We present a model of shadow banking in which banks originate and trade loans, assemble them into diversified … for riskless debt and indirectly for securitization, bank assets and leverage move together, banks become interconnected … diversification. The shadow banking system is stable and welfare improving under rational expectations, but vulnerable to crises and …

crisis. Shadow banks are financial intermediaries that conduct maturity, credit, and liquidity transformation without … explicit access to central bank liquidity or public sector credit guarantees. This article documents the institutional features … of shadow banks, discusses the banks' economic roles, and analyzes their relation to the traditional banking system. The …

institutions. Shadow banks are financial intermediaries that conduct maturity, credit, and liquidity transformation without access … to central bank liquidity or public sector credit guarantees. Examples of shadow banks include finance companies, asset … vertically integrated, long intermediation chain, which intermediates credit through a wide range of securitization and secured …

institutions. Shadow banks are financial intermediaries that conduct maturity, credit, and liquidity transformation without access … to central bank liquidity or public sector credit guarantees. Examples of shadow banks include finance companies, asset … vertically integrated, long intermediation chain, which intermediates credit through a wide range of securitization and secured …

institutions. Shadow banks are financial intermediaries that conduct maturity, credit, and liquidity transformation without access … to central bank liquidity or public sector credit guarantees. Examples of shadow banks include finance companies, asset … vertically integrated, long intermediation chain, which intermediates credit through a wide range of securitization and secured …

in shadow banking. BHCs can increase their fee income by guaranteeing sold projects with a recourse to the bank's balance … BHCs with small banks, and they dominate the shadow banking sector. …

We provide an estimate of the size of the shadow banking sector in Europe. We compare it to the shadow banking sector … aspects of hedge funds activities and exchange-traded funds. According to our estimates, the shadow banking sector in Europe … banking sector liabilities in Europe and 130% in the U.S. Beyond data uncertainties for Europe, the difference with the U …