Topic
Shadow (psychology)
About: Shadow (psychology) is a research topic. Over the lifetime, 8396 publications have been published within this topic receiving 117158 citations.
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01 Jan 2010
TL;DR: Lewellen et al. as discussed by the authors proposed the use of insurance for money market mutual funds (MMMFs) combined with strict guidelines on collateral for both securitization and repurchase agreements (repo) as the best approach for shadow banking.
Abstract: The “shadow” banking system played a major role in the financial crisis, but was not a central focus of the recent Dodd-Frank Law and thus remains largely unregulated. This paper proposes principles for the regulation of shadow banking and describes a specific proposal to implement those principles. We first document the rise of shadow banking over the last three decades, helped by regulatory and legal changes that gave advantages to three main institutions of shadow banking: money-market mutual funds (MMMFs) to capture retail deposits from traditional banks, securitization to move assets of traditional banks off their balance sheets, and repurchase agreements (“repo”) that facilitated the use of securitized bonds in financial transactions as a form of money. A central idea of this paper is that the evolution of a bankruptcy “safe harbor” for repo has been a crucial feature in the growth and efficiency of shadow banking, and so regulators can use access to this safe harbor as the lever to enforce new rules. As for the rules themselves, history has demonstrated two successful methods for the regulation of privately created money: strict guidelines on collateral (used to stabilize national bank notes in the 19 century), and government-guaranteed insurance (used to stabilize demand deposits in the 20 century). We propose the use of insurance for MMMFs combined with strict guidelines on collateral for both securitization and repo as the best approach for shadow banking, with regulatory control established by chartering new forms of narrow banks for MMMFs and securitization and using the bankruptcy safe harbor to incent compliance on repo. *Thanks to Stefan Lewellen, Marcus Shak, and Lei Xie for research assistance; Darrell Duffie, Victoria Ivashina, Robert Merton, Stephen Partridge-Hicks, Eric Rasmusen, David Romer, Nick Sossides, David Scharfstein, Andrei Shleifer, Carolyn Sissoko, Jeremy Stein, Phillip Swagel, David Swensen, Daniel Tarullo, Justin Wolfers and seminar participants at Brookings and MIT for many helpful comments and discussions; E. Philip Davis, Ingo Fender, and Brian Reid for assistance with data; and Sara Dowling for help with figures.
342 citations
TL;DR: In this article, the authors present an extended discussion of the latest developments about the existing and new estimation methods of the shadow economy for 158 countries all over the world are presented over 1991 to 2015.
Abstract: We undertake an extended discussion of the latest developments about the existing and new estimation methods of the shadow economy. New results on the shadow economy for 158 countries all over the world are presented over 1991 to 2015. Strengths and weaknesses of these methods are assessed and a critical comparison and evaluation of the methods is carried out. The average size of the shadow economy of the 158 countries over 1991 to 2015 is 31.9 percent. The largest ones are Zimbabwe with 60.6 percent, and Bolivia with 62.3 percent of GDP. The lowest ones are Austria with 8.9 percent, and Switzerland with 7.2 percent. The new methods, especially the new macro method, Currency Demand Approach (CDA) and Multiple Indicators Multiple Causes (MIMIC) in a structured hybrid-model based estimation procedure, are promising approaches from an econometric standpoint, alongside some new micro estimates. These estimations come quite close to others used by statistical offices or based on surveys.
341 citations
TL;DR: In this paper, the impact of enforcement on the shadow economy was studied using a MIMIC model and the authors found that a higher share of sub-national government employment and the aspiration of public employees to follow rules significantly deter shadow economic activities.
Abstract: This paper is a first attempt to study the impact of enforcement on the shadow economy. Using a MIMIC model, we find that a higher share of sub-national government employment and the aspiration of public employees to follow rules significantly deter shadow economic activities. Our results also confirm previous findings: Increased burdens of taxation and regulation as well as the state of the “official” economy are important determinants of the shadow economy. The estimated weighted average informality in 162 countries around the world, including developing, Eastern European, Central Asian, and high-income OECD countries, is 17.1% of “official” GDP.
339 citations
TL;DR: The authors examined shadow education as a macro-phenomenon of modern schooling through its prevalence, strategies for use, and associated national characteristics and found that shadow education is prevalent worldwide, but that there is considerable cross-national variation in its use.
Abstract: The growth of structured, outside-school activities for improving students’ mathematics achievement is an enduring feature of modern schooling with major policy implications. These "shadow education " activities mimic, or shadow, formal schooling processes and requirements. Using extensive cross-national data from the Third International Mathematics and Science Study, we examine shadow education as a macro-phenomenon of modern schooling through its (a) prevalence, (b) strategies for use, and (c) associated national characteristics. We find that shadow education is prevalent worldwide, but that there is considerable cross-national variation in its use. Contrary to findings from single country studies, we find most shadow education is remedial in nature. We then test hypotheses concerning the national origins of shadow education and its impact on nations’ production of mathematics achievement. Our results show that institutional factors of education, including limited access and lower levels of funding, dr...
331 citations
01 Jan 2008
TL;DR: In this article, a special issue about sectoral governance in the shadow of hierarchy focuses on two sets of questions: do new modes of sectoral government in themselves contribute to the efficacy of policymaking or do they require the shadow-of-hierarchical decisions in order to deal effectively with the problems they are supposed to solve?
Abstract: This special issue about sectoral governance in the shadow of hierarchy focuses on two sets of questions. Firstly, do new modes of sectoral governance in themselves contribute to the efficacy of policymaking or do they require the shadow of hierarchy, i.e. legislative and executive decisions, in order to deal effectively with the problems they are supposed to solve? And, secondly, what are the institutional links between sectoral governance and territorially bounded democratic governments? How do different links contribute to the efficacy of policymaking and how do they change over time? Is there a retreat of government from policymaking and a corresponding increase of sectoral governance, or just the opposite?
328 citations