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  1. The case for a normatively charged approach to regulating shadow banking
    multipolar regulatory dialogues as a means to detect tail risks and preclude regulatory arbitrage
    Autor*in: Thiemann, Matthias; Tröger, Tobias
    Erschienen: [2020]
    Verlag:  Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University, Frankfurt am Main, Germany

    This paper contributes to the debate on the adequate regulatory treatment of non-bank financial intermediation (NBFI). It proposes an avenue for regulators to keep regulatory arbitrage under control and preserve sufficient space for efficient... mehr

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    This paper contributes to the debate on the adequate regulatory treatment of non-bank financial intermediation (NBFI). It proposes an avenue for regulators to keep regulatory arbitrage under control and preserve sufficient space for efficient financial innovation at the same time. We argue for a normative approach to supervision that can overcome the proverbial race between hare and hedgehog in financial regulation and demonstrate how such an approach can be implemented in practice. We first show that regulators should primarily analyse the allocation of tail risk inherent in NBFI. Our paper proposes to apply regulatory burdens equivalent to prudential banking regulation if the respective transactional structures become only viable through indirect or direct access to (ad hoc) public backstops. Second, we use insights from the scholarship on regulatory networks as communities of interpretation to demonstrate how regulators can retrieve the information on transactional innovations and their risk-allocating characteristics that they need to make the pivotal determination. We suggest in particular how supervisors should structure their relationships with semi-public gatekeepers such as lawyers, auditors and consultants to keep abreast of the risk-allocating features of evolving transactional structures. Finally, this paper uses the example of credit funds as non-bank entities economically engaged in credit intermediation to illustrate the merits of the proposed normative framework and to highlight that multipolar regulatory dialogues are needed to shed light on the specific risk-allocating characteristics of recent contractual innovations.

     
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    hdl: 10419/244682
    Schriftenreihe: LawFin working paper ; no. 2
    Schlagworte: credit funds; non-bank financial intermediation; principles-based regulation; prudential supervision; regulatory arbitrage; shadow banking
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  2. Global liquidity, offshore bond issuance and shadow banking in China
    Autor*in: Yamamoto, Shugo
    Erschienen: [2020]
    Verlag:  Graduate School of Economics, Kobe University, Rokko, Kobe, Japan

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    Auflage/Ausgabe: This version: March 1, 2020
    Schriftenreihe: Discussion paper / [Graduate School of Economics, Kobe University] ; no. 20, 11 (July, 2020)
    Schlagworte: entrusted loan; global liquidity shock; non-financial company; offshore bond issuance; shadow banking; within-company flows
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  3. Choosing the narrative
    the shadow banking crisis in the light of Covid
    Autor*in: Miller, Marcus
    Erschienen: [2021]
    Verlag:  The University of Warwick, Centre for Competitive Advantage in the Global Economy, Department of Economics, Coventry, United Kingdom

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    Schriftenreihe: Working paper series / Centre for Competitive Advantage in the Global Economy ; no. 534 (January 2021)
    Schlagworte: shadow banking; rating agencies; equity constraints; technology and news shocks; bank runs; epidemic and social contagion
    Umfang: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  4. Choosing the narrative
    the shadow banking crisis in the light of Covid
    Autor*in: Miller, Marcus
    Erschienen: [2021]
    Verlag:  University of Warwick, Department of Economics, Coventry, United Kingdom

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    Schriftenreihe: Warwick economics research papers ; no: 1324 (January 2021)
    Schlagworte: shadow banking; rating agencies; equity constraints; technology and news shocks; bank runs; epidemic and social contagion
    Umfang: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  5. The value of internal sources of funding liquidity: U.S. broker-dealers and the financial crisis
    Autor*in: Caglio, Cecilia; Copeland, Adam; Martin, Antoine
    Erschienen: [2021]
    Verlag:  Federal Reserve Bank of New York, New York, NY

    We use confidential and novel data to measure the benefit to broker-dealers of being affiliated with a bank holding company and the resulting access to internal sources of funding. We accomplish this by comparing the balance sheets of broker-dealers... mehr

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    We use confidential and novel data to measure the benefit to broker-dealers of being affiliated with a bank holding company and the resulting access to internal sources of funding. We accomplish this by comparing the balance sheets of broker-dealers that are associated with bank holding companies to those that are not and we find that the latter dramatically re-structured their balance sheets during the 2007-09 financial crisis, pivoting away from trading illiquid assets and toward more liquid government securities. Specifically, we estimate that broker-dealers that are not associated with bank holding companies both increased repo as a share of total assets by 10 percentage points and also increased the share of long inventory devoted to government securities by 15 percentage points, relative to broker-dealers associated with bank holding companies.

