A influência do shadow banking na organização dos mercados monetários: fragilização e instabilidade em um sistema financeiro globalmente integrado

Detalhes bibliográficos
Autor(a) principal: Viana, Carolina Reitermajer
Data de Publicação: 2023
Tipo de documento: Dissertação
Idioma: por
Título da fonte: Repositório Institucional da UFBA
Texto Completo: https://repositorio.ufba.br/handle/ri/38852
Resumo: O shadow banking – também chamado de sistema bancário paralelo ou sistema bancário sombra – é composto por instituições financeiras que financiam a compra de ativos com maturidades longas por meio do mercado monetário, no qual elas se financiam utilizando empréstimos de curto prazo. O que dá ao shadow banking o seu caráter “sombrio” é o fato de não estar sujeito à legislação e à regulação bancária tradicional, não ter acesso ao banco central como emprestador de último recurso e não dispor de depósitos assegurados, estando assim nas sombras do sistema bancário tradicional. O objetivo central do trabalho é explorar a interação entre bancos centrais, instituições financeiras tradicionais e shadow banks, focando em como as atuais dinâmicas do mercado monetário introduzem fragilidade e instabilidade independentemente do caminho de desenvolvimento específico e da estrutura institucional de cada economia. Partindo da noção de Minsky da hipótese da fragilidade financeira e da instabilidade inerente ao capitalismo, reflete-se sobre as consequências da tendência de crescente envolvimento das práticas de shadow banking nos mercados monetários, o aumento na interconexão nos balanços de instituições financeiras e suas implicações para a política fiscal e monetária. Diferentes configurações de sistemas financeiros dão origem a formas específicas de instabilidade e fragilidade que, apesar de serem distintas, geram implicações semelhantes para o papel do Estado e do banco central.
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spelling 2024-01-09T19:26:06Z2024-01-09T19:26:06Z2023-12-14https://repositorio.ufba.br/handle/ri/38852O shadow banking – também chamado de sistema bancário paralelo ou sistema bancário sombra – é composto por instituições financeiras que financiam a compra de ativos com maturidades longas por meio do mercado monetário, no qual elas se financiam utilizando empréstimos de curto prazo. O que dá ao shadow banking o seu caráter “sombrio” é o fato de não estar sujeito à legislação e à regulação bancária tradicional, não ter acesso ao banco central como emprestador de último recurso e não dispor de depósitos assegurados, estando assim nas sombras do sistema bancário tradicional. O objetivo central do trabalho é explorar a interação entre bancos centrais, instituições financeiras tradicionais e shadow banks, focando em como as atuais dinâmicas do mercado monetário introduzem fragilidade e instabilidade independentemente do caminho de desenvolvimento específico e da estrutura institucional de cada economia. Partindo da noção de Minsky da hipótese da fragilidade financeira e da instabilidade inerente ao capitalismo, reflete-se sobre as consequências da tendência de crescente envolvimento das práticas de shadow banking nos mercados monetários, o aumento na interconexão nos balanços de instituições financeiras e suas implicações para a política fiscal e monetária. Diferentes configurações de sistemas financeiros dão origem a formas específicas de instabilidade e fragilidade que, apesar de serem distintas, geram implicações semelhantes para o papel do Estado e do banco central.The shadow banking system comprises financial institutions that finance the lending of long-term assets by short-term money market funding. What grants this system its “shadowy” character is the lack of access to the central bank’s “lender of last resort” facilities or guaranteed deposits, as well as being subjected to fewer regulatory restrictions. Thus, they are in the shadows of the traditional banking system. In this study, we explore the interaction between central banks, traditional banks, and the shadow banking system. We highlight the way current money market dynamics act as sources of financial fragility and instability across the international financial system, regardless of the specific political economy path or institutional framework of each economy. Drawing on Minsky’s financial fragility hypothesis, we analyse the effects of the growing involvement of shadow banks in money markets, focusing on its implications for fiscal and monetary policy. The variegation seen across financial systems gives rise to specific forms of financial fragility, which in turn affect the role of states and central banks in ways that, albeit similar, modify the implementation of monetary and fiscal policy in a fundamentally different manner.Fundação Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)porUniversidade Federal da BahiaPrograma de Pós-Graduação em Economia (PPGECO) UFBABrasilFaculdade de Economiashadow bankingfinancial instabilityfinancial systemCNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIA MONETARIA E FISCAL::INSTITUICOES MONETARIAS E FINANCEIRAS DO BRASILCNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIA MONETARIA E FISCAL::TEORIA MONETARIA E FINANCEIRAshadow bankinginstabilidade financeirasistema financeiroA influência do shadow banking na organização dos mercados monetários: fragilização e instabilidade em um sistema financeiro globalmente integradoThe Influence of Shadow Banking on Money Market Structure: Fragility and Instability in the International Financial SystemMestrado Acadêmicoinfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/publishedVersionTeles, Nuno Jorge Rodrigueshttp://lattes.cnpq.br/7418836156700747Teles, Nuno Jorge Rodrigueshttp://lattes.cnpq.br/7418836156700747Leite, Fabrício Pitombohttp://lattes.cnpq.br/7810747556176381Painceira, Juan Pablohttp://lattes.cnpq.br/3853478584963663http://lattes.cnpq.br/1883681330800731Viana, Carolina ReitermajerACHARYA, Viral V.; ONCU, S. 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dc.title.pt_BR.fl_str_mv A influência do shadow banking na organização dos mercados monetários: fragilização e instabilidade em um sistema financeiro globalmente integrado
