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Jean Tirole, TSE Print
Friday, 29 September 2017, 12:15 - 13:15

Jean Tirole, Toulouse School of Economics

Shadow Banking and the Four Pillars of Financial Intermediation

Abstract: This seminar will revisit the question of the relative role of retail and shadow banks in the economy. Traditional banking is built on four pillars: SME lending, access to public liquidity, deposit insurance and prudential supervision. This vision has been shattered by repeated bailouts of shadow financial institutions, and by the forays of shadow banking into segments of the financial market that previously were the province of regulated banks. This presentation will put “special depositors and borrowers” at the core of the analysis, provide a rationale for the covariation yielding the quadrilogy, and analyze how prudential regulation must adjust to the possibility of migration toward less regulated spheres. Ring fencing between regulated and shadow banking and the sharing of liquidity in centralized platforms will be motivated by the supervision of syphoning and financial contagion.


Location: R42.5.103
Contact: Nancy De Munck - This e-mail address is being protected from spam bots, you need JavaScript enabled to view it