Skip to content
Register Sign in Wishlist

The Growth of Shadow Banking
A Comparative Institutional Analysis

$88.00 USD

  • Date Published: July 2018
  • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • format: Adobe eBook Reader
  • isbn: 9781108697750

$ 88.00 USD
Adobe eBook Reader

You will be taken to for this purchase
Buy eBook Add to wishlist

Other available formats:

Looking for an inspection copy?

This title is not currently available on inspection

Product filter button
About the Authors
  • The 'shadow banking system' refers to a system of credit-provision occurring outside of the official regulatory perimeter of commercial banks. Facilitated by securitization vehicles, mutual funds, hedge funds, investment banks and mortgage companies, the function and regulation of these shadow banking institutions has come under increasing scrutiny after the subprime crisis of 2007–8. Matthias Thiemann examines how regulators came to tolerate the emergence of links between the banking and shadow banking systems. Through a comparative analysis of the US, France, the Netherlands and Germany, he argues that fractured domestic and global governance systems determining the regulatory approach to these links ultimately aggravated the recent financial crisis. Since 2008, shadow banking has even expanded and the incentives for banks to bend the rules have only increased with increasing regulation. Thiemann's empirical work suggests how state-finance relations could be restructured to keep the banking system under state control and avoid future financial collapses.

    • Considers how globalization shapes the regulation of finance
    • Explains why regulation failed but also when and why it worked
    • Analyzes the rise of shadow banking in Germany, the Netherlands and France as well as the better known cases of the US and UK
    Read more

    Reviews & endorsements

    'Ten years after the Great Financial Crisis, with regulations remaining mostly unchanged, this book offers a new paradigm for designing financial regulation. Thiemann situates the rise of shadow banking in ill-designed and often highly fragmented regulatory structures - an ideal breeding ground for regulatory arbitrage. Based on a careful comparative analysis of accounting governance in several countries, he argues for greater proximity of regulators to the regulated and a diversity of perspectives to avoid cognitive capture. Even more daring, Thiemann argues that regulators should not fall for the demand by the industry for certainty but instead should force regulatory uncertainty on the financial engineers to keep them on course. When the old regulatory structure inevitably fails us again, we will be better prepared to put a new regime in place and this book offers a new, empirically grounded, strategy.' Katharina Pistor, Edwin B. Parker Professor of Comparative Law, Columbia Law School

    Customer reviews

    Not yet reviewed

    Be the first to review

    Review was not posted due to profanity


    , create a review

    (If you're not , sign out)

    Please enter the right captcha value
    Please enter a star rating.
    Your review must be a minimum of 12 words.

    How do you rate this item?


    Product details

    • Date Published: July 2018
    • format: Adobe eBook Reader
    • isbn: 9781108697750
    • contains: 6 b/w illus. 7 maps
    • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • Table of Contents

    1. States and the regulation of a globalized finance
    2. The ABCP-market at the heart of shadow banking and the financial crisis
    3. How to explain the absence of regulatory action on shadow banking
    4. The transformation of US financial markets since the 1960s and the emergence and growth of the ABCP market
    5. In the shadow of Basel
    6. Converging procedures or standards? The challenge of the IASC and domestic pathways to SIC 12
    7. Steering finance towards prudence – the role of banking regulators in the governance of compliance decisions
    8. The fate of the bank-based shadow banking system post-crisis
    9. Changing the façade, but not the structure: the continuing threat of shadow banking

  • Author

    Matthias Thiemann, Sciences Po Paris
    Matthias Thiemann is Assistant Professor at the Centre d'études Européens, Sciences Po Paris.

Sign In

Please sign in to access your account


Not already registered? Create an account now. ×

Sorry, this resource is locked

Please register or sign in to request access. If you are having problems accessing these resources please email

Register Sign in
Please note that this file is password protected. You will be asked to input your password on the next screen.

» Proceed

You are now leaving the Cambridge University Press website. Your eBook purchase and download will be completed by our partner Please see the permission section of the catalogue page for details of the print & copy limits on our eBooks.

Continue ×

Continue ×

Continue ×

Find content that relates to you

Join us online

This site uses cookies to improve your experience. Read more Close

Are you sure you want to delete your account?

This cannot be undone.


Thank you for your feedback which will help us improve our service.

If you requested a response, we will make sure to get back to you shortly.

Please fill in the required fields in your feedback submission.