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Author/Editor:
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Singh, Manmohan
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Publication Date:
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September 01, 2012
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Electronic Access:
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Free Full text
(PDF file size is 1,057KB).
Use the free
Adobe Acrobat Reader
to view this PDF file
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
In the aftermath of the Lehman crisis, payouts (i.e., taxpayer bailouts) in various forms were provided by governments to a variety of financial institutions and markets that were outside the regulatory perimeter - the "shadow" banking system. Although recent regulatory proposals attempt to reduce these "puts", we provide examples from non-banking activities within a bank, money market funds, Triparty repo, OTC derivatives market, collateral with central banks, and issuance of floating rate notes etc., that these risks remain. We suggest that a regulatory environment where puts are not ambiguous will likely lower the cost of bail-outs after a crisis.
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Order a print copy
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Series:
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Working Paper No. 12/229
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Subject(s):
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Banking systems | Financial institutions | Nonbank financial sector | Shadow economy
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Author's Keyword(s):
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shadow banking | money market funds | tri-party repo | OTC derivatives | CCPs | Floating Rate Notes | collateral | SIFIs | SIBs | non-banks |
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English
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Publication Date:
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September 01, 2012
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Format:
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Paper
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Stock No:
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WPIEA2012229
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Pages:
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21
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Price:
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US$18.00 )
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Please address any questions about this title to
publications@imf.org
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