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The Nonbank-Bank Nexus and the Shadow Banking System

The Nonbank-Bank Nexus and the Shadow Banking System by Manmohan Singh
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The present way of thinking about financial intermediation does not fully incorporate the rise of asset managers as a major source of funding for banks through the shadow banking system. Asset managers are dominant sources of demand for non-M2 types of money and serve as source collateral ?mines' for the shadow banking system. Banks receive funding through the re-use of pledged collateral ?mined' from asset managers. Accounting for this, the size of the shadow banking system in the U.S. may be up to $25 trillion at year-end 2007 and $18 trillion at year-end 2010, higher than earlier estimates. In terms of policy, regulators will need to consider the re-use of pledged collateral when defining bank leverage ratios. Also, given asset managers' demand for non-M2 types of money, monitoring the shadow banking system will warrant closer attention well beyond the regulatory perimeter.
International Monetary Fund; December 2011
19 pages; ISBN 9781463950798
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Title: The Nonbank-Bank Nexus and the Shadow Banking System
Author: Manmohan Singh; Zoltan Pozsar
 
ISBNs
1463950799
9781463927233
9781463930462
9781463950798