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Federal Reserve Bank of New York
Staff Reports
Shadow bank monitoring
Tobias Adrian
Adam B. Ashcraft
Nicola Cetorelli
Abstract

We provide a framework for monitoring the shadow banking system. The shadow banking system consists of a web of specialized financial institutions that conduct credit, maturity, and liquidity transformation without direct, explicit access to public backstops. The lack of such access to sources of government liquidity and credit backstops makes shadow banks inherently fragile. Shadow banking activities are often intertwined with core regulated institutions such as bank holding companies, security brokers and dealers, and insurance companies. These interconnections of shadow banks with other financial institutions create sources of systemic risk for the broader financial system. We describe elements of monitoring risks in the shadow banking system, including recent efforts by the Financial Stability Board.


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Tobias Adrian & Adam B. Ashcraft & Nicola Cetorelli, Shadow bank monitoring, Federal Reserve Bank of New York, Staff Reports 638, 01 Sep 2013.
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Note: For a published version of this report, see Tobias Adrian, Adam B. Ashcraft, and Nicola Cetorelli, "Shadow Bank Monitoring," Oxford Handbook of Banking, 2nd Edition (Nov 2014): 378-409.
JEL Classification:
Subject headings:
Keywords: shadow banking; financial stability monitoring; financial intermediation
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