The Shadow Banking System

PART I: GENERAL OBSERVATIONS<BR>1.1 The Identification Of The Phenomenon<BR>1.2 The Traditional Definitions Of The Shadow Banking System: The Guidelines Of The Financial Stability Board And The Statement Of The G20<BR>1.3. The Directions Of Certain Central Banks<BR>1.4. The Routes Of European Institutions<BR>1.5 The Path Of Emerging Countries<BR>1.6 The Interpretations Of The Phenomenon<BR>1.7. The Different Outcomes Of The Monetary And Supervisory Perspectives<BR>1.8 The Boundaries Of The Shadow Banking System: Money Laundering, Tax Evasion And Other Forms Of The 'Black Market.'<BR>PART II: THE SHADOW BANKING SYSTEM AS AN ALTERNATIVE SOURCE OF LIQUIDITY<BR>2.1. The Economic Determinants Of The Shadow Banking System<BR>2.2. Information Asymmetries<BR>2.3. Opacity, Pro-Cyclicality And System Instability<BR>2.4. Methods For Classification Of The Phenomenon<BR>2.5. Is This Economic Freedom Or Escape From Regulation?<BR>2.6. The Global Nature And The Riskiness Of The Phenomenon<BR>2.7. New Freedoms And Their Problematic Nature<BR>PART III: SHADOW BANKING ENTITIES<BR>3.1 Special Purpose Vehicles<BR>3.2 Shadow Banks<BR>3.3. Other Shadow Banking Entities<BR>3.4. The Shadow Funds<BR>3.5. The Particular Role Of Money Market Funds<BR>PART IV: SHADOW BUSINESSES OF BANKS, INSURANCE COMPANIES AND PENSION FUNDS<BR>4.1. Multi-Phasic Nature Of The Shadow Banking System And Plurality Of Traditional Operators<BR>4.2. The Role Of Banks In The Shadow Banking System<BR>4.3. The Dysfunctions Of Internal Controls And Of The Weaknesses Of Other Safeguards<BR>4.4. The Action Of The Insurance Companies<BR>4.5. The Involvement Of Pension Funds<BR>PART V: SHADOW BANKING OPERATIONS<BR>5.1. Shadow Credit Intermediation Process<BR>5.2. An Undetermined (In The Contents) And Unconfined (Within The Boundaries) Reality<BR>5.3. The Operations Of The Credit Transformation<BR>5.4. The New Securitization Techniques<BR>5.5. Effects On The Maturities Of The Operations And On The Levels Of Financial Leverage<BR>5.6. Ratings (In The Shadows)<BR>PART VI: NON STANDARD OPERATIONS IN THE SHADOW BANKING SYSTEM<BR>6.1. The Use Of Securities Lending And Borrowing And Repurchase Agreements<BR>6.2. The Offering Of The Asset-Backed Commercial Paper, Asset-Backed Securities And Collateralized Debt Obligations<BR>6.3. Peculiarities Of Derivatives<BR>6.4. The Shadow Banking Operations Of Sovereign States<BR>6.5. The Use Of Derivatives (To Face The Crisis) By Sovereign States<BR>6.6. The Shadow Banking Operations Of The Credit Institutions<BR>PART VII: SHADOW BANKING RISKS AND KEY VULNERABILITIES<BR>7.1. Areas Of Risk In The Shadow Banking System<BR>7.2. Risk Factors<BR>7.3. Operators And Policies Of Risk Management<BR>7.4 Operational Freedom Inside The Shadow Banking System<BR>7.5. The Risks Of Organizations<BR>7.6. The Prospective Regulation Of The Operations<BR>7.7. The Risks Of Governance<BR>7.8 The Impact Of European Regulation On The Management<BR>7.9. The Risks Of The Entities 'Too Big To Fail'<7.10. The Exogenous Risks<BR>7.11. The Particular Implication Of Monetary Policies<BR>PART VIII: THE SHADOW BANKING SYSTEM AND THE NEED FOR SUPERVISION<BR>8.1. Deregulation Of Financial Markets And Monitoring Of «Shadow Banking System»<BR>8.2. Economic Determinants Of The Supervisory System On The Shadow Banking<BR>8.3 The Shadow Banking System In The European Internal Market<BR>8.4. The Role Of European Institutions<BR>8.5. New Supervision Of The Shadow Banking System In Eu: The Action Of The European Commission<BR>8.6. The Action Of The European System Of Financial Supervision<BR>8.7. The Responsibilities Of The European Supervising Authorities<BR>8.8. The Tasks Of The European Banking Union<BR>8.9. The Impact Of The New Targeted Longer-Term Refinancing Operations Of The ECB<BR>8.10. Evolutionary Trends Of European Supervision (Following Directive 2014/65/EU)<BR>8.11. The Role Of Global Regulators: The World Bank And The International Monetary Fund<BR>8.12. 'Limited Effects' Of Monitoring And Supervision Designed By The Financial Stability Board<BR>