La banque de l’ombre est-elle un complément ou un substitut aux institutions financières traditionnelles ? Une étude empirique sur données internationales

Philippe Madiès, Zeinab Said and Ollivier Taramasco

Revue d'économie financière, 2019, vol. N° 135, issue 3, 297-324

Abstract: Using a sample of 26 countries over the period 1990 to 2013, we empirically examine the correlation between the size of the shadow banking system and the size of traditional financial institutions, namely banks and institutional investors. First of all, we conduct a survey of the entire sample as well as the countries of the euro area and then a review country-by-country. The question is whether shadow finance and conventional finance should be seen as complements or substitutes. Our results tend to show that the shadow banking system complements rather than replaces the activities of traditional financial institutions, including banks. Bank sponsorship of shadow banking activities has clearly reinforced this link. Classification JEL : G20, G21, G23, G24, G28.

JEL-codes: G20 G21 G23 G24 G28 (search for similar items in EconPapers)
Date: 2019
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