skip to content
The limits of shadow banks Preview this item
ClosePreview this item
Checking...

The limits of shadow banks

Author: Gregory Buchak; Gregor Matvos; Tomasz Piskorski; Amit Seru; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2018.
Series: Working paper series (National Bureau of Economic Research), no. 25149.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We study which types of activities migrate to the shadow banking sector, why migration occurs in some sectors, and not others, and the quantitative importance of this migration. We explore this question in the $10 trillion US residential mortgage market, in which shadow banks account for more than half of new lending. Using micro data, we document a large degree of market segmentation in shadow bank penetration.  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

Find a copy online

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Gregory Buchak; Gregor Matvos; Tomasz Piskorski; Amit Seru; National Bureau of Economic Research,
OCLC Number: 1057896412
Notes: "October 2018"
Description: 1 online resource (69 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 25149.
Responsibility: Greg Buchak, Gregor Matvos, Tomasz Piskorski, Amit Seru.

Abstract:

We study which types of activities migrate to the shadow banking sector, why migration occurs in some sectors, and not others, and the quantitative importance of this migration. We explore this question in the $10 trillion US residential mortgage market, in which shadow banks account for more than half of new lending. Using micro data, we document a large degree of market segmentation in shadow bank penetration. They substitute for traditional -- deposit taking -- banks in easily securitized lending, but are limited from engaging in activities requiring on-balance sheet financing. Traditional banks adjust their financing and lending activities to balance sheet shocks, and behave more like shadow banks following negative shocks. Motivated by this evidence, we build a structural model. Banks and shadow banks compete for borrowers. Banks face regulatory constraints, but benefit from the ability to engage in balance sheet lending. Like shadow banks, banks can choose to access the securitization market. To evaluate distributional consequences, we model a rich demand system with income and house price differences across borrowers. The model is estimated using spatial pricing rules and bunching at the regulatory threshold for identification. We study the consequences of capital requirements, access to securitization market, and unconventional monetary policy on lending volume and pricing, bank stability and the distribution of consumer surplus across rich and poor households. Disruptions in securitization markets rather than capital requirements have the largest quantitative impact on aggregate lending volume and pricing.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/1057896412> # The limits of shadow banks
    a schema:Book, schema:MediaObject, schema:CreativeWork ;
    library:oclcnum "1057896412" ;
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
    schema:about <http://experiment.worldcat.org/entity/work/data/5515713962#Topic/mortgage_loans_econometric_models> ; # Mortgage loans--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/5515713962#Topic/banks_and_banking_econometric_models> ; # Banks and banking--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/5515713962#Topic/mortgage_loans_united_states_econometric_models> ; # Mortgage loans--United States--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/5515713962#Topic/banks_and_banking_united_states_econometric_models> ; # Banks and banking--United States--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/5515713962#Topic/informal_sector_economics_econometric_models> ; # Informal sector (Economics)--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/5515713962#Topic/informal_sector_economics_united_states_econometric_models> ; # Informal sector (Economics)--United States--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/5515713962#Place/united_states> ; # United States.
    schema:author <http://experiment.worldcat.org/entity/work/data/5515713962#Person/matvos_gregor> ; # Gregor Matvos
    schema:author <http://experiment.worldcat.org/entity/work/data/5515713962#Person/piskorski_tomasz> ; # Tomasz Piskorski
    schema:author <http://experiment.worldcat.org/entity/work/data/5515713962#Person/seru_amit> ; # Amit Seru
    schema:author <http://experiment.worldcat.org/entity/work/data/5515713962#Person/buchak_gregory> ; # Gregory Buchak
    schema:bookFormat schema:EBook ;
    schema:datePublished "2018" ;
    schema:description "We study which types of activities migrate to the shadow banking sector, why migration occurs in some sectors, and not others, and the quantitative importance of this migration. We explore this question in the $10 trillion US residential mortgage market, in which shadow banks account for more than half of new lending. Using micro data, we document a large degree of market segmentation in shadow bank penetration. They substitute for traditional -- deposit taking -- banks in easily securitized lending, but are limited from engaging in activities requiring on-balance sheet financing. Traditional banks adjust their financing and lending activities to balance sheet shocks, and behave more like shadow banks following negative shocks. Motivated by this evidence, we build a structural model. Banks and shadow banks compete for borrowers. Banks face regulatory constraints, but benefit from the ability to engage in balance sheet lending. Like shadow banks, banks can choose to access the securitization market. To evaluate distributional consequences, we model a rich demand system with income and house price differences across borrowers. The model is estimated using spatial pricing rules and bunching at the regulatory threshold for identification. We study the consequences of capital requirements, access to securitization market, and unconventional monetary policy on lending volume and pricing, bank stability and the distribution of consumer surplus across rich and poor households. Disruptions in securitization markets rather than capital requirements have the largest quantitative impact on aggregate lending volume and pricing."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/5515713962> ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/5515713962#Series/nber_working_paper_series> ; # NBER working paper series ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/5515713962#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
    schema:name "The limits of shadow banks"@en ;
    schema:productID "1057896412" ;
    schema:publisher <http://experiment.worldcat.org/entity/work/data/5515713962#Organization/national_bureau_of_economic_research> ; # National Bureau of Economic Research,
    schema:url <http://www.nber.org/papers/w25149> ;
    schema:url <http://papers.nber.org/papers/25149> ;
    schema:url <http://www.library.yorku.ca/e/resolver/id/287744114> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/1057896412> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/5515713962#Organization/national_bureau_of_economic_research> # National Bureau of Economic Research,
    a schema:Organization ;
    schema:name "National Bureau of Economic Research," ;
    .

