Shadow (psychology)

About: Shadow (psychology) is a research topic. Over the lifetime, 8396 publications have been published within this topic receiving 117158 citations.

Securitization, shadow banking & financial fragility

Abstract: memorable moments of the recent 1⁄2nancial crisis involved the failures or near-failures of some of the nation’s biggest 1⁄2nancial institutions: Bear Stearns, Lehman Brothers, and aig, to name a few. Much of the subsequent policy response has been shaped by a desire either to avert such failures in the future–for example, by imposing higher capital requirements on systemically important 1⁄2nancial 1⁄2rms–or to lessen the adverse consequences of failures if they do occur–for example, by improving the methods available to resolve large institutions in distress. Yet from the perspective of credit creation and impact on the rest of the economy, one of the most damaging aspects of the crisis was not just the problems of these big 1⁄2rms, but also the collapse of an entire market, namely the market for asset-backed securities (abs). For example, the market for so-called traditional or consumer abs–those based on credit-card, auto, and student loans–averaged between $50 and $70 billion of new issuance per quarter in the years leading up to the crisis. (The total issuance for calendar year 2007 was $238 billion.) However, in the last quarter of 2008, following the bankruptcy of Lehman, total issues in this category fell to slightly more than $2 billion. Given that banks were suffering their own problems and were not easily able to step into the breach, the disappearance of this market represented a major contraction in the supply of credit to consumers, and may well have played a central role in the steep drop in aggregate consumption that occurred at this time. The traditional abs market only began to rebound in mid-2009, with the implementation of the Federal Reserve’s Term Asset-Backed Lending Facility, or talf, which made tens of billions of dollars of Federal Reserve loans available on attractive terms to investors seeking to buy newly issued consumer abs. In what follows, I explore the role that the abs market plays in the broader process of credit creation, focusing on four sets of issues. First, I describe how the market works: how pools of loans (for example, mortgages or credit-card and auto loans) are packaged and structured into abs and how investors such as hedge funds, pension funds, and broker-dealer 1⁄2rms 1⁄2nance the acquisition of these abs. Second, I outline the economic forces that drive securitization; these include both an ef1⁄2ciency-enhancing element of risk-sharing and a less Jeremy C. Stein

Shadow Education and Academic Success in Republic of Korea

Abstract: This study examines the effects of different types of shadow education on academic achievement, using data from a longitudinal survey of a nationally representative sample of South Korean seventh graders. To control for pre-existing differences between students who used a particular type of shadow education and those who did not, the study employed a series of statistical models including propensity score matching techniques. Results show that the use of a particular type of shadow education (i.e., preparatory cram school) made a small difference in achievement gains in math, whereas other forms (i.e., individual tutoring, correspondence courses, on-line tutoring services, and Educational Broadcasting System [EBS]) made little difference. Limitations, implications, and future research directions are discussed.

The impact of shadow education on student academic achievement: Why the research is inconclusive and what can be done about it

Abstract: Recent decades have brought global expansion of private supplementary tutoring, widely known as shadow education Such tutoring consumes considerable resources and is usually viewed by participating households as an investment that will increase the recipients’ academic achievements However, research on the effectiveness of tutoring has delivered inconclusive and even contradictory findings Part of the reason lies in definitions and foci of research, since private supplementary tutoring may have many different formats, delivery mechanisms and intensities As with other types of education, it is important also to investigate the qualities of the instructors and the motivations of the students This creates a complex research arena, in which practical challenges arise from shortcomings in the instruments for securing data and limitations in methods for analyzing the data This paper assesses the current state of the literature and makes recommendations for the future research agenda

Shadow economies around the world: New results for 158 countries over 1991-2015

Abstract: Using the MIMIC method, this paper is a first attempt to estimate the size of the shadow economy of 158 countries over the period 1991 up to 2015. In addition to performing a variety of robustness tests, this paper explicitly addresses endogeneity concerns to the use of GDP as cause and indicator, by using the light intensity approach as an indicator variable as proxy for the size of the economy. Results suggest that the average size of the shadow economy of these 158 countries over 1991-2015 is 32.5% of official GDP, which was 34.82% in 1991 and decreased to 30.66% in 2015.