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Shadow Banking and Bank Capital Regulation



Type:   Article
Titre:   Shadow Banking and Bank Capital Regulation
Auteur(s):   Plantin, Guillaume - Département d'économie (Auteur)
In:   The Review of Financial Studies
Date de publication:   2015-01
Volume:   28
Numéro:   1
Pages:   146-175  p.
ISSN:   08939454
DOI:   10.1093/rfs/hhu055
Mots-clés:   [en] Shadow banking activity, Banking system, Banking crisis, Unregulated Banking
JEL:   G1,  G21,  G28
Résumé:   [en] Banks are subject to capital requirements because their privately optimal leverage is higher than the socially optimal one. This is in turn because banks fail to internalize all costs that their insolvency creates for agents who use their money-like liabilities to settle transactions. If banks can bypass capital regulation in an opaque shadow banking sector, it may be optimal to relax capital requirements so that liquidity dries up in the shadow banking sector. Tightening capital requirements may spur a surge in shadow banking activity that leads to an overall larger risk on the money-like liabilities of the formal and shadow banking institutions.


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