Basically, shadow banking is an original kind of business organization, or better a set of institutions and markets, finalized to disinvest fixed assets and convey them to the financial markets. Nowadays, tackling the subject means penetrating the hard core of financialization. Shadow banking...

Financial innovation is inextricably tied to asymmetric information and therefore sets the stage for financial crises. Over history, every truly meaningful crisis has had elements of asymmetric information, particularly affecting innovative financial instruments that are primary market...

There was perhaps no issue of greater importance to the financial regulatory reforms of 2010 than the resolution, without taxpayer assistance, of large financial institutions. The rescue of firms such as AIG shocked the public conscience and provided the political force behind the passage of the...

The discussion around the role of nonbanks and their impact on financial stability is a healthy development. However, the author believes the current debate is filled with a number of misconceptions and omissions that detract from the goals of enhancing market stability and economic growth...

This paper studies the specificities of the regulation of shadow banking in the EU. It argues that the idiosyncratic features of the EU shadow banking sector call for a different (or indigenized) regulatory approach from that of the U.S. It highlights striking differences between the EU and the...

This paper traces the roots of collateral flow and its potential vulnerabilities in the shadow banking system to their regulatory capital treatment in the banking sector. As part of assessing the interaction of banking regulation and the shadow banking sector, it investigates the impact of bank...

This paper assesses the potential impact of FinTech on the finance industry. I document first that financial services remain surprisingly expensive, which explains the emergence of new entrants. I then argue that the current regulatory approach is subject to significant political economy and...

An emerging trend in financial services is banks' increasingly common refusal to do business with industries for political reasons rather than for traditional business justifications. Banks' refusals are often explained by a desire to make a difference or send a message. While this desire may...

The paper provides a qualitative assessment of the role mainstream economic theory had in orienting Italy's banking legislation from its political unification (1861) to the introduction of the 1936 Banking Act. Five regulatory regimes are considered. Whilst market discipline and self-regulation...

This paper reviews the research literature concerning financial repression. The paper then presents an empirical measure for financial repression in the US banking system entitled “The Financial Repression Index,” drawing upon public data going back to the early 1980s The paper draws some...