial intermediaries (NBFIs) that constitute the shadow banking system?

Examples of NBFIs include hedge funds, insurance firms, pawn shops, cashier's check issuers, check cashing locations, payday lenders, currency exchanges, and microloan organizations. These entities offer financial services without being regulated as traditional banks.

What alternative term has been proposed for 'shadow banking' and why?

The term 'market-based finance' has been proposed as an alternative to 'shadow banking.' This is because some consider the term 'shadow banking' to be pejorative, suggesting a less transparent or potentially illicit nature, whereas 'market-based finance' aims for a more neutral description of these activities.

According to Ben Bernanke, what key banking functions do shadow banking entities perform?

Former US Federal Reserve Chair Ben Bernanke stated that shadow banking entities, by definition, comprise a diverse set of institutions and markets that collectively carry out traditional banking functions. These functions include credit, maturity, and liquidity transformation, but they are performed outside or only loosely linked to the traditional system of regulated depository institutions.

What specific entities did Ben Bernanke list as important components of the shadow banking system?

Ben Bernanke identified several key components of the shadow banking system, including securitization vehicles, asset-backed commercial paper conduits, money market funds, markets for repurchase agreements, investment banks, and mortgage companies.

What role did the shadow banking system play in the subprime mortgage crisis and the subsequent global recession?

The shadow banking system played a significant role in the subprime mortgage crisis of 2007-2008 and the global recession that followed. Its growth and activities were a contributing factor to the financial instability that led to these events.

Who coined the term 'shadow banking' and in what context?

The term 'shadow banking system' was coined by Paul McCulley, associated with the investment management firm PIMCO. He first used the term at the Federal Reserve Bank of Kansas City's Economic Symposium in Jackson Hole, Wyoming, in 2007.

What was Paul McCulley's initial definition of the shadow banking system?

Paul McCulley initially defined the shadow banking system as 'the whole alphabet soup of levered up non-bank investment conduits, vehicles, and structures.' This description highlighted the complex and often highly leveraged nature of these entities.

When did Paul McCulley identify the emergence of the shadow banking system?

McCulley identified the birth of the shadow banking system with the development of money market funds in the 1970s. He noted that while money market accounts function similarly to bank deposits, money market funds themselves are not regulated as banks.

What entities are commonly cited as making up the shadow banking system?

Entities often included in the shadow banking system are hedge funds, structured investment vehicles (SIVs), special purpose entity conduits (SPEs), money market funds, repurchase agreement (repo) markets, and various other non-bank financial institutions. Many of these are sponsored by or affiliated with traditional banks.

Why has the inclusion of money market funds in the definition of shadow banking been questioned?

The inclusion of money market funds in the definition of shadow banking has been questioned by some due to their relatively simple structure and their highly regulated and unleveraged nature. These characteristics are considered to make them safer, more liquid, and more transparent compared to traditional banks.

How do shadow banking institutions typically function as intermediaries?

Shadow banking institutions act as intermediaries by channeling funds from investors, such as pension funds, to borrowers, like corporations. They profit either from fees charged for this service or from the difference between the interest rates they pay to investors and the rates they charge borrowers.

What is the 'originate-to-distribute' model mentioned in relation to shadow banking?

The 'originate-to-distribute' model describes how banks and other lenders extend loans and then package these loans into securities like Asset-Backed Securities (ABS) and Collateralized Debt Obligations (CDOs). These securities are then sold to investors, allowing the original lenders to transfer the risk and free up capital for further lending.

What are the two key functions of the shadow banking system identified by the International Monetary Fund (IMF)?

According to the IMF, the two key functions of the shadow banking system are securitization, which aims to create safe assets, and collateral intermediation, which helps reduce counterparty risks and facilitates secured transactions.

How did shadow banking entities like SIVs and conduits fund their operations?

Shadow banking entities like SIVs and conduits typically relied on short-term funding from liquid markets, such as the money market and commercial paper markets. They would frequently need to repay and borrow again from these investors. These funds were then used to invest in longer-term, less liquid assets.

What types of long-term assets did shadow banking entities often purchase?

In many cases, the long-term assets purchased by shadow banking entities were mortgage-backed securities. These were sometimes referred to as 'toxic assets' or 'legacy assets' in the press, especially as their value declined during the housing market downturn.

What risks are associated with the high leverage common in shadow banking?

High leverage in shadow banks magnifies both profits during boom periods and losses during downturns. This leverage may not be readily apparent to investors, potentially allowing shadow institutions to appear to perform better during booms by taking on greater risks. Money market funds, however, are typically unleveraged.

