The Shadow Banking System

Creating Transparency in the Financial Markets
1. Auflage 2015
ISBN: 978-1-137-49612-6
Verlag: Palgrave Macmillan UK

Buch, Englisch, 238 Seiten, HC runder Rücken kaschiert, Format (B × H): 145 mm x 222 mm, Gewicht: 4139 g

Reihe: Palgrave Macmillan Studies in Banking and Financial Institutions

The book shows the fundaments of the shadow banking system and its entities, operations and risks. Focusing on the regulatory aspects, it provides an original view that is able to demonstrate that the lack of supervision is a market failure.

Zielgruppe

Research

Autoren/Hrsg.

Lemma, Valerio

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Bankwirtschaft
• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Internationale Finanzmärkte
• Rechtswissenschaften Wirtschaftsrecht Bank- und Versicherungsrecht Bank-, Sparkassen- und Börsenrecht
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Internationale Finanzmärkte

Inhaltsverzeichnis

PART I: GENERAL OBSERVATIONS
1.1 The Identification Of The Phenomenon
1.2 The Traditional Definitions Of The Shadow Banking System: The Guidelines Of The Financial Stability Board And The Statement Of The G20
1.3. The Directions Of Certain Central Banks
1.4. The Routes Of European Institutions
1.5 The Path Of Emerging Countries
1.6 The Interpretations Of The Phenomenon
1.7. The Different Outcomes Of The Monetary And Supervisory Perspectives
1.8 The Boundaries Of The Shadow Banking System: Money Laundering, Tax Evasion And Other Forms Of The 'Black Market.'
PART II: THE SHADOW BANKING SYSTEM AS AN ALTERNATIVE SOURCE OF LIQUIDITY
2.1. The Economic Determinants Of The Shadow Banking System
2.2. Information Asymmetries
2.3. Opacity, Pro-Cyclicality And System Instability
2.4. Methods For Classification Of The Phenomenon
2.5. Is This Economic Freedom Or Escape From Regulation?
2.6. The Global Nature And The Riskiness Of The Phenomenon
2.7. NewFreedoms And Their Problematic Nature
PART III: SHADOW BANKING ENTITIES
3.1 Special Purpose Vehicles
3.2 Shadow Banks
3.3. Other Shadow Banking Entities
3.4. The Shadow Funds
3.5. The Particular Role Of Money Market Funds
PART IV: SHADOW BUSINESSES OF BANKS, INSURANCE COMPANIES AND PENSION FUNDS
4.1. Multi-Phasic Nature Of The Shadow Banking System And Plurality Of Traditional Operators
4.2. The Role Of Banks In The Shadow Banking System
4.3. The Dysfunctions Of Internal Controls And Of The Weaknesses Of Other Safeguards
4.4. The Action Of The Insurance Companies
4.5. The Involvement Of Pension Funds
PART V: SHADOW BANKING OPERATIONS
5.1. Shadow Credit Intermediation Process
5.2. An Undetermined (In The Contents) And Unconfined (Within The Boundaries) Reality
5.3. The Operations Of The Credit Transformation
5.4. The New Securitization Techniques
5.5. Effects On The Maturities Of The Operations And On The Levels Of Financial Leverage
5.6. Ratings (In The Shadows)
PART VI: NON STANDARD OPERATIONS IN THE SHADOW BANKING SYSTEM
6.1. The Use Of Securities Lending And Borrowing And Repurchase Agreements
6.2. The Offering Of The Asset-Backed Commercial Paper, Asset-Backed Securities And Collateralized Debt Obligations
6.3. Peculiarities Of Derivatives
6.4. The Shadow Banking Operations Of Sovereign States
6.5. The Use Of Derivatives (To Face The Crisis) By Sovereign States
6.6. The Shadow Banking Operations Of The Credit Institutions
PART VII: SHADOW BANKING RISKS AND KEY VULNERABILITIES
7.1. Areas Of Risk In The Shadow Banking System
7.2. Risk Factors
7.3. Operators And Policies Of Risk Management
7.4 Operational Freedom Inside The Shadow Banking System
7.5. The Risks Of Organizations
7.6. The Prospective Regulation Of The Operations
7.7. The Risks Of Governance
7.8 The Impact Of European Regulation On The Management
7.9. The Risks Of The Entities 'Too Big To Fail'<7.10. The Exogenous Risks
7.11. The Particular Implication Of Monetary Policies
PART VIII: THE SHADOW BANKING SYSTEM AND THE NEED FOR SUPERVISION
8.1. Deregulation Of Financial Markets And Monitoring Of 'Shadow Banking System'
8.2. Economic Determinants Of The Supervisory System On The Shadow Banking
8.3 The Shadow Banking System In The European Internal Market
8.4. The Role Of European Institutions
8.5. New Supervision Of The Shadow Banking System In Eu: The Action Of The European Commission
8.6. The Action Of The European System Of Financial Supervision
8.7. The Responsibilities Of The European Supervising Authorities
8.8. The Tasks Of The European Banking Union
8.9. The Impact Of The New Targeted Longer-Term Refinancing Operations Of The ECB
8.10. Evolutionary Trends Of European Supervision (Following Directive 2014/65/EU)
8.11. The Role Of Global Regulators: The World Bank And The International Monetary Fund
8.12. 'Limited Effects' Of Monitoring And Supervision Designed By The Financial Stability Board

Über Autor(innen)

Valerio Lemma is an Associate Professor of Law and Economics at the Università degli Studi Guglielmo Marconi in Rome, Italy, and a visiting Associate Professor at Regent's University, UK. He is a professional lawyer within the District of Rome, and attained his degree in Economics, his degree in Law (2006), and his Ph. D. in finance (2010) at Luiss University of Rome, Italy. He has written books previously on real estate investment funds and the reform of project financing, as well as more the 40 articles on banking, finance and insurance regulation.