dc.title.alternative.pt_BR.fl_str_mv The Influence of Shadow Banking on Money Market Structure: Fragility and Instability in the International Financial System
title A influência do shadow banking na organização dos mercados monetários: fragilização e instabilidade em um sistema financeiro globalmente integrado
spellingShingle A influência do shadow banking na organização dos mercados monetários: fragilização e instabilidade em um sistema financeiro globalmente integrado
Viana, Carolina Reitermajer
CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIA MONETARIA E FISCAL::INSTITUICOES MONETARIAS E FINANCEIRAS DO BRASIL
CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIA MONETARIA E FISCAL::TEORIA MONETARIA E FINANCEIRA
shadow banking
instabilidade financeira
sistema financeiro
shadow banking
financial instability
financial system
title_short A influência do shadow banking na organização dos mercados monetários: fragilização e instabilidade em um sistema financeiro globalmente integrado
title_full A influência do shadow banking na organização dos mercados monetários: fragilização e instabilidade em um sistema financeiro globalmente integrado
title_fullStr A influência do shadow banking na organização dos mercados monetários: fragilização e instabilidade em um sistema financeiro globalmente integrado
title_full_unstemmed A influência do shadow banking na organização dos mercados monetários: fragilização e instabilidade em um sistema financeiro globalmente integrado
title_sort A influência do shadow banking na organização dos mercados monetários: fragilização e instabilidade em um sistema financeiro globalmente integrado
author Viana, Carolina Reitermajer
author_facet Viana, Carolina Reitermajer
author_role author
dc.contributor.advisor1.fl_str_mv Teles, Nuno Jorge Rodrigues
dc.contributor.advisor1Lattes.fl_str_mv http://lattes.cnpq.br/7418836156700747
dc.contributor.referee1.fl_str_mv Teles, Nuno Jorge Rodrigues
dc.contributor.referee1Lattes.fl_str_mv http://lattes.cnpq.br/7418836156700747
dc.contributor.referee2.fl_str_mv Leite, Fabrício Pitombo
dc.contributor.referee2Lattes.fl_str_mv http://lattes.cnpq.br/7810747556176381
dc.contributor.referee3.fl_str_mv Painceira, Juan Pablo
dc.contributor.referee3Lattes.fl_str_mv http://lattes.cnpq.br/3853478584963663
dc.contributor.authorLattes.fl_str_mv http://lattes.cnpq.br/1883681330800731
dc.contributor.author.fl_str_mv Viana, Carolina Reitermajer
contributor_str_mv Teles, Nuno Jorge Rodrigues
Teles, Nuno Jorge Rodrigues
Leite, Fabrício Pitombo
Painceira, Juan Pablo
dc.subject.cnpq.fl_str_mv CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIA MONETARIA E FISCAL::INSTITUICOES MONETARIAS E FINANCEIRAS DO BRASIL
CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIA MONETARIA E FISCAL::TEORIA MONETARIA E FINANCEIRA
topic CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIA MONETARIA E FISCAL::INSTITUICOES MONETARIAS E FINANCEIRAS DO BRASIL
CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIA MONETARIA E FISCAL::TEORIA MONETARIA E FINANCEIRA
shadow banking
instabilidade financeira
sistema financeiro
shadow banking
financial instability
financial system
dc.subject.por.fl_str_mv shadow banking
instabilidade financeira
sistema financeiro
dc.subject.other.pt_BR.fl_str_mv shadow banking
financial instability
financial system
description O shadow banking – também chamado de sistema bancário paralelo ou sistema bancário sombra – é composto por instituições financeiras que financiam a compra de ativos com maturidades longas por meio do mercado monetário, no qual elas se financiam utilizando empréstimos de curto prazo. O que dá ao shadow banking o seu caráter “sombrio” é o fato de não estar sujeito à legislação e à regulação bancária tradicional, não ter acesso ao banco central como emprestador de último recurso e não dispor de depósitos assegurados, estando assim nas sombras do sistema bancário tradicional. O objetivo central do trabalho é explorar a interação entre bancos centrais, instituições financeiras tradicionais e shadow banks, focando em como as atuais dinâmicas do mercado monetário introduzem fragilidade e instabilidade independentemente do caminho de desenvolvimento específico e da estrutura institucional de cada economia. Partindo da noção de Minsky da hipótese da fragilidade financeira e da instabilidade inerente ao capitalismo, reflete-se sobre as consequências da tendência de crescente envolvimento das práticas de shadow banking nos mercados monetários, o aumento na interconexão nos balanços de instituições financeiras e suas implicações para a política fiscal e monetária. Diferentes configurações de sistemas financeiros dão origem a formas específicas de instabilidade e fragilidade que, apesar de serem distintas, geram implicações semelhantes para o papel do Estado e do banco central.
publishDate 2023
dc.date.issued.fl_str_mv 2023-12-14
dc.date.accessioned.fl_str_mv 2024-01-09T19:26:06Z
dc.date.available.fl_str_mv 2024-01-09T19:26:06Z
dc.type.driver.fl_str_mv Mestrado Acadêmico
info:eu-repo/semantics/masterThesis
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://repositorio.ufba.br/handle/ri/38852
url https://repositorio.ufba.br/handle/ri/38852
dc.language.iso.fl_str_mv por
language por
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