Disentangling the “shadow banking” methaphor

Héctor Labat Moles ()

No 203, BCL working papers from Central Bank of Luxembourg

Abstract: This article reviews the literature on “shadow banking”, recognizing the multiple meanings given to each of its component terms. Broadly, the expression refers to activities also performed by traditional banking (“banking”) but through different means (“shadow”). Examining the fifty most cited publications, this article identifies nine interpretations of the term “banking” and eleven of the term “shadow”, combined in twenty-one different ways, out of which three stand out: (i) maturity transformation with no public guarantee, (ii) non-bank maturity transformation and (iii) non-bank financial intermediation. Publications are often ambiguous and inconsistent in their interpretations due to challenges in analysing contemporaneous financial systems.

Keywords: Shadow banking; non-banks; systemic risk; regulatory arbitrage; financial innovation. (search for similar items in EconPapers)
JEL-codes: G01 G20 G23 G28 (search for similar items in EconPapers)
Pages: 64 pages
Date: 2026-01
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Persistent link: https://EconPapers.repec.org/RePEc:bcl:bclwop:bclwp203

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