The Handbook of Global Shadow Banking, Volume I From Policy to Regul
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 I
Luc Nijs
The Handbook of Global Shadow Banking, Volume I From Policy to Regulation
Luc Nijs
ISBN 978-3-030-34742-0 ISBN 978-3-030-34743-7 (eBook) https://doi.org/10.1007/978-3-030-34743-7 © 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
Writing a book is often a challenge, yes even a struggle from time to time. Writing a book on shadow banking goes quite a bit beyond that struggle. It’s like shooting a moving target. Worse, it’s like a Tour de France but then only with climbs ‘hors catégorie’. But when persisting, it yields its benefits. If you can navigate, possibly over time, beyond the window dressing language of regulators, supervisors, lobbyists and the likes and can lift the fog on the paradigm and the schism that financial regulation has created between the regulated and less or otherwise regulated part of the financial industry, you’re ultimately in a much better position to focus on what really matters. It also allows you to see much clearly the relative safety that was created in recent years through all the different layers of incoming regulation which was built on the existing and largely outdated regulatory infrastructure. For those reasons only, I considered that I didn’t want to write a book that had the ‘look and feel’ of an ordinary textbook. Not that there is something wrong with that but I felt that incremental value over and beyond existing literature could only come from a book that would allow to move across the different components of the shadow banking segment and allow for a deeper understanding of the differe
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