Claessens, Stijn; Ratnovski, Lev - International Monetary Fund (IMF) - 2014
There is much confusion about what shadow banking is. Some equate it with securitization, others with non …-traditional bank activities, and yet others with non-bank lending. Regardless, most think of shadow banking as activities that can … create systemic risk. This paper proposes to describe shadow banking as “all financial activities, except traditional …