Shedding Light on Shadow Banking

Harutyunyan, Artak; Massara, Alexander; Ugazio, Giovanni; Amidžić, Goran; Walton, Richard

doi:10.5089/9781498391788.001

Cited by 25 publications

(11 citation statements)

References 13 publications

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“…We would define shadow banking as all the credit not regulated by standard and conventional financial institutions. For a thoughtful discussion, please refer to Harutyunyan et al (2015).…”

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confidence: 99%

How do institutional innovation systems affect open innovation?

Oliveira

Verreynne

Figueira

et al. 2020

Journal of Small Business Management

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It is well known that innovation benefits firms and that openness may enhance these benefits. Yet few studies consider how a firm's institutional context and different economic systems moderate openness and innovation outcomes in new ventures, which arguably are most exposed to institutional constraints. Comparing data from a liberal (Australia) and central market economy (China), and using search breadth as a measure of openness, we empirically tested the influence of external firm pressures on the relationship between openness and innovation outcomes in new ventures. Our results show that the well-established positive relationship between openness and innovation is market dependent and that, in emerging economies, it can be negative. Our findings demonstrate the importance of institutions and national economic systems in explaining open innovation in different contextsa point not yet addressed in the open innovation literature.

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“…We would define shadow banking as all the credit not regulated by standard and conventional financial institutions. For a thoughtful discussion, please refer to Harutyunyan et al (2015).…”

mentioning

confidence: 99%

How do institutional innovation systems affect open innovation?

Oliveira

Verreynne

Figueira

et al. 2020

Journal of Small Business Management

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show abstract

“…The first channel is through traditional banks. Harutyunyan, Massara, Ugazio, Amidzic, and Walton (2015) suggest that banks in the formal system also engage in shadow banking activities such as securitisations. By removing a bank's assets from its balance sheet, banks can be provided with more capacity to issue new credit and hence allow more non-bank corporates to access loans.…”

Section: Interconnectedness Of Shadow Banking With the Corporate Sectormentioning

confidence: 99%

Shadow financial services and firm performance in South Africa

Zhou

Tewari

2019

Cogent Economics & Finance

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The last two decades have seen a sharp increase in shadow banking activities in both advanced and emerging economies. Shadow banks have therefore become an important part of financial markets due to their credit creation and capital allocation roles. This study investigates the impact of shadow banking on firm profitability in South Africa and evaluates the linkages between shadow banking and real economic activity. We employ single-equation cointegration methods and three measures of firm profitability in our analyses, and several macroeconomic and bank-specific variables are used as control variables. Our results are mixed showing that shadow banking has a negative impact on traditional banks' profitability whilst on the other hand it positively impacts non-financial firms and the overall measures of firm profitability. Our results indicate that both non-financial firms and non-bank financial institutions could be benefiting from the expansion in shadow banking activities. Targeted, functional regulation is suggested in order to promote economic activities in the shadow banking sector whilst at the same time limiting possible risks that may arise.

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“…(debt securities and loans) liabilities (Shin and Shin, 2011;Harutyunyan et al, 2015), 15 with shadow banking being associated to the issuance of the latter. 16 Differently from other approaches to shadow banking based on the characteristics of financial entities, and much the same as our suggested interpretation of the OTH/OTD duality, this activity-based concept seems to be especially suitable for devising parsimonious macroeconomic models.…”

Section: Tablementioning

confidence: 99%

Banking theories and macroeconomics

Bianco

Sardoni

2018

Journal of Post Keynesian Economics

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The recently expanding macro-financial literature is facing the analytical challenge to analyse the working of modern market economies without losing touch with the factual role played by financial institutions. Mainstream macroeconomic models that embody a financial sector are characterized by the understanding of banks as intermediaries of loanable funds (deposit-taking paving the way for loan extension). This approach to banking is increasingly considered as a major flaw in macroeconomic thinking. The Post-Keynesian theory of inside money creation is gaining momentum even in mainstream circles. The present article highlights the key differences of these alternative doctrines from a money supply perspective, so to stress the key aspects of the monetary dimension of the so-called financial cycle and the fact that monetary policy alone has no impact on aggregate expenditure.

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Shedding Light on Shadow Banking

Cited by 25 publications

References 13 publications

How do institutional innovation systems affect open innovation?

How do institutional innovation systems affect open innovation?

Shadow financial services and firm performance in South Africa

Banking theories and macroeconomics

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