33rd SUERF Colloquium and Bank of Finland Conference on Shadow Banking: Financial Intermediation beyond Banks

  • Conference Call
  • SUERF — The Euro­pean Money and Finance Forum and the Bank of Fin­land invite researchers to sub­mit papers for the 33rd SUERF Col­lo­quium and Bank of Fin­land Con­fer­ence, which will take place in Helsinki, Fin­land on 1415 Sep­tem­ber 2017, on the topic of “Shadow Bank­ing: Finan­cial Inter­me­di­a­tion beyond Banks”.

    Col­lo­quium theme

    Shadow bank­ing is a broad con­cept. A pos­si­ble def­i­n­i­tion is that is com­prises non-​bank insti­tu­tions which do bank-​like activ­i­ties. Another char­ac­ter­is­tic, which the word “shadow” refers to, is that the sec­tor is less reg­u­lated. Shadow banks can increase com­pe­ti­tion and spur inno­va­tion in the finan­cial sec­tor. The ben­e­fits could come in the form of i) improv­ing effi­ciency and qual­ity of finan­cial ser­vices, and ii) offer­ing bet­ter returns and risk diver­si­fi­ca­tion oppor­tu­ni­ties, espe­cially for insti­tu­tional investors and wealthy indi­vid­u­als. Mar­kets may also become more liquid.

    On the down­side, opac­ity and risks may increase. The lack of reg­u­la­tion implies that it is dif­fi­cult to mon­i­tor and pre­vent the build-​up of lever­age and con­cen­trated risks in the shadow bank­ing sec­tor. Hence, the sec­tor can be a source of sys­temic risks. Fur­ther, tra­di­tional banks may uti­lize the shadow bank­ing sec­tor for reg­u­la­tory arbitrage.

    Hence, a big ques­tion is whether reg­u­la­tion should be extended to the shadow bank­ing sec­tor, to make it come “out of the shadows”:

    • Will new reg­u­la­tory loop­holes between banks and non-​banks develop?
    • Will risks sim­ply pile up in the shadow bank­ing sec­tor now that banks are more heav­ily regulated?
    • Or will mar­ket dis­ci­pline suf­fice to do the job of reg­u­la­tion in this sector?
    • Or is the growth of shadow bank­ing this time more about Fin­Tech; the pro­vi­sion of finan­cial ser­vices mak­ing use of tech­no­log­i­cal innovations.
    • What are the fun­da­men­tal prob­lems of finan­cial fric­tions they might have solved differently?
    • Are new dig­i­tal tech­nolo­gies key to find­ing solu­tions to the tra­di­tional financ­ing frictions?
    • Or are we expe­ri­enc­ing just another boom in novel-​looking finan­cial ser­vices which ulti­mately share sim­i­lar – or even addi­tional — prob­lems and risks com­pared to tra­di­tional banks?

    We wel­come papers on the above men­tioned top­ics, and con­tri­bu­tions on the fol­low­ing, non-​exhaustive list:

    • What are the roles in the realm of shadow bank­ing of dif­fer­ent types of insti­tu­tions, such as insur­ers, pen­sion funds, plain vanilla mutual funds, ETFs, hedge funds, and real estate funds?
    • There have been recent per­for­mance prob­lems in hedge funds, pen­sion funds, and life insur­ers. What strate­gies for sur­vival and adap­ta­tion do they have? Is the busi­ness model of hedge funds: sophis­ti­ca­tion, high fees, and active man­age­ment still viable?
    • What are the sys­temic risks cre­ated by the shadow bank­ing sec­tor? How should reg­u­la­tors and super­vi­sors respond?

    Spe­cial Award to Young Researchers – The Mar­jolin Prize

    The author(s) of the paper selected by the SUERF Coun­cil of Man­age­ment for hav­ing made the best con­tri­bu­tion to the Col­lo­quium will be awarded the Prix Mar­jolin (EUR 2,500). To qual­ify for the prize, the authors must be no older than 40 on the day the prize is awarded.

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    Timeline

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    Conference Facts

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