2014年-FSB全球金融稳定委员会_Global_Shadow_Banking_Monitoring_Report_2014_55页_2mb

Global Shadow Banking Monitoring Report 2014 Summary

Core Content

The Global Shadow Banking Monitoring Report 2014 provides an analysis of the size, composition, and growth trends of non-bank financial intermediation (shadow banking) across 25 jurisdictions and the euro area. It outlines the FSB's approach to monitoring shadow banking, which is defined as credit intermediation involving entities and activities outside the regular banking system.

Main Findings

• Shadow Banking System: Shadow banking is a system of credit intermediation that involves entities and activities outside the regular banking system, and can pose systemic risks due to maturity and liquidity transformation, imperfect credit risk transfer, and leverage.

• MUNFI Estimate: The Monitoring Universe of Non-Bank Financial Intermediation (MUNFI) is a broad measure of non-bank financial intermediation, calculated based on the financial assets of Other Financial Intermediaries (OFIs). In 2013, MUNFI assets reached $75.2 trillion globally, up by $5 trillion, representing 25% of total financial system assets and 120% of GDP.

• Regional Breakdown:

  • The euro area and United States have the largest OFI sectors, each with over $25 trillion in assets.
  • The United Kingdom has the third largest OFI sector with $9.3 trillion in assets.
  • Emerging market jurisdictions, especially China, showed significant growth in OFI assets.

• Growth Trends:

  • MUNFI assets grew by +7% in 2013, driven by valuation effects and stable banking system assets.
  • Growth varied significantly across jurisdictions, with some (e.g., Argentina, China, Turkey) experiencing over +20% growth in OFI assets.
  • Trust Companies and Other Investment Funds showed the fastest growth, at 42% and 18%, respectively.

• Narrowing Down the Estimate:

  • A narrower shadow banking estimate was introduced, excluding entities not involved in credit intermediation (e.g., Equity Investment Funds, equity REITs) and those prudentially consolidated into banking groups.
  • The narrowed estimate reduced total OFI assets from $62 trillion to $35 trillion in 23 jurisdictions, with a growth rate of +2.4% compared to +6.6% using the broad MUNFI estimate.

• Interconnectedness:

  • The report highlights the interconnectedness between banks and non-bank financial entities, noting that it declined in 2013.
  • However, the relevance of these findings is limited due to the lack of data from some large jurisdictions.

• Data Challenges:

  • The report emphasizes the need for improved data availability and granularity, particularly in jurisdictions lacking official Flow of Funds statistics.
  • Jurisdictions are encouraged to develop data on interconnectedness and systemic risk factors (e.g., maturity transformation, leverage).

• Regional Studies:

  • The report includes summaries of regional studies on shadow banking in the Americas and Asia, prepared by the FSB's Regional Consultative Groups (RCGs).
  • These studies highlight the importance of extending shadow banking monitoring to offshore financial centres, where many shadow banking entities are domiciled.

• Future Improvements:

  • The FSB plans to refine the shadow banking measure further using data from the WS3 information-sharing exercise, which aims to improve oversight and regulation.
  • The narrowing down approach will continue to evolve with more granular data and a better understanding of the shadow banking system.

Key Information

• Coverage: The report covers 25 jurisdictions and the euro area, accounting for 80% of global GDP and 90% of global financial system assets.

• Methodology:

  • A two-step approach is used to define shadow banking: first, a broad measure (MUNFI) captures all non-bank credit intermediation; second, a narrower measure filters out entities not directly involved in credit intermediation or prudentially consolidated into banking groups.

• Growth Variations:

  • Advanced economies remain the largest contributors to non-bank financial intermediation.
  • Emerging markets showed the most rapid growth in OFI assets, though from a smaller base.

• Systemic Risks:

  • The report underscores the importance of monitoring systemic risks such as maturity transformation, liquidity transformation, and leverage.
  • Hedge Funds remain significantly underestimated due to their concentration in offshore financial centres not included in the current monitoring scope.

Conclusion

The 2014 report highlights the continued growth of the shadow banking system, particularly in emerging markets, and emphasizes the need for better data collection and analysis to accurately assess systemic risks. The FSB is working to refine its methodologies and expand the scope of monitoring to include more jurisdictions and entities, especially those in offshore financial centres.