IMF research seeks to harness shadow banking

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An IMF staff discussion note, published on December 4, considers how the benefits of the shadow banking system can be utilised while its systemic risks are reduced.

The authors, Stijn Claessens, Zoltan Pozsar, Lev Ratnovski and Manmohan Singh, acknowledge the shadow banking system performs "a number of economically useful functions" distinct from those of banks and capital markets.

The paper focuses on two particular functions of the system – securitisation and collateral intermediation. It

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