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Qu’est-ce que le Shadow Banking ? Quelles sont les entités qui le composent ? Quels produits propose-t-il ? Et surtout, quel rôle économique joue-t-il ?
Ce système d’intermédiation parallèle échappe par nature à la règlementation prudentielle grevant le système bancaire traditionnel. Nous verrons que c’est cette liberté, adossée à une large palette de produits financiers complexes, qui rend le Shadow Banking attractif mais aussi risqué pour la stabilité du système financier global.
En mettant la finance de l’ombre en perspective avec les équilibres macro-économiques, nous tentons de comprendre si les Shadow Banks ont une influence – positive ou négative – sur la politique monétaire européenne. Pour ce faire, nous appuyons notre étude sur un ensemble de modèles économétriques de référence ainsi que sur différentes données statistiques. 
Les résultats de notre analyse sont contrastés. Suivant l’angle de vue adopté, le Shadow Banking peut tantôt nuire à l’efficacité de la transmission de la politique monétaire à l’économie réelle, tantôt l’aider à accomplir sa tâche plus rapidement et plus efficacement. C’est cette conclusion que nous détaillons tout au long de cette étude.

Shadow Banking --- Shadow Banks --- Politique monétaire --- Sciences économiques & de gestion > Finance

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This thesis investigates the impact of key macroeconomic variables on the growth and evolution of shadow banking across six countries—France, Germany, India, Japan, the United Kingdom, and the United States—over a 15-year period from 2007 to 2022. By employing panel data analysis and econometric modeling, including Ordinary Least Squares (OLS), Fixed Effects, and Random Effects models, the study explores how factors such as GDP growth, government bond yields, stock market indices, and liquidity reserves influence non-bank financial intermediation (NBFI), a proxy for shadow banking activities.

The findings reveal that among the variables examined, stock market performance has a significant negative impact on shadow banking, indicating that declines in stock markets are associated with reduced shadow banking activities. However, other variables like GDP growth, government bond yields, and liquidity reserves did not show significant effects in the models applied. The study highlights the complexity of the shadow banking system and suggests that while stock market conditions are critical, other macroeconomic and regulatory factors may play a nuanced role in shaping the sector's dynamics. The thesis concludes with a discussion on the limitations of the analysis and recommendations for future research, emphasizing the need for ongoing monitoring and regulation to ensure financial stability in an increasingly interconnected global financial system.

Shadow Banking, macroeconomics, Non-Bank Financial Institutions --- 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