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The invention of shadow banking

Pierre-Nicolas reHaulT
Laboratoire d’Analyse et de Prospective Economiques (LAPE), Université de Limoges, France pierre-nicolas.rehault@unilim.fr
ORCID : 0000-0002-6030-188X

Alain sauviaT
Laboratoire d’Analyse et de Prospective Economiques (LAPE), Université de Limoges, France


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Abstract :  The spectacular rise of non-banking intermediation has led to a vast literature devoted to the analysis of the shadow banking phenomenon, considered to be the main reason for the banking and financial debacle of the great crisis of 2007-2008. The aim of this article is to present the roots of this phenomenon, as an essential prerequisite in order to establish its role in credit funding. In the light of an analysis of the tools of modern finance, this article offers a thought that gradually raises questions about the tilting of the financial system towards an intensive collateralization process.

Keywords : shadow banking, financial intermediation, securitization, collateral.

Jel Classification : G21, G23.

DOI: https://doi.org/10.18559/RIELF.2020.1.6