shadow banking, financial markets, financial crisis, financial regulation, Dodd-Frank Wall Street Reform Act, special-purpose entities, SPEs, systemic risk
Inaugural Address for Boston University Review of Banking & Financial Law's Inaugural Symposium: “Shadow Banking” February 24, 2012.
Although shadow banking is said to be huge, estimated at over $60 trillion, it is not well defined. This short and accessible paper attempts to define shadow banking by identifying its overall scope and its basic characteristics. Based on the definition derived, the paper also conceptually examines how shadow banking can be regulated to try to maximize its efficiencies while minimizing its risks.
Steven L. Schwarcz, Regulating Shadow Banking, 31 Review of Banking & Financial Law 619-642 (2012)