     
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    Schriftenreihe: Staff reports / Federal Reserve Bank of New York ; no. 969 (May 2021)
    Schlagworte: broker-dealers; shadow banking; liquidity risk; repo market
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  6. Do macroprudential policies affect non-bank financial intermediation?
    Autor*in: Claessens, Stijn; Cornelli, Giulio; Gambacorta, Leonardo; Manaresi, Francesco; Shiina, Yasushi
    Erschienen: 2021
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Schriftenreihe: BIS working papers ; no 927 (February 2021)
    Schlagworte: macroprudential policy; non-bank financial intermediation; shadow banking; international spillovers
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  7. Congruent financial regulation
    Autor*in: Metrick, Andrew; Tarullo, Daniel K.
    Erschienen: 2021
    Verlag:  Harvard Law School, Cambridge, MA

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    Auflage/Ausgabe: Draft: March 31, 2021
    Schriftenreihe: Discussion paper / Harvard John M. Olin Center for Law, Economics, and Business ; no. 1059 (04/2021)
    Schlagworte: financial regulation; systemic risk; shadow banking; repo
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen
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    This paper can also be downloaded without charge from: The Social Science Research Network Electronic Paper Collection: dx.doi.org/10.2139/ssrn.3817621
  8. Shadow loans and regulatory arbitrage
    evidence from China
    Autor*in: Liu, Xiaoxi; Liu, Jing; Shim, Ilhyock
    Erschienen: February 2022
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Schriftenreihe: BIS working papers ; no 999
    Schlagworte: bank capital regulation; Chinese economy; regulatory arbitrage; shadow banking; reverse stress test
    Umfang: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  9. Collateral deterioration and search for yield in shadow banking
    Autor*in: Gallo, Angela; Casu, Barbara
    Erschienen: November 2021
    Verlag:  Centre for Banking Research, The Business School (formerly Cass), City, University of London, [London]

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    Schriftenreihe: Centre for Banking Research working paper series ; WP 21, 04
    Schlagworte: asset-backed commercial paper; shadow banking; collateral; financial crisis
    Umfang: 1 Online-Ressource (circa 64 Seiten), Illustrationen
  10. Open banking, shadow banking and regulation
    Autor*in: Eccles, Peter; Grout, Paul A.; Siciliani, Paolo; Zalewska-Mitura, Anna
    Erschienen: [2023]
    Verlag:  Bank of England, London

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    Schriftenreihe: Staff working paper / Bank of England ; no. 1039 (September 2023)
    Schlagworte: Capital requirements; banking; open banking; shadow banking; competition; FinTech
    Umfang: 1 Online-Ressource (circa 31 Seiten)
  11. Financing modes and lender monitoring
    Autor*in: Antón Sarabia, Arturo; Dam, Kaniska; Sengupta, Rajdeep
    Erschienen: [2023]
    Verlag:  Federal Research Bank of Kansas City, Kansas City, Mo.

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    Schriftenreihe: KcFED research working papers ; RWP 23, 13 (November 2023)
    Schlagworte: Liquidation value; lender monitoring; deposit insurance; shadow banking
    Umfang: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  12. Do Fintech lenders penetrate areas that are underserved by traditional banks?
    Autor*in: Jagtiani, Julapa; Lemieux, Catharine M.
    Erschienen: March 2018
    Verlag:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

    Supersedes Working Paper 17-17 Fintech has been playing an increasing role in shaping financial and banking landscapes. In this paper, we use account-level data from LendingClub and Y-14M data reported by U.S. banks with assets over $50 billion to... mehr

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    Supersedes Working Paper 17-17 Fintech has been playing an increasing role in shaping financial and banking landscapes. In this paper, we use account-level data from LendingClub and Y-14M data reported by U.S. banks with assets over $50 billion to examine whether the fintech lending platform could expand credit access to consumers. We find that LendingClub’s consumer lending activities have penetrated areas that may be underserved by traditional banks, such as in highly concentrated markets and in areas that have fewer bank branches per capita. We also find that the portion of LendingClub loans increases in areas where the local economy is not performing well