<http://experiment.worldcat.org/entity/work/data/5515713962#Person/buchak_gregory> # Gregory Buchak
    a schema:Person ;
    schema:familyName "Buchak" ;
    schema:givenName "Gregory" ;
    schema:name "Gregory Buchak" ;
    .

<http://experiment.worldcat.org/entity/work/data/5515713962#Person/matvos_gregor> # Gregor Matvos
    a schema:Person ;
    schema:familyName "Matvos" ;
    schema:givenName "Gregor" ;
    schema:name "Gregor Matvos" ;
    .

<http://experiment.worldcat.org/entity/work/data/5515713962#Person/piskorski_tomasz> # Tomasz Piskorski
    a schema:Person ;
    schema:familyName "Piskorski" ;
    schema:givenName "Tomasz" ;
    schema:name "Tomasz Piskorski" ;
    .

<http://experiment.worldcat.org/entity/work/data/5515713962#Person/seru_amit> # Amit Seru
    a schema:Person ;
    schema:familyName "Seru" ;
    schema:givenName "Amit" ;
    schema:name "Amit Seru" ;
    .

<http://experiment.worldcat.org/entity/work/data/5515713962#Place/united_states> # United States.
    a schema:Place ;
    schema:name "United States." ;
    .

<http://experiment.worldcat.org/entity/work/data/5515713962#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1057896412> ; # The limits of shadow banks
    schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/5515713962#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1057896412> ; # The limits of shadow banks
    schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/5515713962#Topic/banks_and_banking_econometric_models> # Banks and banking--Econometric models
    a schema:Intangible ;
    schema:name "Banks and banking--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/5515713962#Topic/banks_and_banking_united_states_econometric_models> # Banks and banking--United States--Econometric models
    a schema:Intangible ;
    schema:name "Banks and banking--United States--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/5515713962#Topic/informal_sector_economics_econometric_models> # Informal sector (Economics)--Econometric models
    a schema:Intangible ;
    schema:name "Informal sector (Economics)--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/5515713962#Topic/informal_sector_economics_united_states_econometric_models> # Informal sector (Economics)--United States--Econometric models
    a schema:Intangible ;
    schema:name "Informal sector (Economics)--United States--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/5515713962#Topic/mortgage_loans_econometric_models> # Mortgage loans--Econometric models
    a schema:Intangible ;
    schema:name "Mortgage loans--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/5515713962#Topic/mortgage_loans_united_states_econometric_models> # Mortgage loans--United States--Econometric models
    a schema:Intangible ;
    schema:name "Mortgage loans--United States--Econometric models"@en ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.