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Although it is generally agreed that the term shadow banking refers to the credit intermediation that happens outside of the regulated banking sector, global regulators have only recently emerged from a two-year effort to get to grips with what that means in practice and why it is of concern. Towards that goal, a lot of brainpower has gone into understanding the distinction between non-bank entities and their activities, and how a regulatory focus on the former might incentivize banks to outsource the latter to entities beyond the macro-prudential perimeter.
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