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Shadow Banking and Systemic Risk in Europe and China

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  • Hsu, S.
  • Li, J.
  • Qin, Y.

Abstract

We compare the European and Chinese shadow banking systems. While the European shadow banking system is better developed than the Chinese shadow banking system, herd behavior and other factors in European markets create systemic risk, which contributed in part to the financial crisis. Dispersion of risk across the "under-developed" shadow banking system in China has led to some cases of localized, concentrated risk, but not to systemic risk. We discuss proposed European shadow banking regulation and its implications for systemic risk, and discuss what lessons China might glean from such policies. We also discuss what lessons China's diverse and systemically uncoordinated shadow banking sector might provide for Europe.

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File URL: http://openaccess.city.ac.uk/2099/1/CITYPERC%2DWPS%2D2013_02.pdf
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Bibliographic Info

Paper provided by Department of International Politics, City University London in its series CITYPERC Working Paper Series with number 2013-02.

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Date of creation: 2013
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Handle: RePEc:dip:dpaper:2013-02

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Postal: Department of International Politics, Social Sciences Building, City University London, Whiskin Street, London, EC1R 0JD, United Kingdom
Phone: +44 (0)20 7040 8500
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Web page: http://www.city.ac.uk/arts-social-sciences/international-politics/
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  1. Inci Ötker & Karl Driessen & Zsófia Ãrvai, 2009. "Regional Financial Interlinkages and Financial Contagion within Europe," IMF Working Papers, International Monetary Fund 09/6, International Monetary Fund.
  2. Renzo G. Avesani & Jing Li & Antonio Garcia Pascual, 2006. "A New Risk Indicator and Stress Testing tool," IMF Working Papers, International Monetary Fund 06/105, International Monetary Fund.
  3. Liliana Schumacher & Theodore M. Barnhill, 2011. "Modeling Correlated Systemic Liquidity and Solvency Risks in a Financial Environment with Incomplete Information," IMF Working Papers, International Monetary Fund 11/263, International Monetary Fund.
  4. Allen, Franklin & Babus, Ana & Carletti, Elena, 2012. "Asset commonality, debt maturity and systemic risk," Journal of Financial Economics, Elsevier, Elsevier, vol. 104(3), pages 519-534.
  5. Bakk-Simon, Klára & Borgioli, Stefano & Giron, Celestino & Hempell, Hannah Sabine & Maddaloni, Angela & Recine, Fabio & Rosati, Simonetta, 2012. "Shadow banking in the Euro area: an overview," Occasional Paper Series 133, European Central Bank.
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