     
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    Schriftenreihe: Working paper / Research Department, Federal Reserve Bank of Philadelphia ; 18, 13 (March 2018)
    FRB of Philadelphia Working Paper ; No. 18-13
    Schlagworte: fintech; LendingClub; marketplace lending; banking competition; shadow banking; peer-to-peer lending
    Umfang: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  13. The roles of alternative data and machine learning in Fintech lending
    evidence from the LendingClub consumer platform
    Autor*in: Jagtiani, Julapa; Lemieux, Catharine M.
    Erschienen: April 2018
    Verlag:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

    Supersedes Working Paper 17-17. Fintech has been playing an increasing role in shaping financial and banking landscapes. There have been concerns about the use of alternative data sources by fintech lenders and the impact on financial inclusion. We... mehr

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    Supersedes Working Paper 17-17. Fintech has been playing an increasing role in shaping financial and banking landscapes. There have been concerns about the use of alternative data sources by fintech lenders and the impact on financial inclusion. We compare loans made by a large fintech lender and similar loans that were originated through traditional banking channels. Specifically, we use account-level data from LendingClub and Y-14M data reported by bank holding companies with total assets of $50 billion or more. We find a high correlation with interest rate spreads, LendingClub rating grades, and loan performance. Interestingly, the correlations between the rating grades and FICO scores have declined from about 80 percent (for loans that were originated in 2007) to only about 35 percent for recent vintages (originated in 2014–2015), indicating that nontraditional alternative data have been increasingly used by fintech lenders. Furthermore, we find that the rating grades (assigned based on alternative data) perform well in predicting loan performance over the two years after origination. The use of alternative data has allowed some borrowers who would have been classified as subprime by traditional criteria to be slotted into “better” loan grades, which allowed them to get lower priced credit. In addition, for the same risk of default, consumers pay smaller spreads on loans from LendingClub than from credit card borrowing

     
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    Schriftenreihe: Working paper / Research Department, Federal Reserve Bank of Philadelphia ; 18, 15 (April 2018)
    FRB of Philadelphia Working Paper ; No. 18-15
    Schlagworte: fintech; LendingClub; marketplace lending; alternative data; shadow banking; P2P lending; peer-to-peer lending
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  14. Carbon transition risk and corporate loan securitization
    Autor*in: Müller, Isabella; Nguyen, Huyen; Trang Nguyen
    Erschienen: [2024?]
    Verlag:  Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, Halle (Saale), Germany

    We examine how banks manage carbon transition risk by selling loans given to polluting borrowers to less regulated shadow banks in securitization markets. Exploiting the election of Donald Trump as an exogenous shock that reduces carbon risk, we find... mehr

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    We examine how banks manage carbon transition risk by selling loans given to polluting borrowers to less regulated shadow banks in securitization markets. Exploiting the election of Donald Trump as an exogenous shock that reduces carbon risk, we find that banks’ securitization decisions are sensitive to borrowers’ carbon footprints. Banks are more likely to securitize brown loans when carbon risk is high but swiftly change to keep these loans on their balance sheets when carbon risk is reduced after Trump’s election. Importantly, securitization enables banks to offer lower interest rates to polluting borrowers but does not affect the supply of green loans. Our findings are more pronounced among domestic banks and banks that do not display green lending preferences. We discuss how securitization can weaken the effectiveness of bank climate policies through reducing banks’ incentives to price carbon risk.

     
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    hdl: 10419/286322
    Auflage/Ausgabe: This version: 19.03.2024
    Schriftenreihe: IWH discussion papers ; 2022, no. 22 (October 2022) [rev.]
    Schlagworte: carbon transition risk; securitization; shadow banking; Trump election
    Umfang: 1 Online-Ressource (III, 64 Seiten, 1MB), Diagramme
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    Literaturverzeichnis: Seite 36-41
  15. Fintech lending
    financial inclusion, risk pricing, and alternative information
    Autor*in: Jagtiani, Julapa; Lemieux, Catharine M.
    Erschienen: July 6, 2017
    Verlag:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

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    Schriftenreihe: Working paper / Research Department, Federal Reserve Bank of Philadelphia ; no. 17, 17
    Schlagworte: fintech; Lending Club; marketplace lending; banking competition; shadow banking; credit spreads; credit performance; P2P lending; peer-to-peer lending
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  16. Do contractionary monetary policy shocks expand shadow banking?
    Autor*in: Nelson, Benjamin F.; Pinter, Gabor; Theodoridis, Konstantinos
    Erschienen: 2015
    Verlag:  Bank of England, London

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    Schriftenreihe: Working paper / Bank of England ; 521
    Schlagworte: Monetary policy; financial intermediaries; shadow banking; VAR; DSGE
    Umfang: Online-Ressource (44 S.), graph. Darst.