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The Shadow Banking System. Can it be regulated?

Author

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  • Dominique Plihon

    (Centre d'Economie de l'Université de Paris Nord (CEPN))

Abstract

The subprime crisis that erupted in 2007 revealed the existence of a financial system parallel to the traditional banking system, known as the "shadow banking system" (SBS). The SBS can be defined as a system of financial intermediation encompassing those entities which lie outside the traditional banking sector but which perform partly similar functions.1 The SBS is comprised of organisations involved in highly leveraged operations which do not have direct access to deposit insurance or to central bank refinancing, and which are not subject to prudential supervision. Investment banks, hedge funds, investment funds (mutual funds, pension funds, insurance companies), private equity funds and structured investment vehicles all participate in the SBS.

Suggested Citation

  • Dominique Plihon, 2013. "The Shadow Banking System. Can it be regulated?," CEPN Policy Brief, Centre d'Economie de l'Université de Paris Nord, vol. 1, pages 1-4.
    • Handle: RePEc:upn:policy:2013-01:en
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    More about this item

    Keywords

    Finance; shadow banking;

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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