Posts Tagged ‘Shadow Banking

26
Oct
11

Fun & Finance: #16, Especial de Halloween, Shadow Banking

En este episodio, hay un poquito más de Fun. Adoptando Halloween como propio en este capitulo Martín le explica a Gaston que signfican Shadow Banking y Zombie Banks.

Siempre Mejor en HD

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05
Feb
11

Si tenes tiempo este fin de semana…

¿Por que no leerse las 600s paginas del reporte gubernamental sobre las causas de la crisis financiera y economica de USA, a.k.a The Financial Crisis Inquiry Report?

El capitulo 8 –The CDO Machine– suena atrapante….

Link al Reporte.

 

10
Jan
11

Shadow banking, entrevista

I have no idea what Gary said just now, but I know it’s really, really important, so I’m going to sit down and study this until I get it.

—Professor Randall Wright
University of Wisconsin
Nov. 5, 2010

After listening to Yale finance economist Gary Gorton deliver a talk on “shadow banking” and the recent financial crisis, Randy Wright, a brilliant monetary theorist, was both perplexed and intrigued…

Simple e interesante.

Link a la entrevista

14
Jul
10

Shadow Banking, FT Comics

(Fuente: FT)

14
Jul
10

Paper: Shadow Banking

Shadow Banking

Abstract
The rapid growth of the market-based financial system since the mid-1980s changed the nature of financial intermediation in the United States profoundly. Within the market-based financial system, “shadow banks” are particularly important institutions. Shadow banks are financial intermediaries that conduct maturity, credit, and liquidity transformation without access to central bank liquidity or public sector credit guarantees. Examples of shadow banks include finance companies, asset-backed commercial paper (ABCP) conduits, limited-purpose finance companies, structured investment vehicles, credit hedge funds, money market mutual funds, securities lenders, and government-sponsored enterprises. Shadow banks are interconnected along a vertically integrated, long intermediation chain, which intermediates credit through a wide range of securitization and secured funding techniques such as ABCP, asset-backed securities, collateralized debt obligations, and repo. This intermediation chain binds shadow banks into a network, which is the shadow banking system. The shadow banking system rivals the traditional banking system in the intermediation of credit to households and businesses. Over the past decade, the shadow banking system provided sources of inexpensive funding for credit by converting opaque, risky, long-term assets into money-like and seemingly riskless short-term liabilities. Maturity and credit transformation in the shadow banking system thus contributed significantly to asset bubbles in residential and commercial real estate markets prior to the financial crisis. We document that the shadow banking system became severely strained during the financial crisis because, like traditional banks, shadow banks conduct credit, maturity, and liquidity transformation, but unlike traditional financial intermediaries, they lack access to public sources of liquidity, such as the Federal Reserve’s discount window, or public sources of insurance, such as federal deposit insurance. The liquidity facilities of the Federal Reserve and other government agencies’ guarantee schemes were a direct response to the liquidity and capital shortfalls of shadow banks and, effectively, provided either a backstop to credit intermediation by the shadow banking system or to traditional banks for the exposure to shadow banks. Our paper documents the institutional features of shadow banks, discusses their economic roles, and analyzes their relation to the traditional banking system.

Link al Paper




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