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Shadow Banking and the Funding of the Nonfinancial Sector

Joshua Gallin

in Measuring Wealth and Financial Intermediation and Their Links to the Real Economy

Published in print:
2015
Published Online:
September 2015
ISBN:
9780226204260
eISBN:
9780226204437
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226204437.003.0004
Subject:
Economics and Finance, Economic Systems

I show how to use data from the Financial Accounts of the United States to estimate how much funding of nonfinancial businesses, households, and governments is provided by the domestic shadow banking ... More


Fragility in Banking and the Role of Regulation

Xavier Vives

in Competition and Stability in Banking: The Role of Regulation and Competition Policy

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691171791
eISBN:
9781400880904
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691171791.003.0003
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter examines the unique characteristics of banks that make them heavily regulated and subject to public intervention. It first explains the roots of fragility, contagion, and systemic risk ... More


Unfinished Business: Post-Crisis Reforms Have Not Removed the Systemic Dangers Posed by Universal Banks and Shadow Banks

Arthur E. Wilmarth Jr. Jr.

in Taming the Megabanks: Why We Need a New Glass-Steagall Act

Published in print:
2020
Published Online:
September 2020
ISBN:
9780190260705
eISBN:
9780190260736
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190260705.003.0013
Subject:
Economics and Finance, Financial Economics

In 2009, the U.S. and other G20 nations agreed on reforms designed to improve the regulation of systemically important financial institutions and markets. However, those reforms did not change the ... More


Conclusion: The Case for a New Glass-Steagall Act

Arthur E. Wilmarth Jr. Jr.

in Taming the Megabanks: Why We Need a New Glass-Steagall Act

Published in print:
2020
Published Online:
September 2020
ISBN:
9780190260705
eISBN:
9780190260736
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190260705.003.0014
Subject:
Economics and Finance, Financial Economics

A new Glass-Steagall Act would break up universal banks and end the conflicts of interest that prevent universal banks from acting as objective lenders and impartial investment advisers. It would ... More


Financial Globalization and the Future of the Fed

Toshiaki Hirai, Maria Cristina Marcuzzo, and Perry Mehrling

in Keynesian Reflections: Effective Demand, Money, Finance, and Policies in the Crisis

Published in print:
2013
Published Online:
May 2013
ISBN:
9780198092117
eISBN:
9780199082506
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198092117.003.0013
Subject:
Economics and Finance, History of Economic Thought

What was shadow banking, why did it collapse, why did the Fed intervene, why did their intervention work, and what does it all mean? This chapter places the global financial crisis of 2007–9 in the ... More


Introduction

Morgan Ricks

in The Money Problem: Rethinking Financial Regulation

Published in print:
2016
Published Online:
September 2016
ISBN:
9780226330327
eISBN:
9780226330464
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226330464.003.0001
Subject:
Law, Company and Commercial Law

The Introduction frames the problem of monetary system design and lays out the book’s central themes and arguments. The shadow banking system—basically, the system of private money creation—serves as ... More


Introduction

Morgan Ricks

in The Money Problem: Rethinking Financial Regulation

Published in print:
2016
Published Online:
September 2016
ISBN:
9780226330327
eISBN:
9780226330464
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226330464.003.0001
Subject:
Law, Company and Commercial Law

The Introduction frames the problem of monetary system design and lays out the book’s central themes and arguments. The shadow banking system—basically, the system of private money creation—serves ... More


States and Financial Markets: The Imbalance of Power

Kenneth Dyson

in States, Debt, and Power: 'Saints' and 'Sinners' in European History and Integration

Published in print:
2014
Published Online:
August 2014
ISBN:
9780198714071
eISBN:
9780191782558
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198714071.003.0012
Subject:
Political Science, European Union

This chapter looks at the imbalance between financial-market power in branding states and state power in taming financial markets. It examines collective-action problems in the face of the various ... More


Banking in Theory and Reality

Morgan Ricks

in The Money Problem: Rethinking Financial Regulation

Published in print:
2016
Published Online:
September 2016
ISBN:
9780226330327
eISBN:
9780226330464
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226330464.003.0004
Subject:
Law, Company and Commercial Law

This chapter reviews the modern theoretical literature on banking and bank runs. In particular, it examines the three leading modern theories of banking in the academic literature, and it identifies ... More


Resurgence, Part I: Federal Agencies and Courts Opened Loopholes in the Glass-Steagall Act During the 1980s and 1990s

Arthur E. Wilmarth Jr. Jr.

in Taming the Megabanks: Why We Need a New Glass-Steagall Act

Published in print:
2020
Published Online:
September 2020
ISBN:
9780190260705
eISBN:
9780190260736
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190260705.003.0008
Subject:
Economics and Finance, Financial Economics

