[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-565425-105":53,"doc-detail-565425-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","the-shadow-banking-system-conceptualized-designed-and-created-by-zoltan-pozsar","The Shadow Banking System - Conceptualized, designed, and created by Zoltan Pozsar","","The material outlines the architecture of the shadow banking system as a parallel counterpart to traditional banking. It contrasts ultimate borrowers, creditors, and funding channels, mapping loans, assets, equity, deposits, and collateral flows. The document breaks down short-term funding using checking accounts, CDs, and money market portfolios, then expands into structured financing stages such as loan origination, warehousing, ABS issuance, CDO issuance, and intermediation, including guarantees and implicit insurance 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does the document compare traditional banking and shadow banking?","Question",{"text":108,"@type":109},"It contrasts ultimate borrowers, creditors, and the funding mechanisms, linking loans and assets to deposits and equity in traditional banking, while presenting collateral- and securities-based funding pathways in shadow banking.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What are the main funding channels described for the shadow banking system?",{"text":113,"@type":109},"The text emphasizes short-term funding through deposits, checking accounts, CDs, and money-market portfolios, then extends to securities-linked funding such as repos, ABCP, and other off-balance-sheet and on-balance-sheet structures.",{"name":115,"@type":106,"acceptedAnswer":116},"Which structured financing steps are listed in the material?",{"text":117,"@type":109},"It enumerates stages including loan origination, loan warehousing, ABS issuance, ABS warehousing, ABS CDO issuance, and ABS intermediation.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},565425,1792449978,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":8,"category_name":11,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":76,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":9,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":139,"read_time":4},1374404737137,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","`  \nThe Shadow Banking System  \nConceptualized, designed, and created by Zoltan Pozsar  \nThe Traditional Banking System  \nUltimate Bo rowers  \nHouseholds, Businesses, Governments  \nLoans  \nAssets  \nBonds  \nEquity  \nBorrowers  \nAssets Loans  \nCommercial Banks  \nDollar Loans Deposits  \nEquity  \nT raditional Banks' Lending Process  \nThe Traditional Banking System  \n( \"Originate- -to Hold-to-Maturity-and-Fund-with-Deposits\")  \nShort-Term Funding  \nDeposits  \nLoans  \nChecking Accounts  \nCDs  \nEquity Funding  \nBank Equity  \nLoans  \nBank Equity  \nDebt Funding  \n(Short and Long-Term Deposits  \nEquity Funding  \nDepositors  \nDeposits Equity  \nReal Money Accounts*  \nBank Equity  \nClient Funds  \n*Asset Managers, Insurance Companies and Pension Funds  \nShort-to Long-Term Cash Money Market \" Portfolios\"  \nChecking Account MMDAs CDs  \nShortTerm Savings  \nLong-Term Investments Equity Portfolios  \nBank Term  \nEquity Savings  \nUltimate Creditors  \nHouseholds, Businesses and the Rest ofthe World  \nDiscount Window Agency Debt Purchases Agency MBS Purchases Agency Debt Purchases  \n`  \nLoan Collateral  \nReserves  \nAgency Debt  \nReserves  \n11/25/2008  \nAgency MBS  \nReserves  \n11/25/2008  \nAgency Debt  \nReserves  \n11/25/2008  \nDeposit Insurance (FDIC)  \nFDIC  \nInsurance Premia  \nDeposit Insurance  \nEquity  \nFederal Government  \nNo Explicit Fees  \nImplicit Insurance  \nGSEs, DoE , SBA Federal Government  \nNo Explicit Fees  \nImplicit Insurance  \nNo Explicit Fees  \nImplicit Insurance  \nEuropean Sovereign and Quasi-Sovereign States  \nNo Explicit Fees  \nImplicit Insurance  \nPublic Risk Repositories  \nPublic Credit T ransformation  \n(Tail Risk Absorption)  \nPublic Risk Repositories  \n(Tail Risk Absorption)  \nTemporary MMMF Guarantee  \nNo Explicit Fees  \nMMMF Insurance  \nPBGC  \nInsurance Premia  \nImplicit Insurance  \n9/18/2008  \n*Funded by UST's $50 billion Exchange Stabilization Fund  \nThe \"Cash\" Shadow Banking System  \nUltimate Bo rowers  \n\" Prime\" Homeowners  \nHouseholds  \nLoans Assets  \nEquity  \n1 st Lien Home  \nEquity  \nSubprime Homeowners  \n1 st Lien Home  \n2nd Lien  \nConsumers  \nGoods  \n& Loans  \nServices  \nBusinesses  \nInvestments  \nC&I Loans  \nN onfinancial Businesses  \nLoans  \nAssets  \nBonds Equity  \nBusinesses  \nCRE  \nCRE Loans  \nPrivate Equity Portfolio Companies  \nFirms  \nLBO Loans  \nDeposit Insurance (FDIC)  \nStep (1):  Loan Origination  \nCommercial Bank*  \nDollar  \nLoans Deposits ABCP  \nRepo Securities LTD  \nEquity  \n*FHC affiliate  \nFinance Company*  \nCP  \nABCP  \nBDP  \nLoans  \nMTNs  \nEquity  \n*FHC affiliate  \nLiability Insurance (Federal Government)  \nStep (2):  Loan Warehousing  Step (3):  ABS Issuance  \nFannie and Freddie*  \nTBA  \nMarket  \nFH LBs  \nLoans  \nSingle-Seller Conduit  \nLoans ABCP  \nO/C  \nSingle-Seller Conduit  \nDiscount Notes  \nAgency Debt  \nEquity  \nMulti-Seller Conduit*  \n(Warehouse and Term)  \nLoans ABCP  \nO/C  \n*FHC affiliated  \nBroker-Dealer*  \nStructuring and Syndication  \n*FHC affiliate  \nLoans ABCP  \nO/C  \nMulti-Seller Conduit*  \n(Warehouse and Term)  \nLoans ABCP  \nO/C  \n*European bank affiliated  \nCredit Insurance (GSEs, DoE, SBA)  \nAgency MBS  \nLoans*  \nAgency PassThrough s  \n*Conforming mortgages  \nFFELP ABS  \nA1  \nLoans*  \nAAA  \nAA-BBB  \nEquity  \n*Conforming student loans  \nSBA ABS  \nLoans*  \nA1  \nAAA  \nAA-BBB  \nEquity  \n*Conforming SBA loans  \nSubprime, RMBS, CMBS  \nA1  \nLoans  \nAAA  \nAA-BBB  \nEquity  \nHigh-Yield CLOs  \n(LBO Loans)  \nLoans  \nA1  \nAAA  \nAA-BBB  \nEquity  \nConsumer ABS  \n(Credit Card ABS)  \nLoans  \nA1  \nAAA  \nAA-BBB  \nEquity  \nStep (4):  ABS Warehousing  \nTrading Books  \nAA-BBB Repos  \nHaircuts  \nRepo Conduits  \nReverse  \nRepos*  \nABCP  \nO/C  \nHybrid Conduits  \nAA-BBB ABCP  \nO/C  \nHybrid Conduits  \n(ABS Warehouse Conduits)  \nAA-BBB ABCP  \nO/C  \nStep (5):  ABS CDO Issuance  \nHigh-Grade CDOs  \nSupers  \nAA-A  \nAAAAA-BBB  \nEquity  \nMezzanine CDOs  \nSupers  \nBBB  \nAAAAA-BBB  \nEquity  \nLiability Insurance (Federal Government)  \nLiability Insurance (EU Government)  \nStep (6):  ABS \"Intermediation\"  \nOf-Balance","cbCaia8doXNP8AsJ","https://ap.wps.com/l/cbCaia8doXNP8AsJ","pdf",2485626,"English","# The Shadow Banking System\n## Traditional vs. Shadow Banking Flows\n## Funding, Deposits, Equity, and Collateral\n## Structured Stages: Origination to Intermediation","[{\"question\":\"How does the document compare traditional banking and shadow banking?\",\"answer\":\"It contrasts ultimate borrowers, creditors, and the funding mechanisms, linking loans and assets to deposits and equity in traditional banking, while presenting collateral- and securities-based funding pathways in shadow banking.\"},{\"question\":\"What are the main funding channels described for the shadow banking system?\",\"answer\":\"The text emphasizes short-term funding through deposits, checking accounts, CDs, and money-market portfolios, then extends to securities-linked funding such as repos, ABCP, and other off-balance-sheet and on-balance-sheet structures.\"},{\"question\":\"Which structured financing steps are listed in the material?\",\"answer\":\"It enumerates stages including loan origination, loan warehousing, ABS issuance, ABS warehousing, ABS CDO issuance, and ABS intermediation.\"}]","The Shadow Banking System - Conceptualized, designed, and created by Zoltan Pozsar | PDF",1791853458]