541
Views
13
CrossRef citations to date
0
Altmetric
Original Articles

Shadow banking: a story of the Doppelgänger (the Double) in science of finance

ORCID Icon
Pages 377-392 | Received 26 May 2016, Accepted 14 Oct 2016, Published online: 16 Nov 2016

References

  • Adrian, T. & Shin, H. S. (2009) ‘The shadow banking system; implications for financial regulation’, staff paper 382, New York Federal Reserve Bank, New York.
  • Allen, F. & Santomero, A. M. (1998) ‘The theory of financial intermediation’, Journal of Banking and Finance, vol. 21, pp. 1461–1485. doi: 10.1016/S0378-4266(97)00032-0
  • Allen, F. & Santomero, A. M. (2001) ‘What do financial intermediaries do?’ Journal of Banking and Finance, vol. 25, pp. 271–294. doi: 10.1016/S0378-4266(99)00129-6
  • Baker, A. (2013) ‘The new political economy of the macro-prudential ideational shift’, New Political Economy, vol. 18, no. 1, pp. 112–139. doi: 10.1080/13563467.2012.662952
  • Baudrilliard, J. (1994) Simulacra and Simulation, translated by S. F. Glaser, The University of Michigan, Ann Harbor.
  • Benigno, G., Chen, H., Otrok C., Rebucci, A. & Young, E. R. (2013) ‘Financial crises and macroprudential policies’, Journal of International Economics, vol. 89, no. 2, pp. 453–470. doi: 10.1016/j.jinteco.2012.06.002
  • Bernanke, B. (2007) ‘Regulation and innovation’, speech to the Federal Reserve Bank of Atlanta’s 2007 Financial Markets Conference, 15 May 2007, [Online] Available at: http://www.federalreserve.gov/newsevents/speech/bernanke20070515a.htm (accessed 15 November 2015).
  • BIS (Bank for International Settlement). (2014) ‘Debt and the financial cycle: domestic and global’, BIS 84th annual report, [Online] Available at: http://www.bis.org/publ/arpdf/ar2014e.htm (accessed 5 January 2015).
  • Black, J. (2013) ‘Seeing, knowing, and regulating financial markets: moving the cognitive framework from the economic to the social’, working paper, LSE, Law, Society and Economy department, no. 24.
  • Borges, J. L. (1975) A Universal History of Infamy, Penguin Books, Aylesbury.
  • Borio, C. (2010) ‘The financial cycle and macroeconomics: What have we learnt?’, BIS working papers no. 395, [Online] Available at: http://www.bis.org/publ/work395.htm (accessed 20 October 2015).
  • Borio, C. (2011) ‘Implementing the macro-prudential approach to financial regulation and supervision’, in The Financial Crisis and the Regulation of Finance, eds C. J. Green, E. J. Pentecost & T. G. Weyman-Jones, Edward Elgar, Cheltenham, pp. 101–117.
  • Caballero, R. (2010) ‘Macroeconomics after the crisis: time to deal with the pretense of knowledge syndrome’, Journal of Economic Perspectives, vol. 24, no. 4, pp. 85–102. doi: 10.1257/jep.24.4.85
  • Carney, M. (2014) ‘The need to focus a light on shadow banking is nigh’, Financial Times, 15 Jun., [Online] Available at: https://next.ft.com/content/3a1c5cbc-f088-11e3-8f3d-00144feabdc0 (accessed 16 June 2014).
  • Claessens, S., Ghosh, S. R. & Mihet, R. (2013) ‘Macro-prudential policies to mitigate financial system vulnerabilities’, Journal of International Money and Finance, vol. 39, pp. 153–185. doi: 10.1016/j.jimonfin.2013.06.023
  • Claessens, S. & Ratnovski, L. (2014) ‘What is shadow banking?’ IMF working paper, WP/14/25, [Online] Available at: https://www.imf.org/external/pubs/ft/wp/2014/wp1425.pdf (accessed 22 October 2015).
  • Claessens, S., Pozsar, Z., Ratnovski, L. & Singh, M. (2012) ‘Shadow banking: economics and policy’, IMF staff discussion note 12/12, [Online] Available at: https://www.imf.org/external/pubs/ft/sdn/2012/sdn1212.pdf (accessed 5 November 2015).
