Meet the New Shadow Bank (It’s a Lot Like the Old Shadow Bank) by Tracy Alloway

Good definitions of shadow banking — the ominously-titled corner of the financial system — are hard to come by. One of the more broader definitions used by the Financial Stability Board includes any vehicle that provides credit and leverage and which falls outside the realm of traditional regulated banking. That would mean anything from hedge funds and private equity to non-bank mortgage lenders. A more narrow definition suggest that …