The Glass-Steagall Act created a decentralized financial system composed of three separate and independent financial sectors—commercial banking, securities markets, and insurance. The Bank Holding ... More


Chapter Three Banking in Theory and Reality

Morgan Ricks

in The Money Problem: Rethinking Financial Regulation

Published in print:
2016
Published Online:
September 2016
ISBN:
9780226330327
eISBN:
9780226330464
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226330464.003.0004
Subject:
Law, Company and Commercial Law

This chapter reviews the modern theoretical literature on banking and bank runs. In particular, it examines the three leading modern theories of banking in the academic literature, and it identifies ... More


Resurgence, Part II: Congress Enacted Three Statutes That Enabled Big Banks to Build Nationwide Financial Conglomerates

Arthur E. Wilmarth Jr. Jr.

in Taming the Megabanks: Why We Need a New Glass-Steagall Act

Published in print:
2020
Published Online:
September 2020
ISBN:
9780190260705
eISBN:
9780190260736
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190260705.003.0009
Subject:
Economics and Finance, Financial Economics

Large banks and their political allies waged a twenty-year campaign to secure legislation that would remove the structural buffers established by the Glass-Steagall and Bank Holding Company Acts. ... More


The Whole Alphabet Soup

Louçã Francisco and Ash Michael

in Shadow Networks: Financial Disorder and the System that Caused Crisis

Published in print:
2018
Published Online:
October 2018
ISBN:
9780198828211
eISBN:
9780191866883
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198828211.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

This chapter begins with a micro-history of the Great Crash of 2007–8. It describes the instruments, transactions, size, and growth of the shadow banking system in the years before the crash. ... More


The Shadow of the Financial System

William K. Tabb

in The Restructuring of Capitalism in Our Time

Published in print:
2012
Published Online:
November 2015
ISBN:
9780231158428
eISBN:
9780231528030
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231158428.003.0004
Subject:
Political Science, Political Theory

This chapter examines how the deregulation of financial markets allowed the dramatic growth of a shadow financial system of special investment vehicles, highly leveraged hedge funds, and private ... More


China’s Debt Dilemma

Yukon Huang

in Cracking the China Conundrum: Why Conventional Economic Wisdom is Often Wrong

Published in print:
2017
Published Online:
July 2017
ISBN:
9780190630034
eISBN:
9780190630065
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190630034.003.0005
Subject:
Economics and Finance, International

China’s surging debt levels and an overheated property market have led many to believe that the country is headed for an economic collapse. Yet the argument that China is facing a financial crisis is ... More


The 2008 Global Crisis

Assaf Razin

in Understanding Global Crises: An Emerging Paradigm

Published in print:
2015
Published Online:
May 2016
ISBN:
9780262028592
eISBN:
9780262327701
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028592.003.0003
Subject:
Economics and Finance, International

The 2008 global financial crisis thus was not just a garden-variety, white swan, business cycle event. It was a long time coming, and prospects for a repetition depend on whether underlying ... More


Shadows in Times of Crash

Louçã Francisco and Ash Michael

in Shadow Networks: Financial Disorder and the System that Caused Crisis

Published in print:
2018
Published Online:
October 2018
ISBN:
9780198828211
eISBN:
9780191866883
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198828211.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

Chapter 2 tells the story of the crash as it unfolded. At that moment much of the public discovered a previously hidden world of obscure financial instruments and deals. Prior to the crash, the ... More


Taming the Megabanks: Why We Need a New Glass-Steagall Act

Arthur E. Wilmarth Jr.

Published in print:
2020
Published Online:
September 2020
ISBN:
9780190260705
eISBN:
9780190260736
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190260705.001.0001
Subject:
Economics and Finance, Financial Economics

This book demonstrates that universal banks—which accept deposits, make loans, and engage in securities activities—played central roles in precipitating the Great Depression of the early 1930s and ... More


Collapsing or Adapting?

James Stent

in China's Banking Transformation: The Untold Story

Published in print:
2017
Published Online:
December 2016
ISBN:
9780190497033
eISBN:
9780190497064
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190497033.003.0011
Subject:
Economics and Finance, Financial Economics

This chapter examines an alternative view on the development of Chinese banking over the past fifteen years. In this view, the banking transformation initiated by Zhu Rongji stalled: Chinese banks ... More


Shadow Banking as a Source of Systemic Risk

Robert E. Rubin

in Progress and Confusion: The State of Macroeconomic Policy

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034623
eISBN:
9780262333450
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034623.003.0008
Subject:
Economics and Finance, Public and Welfare

The chapter argues that market-based financial systems will experience episodes of booms and bust, even if regulation can reduce their likelihood and severity. It sees significant risk in the shadow ... More


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