Discover and read the best of Twitter Threads about #ShadowBanking

Most recents (6)

a reminder that:
1. pension funds are important actors in #shadowbanking
2. GPIF has led climate change fight in institutional investor world
3. GPIF is doing exactly what a patient investor should be doing: buy to hold, not buy to lend.
ft.com/content/8d61bd…
move by GPIF is stronger than 'ESG required':
1. pension fund is taking a clear view on what G means, instead of relying on the G metrics of private providers.
2. it applies ESG framework to itself as opposed to equity/fixed income assets in portfolio.
GPIF has been at forefront of battle to climate-align institutional investor portfolios for a while - worked with @WorldBank to develop ESG framework for fixed income (much more difficult) worldbank.org/en/news/press-…
Read 5 tweets
As I wrote in my Jacobin piece on 'why #shadowbanking is bigger than ever', where I understand shadow banking as financial globalisation, there are three reasons for its resilience in the age of authoritarian/nationaist regimes. jacobinmag.com/2018/11/why-sh…
1. A sensationalist narrative of GFC that downplayed its structural roots.
Since 1980s, states encouraged shift towards market-based, globalised finance as necessary infrastructure of new anti-Keynesian macroeconomic order.
why: competing for global investors in government bond markets, replacement of welfare state with asset-based welfare via pension funds/insurance co, tax revolt of elites and corporations.
Read 23 tweets
a thread on #DeutscheBank evolution from to and from 'behemoth that relies heavily on global securities markets', and its role in changing German and European macro-finance (from @euromoney archives)
it's 1999, and #DeutscheBank men - sumo wrestlers, "straight out of central casting" - are changing business model to confront more aggressively the US investment banks
investment banking, they argue, will pay for low-returns retail banking (note the irony)
Read 12 tweets
China gets increasingly plugged into global financial cycle - the biggest change in global capital markets in anyone's lifetime . . . there has never been a bond market this large in the history of the world that is not including in an index ftalphaville.ft.com/2019/04/01/155…
lots to be done still - this is a very controlled plugging in, and rightly so, given loss of monetary policy autonomy
in a paper I published last year, I argued that China's turn to securities markets is strategy of harnessing reform of #shadowbanking into RMB internationalization
Read 4 tweets
my @FTAlphaville guest post - @WorldBank's Maximising Finance for Development agenda is constructing a new financial world order with #shadowbanking at its core @KevinPGallagher @AnnPettifor @BJMbraun @ingridharvold @eurodad ftalphaville.ft.com/2018/10/29/154…
post develops at greater lengths ideas of our open letter to #am2018bali , signed by 120 scholars from Global North & South, also addressing questions from @CarterPaddy criticalfinance.org/2018/10/10/the…
I also ask whether the African Development Bank's synthetic securitisation deal deserves the kind of unreserved celebration it has received - what kind of development agenda does it finance @SonyKapoor
Read 7 tweets

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