Shadow Banking

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Federal Reserve Bank of New York Staff Reports Shadow Banking Zoltan Pozsar Tobias Adrian Adam Ashcraft Hayley Boesky Staff Report no. 458 July 2010 This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in this paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. Shadow Banking Zoltan Pozsar, Tobias Adrian, Adam Ashcraft, and Hayley Boesky Federal Reserve Bank of New York Staff Reports, no. 458 July 2010 JEL classification: G20, G28, G01…show more content…
Checking Accounts CDs Debt Funding (Short and Long-Term Deposits Depositors Short- to Long-Term Cash Money Market "Portfolios" Checking ShortAccount Term MMDAs Savings CDs Ultimate Creditors Loans Deposits Equity Households, Businesses, Governments Loans Assets Bonds Equity Borrowers Assets Loans Commercial Banks Dollar Deposits Equity Households, Businesses and the Rest of the World Loans Equity Funding Real Money Accounts* Equity Funding Bank Equity Loans Bank Equity Long-Term Investments Equity Portfolios Bank Equity Client Funds Bank Equity Term Savings *Asset Managers, Insurance Companies and Pension Funds Discount Window Loan Collateral Reserves Agency Debt Purchases Agency Debt Reserves Agency MBS Purchases Agency MBS Reserves Agency Debt Purchases Agency Debt Reserves ` 11/25/2008 11/25/2008 11/25/2008 Federal Responses (Shadow Bank Backstops) Deposit Insurance (FDIC) Public Credit Transformation (Tail Risk Absorption) FDIC Deposit Insurance Federal Government No Explicit Fees No Explicit Fees Implicit Insurance Insurance Premia Implicit Insurance No Explicit Fees Implicit Insurance No Explicit Fees Public Risk Repositories GSEs, DoE, SBA Federal Government Public Risk Repositories (Tail Risk Absorption) European Sovereign and Quasi-Sovereign States Temporary MMMF Guarantee No Explicit Fees MMMF Insurance PBGC Implicit Insurance Insurance
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