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The shadow banking system is a term for the collection of non-bank financial intermediaries that provide services similar to traditional commercial banks. Former Federal Reserve Chair Ben Bernanke provided a definition in April 2012: "Shadow banking, as usually defined, comprises a diverse set of institutions and markets that, collectively, carry out traditional banking functions--but do so outside, or in ways only loosely linked to, the traditional system of regulated depository institutions. Examples of important components of the shadow banking system include securitization vehicles, asset-backed commercial paper (ABCP) conduits, money market mutual funds, markets for repurchase agreements (repos), investment banks, and mortgage companies." Shadow banking has grown in importance to rival traditional depository banking but was a primary factor in the subprime mortgage crisis of 2007-2008 and global recession that followed.〔(Bernanke-Some Reflections on the Crisis and the Policy Response-April 2012 )〕 ==Overview== Paul McCulley of Pimco coined the term shadow banking.〔 Shadow banking is sometimes said to include entities such as hedge funds, money market funds, structured investment vehicles (SIV), "credit investment funds, exchange-traded funds, credit hedge funds, private equity funds, securities broker dealers, credit insurance providers, securitization and finance companies"〔 but the meaning and scope of shadow banking is disputed in academic literature.〔 According to Hervé Hannoun, Deputy General Manager of the Bank for International Settlements (BIS), investment banks as well as commercial banks may conduct much of their business in the shadow banking system (SBS), but most are not generally classed as SBS institutions themselves.〔Schiller, Robert, ''Finance and the Good Society'', Princeton University Press (2012), ISBN 0-691-15488-0. Schiller argued that both Lehman Brothers and Bear Stearns were shadow banks due to the extent of their involvement in the SBS.〕 At least one financial regulatory expert has said that regulated banking organizations are the largest shadow banks. The core activities of investment banks are subject to regulation and monitoring by central banks and other government institutions - but it has been common practice for investment banks to conduct many of their transactions in ways that do not show up on their conventional balance sheet accounting and so are not visible to regulators or unsophisticated investors. For example, prior to the 2007-2012 financial crisis, investment banks financed mortgages through off-balance sheet (OBS) securitizations (e.g. asset-backed commercial paper programs) and hedged risk through off-balance sheet credit default swaps.〔 Prior to the 2008 financial crisis, major investment banks were subject to considerably less stringent regulation than depository banks. In 2008, investment banks Morgan Stanley and Goldman Sachs became bank holding companies, Merrill Lynch and Bear Stearns were acquired by bank holding companies, and Lehman Brothers declared bankruptcy, essentially bringing the largest investment banks into the regulated depository sphere. The volume of transactions in the shadow banking system grew dramatically after the year 2000. Its growth was checked by the 2008 crisis and for a short while it declined in size, both in the US and in the rest of the world.〔 In 2007 the Financial Stability Board estimated the size of the SBS in the U.S. to be around $25 trillion, but by 2011 estimates indicated a decrease to $24 trillion. Globally, a study of the 11 largest national shadow banking systems found that they totaled $50 trillion in 2007, fell to $47 trillion in 2008, but by late 2011 had climbed to $51 trillion, just over their estimated size before the crisis. Overall, the worldwide SBS totaled about $60 trillion as of late 2011.〔Masters, Brook, (Shadow banking surpasses pre-crisis level ), ''The Financial Times'', ft.com, 2011-10-27. Accessed 2012-01-16.〕 In November 2012 Bloomberg reported in a Financial Stability Board report an increase of the SBS to about $67 trillion.〔Brunsden, Jim & Moshinsky, Ben, (Shadow Banking Grows to $67 Trillion Industry, Regulators Say ), ''Bloomberg'', 2012-11-19. Accessed 2012-11-28.〕 It is unclear to what extent various measures of the shadow banking system include activities of regulated banks, such as bank borrowing in the repo market and the issuance of bank-sponsored asset-backed commercial paper. Banks by far are the largest issuers of commercial paper in the United States, for example. , academic research has suggested that the true size of the shadow banking system may have been over $100 trillion in 2012.〔(【引用サイトリンク】title=The True Size of the Shadow Banking System Revealed (Spoiler: Humongous) )〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「shadow banking system」の詳細全文を読む スポンサード リンク
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