Why are shadow banks considered vulnerable during periods of market illiquidity?

Shadow banks are vulnerable because they lack direct or indirect access to central bank support as a lender of last resort, unlike traditional depository institutions. Their reliance on short-term funding means that disruptions in credit markets can force them to rapidly sell long-term, illiquid assets at depressed prices to meet their obligations, potentially leading to bankruptcy.

What happened to securitization markets in the lead-up to and during the 2008 financial crisis?

Securitization markets, heavily utilized by the shadow banking system, began to close down in the spring of 2007. As housing market issues became apparent and default rates rose, mortgage-backed securities and collateralized debt obligations lost value. The entire complex of private credit markets nearly shut down in the fall of 2008, making over a third of these markets unavailable as a source of funds.

How did the failure of Bear Stearns and Lehman Brothers relate to shadow banking practices?

The reliance of investment banks on short-term financing in the capital markets made them vulnerable. When the housing market deteriorated and investors became hesitant to provide funds through instruments like mortgage-backed securities, these banks could not refinance their operations. This inability to secure funds was a primary cause of the failures of Bear Stearns and Lehman Brothers in 2008.

What did Timothy Geithner attribute the freezing of credit markets to in 2008?

In June 2008, Timothy Geithner, then President and CEO of the New York Federal Reserve Bank, stated that the freezing of credit markets was largely due to a 'run' on entities within the shadow banking system by their counterparties. He highlighted the critical role these off-balance sheet entities played in credit markets, despite operating outside regulatory controls.

How did Paul Krugman characterize the cause of the 2008 financial crisis?

Economist Paul Krugman described the run on the shadow banking system as the 'core of what happened' to cause the crisis. He argued that as shadow banking grew in importance, regulators should have extended regulations and safety nets to cover these institutions, likening the lack of oversight to 'malign neglect'.

What is the significance of credit derivatives in the shadow banking system?

Credit derivatives, such as credit default swaps (CDS), have facilitated a massive expansion of credit within the shadow banking system. The over-the-counter (OTC) derivatives market, driven largely by these instruments, grew exponentially, reaching over US$650 trillion in notional contracts traded before the 2008 crisis.

What was the issue with companies selling credit default swaps before the 2008 crisis?

Before the 2008 crisis, companies selling credit default swaps were often not regulated as insurance providers. This meant they were not required to maintain sufficient capital reserves to cover potential claims, which contributed to the financial collapse of entities like AIG when faced with massive settlement demands.

What did the Financial Stability Board (FSB) estimate the size of the shadow banking system to be in 2011?

Globally, the FSB estimated that the 11 largest national shadow banking systems totaled $51 trillion in late 2011, slightly exceeding their pre-crisis peak. Overall, the worldwide shadow banking system was estimated to be around $60 trillion at that time.

What were the two policy priorities suggested by the International Monetary Fund (IMF) for regulating the shadow banking system?

The IMF suggested two main policy priorities for shadow banking: first, to reduce the spillover effects from the shadow banking system to the main banking system, and second, to decrease procyclicality and systemic risk within the shadow banking system itself.

What is the historical context for the concept of 'shadow banking'?

While the term 'shadow banking' is recent, the concept of credit growth by unregulated institutions dates back at least to 1935, as discussed by Friedrich Hayek. Historically, concerns about hidden debt and unregulated financial activities have existed for centuries, influencing laws related to fraudulent transfers.

What role did rehypothecation play in the size of the shadow banking system, according to a 2010 IMF paper?

A 2010 paper by Manmohan Singh and James Aitken of the IMF highlighted the role of rehypothecation. When this practice was considered, the estimated size of the shadow banking system in the U.S. more than doubled to over $10 trillion, significantly increasing previous estimates.

What happened with Long-Term Capital Management (LTCM) in 1998, and how does it relate to shadow banking?

In 1998, the highly leveraged and unregulated hedge fund Long-Term Capital Management failed. It required a bailout orchestrated by several major banks at the government's request, demonstrating the systemic risk posed by large, unregulated entities within the financial system, which are characteristic of shadow banking.

How did structured investment vehicles (SIVs) and special purpose vehicles (SPEs) contribute to the 2008 financial crisis?

Before the 2008 crisis, major US banks moved trillions of dollars in assets and liabilities off their balance sheets into SIVs and SPEs. This allowed them to bypass regulatory capital requirements, increasing leverage and profits during the boom but exacerbating losses during the crisis. These off-balance sheet entities were crucial for funding investment strategies but were vulnerable due to short-term funding and long-term, illiquid assets.

What was the estimated size of the shadow banking system in the US in 2007, according to Timothy Geithner?

