1、 Global Shadow Banking Monitoring Report 2017 5 March 2018 Contacting the Financial Stability Board Sign up for e-mail alerts: Follow the FSB on Twitter: E-mail the FSB at: www.fsb.org/emailalert FinStbBoard fsbfsb.org Copyright 2018 | Financial Stability Board. Please refer to: http:/www.fsb.org/te
2、rms_conditions/ The Financial Stability Board (FSB) is established to coordinate at the international level the work of national financial authorities and international standard-setting bodies in order to develop and promote the implementation of effective regulatory, supervisory and other financial
3、 sector policies. Its mandate is set out in the FSB Charter, which governs the policymaking and related activities of the FSB. These activities, including any decisions reached in their context, shall not be binding or give rise to any legal rights or obligations under the FSBs Articles of Associati
4、on. TABLE OF CONTENTS Page Executive summary. 1 Box: Key terms . 2 Box: July 2017 assessment of shadow banking activities and risks . 4 1. Introduction . 6 Box: Recent innovations on non-bank credit intermediation . 9 2. Macro-mapping of all non-bank financial intermediation . 11 2.1 Overview of tre
5、nds . 11 Box: Expanding the coverage of jurisdictions . 13 2.2 Insurance corporations and pension funds . 14 2.3 Other financial intermediaries (OFIs) . 15 Box: Recent regulatory reforms related to MMFs in major markets . 21 Box: Results of IOSCOs fourth hedge fund survey . 23 Box: Captive financial
6、 institutions and money lenders . 25 Box: Trust companies in China . 27 2.4 Credit intermediation and lending . 28 2.5 Wholesale funding and repos. 30 3. Interconnectedness among financial sectors . 34 Box: Interconnectedness among financial sectors . 35 3.1 General trends in interconnectedness betw
7、een banks and OFIs . 36 3.2 Bank interconnectedness with OFIs . 36 3.3 OFI interconnectedness with banks . 38 3.4 Interconnectedness of insurance corporations and pension funds to OFIs . 40 Box: Granular analysis of interconnectedness in Brazil . 41 3.5 Cross-border interconnectedness . 43 4. The na
8、rrow measure of shadow banking . 45 4.1 Narrowing down towards an activity-based measure of shadow banking . 46 4.2 Global trends . 49 4.3 Developments across jurisdictions . 50 5. The narrow measure of shadow banking by economic functions . 53 5.1 Composition of the narrow measure . 53 Box: Financi
9、al stability risk metrics . 55 5.2 Economic Function 1 . 58 5.3 Economic Function 2 . 63 5.4 Economic Function 3 . 65 5.5 Economic Function 4 . 68 5.6 Economic Function 5 . 69 Annex 1: Jurisdiction-specific summaries . 71 Annex 2: Exclusion of OFI entity types from the narrow measure of shadow banki
10、ng . 73 Annex 3: Case studies . 75 A3.1 The non-bank credit cycle . 75 A3.2 Corporate cash holdings as a demand factor for non-bank financial instruments 79 A3.3 Developments and adaptations in the housing finance markets . 85 A3.4 Loan funds in the European Union . 92 Annex 4: Bibliography . 97 1 E
11、xecutive summary Non-bank financing provides a valuable alternative to bank financing and helps support real economic activity. For many firms and households, it is also a welcome source of diversification of credit supply, and provides healthy competition for banks. However, if non- bank financing
12、involves bank-like activities, such as transforming maturity/liquidity and creating leverage, it can become a source of systemic risk, both directly and through its interconnectedness with the banking system. Since 2011, the Financial Stability Board (FSB) has been conducting an annual monitoring ex
13、ercise to assess global trends and risks in the shadow banking system.1 This Report presents the results of the FSBs seventh annual monitoring exercise. It covers data up to end-2016 from 29 jurisdictions, including Luxembourg for the first time, which together represent over 80% of global GDP.2 Thi
14、s Report also includes, for the first time, a classification of non-bank financial entities in China into the FSBs narrow measure of shadow banking. This assessment was conducted on a conservative basis and may be further refined as more granular data become available and in light of further analysi
15、s. As in previous monitoring exercises, this Report compares the size and trends of financial sectors across jurisdictions based primarily on sector balance sheet data. It then narrows the focus to those parts of non-bank credit intermediation that may pose financial stability risks (hereafter the “
16、narrow measure of shadow banking” or “narrow measure”), based on the FSBs methodology.3 Depending on the context, two samples are presented in this Report. The first sample is comprised of 21 individual non-euro area jurisdictions and the euro area as a whole. For more detailed assessment using gran
17、ular data, the second sample is comprised of 29 reporting jurisdictions (for details, see Section 1.1). The key terms used throughout this Report are defined in Box 0-1. The main observations from the 2017 monitoring exercise are as follows:4 Monitoring Universe of Non-bank Financial Intermediation
18、(MUNFI) This measure of all non-bank financial intermediation grew in 2016 at a slightly faster rate than in 2015 to an aggregate $160 trillion (ie for 21 jurisdictions and the euro area as a whole). MUNFIs share within the global financial assets (48%) increased for the fifth consecutive year. 1 Th
19、e FSB defines shadow banking as “credit intermediation involving entities and activities (fully or partly) outside of the regular banking system”. Some authorities and market participants prefer to use other terms such as “market-based finance” instead of “shadow banking”. The use of the term “shado
20、w banking” is not intended to cast a pejorative tone on this system of credit intermediation. However, the FSB uses the term “shadow banking” as this is the most commonly employed and, in particular, has been used in earlier G20 communications. 2 Although Luxembourg has not participated in previous
