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La crise financière de 2008 a mis en lumière la relation entre le shadow banking system et le système bancaire traditionnel. Le secteur bancaire a permis au shadow banking de se développer et de s’accroitre jusqu’à créer une bulle dans le marché immobilier américain qui finit par éclater et contaminer le système financier mondial. Cette crise a eu d’importantes conséquences sur le fonctionnement et l’évolution du système bancaire. Le but de ce mémoire est de déterminer si la relation entre le système bancaire traditionnel et le shadow banking system est différente depuis la crise. En d’autres termes, le but est de déterminer s’ils sont compléments ou substituts l’un de l’autre.
Afin de répondre à cette question, une étude empirique est réalisée avec comme échantillon les dix-neuf pays de la zone euro entre 2010 et 2019. Des données de panel ont été utilisées comme modèles pour analyser cette relation à travers le temps. Les résultats obtenus montrent qu’il existe une relation négative et significative entre le shadow banking et les banques traditionnelles. Ils seraient donc substituts. Ces résultats peuvent être expliquées par des réglementations bancaires accrues et des taux d’intérêts très bas voire négatifs. Les résultats montrent aussi que cette relation est d’avantage négative pour les pays fondateurs de la zone euro en raison de leur plus grande implication dans le financement de l’ombre que les pays non fondateurs.

shadow banking --- banques traditionnelles --- crise --- complément --- substitut --- Sciences économiques & de gestion > Finance

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This master’s thesis studies the systemic risk of the hedge funds industry through a model developed and used by van Oordt and Zhou (2019a, 2019b). This model measures systemic risk by splitting it into two components: the Pure Tail Risk, defined as the relative tail exposure towards the whole financial system approximated by the S&P500, and the Systemic Linkage, which represents the probabilistic link of the extreme negative returns between the hedge funds and that proxy. Our first intended contribution resides in the explanation and the reconciliation of these two measures, the downside risk­related component and the tail dependence aspect, into one single metric. Our second contribution relates to innovations brought in the estimation method, which relies on Extreme Value Theory to overcome the scarcity of data and the low frequency of reporting inherent to the hedge funds databases. In order to do so, we implement a LASSO-­Generalized Pareto Regression for tail exposure explanations and use copula distributions for tail dependence measurement.Our work provides several new insights. We observe a significant positive correlation be­tween liquidity and systemic risk indicators, which highlights the link between shadow bank­ing, hedge funds and systemic risk. Moreover, a larger fund size and a longer advance notice act as systemic risk reducers, while the lockup period drives up the systemic threat. Driven by the Pure Tail Risk, the results show an increase of the systemic risk during period of stability such as the period of 2003 to 2006 and after the 2008 crisis. Coupled with the high commonal­ity of the industry in such periods, observed by Bussière et al. (2014) between 2003 and 2006, our findings highlight the potential threat that hedge funds bring to the stability of the financial system. We uncover a common dynamic behaviour of hedge fund strategies over time, even though Equity Hedge and Event Driven hedge funds show significantly higher values. This re­sults is all the more important given that we observe that the Equity Hedge strategy represents the largest fraction of the industry. Finally, our model stresses a shift of the hedge funds tail risk dynamic after the 2008 crisis, showing a genuine potential for future research.As a result, we believe that our efforts to identify and explain the systemic risk of the hedge funds industry and its components have led to insightful results, which point to an increasing need for an adapted regulation.

Finance --- Hedge funds --- Systemic risk --- Value-at-risk --- Tail dependence --- Shadow banking --- Sciences économiques & de gestion > Finance

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"This book examines the evolution and dynamics of China's banking and financial system since the late 1970s and links this to the changing dynamics driving China's economic growth model. The book explains how China's phenomenal growth trajectory has been built on a highly politicized and inefficient banking and financial system, and how this has increasingly undermined China's market transition and economic rebalancing."--

Finance --- Government policy --- China --- Economic policy --- shadow banking, shadow credit, china’s growth trajectory, xi jinping regime and chinas economic growth, financial implosion in china, china and the aftermath of the global financial crisis.

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This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This volume focuses specifically on shadow banking activities, risk, policy and regulatory issues. It evaluates the nexus between policy design and regulatory output around the world, paying attention to the concept of risk in all its dimensions—the legal, financial, market, economic and monetary perspectives. Particular attention is given to spillover risk, contagion risk and systemic risk and their positioning and relevance in shadow banking activities. Newly introduced and incoming policies are evaluated in detail, as well as how risk is managed, observed and assessed, and how new regulation can potentially create new sources of risk. Volume I concludes with analysis of what will and still needs to happen in the event of another crisis. Proposing innovative suggestions for improvement, including a novel Pigovian tax to tame financial and systemic risks, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.

Nonbank financial institutions. --- Limited service banks --- Nonbank banks --- Nonbanks --- Shadow banking --- Shadow banks --- Banks and banking --- Banks and banking. --- Risk management. --- Financial crises. --- Banking. --- Risk Management. --- Financial Crises. --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Insurance --- Management --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money

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This paper assesses the stability of Belgium’s financial system. The financial sector remains resilient in the face of the rising cyclical vulnerabilities, but there is a need for closely monitoring risks. Stress tests on banks and insurance companies confirm that they can absorb credit, sovereign, and market losses in the event of a severe deterioration in macro-financial conditions. The risk of interbank contagion through direct exposures is low. Insurance companies are also generally resilient and the losses incurred by those that belong to banking groups do not threaten the soundness of those groups. Bank resilience reflects relatively healthy loan portfolios and limited exposure to market and liquidity risks, while insurance companies have sound solvency levels and reduced exposures to guaranteed rates.

Banks and Banking --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Institutions and Services: Government Policy and Regulation --- Banking --- Finance --- Insurance companies --- Shadow banking --- Commercial banks --- Financial institutions --- Loans --- Financial services --- Banks and banking --- Nonbank financial institutions --- Law and legislation --- Financial services industry --- Belgium