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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | An Assessment of the Drivers of the Shadow Banking System in Europe and Implications for Financial Stability |
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| Institution | University of Zurich |
| Faculty | Faculty of Economics, Business Administration and Information Technology |
| Date | 2015 |
| Abstract Text | The shadow banking system may play an important role in the financial system by increasing its efficiency and improving its functioning. This low regulated channel of credit intermediation may contribute to provide credit to the real economy. Moreover, shadow banking through securitization-based credit intermediation has the potential to improve risk-sharing in the economy. This parallel banking system also provides stable and liquid investment opportunities for institutional investors and high-net-worth retail investors. However, the 2008 financial crisis shed some light on the risks associated to the shadow banking system, particularly in terms of financial stability. Shadow banking may in particular contribute to an increase in systemic risk. Hence, the 2008 financial crisis shows how runs on shadow banking entities can propagate to the whole financial system, including regulated banks, through different contagion channels. |
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