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The Growth of Shadow Banking - A Comparative Institutional Analysis (Hardcover)
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The Growth of Shadow Banking - A Comparative Institutional Analysis (Hardcover)
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The 'shadow banking system' refers to a system of credit-provision
occurring outside of the official regulatory perimeter of
commercial banks. Facilitated by securitization vehicles, mutual
funds, hedge funds, investment banks and mortgage companies, the
function and regulation of these shadow banking institutions has
come under increasing scrutiny after the subprime crisis of 2007-8.
Matthias Thiemann examines how regulators came to tolerate the
emergence of links between the banking and shadow banking systems.
Through a comparative analysis of the US, France, the Netherlands
and Germany, he argues that fractured domestic and global
governance systems determining the regulatory approach to these
links ultimately aggravated the recent financial crisis. Since
2008, shadow banking has even expanded and the incentives for banks
to bend the rules have only increased with increasing regulation.
Thiemann's empirical work suggests how state-finance relations
could be restructured to keep the banking system under state
control and avoid future financial collapses.
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