Grey matter in shadow banking: international organizations and expert strategies in global financial governance

Figures & data

Figure 1 Career experience and professional status among shadow banking experts.

Figure 2 Citation network for BIS, IMF, and FSB, by institutional affiliation at the time of authorship.

Figure 3 Professional experience and status in article journals on shadow banking.

Table 1 Coding sheet for schools of thought in shadow banking regulation

Regulatory school of thought	Main implications for regulators
Interventionism	Extensively intervenes the day-to-day risk-taking activities of shadow banking institutions, in terms of the statutory limits imposed on their economic freedom and the intensity of supervision. Treats shadow banks like conventional banks in regulatory terms, without any significant privileges granted to them.
Reformism	Recalibrates the existing regulatory status quo, as defined by the benchmarks of Dodd Frank or Basel III towards more monitoring, more data collection (weak reformism) and a recalibration of the existing regulatory instruments, using statutory capital buffers, compulsory insurance systems targeted at specific forms of shadow banking, or the selective curbing of certain financial innovations associated with it (strong reformism).
Neoliberalism	Rolls back post-2008 regulations and reverts to the ‘light-touch’ regulation of corporate governance as a means to realign agents’ incentives so that systemic risk in the shadow banking is extensively reduced. Provides shadow banks the safety net provided to conventional banks in times of crisis but without loading them with additional regulation.

Table 2 Affiliation at time of publication of shadow banking expertise brokers

Name	Affiliation	Cited by
Hyun Song Shin	Princeton	BIS, FSB, IMF
Zoltan Pozsar	New York Fed	BIS, FSB, IMF
Tobias Adrian	New York Fed	BIS, FSB, IMF
Adam Ashcraft	New York Fed	BIS, FSB, IMF
Hayley Boesky	New York Fed	BIS, FSB, IMF
Antoine Martin	New York Fed	BIS, FSB
Adam Copeland	New York Fed	BIS, FSB
Dmitry Orlov	Stanford University	BIS, FSB
Stefan Nagel	University of Michigan	BIS, FSB
Jeremy Stein	Harvard University	BIS, FSB
Claudio Borio	Bank of International Settlements	BIS, IMF
Nikola Tarashev	Bank of International Settlements	BIS, IMF
Ricardo J. Caballero	MIT	BIS, IMF
Charles Calomiris	Columbia; IMF; Shadow Open Market Committee	BIS, IMF
Charles Goodhart	London School of Economics	FSB, IMF
Darrell Duffie	Stanford University	FSB, IMF
Manmohan Singh	International Monetary Fund	FSB, IMF
Viral V. Acharya	NYU	FSB, IMF
Gary Gorton	Yale	FSB, IMF
Andrew Metrick	Yale	FSB, IMF
Lasse Heje Pedersen	NYU; Copenhagen Business School; AQR Capital Management	FSB, IMF
Angela Maddaloni	ECB	FSB, IMF
T. Sabri Öncü	NYU	FSB, IMF

Figure 4 Top economics journal authors and their cited allies.