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La banque de l’ombre est-elle un complément ou un substitut aux institutions financières traditionnelles ? Une étude empirique sur données internationales

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  • Philippe Madiès
  • Zeinab Said
  • Ollivier Taramasco

Abstract

Using a sample of 26 countries over the period 1990 to 2013, we empirically examine the correlation between the size of the shadow banking system and the size of traditional financial institutions, namely banks and institutional investors. First of all, we conduct a survey of the entire sample as well as the countries of the euro area and then a review country-by-country. The question is whether shadow finance and conventional finance should be seen as complements or substitutes. Our results tend to show that the shadow banking system complements rather than replaces the activities of traditional financial institutions, including banks. Bank sponsorship of shadow banking activities has clearly reinforced this link. Classification JEL : G20, G21, G23, G24, G28.

Suggested Citation

  • Philippe Madiès & Zeinab Said & Ollivier Taramasco, 2019. "La banque de l’ombre est-elle un complément ou un substitut aux institutions financières traditionnelles ? Une étude empirique sur données internationales," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 297-324.
  • Handle: RePEc:cai:refaef:ecofi_135_0297
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    More about this item

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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