Monetary Policy and Shadow banking: global micro-evidence from ABCPs

Información del proyecto

SHADOWBANKING

Identificador del acuerdo de subvención: 701732

DOI

10.3030/701732

Proyecto cerrado

Fecha de la firma de la CE 12 Abril 2016

Fecha de inicio 1 Octubre 2016

Fecha de finalización 30 Septiembre 2018

Financiado con arreglo a

• EXCELLENT SCIENCE - Marie Skłodowska-Curie Actions

Coste total

€ 195 454,80

Aportación de la UE

€ 195 454,80

Coordinado por

CITY ST GEORGES UNIVERSITY OF LONDON
United Kingdom

Objetivo

This project aims to contribute to a multi-disciplinary understanding of shadow banking and banks’ interactions with it, which includes accounting, banking and macroeconomics, with the purpose to assess their response to monetary policy changes. The financial crisis revealed how the banking system is both intertwined with, and exposed to, (systemic) risks in the shadow banking system. This latter is generally defined as “credit intermediation involving entities and activities outside the regulated banking system”, or non-bank credit intermediation. The complexity of the issue, the heterogeneous legal forms and accounting practice assumed has so far limited empirical research on these “de facto” banks and their activities outside the scope of the regulatory framework. Based on extensive rating agencies’ data, we examine how global shadow banking in the form of asset-backed commercial paper (ABCPs) – where the 2007- crisis started - are affected by monetary policy and can become a potential source of financial and banking instability because of their market-based funding. This research is innovative as it takes a global view of the shadow banking system by: i) focusing on the (lending)-activities of shadow banks, regardless of their legal forms and their reporting practices; ii) including US, but also EU and UK banks as major global players; iii) using micro data at ABCPs-portfolio level. After the crisis, this issue remains relevant in the current global uncertain economic environment and in the Euro Area as early-stage regulatory initiatives (FSB, BCBS) are aiming to transform shadow banking into a resilient market-based financing as an alternative to bank funding to support the recovery of real economy. The project addresses one of the focus areas in the agenda of Horizon 2020 in line with Europe’s main challenge to overcome the economic crisis: i) understanding the evolution of the crisis and ii) understanding the impact of global trends on the EU’s economy. ---

Ámbito científico (EuroSciVoc)

• ciencias sociales › economía y empresa › ciencia económica › macroeconomía

Palabras clave

• Shadow banking
• monetary policy
• asset-backed commercial paper

Programa(s)

• H2020-EU.1.3. - EXCELLENT SCIENCE - Marie Skłodowska-Curie Actions PROGRAMA PRINCIPAL
  
• H2020-EU.1.3.2. - Nurturing excellence by means of cross-border and cross-sector mobility
  

Tema(s)

• MSCA-IF-2015-EF - Marie Skłodowska-Curie Individual Fellowships (IF-EF)
  

Régimen de financiación

MSCA-IF - Marie Skłodowska-Curie Individual Fellowships (IF)

Convocatoria de propuestas

H2020-MSCA-IF-2015

Coordinador

CITY ST GEORGES UNIVERSITY OF LONDON

• Aportación neta de la UEn: € 195 454,80
• Dirección: NORTHAMPTON SQUARE ; EC1V 0HB LONDON ; Reino Unido
• Región: London › Inner London — East › Haringey and Islington
• Tipo de actividad: Higher or Secondary Education Establishments
• Coste total: € 195 454,80