  • Cooke, P. (2002) German Expressionist Films, Pocket Essentials, Harpenden.
  • Cooper, M. (2011) ‘Complexity theory after the financial crisis: the death of neoliberalism or the triumph of Hayek?’, Journal of Cultural Economy, vol. 4, no. 4, pp. 371–385. doi: 10.1080/17530350.2011.609692
  • Cooper, M. (2015) ‘Shadow money and the shadow workforce: rethinking labor and liquidity’, The South Atlantic Quarterly, vol. 114, no. 2, pp. 395–423. doi: 10.1215/00382876-2862773
  • Crosthwaite, P., Knight, P. & Marsh, N. (2014) Show Me the Money: The Image of Finance, 1700 to the Present, Manchester University Press, Manchester.
  • De Goede, M. (2005) Virtue, Fortune and Faith: A Geneology of Finance, University of Minnesota Press, Minneapolis.
  • De Goede, M. (2009) ‘Finance and the excess the politics of visibility in the credit crisis’, Zeitschrift für Internationale Beziehungen, vol. 16 , pp. 295–306, [Online] Available at: http://www.nomos-elibrary.de/10.5771/0946-7165-2009-2-299/finance-and-the-excess-the-politics-of-visibility-in-the-credit-crisis-jahrgang-16-2009-heft-2?page=0 (accessed 10 November 2015).
  • The Economist (2009) ‘The other-worldly philosophers’, 18 Jul., [Online] Available at: http://www.economist.com/node/14030288 (accessed 20 July 2009).
  • Elsaesser, T. (2003) ‘Weimar cinema, mobile selves, and anxious males: Kracauer and Eisner revisited’, in Expressionist Film – New Perspectives, ed Dietrich Sheunemann, Camden House, Rochester, pp. 33–71.
  • Engelen, E (2015) “How shadow banking became non-bank finance: blame the conjuncture”, mimeo, [Online] Available at: https://www.researchgate.net/publication/276027120_How_Shadow_Banking_became_Non-Bank_Finance_Blame_the_Conjuncture (accessed 5 February 2016).
  • Engelen, E., Ertürk, I., Leaver, A., Froud, J. & Williams, K. (2010) ‘Reconceptualizing financial innovation: frame, conjuncture and bricolage’, Economy and Society, vol. 39, no. 1, pp. 33–63. doi: 10.1080/03085140903424568
  • Ertürk, I. & Solari, S. (2007) ‘Banks as continuous reinvention’, New Political Economy, vol. 12, no. 3, pp. 369–388. doi: 10.1080/13563460701485599
  • Erturk, I., Froud, J., Leaver, A., Moran, M. & Williams, K. (2011) ‘Haldane’s Gambit’, Journal of Cultural Economy, vol. 4, no. 4, pp. 387–404. doi: 10.1080/17530350.2011.609696
  • Ertürk, I., Froud, J., Leaver, A., Johal, S. & Williams, K. (2013) ‘(How) do devices matter in finance?’, Journal of Cultural Economy, vol. 6, no. 3, pp. 336–352. doi: 10.1080/17530350.2013.802987
  • European Commission, ‘Green paper on building a capital markets union’, COM(2015) 63 final, Available at: http://ec.europa.eu/finance/consultations/2015/capital-markets-union/docs/green-paper_en.pdf.
  • Finel-Honigman, I. (2010) A Cultural History of Finance, Routledge, Oxon.
  • Finnerty, J. D. (1992) ‘An overview of corporate securities innovation’, Journal of Applied Corporate Finance, vol. 4, no. 4, pp. 23–39. doi: 10.1111/j.1745-6622.1992.tb00215.x
  • Foucault, M. (1970) Order of Things, Tavistock/Routledge, London.
  • FSB (Financial Stability Board). (2011) ‘Shadow banking: strengthening oversight and regulation: recommendations of the financial stability board’, 27 Oct., [Online] Available at: http://www.fsb.org/2011/10/r_111027a/ (accessed 3 December 2015).
  • FSB (Financial Stability Board). (2015) ‘Global shadow banking monitoring report 2015’, 12 Nov., [Online] Available at: http://www.fsb.org/2015/11/global-shadow-banking-monitoring-report-2015/ (accessed 5 January 2016).
