Shadow Banking
The Rise, Risks, and Rewards of Non-Bank Financial Services

Authors: Roy J. Girasa



Compares traditional and non-bank financing systemsDetails the evolution of the systemically important financial institution (SIFI)

Traces governmental efforts to regulate institutions that developed to avoid regulation

This comparative study explores how shadow banking differs from the traditional banking system. It discusses the origins, history, purposes, risks, regulatory constraints, and projected future evolution of both financial sectors of the world economy. This thorough examination of non-bank financial intermediaries follows the migration of services from traditional banks to less-regulated alternative banking products, as well as the evolution of regulations and the Financial Stability Oversight Council to monitor these new entities. Three chapters explore in depth the major financial structures newly designated as systemically important financial institutions (SIFIs), with particular attention to insurance companies such as MetLife, which seek exemption from the designation. Finally, the focus shifts to international financial institutions' efforts to protect consumers and curtail irresponsible shadow banks, with an eye toward the effects of these actions on future banking practices.

Table of contents

Front Matter
Pages i-xxvi

Traditional Banking in the United States and Its Evolution as Bank Holding Companies
Pages 1-46

Shadow Banking (Non-Bank Financial Intermediation)
Pages 47-79

Governance of Shadow (Non-Bank) Financial Institutions
Pages 81-124

Enhanced Prudential Standards
Pages 125-165

Securitization and Repos
Pages 167-195

Hedge Funds and Mutual Funds as SIFIs
Pages 197-230

Insurance Companies as SIFIs: The MetLife Inc. Litigation
Pages 231-278

International Institutions Affecting Shadow Banking
Pages 279-316

Back Matter
Pages 317-322

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