In June 2008, Timothy Geithner reported that in early 2007, asset-backed commercial paper conduits, structured investment vehicles, auction-rate preferred securities, tender option bonds, and variable rate demand notes had a combined asset size of roughly $2.2 trillion. Assets financed overnight in triparty repo grew to $2.5 trillion, and assets held in hedge funds grew to about $1.8 trillion.

What did Benoît Cœuré of the ECB suggest should be the focus to avoid future financial crises?

In 2016, Benoît Cœuré, an ECB executive board member, stated that controlling shadow banking should be the focus to avoid future financial crises. He noted that while banks' leverage had been reduced, market-based finance (shadow banking) still posed risks, requiring vigilance and potentially new regulatory instruments.

What is the 'market exposure' of shadow banks, and how does it relate to leverage?

Market exposure refers to the total value of assets a financial institution holds or is responsible for. Shadow banks, not being subject to the same prudential regulations as depository banks, can maintain a very high level of financial leverage, meaning a high ratio of debt relative to liquid assets. This high leverage magnifies both profits and losses.

How do money market funds differ from investment banks regarding risk and bankruptcy?

Money market funds are typically unleveraged and considered less risky than investment banks. If a money market fund's net asset value falls below a certain threshold, it distributes its assets pro rata to shareholders. In contrast, investment banks, often highly leveraged, faced bankruptcy during the 2008 crisis when they could not refinance their short-term liabilities due to market disruptions.

What was the estimated size of the shadow banking system globally in 2016, according to the Financial Stability Board?

According to the Financial Stability Board, the worldwide shadow banking system totaled about $100 trillion in 2016.

What is the 'run' on the shadow banking system, as described by Timothy Geithner?

Timothy Geithner described the 'run' on the shadow banking system as a situation where counterparties rapidly withdrew funding from these entities. This occurred because shadow banking entities, which borrowed short-term to fund long-term, illiquid assets, became vulnerable when credit markets tightened, leading to a rapid deleveraging and asset sell-offs.

What is the 'malign neglect' referred to by Paul Krugman in the context of shadow banking?

Paul Krugman used the term 'malign neglect' to describe the failure of politicians and officials to extend regulations and financial safety nets to cover the growing shadow banking system. He argued that institutions performing bank-like functions and requiring bailouts should be regulated like banks.

How have Chinese shadow banks been impacted by the property sector crisis?

Chinese shadow banks, such as Sichuan Trust, have been significantly affected by the ongoing Chinese property sector crisis (2020-present). This impact stems from extensive over-lending practices and a subsequent crackdown on regulations within the sector.

What is the historical precedent for the concept of 'shadow banking' in legal cases?

The concept of hidden high-priority debt, related to shadow banking, has historical roots dating back over 400 years to cases like Twyne's Case and the Statute of Bankrupts in the UK, and Clow v. Woods in the U.S. These legal developments contributed to the evolution of modern fraudulent transfer law.

What did the image caption 'Securitization Market Activity' imply about the securitization markets during the crisis?

The image caption 'Securitization Market Activity' implied that these markets experienced significant disruption during the financial crisis. This aligns with the text stating that securitization markets became impaired and largely shut down, contributing to the overall financial instability.

What is the relationship between regulated banking organizations and shadow banking, according to some experts?

According to at least one financial regulatory expert, regulated banking organizations are considered the largest shadow banks. This perspective suggests that significant shadow banking activities occur within the regulated banking system itself, contributing to systemic risk.

What was the estimated size of the US shadow banking system in 2011, according to the FSB?

In 2011, estimates indicated that the shadow banking system in the U.S. had decreased to $24 trillion, down from an estimated $25 trillion in 2007, according to the Financial Stability Board.

What is the role of securitization in the shadow banking system, as defined by the IMF?

The IMF defines securitization as one of the two key functions of the shadow banking system. Its purpose is to create safe assets by pooling and repackaging various types of debt, such as mortgages, into securities that can be sold to investors.

What is collateral intermediation in the context of shadow banking?

Collateral intermediation is identified by the IMF as a key function of the shadow banking system. It involves the use of collateral to reduce counterparty risks and facilitate secured financial transactions, thereby enhancing liquidity and efficiency in the market.

What was the notional value of trades in the over-the-counter (OTC) derivatives market leading up to the 2008 crisis?

The over-the-counter (OTC) derivatives market, heavily utilized by the shadow banking system, grew rapidly and reached over US$650 trillion in notional contracts traded in the decade leading up to the 2008 financial crisis.

What specific types of credit derivatives fueled the growth of the OTC market?