  • G20 (2010) ‘The G20 Seoul summit leaders’ declaration’, 11–12 Nov., [Online] Available at: http://www.g20australia.org/sites/default/files/g20_resources/library/Seoul_Summit_Leaders_Declaration.pdf (accessed 5 January 2016).
  • G20 (2011) ‘Building our common future: renewed collective action for the benefit of all’, Cannes summit final declaration, [Online] Available at: http://www.oecd.org/g20/summits/cannes/Cannes%20Declaration%204%20November%202011.pdf (accessed 3 December 2015).
  • Gabor, D. (2015) ‘A step too far? The European financial transactions tax on shadow banking’, Journal of European Public Policy, vol. 23, no. 6, pp. 1–21.
  • Gennaioli, N., Shleifer, A. & Vishny, R. W. (2013) ‘A model of shadow banking’, The Journal of Finance, vol. 68, no. 4, pp. 1331–1363. doi: 10.1111/jofi.12031
  • Gorton, G. (2010) ‘Questions and answers about the financial crisis’, NBER working paper 157–187, National Bureau of Economic Research, Cambridge, MA, [Online] Available at: http://www.nber.org/papers/w15787 (accessed 24 October 2015).
  • Gorton G. & Metrick, A. (2010) ‘Regulating the shadow banking system’, Brookings Papers on Economic Activity no. 2, pp. 261–297. doi: 10.1353/eca.2010.0016
  • Haiven, M. (2014) Cultures of Financialization, Palgrave Macmillan, London.
  • Haldane, A. (2012) ‘Towards a common financial language’, speech at the Securities Industry and Financial Markets Association (SIFMA) “Building a Global Legal Entity Identifier Framework” Symposium, New York, 14 March 2012, [Online] Available at: http://www.bis.org/review/r120315g.pdf (accessed 25 January2013).
  • IMF (2016a) ‘ Global financial stability report: potent policies for a successful normalization’, International Monetary Fund, Apr. 2016, [Online] Available at: https://www.imf.org/External/Pubs/FT/GFSR/2016/01/index.htm (accessed 5 May 2016).
  • IMF (2016b) ‘ World economic outlook: too slow for too long’, International Monetary Fund, Apr. 2016, [Online] Available at: http://www.imf.org/external/pubs/ft/weo/2016/01/pdf/text.pdf (accessed 5 May 2016).
  • Kessler, O. & Wilhelm, B. (2013) ‘Financialization and the three utopias of shadow banking’, Competition & Change, vol. 17, no. 3, pp. 248–264. doi: 10.1179/1024529413Z.00000000036
  • Kracauer, S. ([1947] 2004) From Caligari to Hitler: a psychological history of the German film, Princeton University Press, Princeton, NJ.
  • Krugman, P. (2009) ‘How did economists get it so wrong?’, The New York Times Magazine, Sept. 2, [Online] Available at: http://www.nytimes.com/2009/09/06/magazine/06Economic-t.html?_r=0 (accessed 10 January 2010).
  • Lutrell, D., Rosenblum, H. & Thies, J. (2012) ‘Understanding the risks inherent in shadow banking: a primer and practical lessons learned’, Staff papers no. 18, Federal Reserve Bank of Dallas, Nov., [Online] Available at: https://www.dallasfed.org/assets/documents/research/staff/staff1203.pdf (accessed 17 November 2015).
  • Lysandrou, P. & Nesvetailova, A. (2015) ‘The role of shadow banking entities in the crisis: a disaggregated view’, Review of International Political Economy, vol. 22, no. 2, pp. 257–279. doi: 10.1080/09692290.2014.896269
  • McCully, P. (2007) ‘Teton reflections’, Pimco: Global Central Bank Focus Augustus/September 2007, [Online] Available at: https://www.pimco.com/insights/economic-and-market-commentary/global-central-bank-focus/teton-reflections (accessed 10 January 2010).
  • McFall, L. (2009) ‘Devices and desires: how useful is the ‘new’ new economic sociology for understanding market attachment?’, Sociology Compass, vol. 3, no. 2, pp. 267–282. doi: 10.1111/j.1751-9020.2009.00195.x
  • McFall, L. (2014) Devising Consumption: Cultural Economies of Insurance, Credit and Spending, Routledge, London.
  • Mehrling, P. (2011) The New Lombard Street. How the Fed Became a Dealer of Last Resort. Princeton University Press, Princeton, NJ.