21、exercises, its data was included in the euro area aggregates used in some of the analysis in past Reports (eg macro-mapping). 3 Non-bank financial entities are assessed (or classified into five economic functions) conservatively, on a pre-mitigant basis and are only excluded if data are available an
22、d the analysis in accordance with the classification guidance provides sufficient grounds for exclusion. For details, see Section 4. 4 Measures of growth throughout the Report are adjusted for exchange rate effects by applying a constant end-2016 exchange rate across all years to convert data denomi
23、nated in local currencies into US dollars. “Assets” refer to financial assets on an unconsolidated basis, where available. With improvements in national sector balance sheet statistics, more granular reporting, Luxembourg joining the monitoring exercise for the first time in 2017 and Chinas inclusio
24、n in the narrow measure, the results presented in this Report are not directly comparable to the 2016 Report (FSB (2017b). 2 Insurance corporations and pension funds - Insurance corporations and pension funds assets have increased since 2009 to $29 trillion and $31 trillion respectively, each now se
25、parately representing around 9% of total global financial assets. Other Financial Intermediaries (OFIs) OFI assets as a whole rose by 8.0% to $99 trillion in 2016, faster than the assets of banks, insurance corporations and pension funds, but not as fast as those of central banks. OFI assets now rep
26、resent 30% of total global financial assets, the highest level since 2002. OFI assets grew in all but four jurisdictions due to a combination of higher valuations and an increase in non-bank credit intermediation. With changes in the population and improved data submissions from other jurisdictions,
27、 captive financial institutions and money lenders have become the second largest OFI subsector after investment funds. Key terms Box 0-1 The following monitoring aggregates are referred to throughout the Report, with (ii) and (iii) being the main focus of analysis (see Exhibit 0-1): (i) MUNFI (or Mo
28、nitoring Universe of Non-bank Financial Intermediation, also referred to as non-bank financial intermediation) is a measure of all non-bank financial intermediation, comprising insurance corporations, pension funds, other financial intermediaries (OFIs) and financial auxiliaries. (ii) OFIs comprise
29、all financial institutions that are not central banks, banks, insurance corporations, pension funds, public financial institutions, or financial auxiliaries.5 (iii) Narrow measure of shadow banking (or the “narrow measure”) includes non-bank financial entity types that authorities have assessed as b
30、eing involved in credit intermediation that may pose financial stability risks, based on the FSBs methodology and classification guidance. Lending activity Loans extended by OFIs grew in aggregate by 1.6% in 2016 in 21 jurisdictions and the euro area, continuing the trend observed since 2011 (this c
31、ompares with bank lending assets growing by 5% in 2016). Growth of OFI lending was concentrated in emerging market economies (18%, compared to a 0.5% decline in advanced economies).6 Advanced economies share of total OFI lending assets has declined from 96% in 2011 to 87% at end-2016. Wholesale fund
32、ing and repo OFIs have overall become less reliant on wholesale funding and repo, while banks overall reliance7 on wholesale funding and repo as a source of funding has changed little since 2011. Total repo assets of banks and OFIs have increased since 2009, reaching $8.2 trillion at end-2016, and t
33、heir repo liabilities reaching $7.9 trillion. OFIs continue to be net providers of cash to the financial system from repos, while banks remain net recipients of cash through repo, as reflected in net repo positions (repo assets minus repo liabilities) of these entities. 5 In previous Reports before
34、the FSB had established a methodology for deriving the narrow measure of shadow banking, OFIs were used as a conservative proxy for, or broad measure of, shadow banking (see Section 2.3). 6 In some cases, this growth occurred from low levels and reflected greater financial deepening. 7 That is, the
35、use of wholesale funding or repos as a percentage of total balance sheet assets. 3 Monitoring aggregates USD trillion at end-2016 Exhibit 0-1 21 jurisdictions and the euro area1 Composition of the narrow measure2 MUNFI = Monitoring Universe of Non-bank Financial Intermediation, includes OFIs, pensio
36、n funds, insurance corporations and financial auxiliaries; OFIs also includes captive financial institutions and money lenders. 1 The narrow measure is based on data from the 29 jurisdictions, instead of 21 jurisdictions and the euro area, because the data from eight participating euro area jurisdic
37、tions are more granular than the aggregate euro area data from the European Central Bank (ECB). For 29 jurisdictions, the corresponding aggregates are Total Global Financial Assets ($336 trillion), MUNFI ($160 trillion) and OFIs ($99 trillion). 2 For additional details on these categories, please se
38、e Section 4. Sources: National sector balance sheet and other data; FSB calculations. Interconnectedness Aggregate interconnectedness between banks and OFIs through credit and funding relationships were at 2003-2006 levels. In some jurisdictions, however, the most sizeable linkage is between OFIs an
39、d pension funds as OFIs use funding from insurance corporations and pension funds. Narrow measure The narrow measure of shadow banking grew by 7.6%, to $45.2 trillion in 2016 for the 29 jurisdictions, representing 28% of MUNFI and 13% of total global financial assets. Over 75% of the assets included in the narrow measure reside in six jurisdictions. The participation of China and Luxembourg increased the narrow measure by $7.0 trillion (15.5% of the narrow measure) and $3.2 trillion (7.2%), respectively. Trends within the narrow measure Collective investment vehicles (CIVs) with
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