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Mapping the Shadow Banking System Through a Global Flow of Funds Analysis

Author/Editor: Luca Errico | Artak Harutyunyan | Elena Loukoianova | Richard Walton | Yevgeniya Korniyenko | Goran Amidžic | Hanan AbuShanab | Hyun Song Shin
Authorized for Distribution: January 24, 2014
Electronic Access: Free Full Text (PDF file size is 1,265KB)
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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.

Summary: This paper presents an approach to understanding the shadow banking system in the United States using a new Global Flow of Funds (GFF) conceptual framework developed by the IMF’s Statistics Department (STA). The GFF uses external stock and flow matrices to map claims between sector-location pairs. Our findings highlight the large positions and gross flows of the U.S. banking sector (ODCs) and its interconnectedness with the banking sectors in the Euro area and the United Kingdom. European counterparties are large holders of U.S. other financial corporations (OFCs) debt securities. We explore the relationship between credit to domestic entities and the growth of non-core liabilities. We find that external debt liabilities of the financial sector are procyclical and are closely aligned with domestic credit growth.
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Series: Working Paper No. 14/10
Subject(s): Banking systems | United States | Shadow economy | Capital flows | International capital markets
    Published:   January 24, 2014        
    ISBN/ISSN:   9781475517699/1018-5941   Format:   Paper
    Stock No:   WPIEA2014010   Pages:   57
    Price:   US$18.00
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