  • Merton, R.C. (1992) ‘Financial innovation and economic performance’, Journal of Applied Corporate Finance, vol. 4, no. 4, pp. 12–22. doi: 10.1111/j.1745-6622.1992.tb00214.x
  • Merton, R. C. (2000) ‘Future possibilities in finance theory and finance practice’, Harvard Business School working paper, no. 01-030, Dec., [Online] Available at: http://www.people.hbs.edu/rmerton/FuturePossibilities.01.030.pdf (accessed 25 October 2015).
  • Merton, R. C. & Bodie, Z. (1995) ‘A conceptual framework for analyzing the financial environment’, in The Global Financial System: A Functional Perspective, eds D.B. Crane, K. A. Froot, S. P. Mason, A. Perold, R. C. Merton, Z. Bodie, E. R. Sirri & P. Tufano, Harvard Business School Press, Boston, pp. 3–32.
  • Mirowski, P. (1989) More Heat than Light: Economics as Social Physics, Cambridge University Press, New York.
  • Mirowski, P. (2002) Machine Dreams: Economics Becomes a Cyborg Science, Cambridge University Press, New York.
  • Moretti, F. (1982) ‘The dialectic of fear’, New Left Review, vol. 136, pp. 67–85.
  • Muniesa, F. (2014) The Provoked Economy: Economic Reality and the Performative Turn, Routledge, London.
  • Pozsar, Z. (2008) ‘The rise and fall of the shadow banking system’, Moody’s Economy.com, Regional Financial Review, Jul., pp. 13–25, [Online] Available at: https://www.economy.com/sbs (accessed 18 November 2015).
  • Pozsar, Z. (2014) ‘Shadow banking: the money view’, Office of financial research working paper series, 14-04, [Online] Available at: https://financialresearch.gov/working-papers/files/OFRwp2014-04_Pozsar_ShadowBankingTheMoneyView.pdf (accessed 12 December 2015).
  • Pozsar, Z., Adrian, T., Ashcraft, A. & Boesky, H. (2010) ‘ Shadow banking’, Federal Reserve Bank of New York staff reports, no. 458, Jul. [Online] Available at: https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr458.pdf (accessed 18 January 2011).
  • Pryke, M. (2011) ‘Introducing Andrew Haldane’, Journal of Cultural Economy, vol. 4, no. 4, pp. 365–369. doi: 10.1080/17530350.2011.609713
  • Sachs, J. D. (2009) ‘Rethinking macroeconomics’, Capitalism and Society, vol. 4, no. 3, pp. 1–8. doi: 10.2202/1932-0213.1065
  • Scheunemann, D. (2003) ‘Activating the differences: expressionist film and early Weimar cinema’, in Expressionist Film – New Perspectives, ed Dietrich Sheunemann, Camden House, Rochester, pp. 1–31.
  • Serres, M. (2000) The Birth of Physics, Clinamen Press, Manchester.
  • Serres, M. (2014) Times of Crisis – What the Financial Crisis Revealed and How to Reinvent our Lives and Future, translated by A.-M. Feenberg-Dibon, Bloomsbury, New York.
  • Tett, G. (2009) ‘Lost through destructive creation’, Financial Times, Mar. 9, [Online] Available at: https://next.ft.com/content/0d55351a-0ce4-11de-a555-0000779fd2ac (accessed 10 March 2009).
  • Tett, G. & Davies, P. J. (2007) ‘Out of the Shadows: How Banking’s Secret System Broke Down’, Financial Times, December 16, Available at: https://next.ft.com/content/42827c50-abfd-11dc-82f0-0000779fd2ac (accessed 17 December 2007).
  • Thompson, G. (2011) ‘Sources of financial sociability’, Journal of Cultural Economy, vol. 4, no. 4, pp. 405–421. doi: 10.1080/17530350.2011.609699
  • Tufano, P. (2003) ‘Financial innovation’, in Handbook of the Economics of Finance, eds G. Constantinides, M. Harris, R. Stulz, Vol. 1 Part A Corporate Finance, Elsevier, Amsterdam, pp. 307–335.
  • Varoufakis, Y. (2015) The Global Minotaur: America, Europe and the Future of the Global Economy, Zed Books, London.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.