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Generally thought to be an under-regulated sector, the shadow
banking system has been identified as having a significant role in
the recent global financial crisis. In recent years, it has also
been growing rapidly in emerging markets. Yet, little is known
about its size, scope and operations; nor its benefits and costs to
society. Shadow Banking Within and Across National Borders consists
of a proceedings of a conference held at the Federal Reserve Bank
of Chicago, in November 2013. Edited by Stijn Claessens, Douglas
Evanoff, George Kaufman and Luc Laeven, this volume brings together
leading industry scholars to examine various aspects of the shadow
banking system. The contributors of this volume debate issues which
include defining and quantifying shadow banking; the causes of the
development of the sector; its role in the recent financial crisis;
the implications for financial stability; the social benefits of
the sector; the associated challenges for financial supervision and
regulation; and alternative policy options to address problems
created by the sector.
Faced with a systemic financial sector crisis, policymakers need to
make difficult choices under pressure. Based on the experience of
many countries in recent years, few have been able to achieve a
speedy, lasting and low-cost resolution. This volume considers the
strengths and weaknesses of the various policy options, covering
both microeconomic (including recapitalization of banks, bank
closures, subsidies for distressed borrowers, capital adequacy
rules and corporate governance and bankruptcy law requirements) and
macroeconomic (including monetary and fiscal policy) dimensions.
The contributors explore the important but little understood
trade-offs that are involved, such as between policies which take
effect quickly, those which minimize long-term fiscal and economic
costs, and those which create favorable incentives for future
stability. Successfully implementing crisis management and crisis
resolution policy required attention to detail and a good flow of
information.
"This volume presents two recent analyses, prompted by the recent
East Asian crisis, of government responses to financial crises. It
evaluates the tradeoffs involved in public policies for systemic
financial and corporate sector restructuring. This book also draws
on cross-country evidence to help determine whether specific crisis
containment and resolution policies effect the fiscal costs of
resolving a crisis. A comprehensive database, of 113 systemic
banking crises that have occurred in 93 countries since the 1970s,
is included. Also incorporated in this database is information on
50 borderline nonsystemic banking crises in 44 countries during
that same period of time."
Faced with a systemic financial sector crisis, policymakers need to
make difficult choices under pressure. Based on the experience of
many countries in recent years, few have been able to achieve a
speedy, lasting and low-cost resolution. This volume considers the
strengths and weaknesses of the various policy options, covering
both microeconomic (including recapitalization of banks, bank
closures, subsidies for distressed borrowers, capital adequacy
rules and corporate governance and bankruptcy law requirements) and
macro- economic (including monetary and fiscal policy) dimensions.
The contributors explore the important but little understood
trade-offs that are involved, such as between policies which take
effect quickly, those which minimize long-term fiscal and economic
costs, and those which create favorable incentives for future
stability. Successfully implementing crisis management and crisis
resolution policy required attention to detail and a good flow of
information.
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