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Informationen zum Autor Valerio Lemma is an Associate Professor of Law and Economics at the Università degli Studi Guglielmo Marconi in Rome, Italy, and a visiting Associate Professor at Regent's University, UK. He is a professional lawyer within the District of Rome, and attained his degree in Economics, his degree in Law (2006), and his Ph. D. in finance (2010) at Luiss University of Rome, Italy. He has written books previously on real estate investment funds and the reform of project financing, as well as more the 40 articles on banking, finance and insurance regulation. Klappentext Shadow banking has grown in importance, to even rival traditional banking. However, its role in fuelling real estate bubbles which burst in the later 2000s is commonly attributed as one of the major causes of the global financial crisis. In this study, Valerio Lemma provides a complete overview of the shadow banking system from a legal and economic perspective. He defines the current regulatory framework of shadow banking and explores its impact on financial firms. By analysing the rules governing this market based financial system, the author highlights the functions of the system, and investigates its entities, operations and risks. Focusing on the regulatory aspects of shadow banking, this book provides an original view, demonstrating that unregulated banking and finance and the current lack of supervision in shadow banking is a market failure. This core research identifies a need for transparency in the shadow areas of capital markets, and finally suggests a resolution for thestrengthened control of shadow banking entities and operations. This book would be fundamental reading for academics conducting research in any relevant fields within banking, finance, economics and law. It would also be a useful source for students of degree programs and postgraduate courses on banking and finance. Zusammenfassung The book shows the fundaments of the shadow banking system and its entities! operations and risks. Focusing on the regulatory aspects! it provides an original view that is able to demonstrate that the lack of supervision is a market failure. Inhaltsverzeichnis PART I: GENERAL OBSERVATIONS1.1 The Identification Of The Phenomenon1.2 The Traditional Definitions Of The Shadow Banking System: The Guidelines Of The Financial Stability Board And The Statement Of The G201.3. The Directions Of Certain Central Banks1.4. The Routes Of European Institutions1.5 The Path Of Emerging Countries1.6 The Interpretations Of The Phenomenon1.7. The Different Outcomes Of The Monetary And Supervisory Perspectives1.8 The Boundaries Of The Shadow Banking System: Money Laundering, Tax Evasion And Other Forms Of The 'Black Market.'PART II: THE SHADOW BANKING SYSTEM AS AN ALTERNATIVE SOURCE OF LIQUIDITY2.1. The Economic Determinants Of The Shadow Banking System2.2. Information Asymmetries2.3. Opacity, Pro-Cyclicality And System Instability2.4. Methods For Classification Of The Phenomenon2.5. Is This Economic Freedom Or Escape From Regulation?2.6. The Global Nature And The Riskiness Of The Phenomenon2.7. NewFreedoms And Their Problematic NaturePART III: SHADOW BANKING ENTITIES3.1 Special Purpose Vehicles3.2 Shadow Banks3.3. Other Shadow Banking Entities3.4. The Shadow Funds3.5. The Particular Role Of Money Market FundsPART IV: SHADOW BUSINESSES OF BANKS, INSURANCE COMPANIES AND PENSION FUNDS4.1. Multi-Phasic Nature Of The Shadow Banking System And Plurality Of Traditional Operators4.2. The Role Of Banks In The Shadow Banking System4.3. The Dysfunctions Of Internal Controls And Of The Weaknesses Of Other Safeguards4.4. The Action Of The Insurance Companies4.5. The Involvement Of Pension FundsPART V: SHADOW BANKING OPERATIONS5.1. Shadow Credit ...
