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Shadow banking and the four pillars of traditional financial intermediation

Author: Emmanuel Farhi; Jean Tirole; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2017.
Series: Working paper series (National Bureau of Economic Research), no. 23930.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Traditional banking is built on four pillars: SME lending, access to public liquidity, deposit insurance, and prudential supervision. This vision has been shattered by repeated bailouts of shadow financial institutions. This paper puts "special depositors and borrowers'' at the core of the analysis, provides a rationale for the covariation yielding the quadrilogy, and analyzes how prudential regulation must adjust  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Emmanuel Farhi; Jean Tirole; National Bureau of Economic Research,
OCLC Number: 1006508096
Notes: "October 2017"
Description: 1 online resource (41 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 23930.
Responsibility: Emmanuel Farhi, Jean Tirole.

Abstract:

Traditional banking is built on four pillars: SME lending, access to public liquidity, deposit insurance, and prudential supervision. This vision has been shattered by repeated bailouts of shadow financial institutions. This paper puts "special depositors and borrowers'' at the core of the analysis, provides a rationale for the covariation yielding the quadrilogy, and analyzes how prudential regulation must adjust to the possibility of migration toward less regulated spheres. Ring fencing between regulated and shadow banking and the sharing of liquidity in centralized platforms are motivated by the supervision of syphoning and financial contagion.

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