L'invention du shadow banking

• Autorzy: Pierre-Nicolas Rehault , Alain Sauviat

Warianty tytułu

The Invention of Shadow Banking

• Języki publikacji: FR

Abstrakty

L ' essor spectaculaire de l ' intermédiation non-bancaire a donné naissance à une vaste littérature dévolue à l ' analyse du phénomène du shadow banking, considéré comme le principal responsable de la débâcle bancaire et financière de la crise financière de 2007-2008. L ' objectif de cet article est de présenter les racines du phénomène, préalable indispensable afin d ' en établir le rôle dans le financement du crédit. A la lumière de ces éclairages sur les outils de la finance moderne, cet article offre une lecture du phénomène qui mène progressivement à s ' interroger sur le basculement du système financier vers une dynamique de collatéralisation intensive.(abstrakt oryginalny)

EN

The spectacular rise of non-banking intermediation has led to a vast literature devoted to the analysis of the shadow banking phenomenon, considered to be the main reason for the banking and financial debacle of the great crisis of 2007-2008. The aim of this article is to present the roots of this phenomenon, as an essential prerequisite in order to establish its role in credit funding. In the light of an analysis of the tools of modern finance, this article offers a thought that gradually raises questions about the tilting of the financial system towards an intensive collateralization process.(original abstract)

Słowa kluczowe

EN

Shadow banking; Banking system; Financial intermediation; Securitization; Asset-Backed Securities (ABS)

PL

Parabanki; System bankowy; Pośrednictwo finansowe; Sekurytyzacja; Sekurytyzacyjne instrumenty finansowania

• Czasopismo: Revue Internationale des Economistes de Langue Française : revue de l'Association Internationale de Economistes de Langue Française avec la collaboration Université des Sciences Economiques et de Gestion
• Rocznik: 2020
• Tom: 5
• Numer: nr 1
• Strony: 142--165