The rapid growth in the OTC derivatives market was primarily driven by credit derivatives. These included interest rate obligations derived from mortgage securities bundles, collateralized debt obligations (CDOs), credit default swaps (CDS), and synthetic CDOs.

What was the estimated size of the credit default swap (CDS) market in the years before the 2008 crisis?

The market for credit default swaps (CDS) experienced explosive growth, rising from an insignificant level in 2004 to over $60 trillion within a few years, significantly contributing to the complexity and risk within the shadow banking system.

What is the significance of the $1 trillion loan mark reached by US financial institutions to shadow banks in 2024?

The fact that US financial institutions loaned over $1 trillion to shadow banks by 2024 highlights the continued deep integration and financial interdependence between traditional and shadow banking sectors, even after the 2008 crisis.

Shadow Banking System Wiki: Unveiling the Shadows: A Deep Dive into Market-Based Finance

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Overview

Defining Shadow Banking

The shadow banking system comprises a diverse array of non-bank financial intermediaries that provide services akin to traditional commercial banks but operate outside the purview of conventional banking regulations.^{^[1]}^{^[2]} This sector facilitates crucial financial functions such as credit intermediation, maturity transformation, and liquidity transformation without direct access to central bank liquidity or public safety nets.^{^[1]}

Scale and Scope

Estimates suggest the global shadow banking sector held approximately $63 trillion in financial assets at the end of 2022, representing a significant 78% of global GDP. This marks a substantial increase from $28 trillion (68% of GDP) in 2009, underscoring its growing influence.^{^[3]} The term "market-based finance" is often proposed as a more neutral alternative to "shadow banking."^{^[6]}

Historical Context

The term "shadow banking system" was popularized by Paul McCulley in 2007, identifying a complex network of financial vehicles and structures operating beyond traditional regulatory oversight.^{^[41]} Its roots can be traced back to the development of money market funds in the 1970s, which offered bank-like deposit services without being regulated as banks.^{^[44]}

Key Entities

Non-Bank Financial Institutions (NBFIs)

Shadow banking entities typically lack formal banking licenses and do not accept deposits in the manner of traditional depository banks. This structural difference exempts them from many of the stringent regulations applied to conventional banks.^{^[9]}

Examples of Shadow Entities

The system encompasses a wide range of organizations, including:

Hedge Funds
Insurance Companies
Investment Funds
Pension Funds
Securities Broker-Dealers
Structured Investment Vehicles (SIVs)
Money Market Funds (though their inclusion is sometimes debated due to regulation)
Special Purpose Entity Conduits (SPEs)

Many of these entities are sponsored by or affiliated with traditional banks, creating intricate interdependencies.^{^[25]}

Interconnectedness

Shadow banks often act as intermediaries, channeling funds from investors (like pension funds) to borrowers (like corporations). They profit through fees or by exploiting interest rate differentials. This intermediation role is critical for credit provision but occurs outside the direct oversight and safety nets (e.g., deposit insurance, central bank liquidity) available to regulated banks.^{^[9]}

Operational Role

Credit Extension

Similar to traditional banks, shadow banks enhance market liquidity and facilitate credit extension. They often engage in the "originate-to-distribute" model, packaging loans (like mortgages) into securities (ABS, CDOs) and selling them to investors across various tranches.^{^[13]} This process allows for greater credit availability but also disperses risk throughout the financial system.

Securitization and Collateral

Key functions of the shadow banking system include securitization, creating seemingly safe assets from underlying loans, and collateral intermediation, which helps mitigate counterparty risks and facilitates secured transactions.^{^[32]} These activities are vital for the efficient functioning of modern capital markets.

Market Dynamics

Shadow banks can sometimes provide credit more cost-effectively than traditional banks due to their specialized structures and lighter regulatory burdens.^{^[27]} However, their reliance on short-term funding (e.g., commercial paper, repo markets) for longer-term, less liquid assets creates inherent vulnerabilities, particularly during periods of market stress.^{^[27]}

Inherent Risks

Leverage and Liquidity Mismatch

A primary risk feature of shadow banking is high leverage, amplifying both profits and losses. Unlike regulated banks, shadow entities lack access to central bank liquidity facilities or deposit insurance, making them susceptible to liquidity crises. A mismatch between short-term liabilities and long-term, illiquid assets can lead to rapid deleveraging and potential insolvency.^{^[27]}

Market Disruptions

The interconnectedness and reliance on short-term funding markets mean that disruptions, such as the freezing of securitization markets during the 2008 crisis, can trigger cascading failures. The inability to refinance liabilities can lead to rapid asset sales at depressed prices, exacerbating market downturns.^{^[37]}

