The Handbook of Global Shadow Banking, Volume II The Future of Econo
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 secto
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The Handbook of Global Shadow Banking, Volume II
Luc Nijs
The Handbook of Global Shadow Banking, Volume II The Future of Economic and Regulatory Dynamics
Luc Nijs
ISBN 978-3-030-34816-8 ISBN 978-3-030-34817-5 (eBook) https://doi.org/10.1007/978-3-030-34817-5 © The Editor(s) (if applicable) and The Author(s) 2020 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
In this second volume on global shadow banking, three main domains will be further explored. The first domain deals with the macroeconomic fundamentals of the respective shadow banking segments: why do they exist, what problem(s) do they solve, and why are some of these embedded risks so persistent? The second domain captures the global analysis of shadow banking markets. Shadow banking markets, regardless of which segment, are always modeled based on the regulatory environment and economic landscape of a certain jurisdiction. Therefore, despite the many commonalities, shadow banking markets differ in their dynamics, roles they play in the local market and the way exposures are created. A global analysis of those markets comes next. The last domain covered in the book deals with the many open-ends that the sector still characterizes. It gets philosophical every now and then, and related topics like regulatory arbitrage, contract imperfection and governance are brought into the analysis. In the second domain, which encompasses Chaps. 2–6, I then branch out into a geographical survey to experience the shadow banking dynamics around the world, make comparisons, review different policy and regulatory responses, subject them to assessments and shed some light on the first feedback loo
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