Twórcy

autor

Pierre-Nicolas Rehault

• Université de Limoges

autor

Alain Sauviat

• Université de Limoges

Bibliografia

• Acharya, V., Schnabl P., & Suarez, G. (2013). Securitization without risk transfer. Journal of Financial Economics, 107, 515-536.
• Admati, A. R., DeMarzo, P. M., Hellwig, M. F., & Pfleiderer, P. (2010). Fallacies, irrelevant facts, and myths in the discussion of capital regulation: Why bank equity is not expensive. (Stanford University, Graduate School of Business, Research Papers).
• Adrian, T., & Ashcraft, A. B. (2012). Shadow banking: A review of the literature. (Federal Reserve Bank of New York, Staff Reports: 580).
• Aitken, J., & Singh, M. (2010). The (sizable) role of rehypothecation in the shadow banking system. (International Monetary Fund, IMF Working Papers series No. 10/172).
• Baklanova, V., Copeland, A., & McCaughrin, R. (2015). Reference guide to U.S. repo and securities lending markets. (Federal Reserve Bank of New York, Staff Reports: 740).
• Balling, M., & Gnan, E. (2013). 50 Years of money and finance: Lessons and challenges. Brussels: Larcier.
• Baring, F. (1797). Observations on the establishment of the Bank of England and on the paper circulation of the country. Sewell, Cornhill and Debrett: Minerva Press.
• Berger, A. N., Kashyap, A. K., Scalise, J. M., Gertler, M., & Friedman, B. M. (1995). The transformation of the U.S. banking industry: What a long, strange trip it's been. (Brookings Papers on Economic Activity: 55).
• Bernanke, B. S. (2005). The global saving glut and the U.S. current account deficit. (Board of Governors of the Federal Reserve System, speech at the Sandridge Lecture, Virginia Association of Economics).
• Bernanke, B. S., & Lown, C. S. (1991). The credit crunch. Brookings Papers on Economic Activity, 2, 204-239.
• Caballero, R. J., & Farhi, E. (2017). The safety trap. Review of Economic Studies, 85(1), 223-274.
• Carlstrom, C. T., & Samolyk, K. A. (1995). Loan sales as a response to market-based capital constraints. The Journal of Banking & Finance, 19, 627-646.
• Claessens, S., Pozsar, Z., Ratnovski, L., & Singh, M. (2012). Shadow banking: Economics and policy. (International Monetary Fund, IMF Staff Discussion Note, 12/12).
• Claessens, S., & Ratnovski, L. (2014). What is shadow banking?. (International Monetary Fund, IMF Working Papers series No. 14/25).
• Copeland, A., Martin, A., & Walker, M. (2014). Repo runs: Evidence from the tri-party repo market. Journal of Finance, 69, 2343-2380.
• Cornett, M. M., Mehran, H., & Tehranian, H. (1998). The impact of risk-based premiums on FDIC-insured institutions. Journal of Financial Services Research, 13, 153-169.
• Dang, T. V., Gorton, G., & Holmstrom, B. (2012). Ignorance, debt and financial crises. (Yale University and Massachusetts Institute of Technology, Working Paper No. 17).
• European Parliament Policy Department. (2013). Shadow banking - Minimum haircuts on collateral. Directorate General for Internal Policies, Economic and Scientific Policy.
• Financial Stability Board. (2019, February 4). Global monitoring report on non-bank financial intermediation 2018.
• Freixas, X. (2000). Lender of last resort: What have we learned since Bagehot?. Journal of Financial Services Research, 18, 63-84.
• Freixas, X., & Rochet, J.-C. (1997). Microeconomics of banking. Cambridge and London: MIT Press.
• Giddy, I. (1986). Regulation of off-balance sheet banking. Federal Reserve Bank of San Francisco. The Search for Financial Stability: The Past Fifty Years, 165-190.
• Gorton, G. B. (1988). Banking panics and business cycles. Oxford Economic Papers New Series. 40, 751-781.
• Gorton, G. B., & Huang, L. (2002). Banking panics and the origin of central banking (NBER Working Papers No. 9137, National Bureau of Economic Research).
• Gorton, G. B., Lewellen, S., & Metrick, A. (2012). The safe-asset share. American Economic Reviews, 102, 101-106.
• Gorton, G. B., & Metrick, A. (2012a). Securitized banking and the run on repo. Journal of Financial Economics, 104, 425-451.
• Gorton, G. B., & Metrick, A. (2012b). Securitization. (NBER Working Papers, No. 18611, National Bureau of Economic Research).
• Gorton, G. B., & Pennacchi, G. (1988). Are loan sales really off-balance sheet?. Rodney L. White Center for Financial Research.
• Gorton, G. B., & Pennacchi, G. (1990). Financial intermediaries and liquidity creation. The Journal of Finance, 45, 49-71.
• Gorton, G. B., & Winton, A. (2003). Financial intermediation. In G. Constantinides, M. Harris, R. Stulz (Eds.), Handbook of the economics of finance (vol. 1, pp. 431-552). Amsterdam, London & New York: Elsevier, North Holland.
• Hellmann, T. F., Murdock, K. C., & Stiglitz, J. E. (2000). Liberalization, moral hazard in banking, and prudential regulation: Are capital requirements enough?. American Economic Review, 90, 147-165.
• Hordahl, P., & King, M. R. (2008). Developments in repo markets during the financial turmoil. BIS Quarterly Review, Bank for International Settlements, 37-53.
• Kormendi, R., Bernard, V. L., Pirrong, S. C., & Snyder, E. (1989). The origins and the resolution of the thrift crisis. Journal of Applied Corporate Finance, 3, 85-99.
• Lepetit, L., Rehault, P.-N., & Sauviat, A. (2015). La vente de credits bancaires: Le peche originel?. In H. Bonin, J.-M. Figuet (Eds.), Crises et regulation bancaires: Les cheminements de l'instabilite et de la stabilite bancaires (pp. 153-176). Geneve: Droz.
• Mehrling, P., Pozsar, Z., Sweeney, J., & Neilson, D. H. (2013). Bagehot was a shadow banker: Shadow banking, central banking, and the future of global finance. Rochester: Social Science Research Network.
• Merton, R. C. (1977). An analytic derivation of the cost of deposit insurance and loan guarantees an application of modern option pricing theory. Journal of Banking & Finance, 1, 3-11.
• Pozsar, Z. (2013). Institutional cash pools and the Triffin dilemma of the U.S. Banking System. Financial Markets Institutions & Instruments, 22, 283-318.
• Pozsar, Z., Adrian, T., Ashcraft, A., & Boesky, H. (2013). Shadow banking. (Federal Reserve Bank of New York, Staff Reports: 458).
• Pozsar, Z., & Singh, M. (2011). The nonbank-bank Nexus and the shadow banking system. (IMF Working Papers Series, No. 11/289).
• Rochet, J.-C. (1992). Capital requirements and the behavior of commercial banks. European Economic Review, 36, 1137-1170.
• Shin, H. S. (2012). Global banking glut and loan risk premium. IMF Economic Review, 60, 155-192.
• Singh, M. (2011). Velocity of pledged collateral: Analysis and implications. (IMF Working Papers Series, No. 11/256).
• Thornton, H. (1802). An enquiry into the nature and effects of the paper credit of Great Britain. Reprints of Economic Classics. Fairfield: Kelley.
• VanHoose, D. (2007). Theories of bank behavior under capital regulation. Journal of Banking & Finance, 31, 3680-3697.