Shadow banks need macro-pru regimes – Bundesbank paper

Limits on shadow banks’ leverage could have helped avert global financial crisis, researcher finds

Deutsche Bundesbank headquarters, Frankfurt
The Deutsche Bundesbank
Fabian Stürtz

Macro-prudential policy for “shadow banks” might have prevented the fragility that led to the global financial crisis, research published by the Deutsche Bundesbank finds.

In Financial crises and shadow banks: a quantitative analysis, Matthias Rottner presents a nonlinear macroeconomic model. Rottner uses it to estimate the endogenous build-up of financial fragility in the US in the years before the global financial crisis.

His findings “suggest that the estimated financial fragility and the

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