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Cass Lecture 2012
SHADOW BANKING AND FINANCIAL INSTABILITY
Cass Business School
Adair Turner
14 March 2012
____________________________
In autumn 2008 the developed world’s banking system suffered a severe
crisis. In response the world’s regulators and central banks have focused on
building a more stable banking system for the future: less leveraged, more
liquid, better supervised and with even the largest banks able to be resolved
without taxpayer’s support. The implementation of that bank-focused
regulatory agenda is still unfinished, but much progress has been made.
Looking back to the year 2007/08, however, it’s striking that the crisis did not
at first look like a traditional banking crisis, but rather one related to a new
phenomenon: shadow banking. Initially the problems seemed concentrated in
the US, where the development of non-bank credit intermediation was most
advanced, and many of the events which marked the developing crisis related
to non-bank institutions and markets.1
In June 2007, liquidity pressures at two hedge funds sponsored by Bear
Stearns Asset Management, leading to the imposition of gates on
investor redemptions, sudden increases in margin calls, and sudden falls
in asset prices.
1
Exhibit 1
1
Cass Lecture 2012
In August 2007, major losses at hedge funds which the market had
thought were following low-risk market-neutral strategies, as a result of
knock-on consequences from margin calls in structured credit portfolios.
The
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