Report
Shadow banking
Ashcraft, Adam B.; Boesky, Hayley; Pozsar, Zoltan; Adrian, Tobias (2010)
The rapid growth of the market-based financial system since the mid-1980s changed the nature of financial intermediation in the United States profoundly. Within the market-based financial system, "shadow banks" are particularly important institutions. Shadow banks are financial intermediaries that conduct maturity, credit, and liquidity transformation without access to central bank liquidity or public sector credit guarantees. Examples of shadow banks include finance companies, asset-backed commercial paper (ABCP) conduits, limited-purpose finance companies, structured investment vehicles, ...
Staff Reports , Paper 458

Journal Article
Shadow banking
Ashcraft, Adam B.; Boesky, Hayley; Pozsar, Zoltan; Adrian, Tobias (2013-12)
The rapid growth of the market-based financial system since the mid-1980s has changed the nature of financial intermediation. Within the system, ?shadow banks? have served a critical role, especially in the run-up to the recent financial crisis. Shadow banks are financial intermediaries that conduct maturity, credit, and liquidity transformation without explicit access to central bank liquidity or public sector credit guarantees. This article documents the institutional features of shadow banks, discusses the banks? economic roles, and analyzes their relation to the traditional banking ...
Economic Policy Review , Issue Dec , Pages 1-16