Shadow Banking

29874 Words Feb 21st, 2011 120 Pages
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
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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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