Shadow Banking

Čia - smulkmenos.

The European Commission is widening its regulatory sweep to include "shadow" banking, heralding new controls over the sprawling and largely unchartered 46 trillion euro ($61 trillion) sector blamed for helping trigger the financial crisis.

The term "shadow banking system" is attributed to Paul McCulley of PIMCO, who coined it at Federal Reserve Bank of Kansas City's Economic Symposium in Jackson Hole Wyoming in 2007 where he defined it as "the whole alphabet soup of levered up non-bank investment conduits, vehicles, and structures. McCulley identifies the birth of the shadow banking system with the development of money market funds in the 1970s – money market accounts function largely as bank deposits, but money market funds are not regulated as banks.

Why 1970s?


Because of.

Smagu.

Kurį laiką.

The shadow banking system has been implicated as significantly contributing to the financial crisis of 2007–2012.

In a June 2008 speech, U.S. Treasury Secretary Timothy Geithner, then President and CEO of the NY Federal Reserve Bank, placed significant blame for the freezing of credit markets on a "run" on the entities in the shadow banking system by their counterparties. The rapid increase of the dependency of bank and non-bank financial institutions on the use of these off-balance sheet entities to fund investment strategies had made them critical to the credit markets underpinning the financial system as a whole, despite their existence in the shadows, outside of the regulatory controls governing commercial banking activity. Furthermore, these entities were vulnerable because they borrowed short-term in liquid markets to purchase long-term, illiquid and risky assets. This meant that disruptions in credit markets would make them subject to rapid deleveraging, selling their long-term assets at depressed prices.

Economist Paul Krugman described the run on the shadow banking system as the "core of what happened" to cause the crisis.

Šitoks tat ekonomikos skaidrumas.

"That is why we need to better understand what shadow banking actually is and does, and what regulation and supervision may be appropriate."

Europos Komisija ketina pažaboti šešėlinės bankininkystės rinkos augimą, baimindamasi, kad taip sparčiai augdama ji sukels rimtą pavojų Europos finansiniam stabilumui.

1. Ar čia ne apie šešėlinę ekonomiką? 2012-03-20 13:40 IP: 80.240.9.72
Europos Komisijos atstovo duomenimis, šešėlinė bankininkystė sudaro atitinkamai 13 ir 15 proc. bendros bankininkystės Didžioje Britanijoje ir Vokietijoje, o JAV - 35 proc., manoma, kad ateityje ji gali toliau augti.

2. Šešėlinė bankininkystė JAV sudaro 35 proc. 2012-03-20 13:43 IP: 80.240.9.72
Ar JAV tampa šešėline ekonomika, ar aiškėja, kodėl likęs Pasaulis yra JAV šešėlyje?

Pats laikas aiškintis ir rūpintis.