Shadow banking out of the shadows: non-bank intermediation and the Italian regulatory framework

Carlo Gola, Marco Burroni (), Francesco Columba, Antonio Ilari (), Giorgio Nuzzo and Onofrio Panzarino ()
Additional contact information
Marco Burroni: Bank of Italy
Antonio Ilari: Bank of Italy
Onofrio Panzarino: Bank of Italy

No 372, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: Shadow banking is the creation or transfer � by banks and non-bank intermediaries � of bank-like risks outside the banking system. In Italy the shadow banking system is fully regulated, mostly following the principle of same business-same rules or �bank-equivalent regulation�. After an overview of the topic, we describe the Italian shadow banking system and the related regulatory and supervisory framework in place before the financial crisis and the subsequent enhancements. A quantitative representation of Italian shadow banking is also provided. The paper argues that through a wide and consistent regulatory perimeter, based on the principle of �bank-equivalent regulation�, it is possible to setup a well-balanced prudential framework, where both bank and non-bank regulation contribute to reducing systemic risks and regulatory arbitrage.

Keywords: shadow banking system; financial stability; macro-prudential regulation; non-bank financial intermediaries; market-based finance (search for similar items in EconPapers)
JEL-codes: E44 E58 G00 G01 G21 G23 G28 (search for similar items in EconPapers)
Date: 2017-02
New Economics Papers: this item is included in nep-ban, nep-cba, nep-eur and nep-mac
References: Add references at CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
https://www.bancaditalia.it/pubblicazioni/qef/2017-0372/QEF_372.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_372_17

Access Statistics for this paper

More papers in Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area Contact information at EDIRC.
Bibliographic data for series maintained by ().