… In this paper, we further develop this argument by focusing more explicitly on how the
shadow banking system offers insurance to investors. We model not only aggregate but also …

… shadow banking increases endogenous risk. Tightening bank regulation in our model increases
the borrowing capacity of shadow banking … a few models of shadow banking along two …

… We build a macrofinance model of shadow banking—the transformation … Shadow banking
economizes on scarce collateral, … A rise in uncertainty raises shadow banking spreads, forcing …

… The objective of the FSB is to enhance the regulation and oversight of the shadow banking
system. The FSB is leading this work because of the global reach of shadow banking, which …

… We review the quickly growing literature on shadow banking and provide a … shadow banks
conduct credit and maturity transformation similar to traditional banks, shadow banks do so …

… I argue that shadow banking improves welfare … for banks with access to efficient investment
opportunities. I propose a novel intervention that improves welfare further by taxing shadow …

… It is widely argued that shadow banking grew rapidly before the recent financial crisis … -term
debt issued by shadow banks as a money-like claim. I present a model where the financial …

… We document how the rise of shadow banking was helped … banks, securitization to move
assets of traditional banks off their … growth and efficiency of shadow banking; regulators can use …

… We propose a simple short-run Post-Keynesian model in which the key aspects of shadow
banking, namely securitization and the production of structured finance instruments, are …

… This agency problem affects differently the two types of intermediaries that I model in this
paper: traditional banks and shadow banks. Traditional banks are able to invest only in the …