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Federal Reserve Bank of New York Staff Reports: Shadow Banking

The Mali Economic Management Credit supports the government’s efforts to improve women’s access to land and financial services. It has facilitated the preparation of an action plan that was included in the overall financial sector action plan approved in 1998, which resulted in budget support for women’s income-generation activities. The operation has also facilitated and increased women’s access to land in the Office du Niger region; and raised public awareness of women’s legal rights and the benefits of women’s participation in the develop- ment process. In addition, the operation has resulted in the creation of a Ministry of Women’s Affairs. The Rwanda Economic Recovery Credit supports legislation to eliminate discrimination. | Federal Reserve Bank of New York Staff Reports Shadow Banking Zoltan Pozsar Tobias Adrian Adam Ashcraft Hayley Boesky Staff Report No. 458 July 2010 Revised February 2012 FRBNY Staff repoRts This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in this paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. Shadow Banking Zoltan Pozsar Tobias Adrian Adam Ashcraft and Hayley Boesky Federal Reserve Bank of New York Staff Reports no. 458 July 2010 revised February 2012 JEL classification G20 g28 G01 Abstract The rapid growth of the market-based financial system since the mid-1980s changed the nature of financial intermediation. Within the market-based financial system shadow banks have served a critical role. Shadow banks are financial intermediaries that conduct maturity credit and liquidity transformation without explicit access to central bank liquidity or public sector credit guarantees. Examples of shadow banks include finance companies asset-backed commercial paper ABCP conduits structured investment vehicles SIVs credit hedge funds money market mutual funds securities lenders limited-purpose finance companies LPFCs and the government-sponsored enterprises GSEs . Our paper documents the institutional features of shadow banks discusses their economic roles and analyzes their relation to the traditional banking system. Our description and taxonomy of shadow bank entities and shadow bank activities are accompanied by shadow banking maps that schematically represent the funding flows of the shadow banking system. Key words shadow banking financial intermediation Adrian Ashcraft Federal Reserve Bank of New York. Pozsar International Monetary Fund. Boesky Bank of America Merrill Lynch. Address