Ролята на сенчестото банкиране за функционирането на финансовата система
The Role of Shadow Banking in the Functioning of the Financial System

Author(s): Violeta Todorova
Subject(s): Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, Socio-Economic Research, Corruption - Transparency - Anti-Corruption
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: shadow banking; non-bank financial intermediaries; non-bank lending
Summary/Abstract: The paper explores the development of the non-bank financial sector, which provides products similar to the banking sector, also known as "shadow banking". It presents annual data on the size of the non-bank financial sector relative to total assets worldwide, showing that almost half of the financial assets globally are managed by non-bank financial intermediaries. Non-bank financial intermediation complements traditional banking by expanding access to finance and thereby contributing to economic growth. In a financial crisis, the lack of regulation in the shadow banking sector, combined with high levels of leverage, large volumes of illiquid assets and lack of access to central bank liquidity, make non-bank financial intermediaries a threat to the safety of the financial system.

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