FSB definition of shadow banking paints 'incomplete picture'
The US and eurozone shadow banking sectors are of a similar size, according to an IMF working paper, which says other measures fail to account for ‘non-traditional banking activities carried out by the banks themselves'
The eurozone's shadow banking sector is only marginally smaller than its US counterpart, according to an International Monetary Fund (IMF) working paper, which offers a new definition aimed at capturing more "non-traditional activity" in the financial system.
The paper challenges the previous definition offered by the Financial Stability Board (FSB), which defines shadow banks as entities that provide credit intermediation but operate outside the regulated banking system.
The IMF working paper
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