Systemic Vulnerability

The sheer size and interconnectedness of the shadow banking system pose systemic risks. Failures within this sector can transmit shocks to the broader financial system and the real economy, as demonstrated by the 2008 global financial crisis.^{^[22]}

Historical Evolution

Origins and Growth

The concept of credit creation by unregulated entities dates back centuries, but the modern term "shadow banking system" emerged in the early 2000s. Its growth accelerated significantly after 2000, playing a pivotal role in credit provision leading up to the 2008 financial crisis.^{^[16]}

Role in Crises

Shadow banking activities were central to the 2008 financial crisis. The system's reliance on short-term funding for long-term, risky assets, coupled with high leverage and a lack of regulatory oversight, created a fragile structure vulnerable to runs and contagion.^{^[35]}^{^[55]} Similarly, shadow banking practices have been implicated in the Chinese property sector crisis starting in 2020.^{^[22]}

Regulatory Response

The post-2008 era has seen increased efforts to regulate shadow banking. International bodies like the Financial Stability Board (FSB) and national regulators have introduced measures to enhance oversight, reduce systemic risk, and mitigate spillovers from the shadow sector to traditional banking.^{^[32]}

Regulatory Landscape

Oversight Efforts

Regulators globally are focused on understanding and managing the risks posed by shadow banking. Key policy priorities include reducing interconnections between the shadow and traditional banking systems and curbing procyclicality and systemic risk within the shadow sector itself.^{^[32]}

Global Frameworks

International agreements, such as those discussed by the G20 and implemented by the FSB, aim to establish global standards for shadow banking activities. These efforts often target areas like securitization, money market funds, and repurchase agreements, with deadlines for compliance typically set for the mid-2010s.^{^[11]}

Challenges in Regulation

Regulating shadow banking presents significant challenges due to its complexity, innovation, and cross-border nature. The dynamic evolution of financial markets means that regulatory frameworks must continually adapt to address emerging risks and activities.^{^[2]}

Significance

Economic Contribution

The shadow banking system plays a substantial role in the global financial system by providing essential credit and liquidity. Its scale, estimated at over $63 trillion globally, highlights its importance in financing economic activity.^{^[3]}

Financial Stability

While facilitating economic growth, the inherent risks within shadow banking can threaten financial stability. Understanding and managing these risks is crucial for preventing systemic crises and ensuring the resilience of the financial sector.^{^[22]}

Policy Implications

The growth and activities of shadow banking necessitate careful policy consideration. Striking a balance between fostering financial innovation and mitigating systemic risks remains a key challenge for policymakers worldwide.^{^[36]}

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References

Non-Bank Financial Institutions:A Study of Five Sectors

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Unveiling the Shadows

💡 Dive in with Flashcard Learning! 💡

Overview ℹ️

🌐 Defining Shadow Banking

📊 Scale and Scope

🏛️ Historical Context

Key Entities 🧩

💼 Non-Bank Financial Institutions (NBFIs)

🗂️ Examples of Shadow Entities

🔗 Interconnectedness

Operational Role ⚙️

➡️ Credit Extension

🔄 Securitization and Collateral

📈 Market Dynamics

Inherent Risks ⚠️

⚖️ Leverage and Liquidity Mismatch

📉 Market Disruptions

🔗 Systemic Vulnerability

Historical Evolution ⏳

📜 Origins and Growth

💥 Role in Crises

⚖️ Regulatory Response

Regulatory Landscape 📜

🔍 Oversight Efforts

🗓️ Global Frameworks

🏛️ Challenges in Regulation

Significance ⭐

💰 Economic Contribution

⚖️ Financial Stability

💡 Policy Implications

Teacher's Corner 🧑‍🏫

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References

📜 References

Feedback & Support 👍

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Disclaimer ⚠️

📜 Important Notice

Dive in with Flashcard Learning!

Overview

Defining Shadow Banking

Scale and Scope

Historical Context

Key Entities

Non-Bank Financial Institutions (NBFIs)

Examples of Shadow Entities

Interconnectedness

Operational Role

Credit Extension

Securitization and Collateral

Market Dynamics

Inherent Risks

Leverage and Liquidity Mismatch

Market Disruptions

Systemic Vulnerability

Historical Evolution

Origins and Growth

Role in Crises

Regulatory Response

Regulatory Landscape

Oversight Efforts

Global Frameworks

Challenges in Regulation

Significance

Economic Contribution

Financial Stability

Policy Implications

Teacher's Corner

True or False?

Test Your Knowledge!

Gamer's Corner

Discover other topics to study!

References

Feedback & Support

Disclaimer

Important Notice